MILLIONAIRES EXPLAIN: How To Start A Business From Scratch (w/ Patrick Bet-David) |
|
JOIN THE $2K CHALLENGE HERE (It's free, but spots are limited): https://2kchallenge.com
I sat down with Patrick Bet-David to discuss how to start a business with $0, hope you enjoy! Patrick's channel: @VALUETAINMENT & @PBDPodcast TIMESTAMPS: 00:00 ๐ธ The $2K Challenge 00:41 ๐ข Shadow experienced industry leaders for insight, not just success, and learn from their wins and mistakes. 01:53 ๐ผ Negotiating equity after increasing value can lead to ownership or leverage elsewhere if declined. 03:30 ๐ Define your ambition within a role: leadership or support, and excel accordingly. 05:37 ๐ธ Leaving comfort for growth often yields rewards, even if initially uncomfortable. 05:51 ๐ Sequencing matters: passion might not always align with financial success. 11:49 ๐ค People skills, conflict resolution, and keeping promises are universal business assets. 14:54 ๐ฑ Personal branding on social media is crucial today for credibility and connections. 17:18 ๐ค Networking is about value exchange; even small gestures can lead to significant opportunities. 19:23 ๐ญ Faking it till you make it might work temporarily, but the market tends to expose inauthenticity, especially today. 20:05 ๐ "Future Truth": declaring future successes is fine, but consistent progress is necessary to uphold those claims in the future. 21:16 ๐ Making commitments you can't keep in business can severely damage credibility and relationships in a brutal market. 21:30 ๐ช Having an exit plan isn't necessary at the start, but evolving goals and visions over time is crucial for sustained motivation. 22:12 ๐ Beyond money, finding a deeper purpose and mission often emerges during the journey of business development. 23:34 โณ Immediate financial success isn't the focus at the outset; long-term visions can take decades to achieve. 24:02 ๐ค Establishing upfront agreements and responsibilities in partnerships can prevent future conflicts or uncertainties. 25:10 ๐ Having a clear hierarchy or a designated decision-maker in partnerships can streamline operations and avoid deadlock situations. |