10 Business Lessons I Learned As An Entrepreneur


Complete Video Transcript

0:00the for if you told me 10 years ago
0:12now one day I would be talking to a video camera
0:15in my basement about things like how I personally shave my test the goals
0:20and this is what I was going to consider successful
0:24I would punch you in the face because ten years ago the
0:27only thing that was going to meet 6s for this guy
0:31was running a chain of super successful fitness centers should I am an
0:37and the one thing that I’ve learned over the years is that success doesn’t always
0:41look like what you expect it will
0:43five-year plans haven’t worked out for me in so I stopped making them but I
0:47have learned
0:48some incredibly valuable entrepreneurial and business lessons along the way
0:53and said today I thought I’d share ten of them lesson number one is choosing
0:57your business partners
0:58wisely a bonus step is do background checks on anybody you’re thinking about
1:02getting in the business web here they get don’t need to do that I hadn’t heard
1:06John bring years
1:08by is a solid guy well the trust me
1:13when I say it pays to do your due diligence
1:17even if you think and I am sure the john is a fantastic stellar stand up dude but
1:22they give your business Pat partner
1:24as somebody that you’re getting married to you get like you were quite
1:28because business agreements and contracts
1:31are just that their contract they are a legally binding agreement
1:35and if things go south you can be in a world of hurt to be honest
1:40marriages bike real ones 30 easier to get outta
1:43and some business relationships nothing steals the fun
1:47out a new business like expensive or high
1:50overhead true story when I own my fitness center you know my monthly
1:54expenses were
1:5540,000 dollars that is a lot a membership that is a lot of personal
2:00training that is a lot of supplements business owners and entrepreneurs
2:03eat last
2:05k you’re paying everybody else before you before you see a dime
2:09for maybe forty thousand dollars had to go out the door
2:12so guess what I was the person who made the least amount of money
2:16the people clean my toilets were killin it compared to me
2:20but the number three is don’t be afraid
2:23%uh hard work now this is something where I like him
2:27gore’s right it’s gonna be hard yeah you know
2:30understand until you’ve actually done it how difficult the work is going to be
2:34at times it’s going to be daunting at times are going to want to give up
2:38just now before you start before you embark before you spend the money on
2:42starting something
2:43it’s going to be a bear the mountains
2:46is steeped its high and you’ve got a climate this
2:50is your pride K left a number four
2:53is taking their pride a growing it out the window
2:56because you’re going to need to do anything and
3:00everything it’s gonna take in order to be successful true story
3:03where at my fitness centers it got pretty bad towards the end I expanded
3:07too fast
3:08there are a buncha internal issues remember I say and junior partners
3:13it got so bad financially for us that I was having to take money off a credit
3:17cards in order to pay my employees
3:19and so in order to make ends meet I had to take a second job
3:24on weekends working as a beer cart girl
3:27on a golf course a private members on the golf course
3:31and if there is a there is a moment when
3:34if there are lotsa moments doing that but it was when it was about
3:37it was February and atlanta it does get cold especially at 6:30 in the morning
3:41on a Sunday
3:43there was frost that was about twenty three degrees and are now he
3:46in the in the cart and so I’m sitting there waiting for coppers to come around
3:51there’s no
3:52shelter I’m just in his cart shivering my butt off
3:55and it was that critical moment in my life when I realized that my god I will
4:01anything it takes in order to be successful the walls my empire that I
4:06had planned on
4:07building in creating was crumbling right before my eyes and there I am sitting in
4:12a beer cart a thirty like two year old dude
4:15serving beer to drunk golfers
4:17swallow your pride you’re gonna do things know that you’re going to do it
4:21and times could get tough
4:23lesson number five know when it’s time to move on
4:26and this is a a really tough one if there’s a saying
4:29called shoot that bleeding dog know when it’s time to put it down
4:33and a lot of times as an entrepreneur you start a business
4:37and you wanna hold on as long as you can and you’re good
4:41with and white knuckles holding on I don’t wanna let
4:45there comes a time in every failing businesses life when you gotta know that
4:50okay it’s time
4:51shoot it put it down and move on the problem for me specifically was that
4:57like we said
4:57I never had plan B I never had another
5:00option when I do something I am 130 percent
5:04all n and so the realization that okay
5:07it is is that work in and it’s time to do something else was really difficult
5:11for me and it will be for you
5:13if you face that similar situation but trust me when I say
5:18it is the absolute best thing you can do because once you get that way
