You know the word, "entrepreneur" is being
used so loosely nowadays that it's almost lost its meaning, of what it really means
to be an entrepreneur. You see, over my career, I've had the opportunity
to model entrepreneurs, that their behavior produces the results I want, but I've also
seen a lot of entrepreneurs that I watch very closely, and their behavior didn't produce
the results that I really wanted. Now, they may have actually been a lot more
fun than "them," but I want results. I don't want to just have fun and be broke. I want to be a real entrepreneur. So today's episode, I want to talk to you
about 10 shades of wannabe entrepreneurs, and I highly, listen to me, I highly recommend
avoiding any of their behavior, because it doesn't produce long-term results. So let's get right into it. #1 One Night Stand - I call them the One Night
Stand entrepreneur. Let me explain to you what I mean by the One
Night Stand entrepreneur. If you're ever at a bar or at a restaurant
or at a party, and somebody says, "I closed them and I did this, and guess what? I was able to push them to do this, this,
this, and I upsold them, and I made 60% more commission than I would have." And they brag about it, right? And a month later, the client cancels the
policy or the real estate transaction or whatever it is. Now why is that? It's because that's a one-night stand entrepreneur. That person is not expecting to keep doing
business with this person. I had a conversation with a commercial real
estate agent recently and I told him, "I want you to understand something here when you
do business with me. I am a very good referral source. You do business with me, I'll make you money
for the rest of your career, because I'm going to keep doing business and I know the right
people for you. If you don't fight for me, and you try to
negotiate an additional $5,000, $6,000, $7,000 and you don't deliver for me, I hope you understand,
this will be the last that we'll ever do business together. And this was the last time he and I will ever
do business together, this one commercial real estate agent. Why is that? Because he's a one-night-stand entrepreneur. He looks at a customer one time, they do business,
and then boom, wham, bam, thank you ma'am. So, eventually, when you're doing business,
you've got to realize, your customers have a pulse. Your customers want to be treated right. They don't want to go to sleep with you, you
get what you want, you leave, they wake up in the morning and you're no longer there. Nothing. They call. Nothing ever happens, no follow up ever happens. They're being left behind. As a business person, you have customers,
you have employees, you have staff, you have sales, you have vendors, you have partners,
none of them want to be treated as a one night stand. Unless, if both, is a mutual agreement, that
I'm okay with this, and you're okay with this. That's totally fine. But if it isn't, don't expect more business
coming back from them. There are a lot of people that treat their
business that way. I highly, highly recommend that you not do
duplicate any of their habits on what they're doing in business. #2: Let me talk about the second one. The second one I call the over under. What the over under entrepreneur -- there
was a guy I would watch, when I was coming up in business, I would watching him and think,
"This guy talks so good from stage. Man, he is like every time I talk to him,
I feel like there is no way in the world I can compete with this guy." But he was amazing at over promising and he
was fascinating behind closed doors at under delivering. Over promise and under deliver. You could never get this guy to deliver. He would always talk a big game, and never
deliver. You know what happened to his credibility? Everybody eventually finds out about everyone's
reputation. You have a reputation, just so you know that. You watching this, you have your own reputation
that your friends and peers that are doing business with you, they have a reputation
about you. People have an opinion about you. You, you watching this, they have an opinion
about how you do business. People have an opinion about this guy. So eventually, when I was a rookie, he could
fool me. But six months later, 12 months later, I already
knew who he was. He was an "over under." He talked a big game, never delivered. And so there are people that over promise. Now watch this. This is kind of contradictory, but stay with
me here. There are those that over promise. What do I mean they over promise? Let me explain to you what I mean by over
promise. In sports, there are coaches that say, there
are players that say, no one, no one, wins at Chicago. Michael Jordan, no one beats us in home, in
the playoffs. No one does. Mike. No one does. Over promise, boom! Put so much pressure on himself as a leader. Takes the pressure of his teammates but puts
it on himself. But you better believe behind closed doors
in the locker room, he puts pressure on everybody. Publicly, he takes it from everybody else,
so they can perform, and then when it is game time, he wants to compete and crush the competitor
that is going against him, because he over promises, and he over delivers. Now that's a hero. That's a hero. That's somebody that becomes a hero, a legend. Somebody that's always going to be talked
about. Not the over promise under deliver. Do not duplicate their habits. Eventually everyone talks about the fact that
