The #1 Mistake in Business: How You Can Avoid It
The Tai Lopez Show
Tai Lopez
4.8 • 6.9K Ratings
🗓️ 27 August 2019
⏱️ 25 minutes
🧾️ Download transcript
Summary
“Reciprocal altruism means if you scratch my back, I’ll scratch yours.” - Tai Lopez
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Mistakes are unavoidable.
Especially in business, there will be times when hindsight crystallizes and the doubts of why you negotiated that way or sold at this price rise to the surface. It’s easy in these moments to lose sight of the big picture. However, when we gather perspective, we can begin to assess what is and isn’t a mistake.
On today’s episode of The Tai Lopez Show, we are diving deep into the #1 mistake in business—that which comes when selecting the wrong business partner. By wrapping our heads around this tendency of entrepreneurs, we can do our best to avoid the trap that many of us can fall victim to.
Tune in to today’s episode to learn what to look out for, so you can make sure you’re only partnering with the best!
Don’t forget! You can also listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!
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Points to Keep In Mind
- “For what profits a man if he gains the whole world but loses his own soul.”
- On a neurological level, narcissism is a lack of brain matter in certain areas
- The number 1 mistake people make in business is selecting the wrong business partner
- Seek out sales jobs (60% of billionaires started in sales)
- Find balance, rather than jumping to the extreme ideologies
- You can only learn business by being in the trenches
- If hesitant about college, start by taking just one class at a time
- Distill the law of attraction by taking action towards who you want to attract
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Transcript
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| 0:00.0 | If your goal is to make a million bucks because you've calculated that's how much you need to retire on, that's not agreed, that's goal setting, that's logic, but when your goal is, oh I've made a million now I gotta make a hundred million, why do you have to make a hundred million? |
| 0:13.0 | Why? |
| 0:14.0 | Real talk for a second. Let's talk about what's gonna derail your success, other people, bad people, letting bad people into your life. |
| 0:29.0 | One of the things and that is a tragedy in the modern school system is nothing is taught on social skills, specifically around controlling your social circle. |
| 0:37.0 | Mark my words, you let the wrong person into your life for one hour, one day, God help you if it's one month or one year, you will live to regret it and it may be such level of regret that you'll never recover from it. |
| 0:51.0 | I'm gonna give you a warning from the school of hard knocks, this is the law of the jungle, it's a jungle out there and there's more exploitative people, I'm not gonna call them bad. |
| 1:02.0 | I'm not gonna call them bad, but exploitative is the exact accurate scientific word for it and if you are not careful, exploitative people will take ten years off your life, whether it's in a relationship, dating, marriage, business partners, I just had five millionaires that were teaching a course, a new course that I'm doing. |
| 1:22.0 | And I went around the room, I said, what's the number one mistake each of you made on your path from Rags to Riches? One by one, unrehearsed, uncoordinated, they went wrong business partner, greedy business partner, a business partner who wasn't happy that we were both making money but was concerned that I was making a tad bit more money than they were, even though that greedy person was making millions of dollars. |
| 1:50.0 | Do not ever surround yourself with a greedy person, it's okay to surround yourself with an ambitious person, I'm not talking about greed baby, greed, greed is a beast, envious person, a person who's only reason for writing you, for contacting you, is to drag you down because they can't stand the fact that you're rising when they're staying status quo. |
| 2:16.0 | So man, you get that envious person out of your life, I will tell you, I know personally some of the people that people look up to in this business world, we live in and I know them and there's some greed, nothing wrong with ambition, nothing wrong with liking some material things, nothing like wrong with liking financial freedom. |
| 2:38.0 | The definition of greed is very simple, greed is more, you know, one of the greediest people was the first billionaire in history, J. Paul Getty and his grandson was kidnapped and the hostage taker said we want, I think it was equivalent of roughly 10 million dollars. |
| 3:00.0 | He said no, I am paying 10 million dollars, his only grandson, he was a billionaire mind you, and a reporter came and said Mr. Getty, you sure you just don't want to pay, I think it was 17 million dollars, you sure you don't just want to pay that, you have a billion dollars, you're only grandson, how much is enough? |
| 3:20.0 | And J. Paul Getty said more, see it wasn't a number, that's greed, if your goal is to make a million bucks because you've calculated that's how much you need to retire on, that's not greed, that's goal setting, that's logic, but when your goal is oh I've made a million, now I gotta make 100 million, why do you have to make 100 million? |
| 3:38.0 | Why? I'll say this, look, I was looking at Jeff Bezos, I admire Jeff Bezos in many ways, but would I want to be Jeff Bezos? |
| 3:49.0 | I don't know, it looks like he's working too hard, he's 54 and looks like he's 64, and that woe to me to judge, I'm just using this as an illustrative purpose, and sorry Mr. Bezos, if you're watching this, I don't mean to disrespect you, but hypothetically, if I could get more, but I would burn myself out along the way, what's the point? |
| 4:13.0 | What is a prophet of man to gain the world but lose his soul or a woman? What is a prophet of man or a woman to gain the world but lose their health? That's what happened to Steve Jobs, and I'm not saying Steve Jobs, you know, it was directly from working, but I will tell you this, you get too greedy, you work too hard, and that's all you'll have in life, money, but you'll have nothing else, you'll have no soul, you'll have no friends, you'll have no happiness, you'll won't see the world, you won't have the experiences that people have. |
| 4:42.0 | So forget greedy people, kick them out of your life, you know what happened to the grandson, grandson's ear was cut off, and even then, J Paul Gettie would not pay the money until he could figure out how to tax the ducted, and that man died alone. |
| 4:58.0 | Johnny Carson, one of the greatest, you know, he had a talk show before Jimmy Kimmel, and all this, there was Jay Paul, there was Johnny Carson, and it's a sad book to read his biography. |
| 5:09.0 | He died at Cedar Sinai Hospital, Hollywood Beverly Hills, his family was a few miles away, not one of them came to his deathbed, he died alone, but I digress. |
| 5:22.0 | I was talking about the people to keep out of your life, that's what I'm talking about, greed is just one thing, envy is just one thing, what about narcissism, what about somebody who steals, steals money from you. |
| 5:35.0 | I could tell you right now, people are stolen money from me, and you know what they try to do? They try to turn the story around and say I've done something to them. |
| 5:44.0 | As you rise up, people will use your good name to get attention to themselves and flip that story around, boy, and I've learned, I never understood, how can people flip this story around, how can they manipulate it to where they didn't do anything wrong? |
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