Great video! Patrick is really inspiring! He actually inspired me to create my own RU-vid channel. I jumped out of my comfort zone and start documenting my journey as an online marketer. I would love some support/ feedback, check it out, thanks. Peace!
Gold gold gold, pure gold. I dont have high IQ, wasnt an A student, never thought I will make millions. You Pat, changed my life. Your video where u said dont ask wealthy people how they became rich but rather how they think and process information coz that is what matters!
Pat since Im early, hope you can read this. I was wondering if you can make a video about your tips for people in middle management. I'm a 22 year old manager in a PnC insurance company. Maybe you can mesh it with your advocacy for intrapreneurship.
It's not a mistake to make a mistake, but it's a mistake to repeat it, and a severe one to never learn from the first time you made it. As an entrepreneur, you have go to have the right blend of self-confidence and humility- the former to trust your hunches and eureka moments, and the latter to accept when you've gone wrong and learn from it. Great topic, Patrick.
Hey Brad, glad you commented this on here. You've pointed out a sad truth- unfortunately ethics often takes a back seat in business decisions, today. The best I'd recommend you to do is continue to believe in your righteous principles and have faith that the Divine shall guide you in turn. Don't ever give up your morals for the sake of business success- any amount of material wealth is trivial in contrast to one's duty to be righteous. However,(correct me if I'm wrong) I sense a slight misconception in your understanding of the Lean Concept. Having a lean approach doesn't necessarily make you more likely to fail. The most popular Lean Methodology, preached by Eric Reiss, is centered on creating an MVP- minimal (the product has enough features to make it solve at least one core problem the consumer may have) viable (consumers are willing to pay you pay you for the service it offers them) product (it is a fully functioning product). The contrary would be a 'Waterfall Approach' often used in more established organizations. The waterfall approach is focused on heavier documentation, testing and often aims to build the 'best' possible product. The reason why the lean methodology is often favored in startups is because startups typically don't have the time or resources to carry out heavier documentation, longer planning, etc. and the fact that building the 'best' product is often an idealistic over-ambitious goal. I'd be glad to perhaps get some more clarity on the nature of your business here. You can always reach out to me on my channel.
"NO ONE cares more about the money than YOU!" #truth #moneymatters Plateau reached and thanks so much for this video. 10% of decisions feels very scary - and sometimes building leaders is the hardest part of growing a business. Thanks for the video and real life experiences and examples.
Pat, I moved on from my job to go into full-time entrepreneurship after 2 years and multiple failures, looking for a great list of books to continue learning. Please do the 10 best business and leadership books you have read. Or even books that have changed the way you live
Patrick! I love you man! Never saw anyone address point no. 10. Thank you for saying this. Running a business is hard! "If you're so good at solving problems, you wouldnt be a consultant, you'd be a CEO!" Finally someone said it out loud! Thank you! You Da Man! 😍
This channel inspires me to work hard I will work as hard as possible so that one day I will be a successful enterpreneur I don't know why but I just want to be enterpreneur I don't want to be a CEO I just want to be an enterpreneur
@Antonio Giuseppe I don't know why i never had anyone in my family who is an enterpreneur in my school I was lost I didn't know what should I do and then i started learning about different occupation I found other all jobs boring but enterpreneur my heart said this is what I am made for right now I am studying in my high school and just after 1 more year I will be able to study business and put a stop towards my dream
@@Siddharth_9_75 nothing much just working with a startup, trying to learn from people who are going places. Trying to acquire skill and wisdom from people. 🙏
@@Siddharth_9_75 business skill brother it's a startup and in struggling phase, but the founder is well experienced in his domain and knowledge and a name in marketplace. So, I am trying to learn how to sell, negotiate, read people and all that stuff.😅
Pls take more about mistakes u made as well as other makes . As Jack ma said Don't learn from other people success but from people who can't make it...plz..
I failed as a CEO because no customers and no capital. I could design and produce the products, but had nobody to sell them to because of location - I live way out in the countryside. Who are you going to sell to - a tree? A bush? Ain't nobody got any money around here. Fuck it. Capitalism doesn't work.
This is better. Please stop interviewing gangsters and gangster lawyers. Stay away from that world, Patrick. Don't be fascinated by it. Stay on track, my friend.
#10 is so true! I like my employees, but I dislike it when they give me advice because they are typically driven by emotion and no logic. A lot of people like to feel "important" and like to be in control so it tends to lead to a disaster. Sometimes you may have a gem of a person offer solid advice, but usually, it's not.
00:03 Not understanding the pendulum of decision-making process. 01:50 CEO should not just focus on positives 05:18 Do not second-guess yourself in areas you're an expert in 07:12 The importance of making timely decisions as a CEO 10:46 Avoid favoritism in team management 12:32 Importance of knowing who to take counsel from 16:05 Maintain a positive attitude even after facing a loss 17:45 Avoid hiring resume builders 20:43 Comp plan must align with desired results 22:15 Avoid micromanagement and hold people accountable
I love what you do, Pat, but your generalizations regarding consultants are somewhat off base. To say that if a consultant was really any good they'd go out and build a successful company, is assuming that's what they want to do. For those who have been down that road it ties you to an office and a concrete set of responsibilities. Been there, done that. It's a massive commitment if you do it right. Consultants are free to work when they want, where they want, and to choose the situations they're willing to get involved with. There's also a satisfaction in helping someone like you solve a problem you want to get rid of. I don't have all the answers, same as you, but maybe I've learned something in my travels that can help you to get further and do better. If I can help you salvage a great worker who is thinking of leaving and they generate $1 million for you, or $10 million, you'll open your wallet and pay me a big number because your problem is gone. Choosing a consultant is tough because there are gazillions of people claiming the title. Some of the best don't have pedigrees with big companies. You can hire someone who came out of Deloitte or McKinsey and probably do okay, but the guy who ran a tiny business for 20 years and walked away might be the best fit for what you need. One more thing. Based on the quality of information you give in this channel I'd say you're 20X the CEO I was. That said, I don't need to be as good as you to be of value. I only have to help you solve a problem - likely a problem with people - that's keeping you up at night. Blessings to you Pat, I'm a big fan of what you're building here.