you don't deliver. You simply talk a big game. #3: is the Lazypreneur. Let me tell you about the lazypreneur. the lazypreneur to me are very fascinating
because typically, someone has a job. They work 9-5, they work 8-5, they work 8-6,
whatever the hours are. Then they become an entrepreneur and the first
day they come to work early, second day, third day, fourth day, and then all of a sudden,
a week later, two weeks later, a month later, three months later, they're coming at 9:30,
then 10:00, then 10:15, then 10:30, then 11:00, then 11:30, then noon, then they leave early,
6:00, 5:00, 4:00, 3:00, and they wonder why their business isn't working and them boom,
they're out of business. And they say, "you know, this business thing
doesn't work and it this and that," no, no, no. It's not that business doesn't work. Listen, business is a mathematical formula. Business works very easy. X + Y = 10. You've got to find the best combination of
X + Y that equals 10. It can be 9, 1, 8, 2, 5, 5, 6, 4, 0, 10 -- it
doesn't matter. 7, 3, there are many ways to get the answer
10. Capitalism works. There is a formula for it. But it doesn't favor lazypreneurs. So if you really are thinking about becoming
an entrepreneur, and you don't want to be the term that everyone's using loosely, that
no one considers this person an entrepreneur, you really want to be known as an entrepreneur,
you've got to realize that you're going to be working long hours, for many, many years. This morning I did a Snapchat. I came out here. I've been in business for how many years? 2001, 2002, right? And today's 2016, so 14 years, 15 years. I worked out this morning. At 4:30 I go to the gym. Last night we slept early. My family's in town, my sister so I was with
them until late, and I put my son down because he didn't want to go. He wanted to spend some time with daddy at
11:00, 11:30. Then I go to bed, at 12:00 I went to sleep. At 4:00, 4:30, I go to the gym, I work out. I come to the office. I open the office here at 6:30 and I get to
work. Now I'm doing this in my 14th, 15th year. I can simply say, I've made it already. I don't have to do this crap. But I'm an entrepreneur. And an entrepreneur is not just about the
money you make, and the cars you drive. And you've got the success and accolades and
nobody else. No, if you're a real entrepreneur, you create
value, so that other people that are doing the same as well. You pass it down and they're growing as well. Lazypreneurs - listen. If you're not a hard-working person, stick
to having a job. If you are extremely hard-working and you
want to be in a startup type of environment, then you can consider becoming an entrepreneur. But my challenge to you is, do not replicate
and duplicate lazypreneurs. They have a very, very difficult time in business. #4: The Get Rich Quick. You see, I had a friend of mine, many, many
years ago. He would always call me. Pat, I found something, we're going to become
millionaires in three months! I'm telling you! We're going to become millionaires in three
months. We're going to make $600,000 in the third
month." And I'm sitting there talking to this guy. After the second time, third time, he would
keep telling me this, I'm like, you know what, I'm just, this is just starting to get very,
very annoying. He would keep talking. I said, "Do you realize that no one believes
you? Become a millionaire in six months?" If anybody tells you you can become a millionaire
in six months, they're full of it. They're full of it. It's like saying, "Hey, guess what, honey?" "What's that?" "Man, I found a way that we can have sex and
have a baby in a week. It's awesome! We've got to go out there and have sex and
have a baby in a week." No, it doesn't work that way. It takes nine months. It takes 40 weeks, sometimes a little sooner,
sometimes a little later. But it's 40 weeks is what you've got to do. Listen, in the world of business, it takes
a little bit of work. And some of these guys that are get rich quick
scheme types of sales people, they give the word "entrepreneur" bad rap. This thing takes work. There's a reason why most people don't want
to be entrepreneurs. There's a reason why most people don't make
it. There is work that takes place. There's patience that takes place. There's a requirement for you to constantly
improve yourself. There's a requirement for you to stay somewhat
paranoid. There's a requirement for you to constantly
want to get better, adapt, be willing to adapt with the marketplace. Everybody wants to put you out of business. Your competitors don't want you to make it. Do you think your competitors want you to
make it? They don't want you to make it. They do not want you to make it. So, when you see everyone here that I'm talking
about, you're probably thinking about somebody. The person who's the get rich quick here,
don't replicate them. Do not replicate them. They're probably the shallowest of shallowest
people in the world of business because they give entrepreneurs a bad rap. They're not entrepreneurs. They're get rich quick preneuers, that they
like to call themselves entrepreneurs, but I highly recommend avoiding them as much as
possible. Five is the babypreneur. Let me tell you about the babypreneur. I'll get people that will say things like
this to me, "Oh my gosh Pat, you know, I drove two hours and I had the presentation full
put together for three weeks. And this is the best product for them. And I drove two hours. And they said no. And I was crushed. And on the drive home, I went to the bar and
