10 Business Lessons I Learned As An Entrepreneur

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Complete Video Transcript

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the for if you told me 10 years ago
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now one day I would be talking to a video camera
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in my basement about things like how I personally shave my test the goals
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and this is what I was going to consider successful
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I would punch you in the face because ten years ago the
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only thing that was going to meet 6s for this guy
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was running a chain of super successful fitness centers should I am an
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entrepreneur
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and the one thing that I’ve learned over the years is that success doesn’t always
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look like what you expect it will
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five-year plans haven’t worked out for me in so I stopped making them but I
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have learned
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some incredibly valuable entrepreneurial and business lessons along the way
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and said today I thought I’d share ten of them lesson number one is choosing
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your business partners
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wisely a bonus step is do background checks on anybody you’re thinking about
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getting in the business web here they get don’t need to do that I hadn’t heard
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John bring years
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by is a solid guy well the trust me
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when I say it pays to do your due diligence
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even if you think and I am sure the john is a fantastic stellar stand up dude but
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they give your business Pat partner
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as somebody that you’re getting married to you get like you were quite
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because business agreements and contracts
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are just that their contract they are a legally binding agreement
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and if things go south you can be in a world of hurt to be honest
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marriages bike real ones 30 easier to get outta
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and some business relationships nothing steals the fun
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out a new business like expensive or high
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overhead true story when I own my fitness center you know my monthly
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expenses were
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40,000 dollars that is a lot a membership that is a lot of personal
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training that is a lot of supplements business owners and entrepreneurs
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eat last
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k you’re paying everybody else before you before you see a dime
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for maybe forty thousand dollars had to go out the door
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so guess what I was the person who made the least amount of money
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the people clean my toilets were killin it compared to me
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but the number three is don’t be afraid
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%uh hard work now this is something where I like him
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gore’s right it’s gonna be hard yeah you know
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understand until you’ve actually done it how difficult the work is going to be
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at times it’s going to be daunting at times are going to want to give up
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just now before you start before you embark before you spend the money on
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starting something
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it’s going to be a bear the mountains
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is steeped its high and you’ve got a climate this
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is your pride K left a number four
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is taking their pride a growing it out the window
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because you’re going to need to do anything and
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everything it’s gonna take in order to be successful true story
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where at my fitness centers it got pretty bad towards the end I expanded
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too fast
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there are a buncha internal issues remember I say and junior partners
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wisely
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it got so bad financially for us that I was having to take money off a credit
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cards in order to pay my employees
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and so in order to make ends meet I had to take a second job
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on weekends working as a beer cart girl
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on a golf course a private members on the golf course
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and if there is a there is a moment when
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if there are lotsa moments doing that but it was when it was about
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it was February and atlanta it does get cold especially at 6:30 in the morning
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on a Sunday
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there was frost that was about twenty three degrees and are now he
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in the in the cart and so I’m sitting there waiting for coppers to come around
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there’s no
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shelter I’m just in his cart shivering my butt off
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and it was that critical moment in my life when I realized that my god I will
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do
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anything it takes in order to be successful the walls my empire that I
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had planned on
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building in creating was crumbling right before my eyes and there I am sitting in
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a beer cart a thirty like two year old dude
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serving beer to drunk golfers
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swallow your pride you’re gonna do things know that you’re going to do it
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and times could get tough
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lesson number five know when it’s time to move on
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and this is a a really tough one if there’s a saying
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called shoot that bleeding dog know when it’s time to put it down
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and a lot of times as an entrepreneur you start a business
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and you wanna hold on as long as you can and you’re good
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with and white knuckles holding on I don’t wanna let
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there comes a time in every failing businesses life when you gotta know that
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okay it’s time
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shoot it put it down and move on the problem for me specifically was that
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like we said
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I never had plan B I never had another
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option when I do something I am 130 percent
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all n and so the realization that okay
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it is is that work in and it’s time to do something else was really difficult
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for me and it will be for you
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if you face that similar situation but trust me when I say
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it is the absolute best thing you can do because once you get that way