Great Video! I differ a tad on the consulting profession however. No, many consultants prefer consulting because they now can impart wisdom...from years in corporate as a CEO...not because they can't cut it as a CEO. One addendum :-)
Those are different types only consultants who have worked decades on the field. I’m inviting a speaker to the VAULT who is now a consultant yet she used to be the chief talent officer of Netflix for 14 years.
I like what Ray Dalio said, about who to take council from. "Believable people as those who have repeatedly and successfully accomplished the thing in question - who have a strong track record with at least three successes - and have great explanations of their approach when probed"
15:11 hahaha I'm always saying this. We live in such a strange time where EVERYONE thinks they have the answer. Worse yet, they base their career on it. So many "teachers" and "coaches" that haven't done a thing.
Thanks for the video Patrick. There is a lot of useful information. However, I could not give you the thumbs-up because you have some very heavy biases. Some examples: #1. "... you shouldn’t be taking advice from somebody that’s never made more than $45,000 a year. " "... There are a lot of consultants asking for $20,000 to identify and fix your problems for you." Heavy bias here - choosing a particular lifestyle does not mean you are not an expert at something. By the way, I know many CEOs who consult on the side. And, if you are such a great CEO, why are you looking to hire consultants to tell you what the problems are? Why do you need a 2nd board to back you up? Aren’t they consulting you, in their own way, perhaps for free? Maybe it is the 20K price tag consultants are putting on their services that’s bothering you, Patrick :) #2. "Running a business is not easy. Business as a completely different ballgame and you have to understand who to take advice from and who not to take advice from based on where they’re at" Toyota empowered its production line workers to make decisions and quality went through the roof, customer satisfaction improved, sales also improved (LEAN and Sig Sigma principles). Isn’t that taking advice from someone who makes less than 45K per year? In fact, many CEOs are so removed from from everyday problems the business is facing that they are completely out of touch with customer experience. There numerous and articles on this but Simon Sinek described it best in hist TED talks. #3. "Avoid hiring resume builders" Everyone is a resume builder, whether they do unconsciously, semi-actively, or completely strategically. Actually the last ones are the people who work the hardest - they strive for great results and a rewarding career. One of your T-shirts reads "I love capitalism". Well, that is what capitalism leads to, Patrick - people want more: more money, bigger houses, faster cars, beautiful girlfriends wearing expensive clothes or rich boyfriends driving expensive cars, etc. They are looking at all of this and they say "Man, I got go go up, and I can't do it here" With these types of models, how do you expect support people to be loyal? . Unless, you earned their trust first - had their back during a recession or a general business decline, helped them move up in their career, got through a rough patch. And the bigger the organization gets, the harder it becomes for CEOs to earn people's trust. They tend to rely on culture to do it for them and completely forget they once did this very important job themselves. Sorry, I went so deep on the negative. There is a lot of good stuff in your videos but there are also a lot of holes. I pointed just a few of them. Hope you will take this positively.
Number #10. You can hear Advise from everybody. How much he make has nothing to do with it. A good advise is a good advise. If you smart and Good CEO you have it in you to know a good one. If you are weak you will be afraid to hear what everyone got to say because you don’t have a good understanding in what your business about.
14:50 because, not everybody is good being CEO, so if CEO position is hard for you, go for consulting, omg. I think is mistake measuring people on behalf how much money they made, it's number 9. Shame.
Can't agree with #10. Credibility is obviously important but I would not want to make people feel like they can not speak out. Sometimes the people on the bottom can see almost as much as the people on the top. The fuzzy ideas usually come from people in the middle who are just kissing backsides or those too blind to see your vision because they their vision is through a tunnel.
The pendulum effect - when you take the middle ground you have to dodge the fast ball. However when well informed you can see where it is coming from and you can step out of the way- and let the extremists on either side waste their energy amplifying the swing... I believe in Unemployment benefit- As a business do you want to employ someone with poor work ethics? Do you want the person you don't want in your business so desperate for income they resort to breaking the law because 'they just don't get it' w.r.t. work ethic? In Data don't ignore 'the outliers'.
Thank you for point 15 also. my last boss did that every time. she used to call it "making a Taj Mahal out of cardboard" coz it was always at the 11th hour and 59th minute, and there was no time left to build a proper 'Taj Mahal' right and proper. A valuable lesson i learned from her mistakes. Micromanage early on, and show your team you trust them to get it done without band-aids.
I love number 2, there was a story that Ben Horowitz told in a 'the hard thing about hard things' that really brings this to life. Ben talked about an exec he met, this exec worked in the same company as his uncle, so he called his uncle and asked if he knew the guy, the uncle responded ' yeah I know him, every so often he comes down to blow sunshine up my ass'.
being a business owners means training others, dont be lazy.. you are the one with the right answers, dont expect others to have the same decision making as you UNTIL you train them to be like you.