I had a drink and it was so difficult." And they're just. . . And I said, "Wait a minute. Can I ask you a question?" Yes. "What did you think it was going to be, being
an entrepreneur. Tell me. What did you think it was going to be being
an entrepreneur? I'm really curious. Like what did you think this was? Did you think this being an entrepreneur was
like this? Uhm, I have this product to sell, and it cost
$50,000. No problem. Can I have two of them?"Did you think that's
entrepreneurship? I'd like you to partner up with me and we
can go change the world together. Oh, let's do it! I don't need to know anything. Like did you think oh, you're a competitor,
you shouldn't put me out of business, because I'm trying to to win for my friends and family. Oh, I'm so sorry, we are so apologetic about
putting you out of business. Let us retreat the lawsuit." That's not the world of business. In the world of business, you've got to roll
these sleeves up, put them up, and get ready. And sometimes you might get hit in the back,
when you're not even catching it. You can't be a babypreneur. You're going to drive yourself insane. Get your skin thicker, and be prepared. It's going to hurt sometimes. Sometimes you're going to get jumped, and
sometimes someone's going to catch you, but then eventually, you kind of are watching,
you're looking, you're getting, you're seeing, and then you have a team. Then you have back up. Then when you have backup and it's getting
thicker, then people no longer want to fight you. And they just say, "you know what? Let's just not pick a fight with that guy
right now. They're a little bit crazy. Let's set them aside." But that part takes a little bit to build
your own gang. It takes a little bit to build your own gang,
your own squad. So don't be a babypreneur. You're going to get hurt, it's going to sting,
you're gonna want to cry every other second for the first two, three, four, five years,
sometimes seven years. But here's what I could tell you. Eventually, you're going to get tougher and
eventually, if you really are working hard, you're eventually going to win. For some it takes two years, some it takes
five years, some it takes 10 years, some it takes 20 years. But you're eventually going to win if you
stick to it. #6: The Know It All. the know it all is a guy that I'll talk to
people and they'll say, oh yeah, so I've read "Think and Grow Rich" and I've read, "How
to Win Friends and Influence People" and Rich Dad, Poor Dad. Oh yeah, I've read all these books. They've read 14 books. You recommend them a new book, there's no
way in the world they're going to read the new book. Oh, it's like every single one of them. You recommend another book, oh, it's probably
like every single one of them. I've read it already. I kind of know what they're going to talk
about. I kind of know what they're going to talk
about. I went to school, I have a degree. I already took a business degree, I know. . . you see, I read all this stuff already
in school because in school, they talk about business. I mean, you stand this much of a chance of
competing alongside other people unless you snap out of it and realize that you don't
know it all. Listen, every day - I was having this conversation
last night with my sister and I said, "Look, every day, I want to get better, because I
know today there is somebody out there that's watching every single video that we're doing,
and finding out every single thing that we're doing with PHP that wants to put us out of
business. Every single day. And I as the CEO, I must get better. I must improve. I must be reading these books and feed my
mind regularly to figure out a way for this guy to get better. Why? Because I don't know it all. I don't know it all. Literally, you guys watch my YouTube videos
on Valuetainment and I believe we have the #1 channel on entrepreneurship, but I can
tell you one thing here, just so you know. Me, as the host, I don't know it all. I could be 93 years old, and still not know
it all. I can talk about my mistakes. Everything I'm talking to you about are the
mistakes I've made in business. Everything I'm talking to you about, I'm talking
about my mistakes in business. I'm not talking because I'm superior to you. But I don't know it all. And sometimes I talk to some people and it's
like, wait a minute, you're not even, why do you walk like you know every single thing. And you've been -- you should be ahead. Like, bring yourself down a little bit. You don't know it all. And so when you see the ones that don't know
it all, that act like they know it all, unfortunately, they're typically going to hit a wall because
very few people like to be in business with people who know it all. Very few people do. Eventually. And very few people ever constantly keep growing. They always hit a plateau, and generally if
you hit a plateau, eventually that plateau gets lower and lower and lower and your business
keeps getting smaller until you realize, you don't know it all. So don't replicate know it alls. Act like you don't know it all and keep learning
and improving. You're going to see a lot more growth for
yourself. #7 is the partypreneur. Let me tell you about the partypreneur. Here's a party-preneur. Look, there a lot of fun. They're by far, the funnest group that are
extremely. . . the partypreneurs can seduce you. The partypreneurs can be like, man, you know. . . so why do we make money man? It's to have fun, bro, so we're gonna have
