4.8 • 1.7K Ratings
🗓️ 5 October 2021
⏱️ 16 minutes
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In this video, Patrick Bet-David talks about the twenty rules he has for business and entrepreneurship.
Watch the full video: https://youtu.be/R1UHp1SVe2k
Click here for the PDF: https://www.patrickbetdavid.com/20-rules-for-business-entrepreneurship/
Suggested video: 10 Things To Do Before Becoming An Entrepreneur: https://youtu.be/EFdsDVEJ2ao
How to Network Like Casanova: https://youtu.be/ZKnpbeFjvsM
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0:00.0 | Most entrepreneurs like to break rules, but today I'm going to share with you 20 rules for entrepreneurship. |
0:10.0 | By the way, stick around to Leverian. I'm not going to give you the 20th rule, but I'm going to give you a PDF that has the 20th rule in it. |
0:15.0 | So let's get right into it. Number one rule. Don't let depressions and recessions scare you. That is automatic. |
0:21.0 | Some of the biggest entrepreneurs ever started at the worst time. I started my insurance company in 2009, |
0:26.0 | which right after O8, AIG, is about to go out of business. Everyone scared. No one's given contracts and insurance companies are worried about maybe they're going to go out of business. |
0:35.0 | There's one out of business. It was such a terrible time to start a business, but we did not let that scare us. |
0:41.0 | We let it inspire us because every single paper I was reading at that time was telling us the end of the world is coming. |
0:48.0 | But typically, the biggest entrepreneurs get started during depressions and recessions. So do not let us scare you. |
0:54.0 | Number two, only one percent of PR firms earn every penny that you pay them. And here's what I mean by every PR firm is going to tell you, we're going to share with you how to become viral. |
1:04.0 | We're going to share with you how to get out and gain customers. We're going to, and for only $10,000 a month and a six month contract of $60,000 commitment, we're going to help you XYZ money. |
1:14.0 | When you do that, and in first month, nothing happens. Second month, they get you one article that's a newswire or whatever. |
1:20.0 | And in third month, maybe they get you on a podcast. And then for me, like, and I was like, well, it's because, you know, we're trying to get it. |
1:27.0 | But I think what we, we need to re-strategize and the whole point is they haven't done a lot. They haven't earned that money. |
1:32.0 | That $30,000 that you paid them for three months has been profit. So instead of trying to hire PR firms that act like they can solve every problem for you, be the PR firm. |
1:40.0 | Today, you need to learn how to be a PR firm with YouTube, Facebook, Twitter, TikTok. There's so many different ways to do it. Start your own podcast. Start your own blog. Start your own blog. There's so many ways to do it. |
1:51.0 | So rather than hiring a PR firm, you be the PR firm. Number three, distribution is everything. Either find distribution or create distribution. |
1:59.0 | But whatever you're doing, if you have a great product that you don't have distribution, nobody cares. You have to have a great product, but you need to have a distribution. |
2:06.0 | Without a strong distribution channel, there are many great products that are never found. You got to figure out whether you're going to create that distribution for yourself or you're going to leverage somebody else's number four. |
2:15.0 | You know this whole thing about, don't sweat the small stuff. Don't worry about a life is soaked. Don't sweat the small stuff. You cannot do that as an entrepreneur. |
2:23.0 | Maybe an artist can do that. Maybe a person in a completely different world can do that as a business person. If you don't sweat the small stuff. |
2:31.0 | You know what the finance is? Who cares? I don't need to see the statement. It's totally fine. Oh really? Oh really? |
2:36.0 | You're about to not make payroll to all your employees. And then they're going to come back and say, hey, my employee, my check bounced. |
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