5:22off your shoulders it allows you unfreeze your mind to think if you’re
5:25next better opportunity
5:27bleeding may it’s a lesson number six look for opportunity
5:31everywhere doesn’t matter if you’re not familiar look Fort
5:35everywhere that thing that blows my mind because here’s the %uh I get approached
5:39by so many companies nowadays
5:41say a check out my product to come over you know how many wallet
5:46companies are out there thinking that they’ve got the latest greatest
5:49okay view have a passion for a while it’s okay then try make it work
5:54but they’re the no wallet market is totally saturated so maybe
5:59it would be a wise decision if you’re looking to be an entrepreneur
6:02to look for opportunity that isn’t currently being met her for filled
6:07without the MIA image consulting business I took a look at the market and
6:10I’m like a
6:11it there is really no resources out there for every day regular guys to get
6:15solid base could buy some not talkin
6:17GQ i’m talking from a regular guy I happen to know more about shoes and
6:23the pope also is the perfect fit by Tom
6:26you know you just gotta look for opportunity where other people don’t
6:30early see it but the number seven is higher smart surround yourself with good
6:36I’m not talking just like good qualified I’m talkin
6:39good people people that you wanna be around our want to be associated with
6:44people with good moral character encompasses
6:47case in point is my assistant Debbie
6:50she has been with me literally from the darkest days
6:54back when I had my fitness center if the and she still with me today
6:58the interesting thing about that is
7:01throughout the time you know money has been tight in so
7:05I couldn’t always afford to pay her what she is worse than the value that she
7:10and so being appreciative and treating people with dignity and respect than
7:15just talent ohmae
7:16I really appreciate that you took a chance on me
7:19pays off even if it’s not financial hopefully in the future financial happen
7:23a but I’m telling you it is out it is one of the most valuable lesson that I
7:28personally have learned
7:30and I can do any of this without her said Debbie if you watch in 90 yards
7:34thank you
7:35but a number eight is be honest and ethical and
7:38everything you do its business integrity we talk about having character
7:42a good solid moral compass well for me
7:45what are the lessons that I’ve learnt their over the years is that
7:49it pays to do the right thing lesson number nine I mentioned it earlier in
7:54the video
7:55it is that success doesn’t always look like what you expected to
7:59or what you hope it well and this is that this is the story of my life
8:03and I really truly feel like I finally found
8:07something that I’m passionate that I’m good at and then I love doing
8:11and so looking back you know it
8:15idk I couldn’t have gotten here without the other hardships
8:19and so a testament to my personal fulfillment and personal success today
8:25is that it now II weathered the storm because entrepreneurs and being an
8:29option or
8:30is definitely not easy it’s not the easiest road you’ll be on that is
8:34definitely for sure it would be much
8:36their tires are like I would love to go to
8:38in office punch a cock work for somebody come I’m not to think about it
8:42but at the end of the day it’s not me it’s not what I’m I’m passionate about
8:46not what I love
8:47and all the hard work through the many many many years
8:51has got me here and I wouldn’t trade any other it for the world band brings his
8:56third lesson number ten which is do what you love
8:59if you do what you love it’s not work and
9:03the inspiration for this video actually was this need to number 10
9:08this morning I was at Starbucks and I was work in my
9:11General Schedule as I get up early I go to Starbucks I work for a little bit and
9:15I go to the gym then I come on over
9:17am a bit and one of the guys the regulars came many guys got what time
9:21you get here
9:22I said now around 5:30 said well what time to shut it down at night as a round
9:27and you get my guy he goes d like it
9:30I go I love it it not work I i
9:34I get up in the morning and I’m so excited that to get started start
9:38writing start emailing start
9:40producing the content that I’m producing that our
9:44the by I have if I more hours in a day I’d still there
9:47tested so it’s really amazing and I just thought that
9:51you know I I’d share certain a little bit my journey in some of the lessons
9:56I’ve learned because I know a lot of you out there like the idea
9:59a starting your own business are being an entrepreneur and
10:03it’s not easy you need to develop
10:06a a thick skin and a cast iron stomach because
10:10you lose a lot to sleep over the years but
10:13if you’re successful and the only way that you’re not successful
10:16is if you fail and you don’t get back up it you can knockdown punch Judy
10:21you fall down get your ass up its only a failure if you don’t do that if you
10:26don’t get up and you don’t try again trust today
10:29eventually you will figure it out and I just wanna thank you for helping me
10:35figure it out because if it wasn’t for you
10:37each everyone to view I just be some weird dude with a camera