However, others see establishing a strong culture as preceding the successful retention of employees. (Shortform note: In his book, Bet-David lists culture as the third step of creating a winning team, after retaining employees. Culture is critical because for employees to put in their best effort, they must identify with the company and its values. Once you’ve hired the right people and incentivized them to stay, build a company culture, says Bet-David. He argues that when employees-Thiel focuses in particular on CEOs-work for equity, they shift their thinking from short-term to long-term, which leads to healthy, sustained growth for the company.) Task 3: Build the Right Culture (Shortform note: In Zero to One, Peter Thiel provides additional context for why equity is a good form of compensation. Bet-David thinks giving employees the opportunity to earn equity is the best form of compensation because they’ll feel they have a stake in the success of the company and will work harder to make it succeed-a win-win. Simon & Schuster is a property of ViacomCBS. Used w ith the permission of the publisher. Copyright © 2020 by BetDavid Enterprises LLC. He lives in Dallas with his wife and three children.Įxcerpted from Your Next Five Moves by Patrick Bet-David with Greg Dinkin. At age thirty, he founded PHP, a financial services agency. Patrick never obtained a college degree and went from the army to selling health club memberships before entering the field of financial services. His content on social media has been viewed over a billion times. His unorthodox approach to business as well as life has led to compelling interviews with Ray Dalio, Kevin Hart, the late Kobe Bryant, President George W. Patrick Bet-David went from escaping war-torn Iran to founding his own financial services firm, raising tens of millions of dollars, and creating Valuetainment, the leading YouTube channel for entrepreneurs. You may not notice it, but it also hurts your ability to make your next moves. Then life gets in the way, the plans don't happen the way we thought they would, and we lose faith in our ability to focus on who we want to be. We all have big dreams growing up, and we make a lot of plans for ourselves. It's an ugly thing, but I've seen it happen too often. Those who can tolerate pain the most-the ones with the most endurance-give themselves the highest chance of winning in business.īy the time we've been on our own for a few years, many of us have become cynical. You are going to have to endure more anguish than you can imagine to get there. Talking about the cars, the jets, and the celebrities you meet all sounds wonderful, but first things first. I could sit here and tell you about the life that you may live one day. And in business, things always get tough. Really take the time to get clear about your story-exactly who you want to be-or you won't be able to soldier on when things get tough. If you're looking to disrupt an industry, you'd better be armed with the right story, right team, right data, and right strategies. If you want to build a little mom-and- pop corner store, then okay, you don't have to treat business like war and you can be laid back in your approach. I may influence you to question certain decisions or ways you'll go about fulfilling your vision, but it's up to you to decide to stretch yourself and think bigger.Īs you continue to ask yourself this question, your answer will determine your level of urgency. The purpose of this Move is to identify what matters to you the most and help put a strategy together that fits your level of commitment and vision. All I ask is that you keep an open mind and keep reading with the goal, in due time, of answering this question. If you don't have a clear answer at this point in time, you're in the majority. They're meant to get you to reflect and better understand yourself. All the examples I give and stories I tell exist for you. Remember that this question-and every move in this book-is a process. It's normal not to have all the answers immediately. I understand that not everyone knows who he or she wants to be. Before making any recommendations, I gather as much info as I can about who the person wants to be and what he or she wants out of life. When I'm speaking to a CEO or a founder, I start by asking questions. Far too often, consultants and influencers assume that everyone wants the same thing. Nothing matters unless you understand what makes you tick and who you want to be. Answer Questions To Reveal Your Deepest Desire
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