How to Identify a Running Mate as an Entrepreneur
Valuetainment
Valuetainment Episodes
4.8 • 1.7K Ratings
🗓️ 30 March 2021
⏱️ 9 minutes
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Summary
In this video Patrick Bet-David breaks down what he looks for when finding a running mate. He also breaks down a scoring system on how to measure the trust in different people. Watch the full video here: https://youtu.be/mw0p7ExhLFY
Transcript
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| 0:00.0 | So imagine you're in business with somebody who's very talented, but they don't have the right |
| 0:03.7 | character. You don't trust them. They have the right contacts. They're not workers. They have |
| 0:08.1 | the right skills, but they have them bought into you. They're not team players. They're good team |
| 0:12.6 | players. They're selfish. Why do you prioritize what's the right ranking for you to say? |
| 0:17.9 | I'm going to be in business with this person along tomorrow. Not. I had a friend of mine today. |
| 0:21.2 | Yesterday came up to me and he's about to finish up a business relationship with him. They had an |
| 0:27.5 | investor relationship together, but he had a fallen out. They said, I can't do business with |
| 0:31.6 | this person. I said, why? After a series of questions, I said, let me tell you how I process, |
| 0:36.8 | who I do business with and who I don't long-term. And this is my formula. I presented it to him. He |
| 0:42.3 | says, oh my gosh, this is so much clear. I said, I'm going to have to make this into a how-to. So |
| 0:46.2 | here you are watching in us. Here's how this thing works. This thing works. I got different |
| 0:55.0 | categories here when it comes down to people I do business with. One is character. The other |
| 1:00.2 | one is trust. The other one is work ethic. We have vision. Somebody that's bought in. Then you |
| 1:05.5 | have competency skill set. Then you have rolodex and contact. So now you kind of have an idea what |
| 1:11.4 | we're looking at. Now on this side to the left, I've ranked them from zero to 10. So you can rank on |
| 1:17.2 | different categories. Then I'll explain to you trust in a way that will make a lot of sense to you. |
| 1:21.6 | So let's look at the first one. Character. Is this person someone to do business with? |
| 1:25.8 | Lowest level. Anything less than four day. Lie. They cheat. They steal at all costs. They'll do |
| 1:29.7 | business at all costs. It doesn't matter what it is. Even if it ruins you, hurts your business. |
| 1:35.2 | Next one is four to seven. They're selfish, but honest. Listen, I don't mind doing business with |
| 1:40.2 | selfish people who are honest. Meaning, hey, I want to do this and I want to make money and I |
| 1:44.9 | will try to over-negotiate for themselves. I'm okay with that because there's still an element |
... |
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