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off your shoulders it allows you unfreeze your mind to think if you’re
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next better opportunity
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bleeding may it’s a lesson number six look for opportunity
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everywhere doesn’t matter if you’re not familiar look Fort
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everywhere that thing that blows my mind because here’s the %uh I get approached
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by so many companies nowadays
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say a check out my product to come over you know how many wallet
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companies are out there thinking that they’ve got the latest greatest
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okay view have a passion for a while it’s okay then try make it work
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but they’re the no wallet market is totally saturated so maybe
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it would be a wise decision if you’re looking to be an entrepreneur
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to look for opportunity that isn’t currently being met her for filled
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without the MIA image consulting business I took a look at the market and
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I’m like a
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it there is really no resources out there for every day regular guys to get
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solid base could buy some not talkin
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GQ i’m talking from a regular guy I happen to know more about shoes and
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manscaping
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the pope also is the perfect fit by Tom
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you know you just gotta look for opportunity where other people don’t
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necessarily
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early see it but the number seven is higher smart surround yourself with good
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people
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I’m not talking just like good qualified I’m talkin
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good people people that you wanna be around our want to be associated with
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people with good moral character encompasses
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case in point is my assistant Debbie
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she has been with me literally from the darkest days
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back when I had my fitness center if the and she still with me today
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the interesting thing about that is
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throughout the time you know money has been tight in so
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I couldn’t always afford to pay her what she is worse than the value that she
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brings
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and so being appreciative and treating people with dignity and respect than
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just talent ohmae
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I really appreciate that you took a chance on me
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pays off even if it’s not financial hopefully in the future financial happen
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a but I’m telling you it is out it is one of the most valuable lesson that I
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personally have learned
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and I can do any of this without her said Debbie if you watch in 90 yards
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thank you
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but a number eight is be honest and ethical and
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everything you do its business integrity we talk about having character
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a good solid moral compass well for me
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what are the lessons that I’ve learnt their over the years is that
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it pays to do the right thing lesson number nine I mentioned it earlier in
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the video
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it is that success doesn’t always look like what you expected to
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or what you hope it well and this is that this is the story of my life
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and I really truly feel like I finally found
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something that I’m passionate that I’m good at and then I love doing
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and so looking back you know it
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idk I couldn’t have gotten here without the other hardships
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and so a testament to my personal fulfillment and personal success today
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is that it now II weathered the storm because entrepreneurs and being an
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option or
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is definitely not easy it’s not the easiest road you’ll be on that is
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definitely for sure it would be much
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their tires are like I would love to go to
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in office punch a cock work for somebody come I’m not to think about it
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but at the end of the day it’s not me it’s not what I’m I’m passionate about
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not what I love
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and all the hard work through the many many many years
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has got me here and I wouldn’t trade any other it for the world band brings his
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third lesson number ten which is do what you love
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if you do what you love it’s not work and
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the inspiration for this video actually was this need to number 10
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this morning I was at Starbucks and I was work in my
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General Schedule as I get up early I go to Starbucks I work for a little bit and
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I go to the gym then I come on over
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am a bit and one of the guys the regulars came many guys got what time
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you get here
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I said now around 5:30 said well what time to shut it down at night as a round
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930
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and you get my guy he goes d like it
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I go I love it it not work I i
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I get up in the morning and I’m so excited that to get started start
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writing start emailing start
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producing the content that I’m producing that our
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the by I have if I more hours in a day I’d still there
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tested so it’s really amazing and I just thought that
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you know I I’d share certain a little bit my journey in some of the lessons
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I’ve learned because I know a lot of you out there like the idea
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a starting your own business are being an entrepreneur and
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it’s not easy you need to develop
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a a thick skin and a cast iron stomach because
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you lose a lot to sleep over the years but
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if you’re successful and the only way that you’re not successful
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is if you fail and you don’t get back up it you can knockdown punch Judy
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you fall down get your ass up its only a failure if you don’t do that if you
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don’t get up and you don’t try again trust today
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eventually you will figure it out and I just wanna thank you for helping me
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figure it out because if it wasn’t for you
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each everyone to view I just be some weird dude with a camera