fun! We've go to do this. You know, man, all these other guys, that
guy's still working, he's such an idiot. He's going to miss out on life! He's going to miss out on life! Okay. So what the hell am I going to do at the nightclub. Believe me, I can tell you right now, most
of you have probably not been to the nightclub as much as I have. I can guarantee you this. I would say 98% of you watching this, probably
haven't been to the nightclub as much as I have. The 2% that have, more power to you. But I got 98% of you beat. But I wasn't an entrepreneur. It was Wednesday night, Thursday night, Friday
night, Saturday night, and Sunday night, for years. Until I realized, 23 years old, and I was
still wanting to party, 22, 23, I'm still wanted to party. I'm going to Vegas every other weekend, fly,
boom, Burbank, Vegas, come back Sunday night. Party, party, party, party, party. Partypreneurs go broke, and partypreneurs
are wannabes. They're not real business people. You're making money, just to party, you're
not really making money to build a business. What is the purpose of building a business? Just to make money and party? There's a lot of other ways to have fun in
business. So by the way, they -- if you party late,
you don't have energy in the morning. If you drink way too much, your brain is fried,
and it's tired in the morning. It's not that sharp. Go have six drinks and wake up in the morning
and try to come up with an idea. Look what will happen. Now you may say, "when I drink, I come up
with good ideas." No, when you drink, you may be loser. But you don't come up with sharper ideas. I want to be sharp. I don't want to be distracted with the partyprenuers. I don't. And they are very, listen to me, they're the
most incredible recruiters. They are the most incredible recruiters. Most incredible recruiters. But very, very rarely do they ever make it
to the highest level in any business. Very rarely. Because they eventually pick up way too many
habits because when you party, when you're a partypreneur, let me give you the negative
effects of being a partypreneur. Unfortunately, those who party the most, when
you go here, who's your audience. Focused people, or unfocused people? Unfocused people -- do you think they improve
your game? Do you think they enhance your game? Do you think that community is going to make
you sharper. No. They make you loser. They make you softer. They make you more casual. When you're in an environment where everybody
is competing and everybody's in it and improving, whether you like it or not, you're going to
improve. This is night club life, this is partypreneur
life, these are guys that want to be the greatest, they want to compete, they want to leave a
legacy, they want to die one day and the impact they made, affects millions on top of millions
of people around the world. And history favors them. You know how favors them? They're favored for five, 10, 15 years. Then eventually, you know what people say,
"Oh my god, he's still partying at 30 years old? What is this guy doing? He's a grown man. Why are you partying at 30 years old? You're no longer 22. I mean, I get it at 22, 23, but 30, 40? There are people partying at 40 years old
still. Missing the whole aspect of life, simply because
they can't drop their whole partying thing. If you've done a little bit, totally fine. I've kind of done a little bit too much. But I retired. It's time to put your, you know, retire your
jersey and move on if you are in that space. #: 8, the One-Hit Wonder. Let me tell you about the one-hit wonder. The one-hit wonder is the guy that is living
in the past. In America, a lot of people watch this from
196 different countries. In America we call it the Al Bundy Syndrome. You know, when I was in high school, at the
championship game, I threw how many touchdowns? Four touchdowns. That's what Al Bundy says, right? There are people that brag about, "I used
to make money in real estate. In 1999, I was a big real estate investor. In 03, I made a lot of money in real estate. Oh, you know back in 1992. . . no one cares. No one cares that you had one hit. Oh, you know, in 93 I made $300,000. Oh, you know in 01, here's what I did and. . . no one cares. What are you doing today? In the world of business what matters is today. Now, if you've had two, three major victories,
and you're not a one-hit wonder, you're totally fine. But if you're a one-hit wonder, I can you
Vanilla Ice. I call you Macarena, my gosh, there are so
many we can go through. You do not want to be a one-hit wonder in
the world of entrepreneurship, because credibility means you got lucky. But if you do it over, and over, and over,
and over again, then people say he's an expert at what he does. #9: Number nine is, I love the last one, I
can't wait to get to the last one, but I'm going to go to #9 first. Here's #9. I call them the stingypreneur. You know what's the stingypreneur? The stingypreneur doesn't want to invest into
anything. No, no, I don't need an assistant yet. No, no, no, I don't need to get this office. No, no, no, we don't need. . . no, no, no, stingy, way, way too much. No, no, no, no, we can't do that yet. No, no, I can't get this car, no no, way too
stingy. What ends up happening when you're way too
stingy? Growth slows down. And when your business goes like this. Now let me tell you, the stingy and being
