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In this episode, Patrick Bet-David discusses the 12 building blocks of how to write a successful business plan.
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There are three different types of People when it comes down to writing Business plans one those who don't write Business plans two those who write Business plans in the month of December But past February they never look at it Again and three those who write a Business plan with logic and emotion That fires them up and they read it all Year long and they hit 80 percent of Their numbers on the business plan today I'm going to talk to you about the 12 Building blocks of writing a business Plan that produces logic and emotion at The same time so stick around to the Very end to introduce you to our online University that we have to learn how to Become a better speaker you know sales Person strategy a place that very few People know about stick around I'll let You know how to find the online University and if you get value from This video give us a thumbs up and Subscribe to the channel so let's get Right into it Foreign Building blocks when I want to go into a New year and I want to see what I need To do to improve as a salesperson Employee CEO founder executive I Break It Down based on 12 different building Blocks the first two I look at is Will And skill now when you look at willpower And skill set what do we talk about so
For example skill set I'll sit there and Say what skills do I need for 2023 do I Need to learn how to become a better Salesperson negotiator conflict Resolution how to bring people together Raising money understanding numbers Report balance sheet coding what do I Need to get better at skill set then I Go put a plan together on how I can get Better in those skill sets Simultaneously if I have a team of People that work with me I'll write out My Executives or my sales leaders and I'll say when I talk to Johnny for his Annual review on December 18th what am I Going to give them feedback on areas he Needs to improve in it's a leadership is It management is it accountability is it Character is it a heart skill was it a Soft skill what is it so I'll typically Have that in place on what I need to Improve skill set wise and what my Leaders around me need to improve skill Set advice as well as companies so That's skill but that's not enough the Complete opposite of skill is willpower I know a lot of great sales people I Know a lot of great negotiators I know a Lot of great coders I know a lot of Great people who have very very strong Heart skills but when it comes down to Deadline they miss the deadline when it Comes down to a lot of pressure they Don't will themselves into wrapping it
Up when it comes down to getting Something done that everybody's Reluctant there's a lot of things going On oh my God I don't know how we're Going to handle it you all of a sudden See them breaking you know oh my God They can't handle that part right that's Willpower you're going to have certain People that maybe their skill set is low But their willpower is hard it takes a Lot to break them you need to work on This person's skill set but you got a Lot of people that you're gonna have Their skill set being here under Willpower being here it may be you it May be someone on your team you have to Figure out a way how to increase your Willpower the way you increase your Willpower hour is by small victories you Say you're going to work out three times A week you do it you say you're gonna go Get XYZ done you do it you say you're Gonna go read this book and write a Report on it by next Friday you do it Gradually your confidence in you goes up And eventually you say whatever comes Out of my mouth is gonna get done Because my willpower is increasing so First two building blocks are skill set And will here's a quick shout out to our Sponsor fund and grow these guys Recently grabbed my attention because It's small business built by helping Other small businesses Thrive I'm a big
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Out the webinar save that 500 off your Membership they've helped over thirty Thousand businesses and they can help You as well let's look at the next two Building blocks then you have plan and Mission on the bottom again you notice Skill is logical plan is logical will is Emotional mission is emotional plan is How do you write out a business plan to Sit there and say what are we going to Do q1 Q2 Q3 Q4 plan of what you know Demographic we're getting we're going to Get into what technology we need this Year who we need to go out there and Expand in what territories the business Plan is more of what we're going to be Doing on a daily basis weekly basis Monthly basis you know different kind of Incentives we're going to have all these Things that you're writing out your plan For everything we need a plan right but At the top is a mission if I would ask You right now what's your mission Statement for your life what are you Going to be doing with your life what's Your mission could you say it if you and I sat down right here we had a five Minute conversation and I said tell me Your mission in life what do you want to Do I'm not looking for a same sentence That you've said a few thousand times Although for us when I started my own Insurance company I had a very simple Mission statement bringing back the free
Enterprise system and hope to American Families I've said that phrase fifteen Thousand times twenty thousand times That was our mission statement but I Have my own as well you yourself Obviously I run a uh I have a BPW course Business planning workshop where I get Into Full day on this course if you want to Find out more about it I'll put the link Below but you for your mission statement You'll notice musk has a mission Statement personal not Tesla not Twitter But musk Oprah Winfrey has a mission Statement not harpole but herself some Of the people that do the biggest things In life they have a mission statement That mission produces emotion it's not How-to it's Y2 so again the second Building block is having the right Business plan being written and number Two getting clear on what your mission Is it'll produce an emotion and energy That a logical business plan alone just Won't do so so far we got for the Business building blocks knocked out of The way the next two you got systems you Got dream in systems I looked at every Single thing whether I'm running a media Company just I'll give you an idea Yesterday we did a webinar on wealth Generational wealth webinar right we Started 12 minutes late I wasn't happy About it right afterwards we had a
