"It Will Make You Rich" | What Poor People Don't Know About Making Money

you want to make a lot of money you want to be successful how do I get from where I am to where I need to be I don't want to be rich I just didn't want to be poor I started at ten years ago with a vision and two employees and now we're 250 people will do 150 million this year and every day when I get off the elevator and I walk into my office it it's this feeling of accomplishment and satisfaction knowing that I had this vision and a few years later it's real you know when we were when I was younger my parents didn't speak any English and like many immigrants since I was a little kid I was 8 years old when we came to North America and so I had to read the contracts you know my my dad when my dad bought a house I had to read the mortgage and go through the paperwork and when I was around 18 or 17 I looked at being at that point we were you know lower middle class and I said how do I get from where I am to where I need to be and so I started calculating how much money I would have to make in order just to buy a house and then I added the taxes into it and all the other stuff and I realized how difficult it was going to be to accumulate capital because that's the hardest thing to do is to accumulate capital it's one thing to get paid a lot of money but if you look at the tax system in North America it's really hard to amass capital and I just decided that I didn't want to be where I was I didn't want to be middle class or lower middle class or mediocre I just wanted to be great at something because I figured out that the people that I saw that we're doing great things were fundamentally great at one thing the analogy I always use is Peyton Manning gets paid ten million dollars a year he doesn't get paid ten million dollars a year to tackle to kick the ball to play defense he gets paid ten million dollars a year to do one task and do it really really well nobody buys from you nobody makes you wealthy because you're okay at something the world does not reward mediocrity nor does it reward average it only rewards exceptional so you got to find that one thing that you're good at and you got to become great at it because if you focus what you're not good at and try to become good at it you're gonna run into somebody who is gonna clean your clock at it when you think about success and you think about business and you think about being entrepreneur everybody wants to talk about the good times and I always say to people it's easy to be an entrepreneur when the sun is shining it's easy to run your own business when there's good cash flow and people love you and there aren't many problems but have that same desire to do it when your biggest customer just left or do it when you don't have enough cash to make payroll or do it when you've got real problems at home and nobody cares being a great entrepreneur is the ability to stay focused and highly motivated when there's failure around you it's not your ability to handle success they'll decide how successful you'll be it's your ability to absorb failure not take failure not get hit but absorbent I mean absorb it with every fiber of your body when there are those days where you feel like I just cannot go on get up on those days get in front of your team and get them going in the same direction and be highly motivating those days because if you can do it on those days you can do it any day being a successful entrepreneur is really lonely I'm not saying that because I expect people to call me up and say I'll be your friend and look for sympathy but it's true the more successful you are as an entrepreneur the lonelier it is because there's just less people that you can hang out with and you know the bigger you are also the bigger the target on your back and someone's always out to get you when you're starting out and things aren't going well misery really does find company it's it's easy to find a lot of people to have a beer with and hang out with but that level of focus to keep going is really difficult and so one of the things I tried to do is I look for people that have been where I want to go and I love to learn I've looked for many people along the way from Warren Davis the guy who started Avis rent-a-car I used to work for him indirectly he owned a holding company that I worked for and he was a great guy to people you you've never heard of too even some of the other sharks I've learned a lot from Mark Cuban I've learned a lot from Daymond John I've learned from a lot of people the biggest lessons and my biggest mentor was always my dad because that level of courage I had never seen another human being and when I was younger I didn't really understand it once I got older I understood the sacrifices that he had to make for me to be given the opportunity to be successful I mean he was 37 years old left the communist country crossed the border hopped on a boat and brought his wife and me my mom and I with one suitcase to her foreign country where he didn't speak the language didn't know a single soul and we had something like 20 bucks in our pockets that's courage and as I got older what I really learned out of that is never complain because number one nobody cares and to all you deserve in life is an opportunity man when something gives you an opportunity you got to take it you don't complain and you got to go for it I'm a highly emotional guy I'm a highly passionate guy I love my business I love everything about it where I'm not emotional is when it comes to winning or losing you've got to be very careful about not taking your own bias or emotion into a negotiation or into a fight or into anything because you've got to be very clear what the goal is and in business the goal typically is to make money when I went to sell my first business to 18t I didn't want to sell it and so it was the night before we're supposed to close the deal and so I changed my mind and I called the CEO at the time and I said ah I can't sell this business and he looked and he looked at me so why not and I said oh it's my baby and I said no it's not it's a business I said no no it's my baby and he goes no it's not your baby is what you have at home that's your family your business is not your family your business is an asset that you start it and if you think we're paying you the right price then you should sell it if you think you can keep going and maximize the return then don't sell it and he was so non-emotional about it it really hit home for me I've seen more people make mistakes because they get angry or they get highly emotional in front of a customer or in front of a supplier leave your emotion at the doorstep business is about business when you hit the real world you're going to start competing with people who are really really good at something technology advertising something and they know it inside out you want to make a lot of money you want to be successful you got to take those people on with a skill that you're a world-class at I hate the word failure I hate that label I wake up in a cold sweat in the middle of the night sometimes when I feel like I'm gonna fail or I'm a failure you know I run every day and I run pretty far and sometimes just like everybody I get jet lag and I get tired and when I get to that point where I feel I cannot go on this little inner voice inside me says what are you a failure and then I don't care if my feet are gonna fall off and blood is going to start dripping out of my veins I will not stop I hate that word I do not want to be defined by that word [Music]

Channel: Video Advice

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Keywords: video advice, video advice channel, robert herjavec, robert shark, i became a billionaire by doing this, what poor people dont know, poor people dont know, poor people don't know, what poor dont know about making money, it will make you rich, make you rich, doing this billionaire talk, doing this billionaire speech, billionaire speech

Id: hbgnBv6odYM

Length: 10min 0sec (600 seconds)

Published: Tue Jan 14 2020