frugal is a completely different thing. Let me explain, frugal is, let's negotiate. This cost $3,000, can we do it for $2200? $2400. That's no problem. I saved $600. That's frugal. But if this helps me grow the company to doing
xyz number, I don't need to be stingy. We need to get this, okay? You know, oh, we're not going to hire this
assistant because I can't afford to pay $1500 a month. No, no, I'm going to pay only $800 a month
and you lose them. No, no. You need an assistant. You're way too busy. And so because you didn't get the assistant,
you kept doing $10 an hour work and your business doesn't grow. And you're wondering how come you never had
an explosion in your business. Because you keep doing $10 an hour jobs, paperwork
stuff is what you keep doing. No. Stingypreneurs are truly not entrepreneurs. They're independent contractors. But they're not entrepreneurs. They're not entrepreneurs. Entrepreneurs invest into their business. Entrepreneurs get a support team around them. Entrepreneurs keep expanding their staff and
their supporting cast. And then eventually, they're doing the main
things that matter to grow their business. And #10, let me tell you about #10. #10 to me, I call them [Mario, this is the
best one, Mario.] I call #10 the "I get around entrepreneur." You know who's the I Get Around Entrepreneur? The guy that wants to join everything and
sell everything. Man, I've met so many I get around entrepreneurs
that, wasn't there a song, I get around? Round and round we go, but Tupac. Okay, now Tupac, is a good song, I get it,
but in the world of business, you know, what I'm going to do, here's what I'm going to
do. I'm doing real estate. Okay, great. Oh, I heard solar panels are blowing up. So you go do solar panels. Oh, you know what I heard? What did you hear? I heard that Snapchat. . . so we're starting our own Snapchat. What are you calling it? Flapchat. I don't know what you're going to call it. You know what I heard? What did you hear? I heard that right now. . . is a very good
business to get into. . . There's a lot of money in Colorado right
now because you can sell these brownies, and these brownies have stuff that make people
smile. You can make a lot of money. We've got to get into it. We've got to move to Colorado. We've got to move to Colorado and get into
the brownie business. Oh my gosh. You know what we've got to do? What do we go to do? All this stuff, from one thing to another
thing, to another thing. They get around so much, and you know what
the reputation of somebody is that gets around? Not very high. People don't think too highly of people that
get around. In the world of business, unfortunately, the
real business people, the real entrepreneurs, they don't think too highly of people that
get around either. So I go on and on and add you other things
on this video, but I want you to be thinking about all these things that we talked about. Read the article about it, and from now on,
you, yourself, when you're doing business with people, ask yourself, is this person
a real entrepreneur? Am I a real entrepreneur? Are you a real entrepreneur? You? Question yourself a little bit. Ask yourself. Because I want to ask myself. Mario could tell you that half the time I
say, "Mario, what do you think about this? Hey, what do you think about this?" Why? Because I want to improve. Constantly. Hey, are we. . . we're not this any more. Are we getting better with this? We're constantly wanting to improve. Ask yourself, are you any one of the ten. Are you a one-night stand entrepreneur. Are you the over under? Are you the lazypreneur, the get-rich-quick
or the babypreneur, the know it all, or the one-hit wonder or the stingypreneur, or the
I get around? Are you? If you are, and you plan on building a big
empire, I highly suggest you adjust. If you're not, keep an eye out for those who
are and don't fall for them. Don't let them fool you. Don't let them distract you. Know who's the legit, real entrepreneur and
who is not. And by the way, if somebody shared this video
with you and you didn't watch this video because you're a Valuetainment subscriber, maybe you're
watching it right now because somebody shared it with you, maybe they're trying to tell
you something. I don't know. Just maybe. Maybe they're trying to tell you something
and they care about you so much that they wanted to make sure you could make a couple
of minor adjustments yourself as an entrepreneur. And so with that being said, my favorite pillow
is back. Many of you kept saying, "Pat, where is that
pillow!" Well, Mario and the guys were on a 35-day
RV tour where they lived in an RV. Mario, we show the RV we lived in for 35 days? Show the RV. And they did some crazy, crazy stuff, but
they're back and the pillow is back in the videos. So if you haven't subscribed to this channel,
please do so. Click on the bottom to subscribe to the channel. We believe this is the #1 channel for entrepreneurs. [Throws the pillow] Let's see if we get this
this time. Oh, Mario caught it this time. Good catch, Mario. [Thank you.] Kind of like Ken Griffey who just recently
retired and Willie Mays. Except Mario is Guatemalan, and I don't know
how much baseball you guys play in Guatemala. I've been there before. Is there baseball in Guatemala or is it more
soccer? [Mario: It's more soccer.] So, if you haven't subscribed, subscribe on
the bottom. If you know other entrepreneurs that could
benefit from this video, share it with them, and if you've got any questions or comments,
comment on the bottom as well. Take care everybody. Bye bye.