Debrief and I sat there and said guys What happened here today everybody said Well it was this it was that it was this Here's a challenge that we had the PowerPoint was done on a complete Different computer and the computer that Got transferred to PowerPoint all of a Sudden the words were choppy all over The place I'm sure you've seen this Before when it happens right so he said And then so cool let me try to get this Let's do this ship bring another Apple Let's do this computer 12 minutes later We're late 12 minutes and there's 5 000 People that are waiting for us right at The end when it ended I said guys I want A system on what we need to do before we Do a live webinar so one guy said I need The PowerPoint three days before the Webinar for us to test it out great Let's define what test is what is test The final webinar in my hands design Great so when does the designer needed To spruce up the Genera the whatever Webinar it is they need a three days Prior to that so that means the person That's putting together webinar has to Have it approved by me a week prior to That to hand it over to our designer for The designer to put it together to give It to our camera folks and the team Folks who say we're ready to go live Three days from now so anyways we're Putting a checklist together we need
Systems to approve everything everything Is about systems the other night I'm Walking with a guy who's a father who's Got four kids his kids oldest kid is Seven years older than my oldest kid and I noticed while we're doing Halloween Trick-or-treating we always talk and I Noticed one of his kids comes by and he Says hey um my son you know he's a Little upset right now why because he Lost his technology privileges away why What is technology privileges he doesn't Have his phone he doesn't have his iPad He doesn't why did he lose all that Stuff well because he doesn't have Straight A's in our family you want your IPhone you want all that stuff you need Straight A's sat there thinking about Said can I apply that to my own family That's their system to get their kids to Get straight A's that system is Transferable systems for business system For recruiting system for hiring system For script system for customer service System for handling complaints Everything is about systems so what Areas of your business do you have leaks In your system you got to take a look at That but the complete opposite side of System which is emotional is dreams what Are your dreams what do you want to do Today I'm doing a Consulting for this One company they do three billion Dollars a year of funding in real estate
In Canada and we're having this Conversation about what they want to do And the guy said what we're doing this What we're doing that what we're doing So tell me what your dream is what do You want to do do you want to sell this Company you want to take it public do You want to keep it and pass it down to Your family what do you want to do What's your dream if you don't know your Dreams and it doesn't excite you Eventually you're just going to be doing Business as usual I'll give you a crazy Story about myself I'm 27 years old my Goal was to have a quarter million Dollars in savings so all of a sudden I Got a quarter million dollars in the Bank at 28 and I'm driving a nice car I've traveled the world my dad's happy He's no longer working at a 99 cent Store all of my dreams have become a Paid off my credit card then my credit Score is at 800 but I didn't replace Those dreams that I had with new ones You know what happened the next six Months I was all over the place I was Bored I didn't know what I'm running for And then quickly time my way over time What are your next three four five six Seven eight dreams I wrote out a Business plan I'll never forget fired me Up you know what's crazy when I wrote Out the business plan Right off the bat my girlfriend and I
Start dating she becomes my wife a year And a half later then you got family Kids company all this other things that Happened because I got clear about my Dreams my dreams your dreams then you Have to sit there and with your Executive team and leadership team Asking them what are your dreams so it's Not just important for you to know your Dreams is whatever your leadership team Is knowing their dreams and challenging Them to have conversations with their Employees about what their dreams are Now what's a conversation when what if Somebody's making 15 bucks an hour what Are you talking to them about dreams It's not Ferraris and Lamborghinis but What do you tell them hey I'd like the One to be a manager here fantastic I'd Like to one to be able to buy my own House five years from now condo great People have dreams so on the bottom with Systems top is dream so far we have six Billion blocks the next two Capital Vision Capital Money one of the guys I Was talking to upstairs right before This meeting this guy said I got a Million dollars on a bank well my run Break with the company is 250 which Means I got four weeks he says I got six Hundred thousand dollars a line of Credit for the company and I got five Hundred thousand dollars in my savings Right now what do I do should I go buy a
House and I said well you ain't got a Lot of capital if you think about how Much of your expenses you got set aside It ain't that long because you're doing Quarter a week so that's a good point Pump the brakes so we got a capital Issue here let's get the capital a Little bit bigger before we do x y z or We got to go raise money for you it may Be I got thirty thousand dollars in the Bank that's your Capital what do I do With this thirty thousand dollars how do You increase it what is your Capital Goal what do you need to be should you Go buy something that's a card that's 900 bucks a month well you only have Thirty thousand dollars in a bank maybe You go get a 450 car or a used car right That's the capital conversation you're Having do you go hire five employees or Do you hire one employee based on the Capital that's you go raise the capital The opposite of capital is Vision do you Know what the vision is where are we Going what are we doing what are we Going to be three years from now five Years from now what is the long-term Vision of the company that you're Running your business can you recite Your vision to your wife to your husband To your kids to your co-workers to your Employees to your customers do you know Your vision where you're going sometimes People can have tens of millions of
Dollars in their Bank some even billions Call FTX but if there's no real vision And it's all fake eventually you're not Only going to hurt the people around you But you're eventually going to get Distracted and hurt yourself you need a Real Clear Vision that fires you up and The people around you so capital is good But Vision brings energy it's emotional Next to competition versus enemy a lot Of times everybody talks about go study Your competition if you're on real Estate what is your competition to well These guys do this and Keller Williams Does this and experience these guys do That and done all these guys do that Great you can get as much competition as You want you need to study at the Marketplace who's coming out with one Product what demos are they in What Markets are they in what technology are They using what's going on with the Differentiation that this company has From those guys from these guys how do They get their customers how do those Guys get their customers why do they Sell Compass sales to higher and Providence versus Keller Williams has This over here should I go lower and Middle Market should I go higher Market What is it that's competition studying The competition you got to do that and That requires the ability to know how to Research researching is a very very high
Paid skill set to know how to research But the complete opposite of competition Is enemy enemy is a different story an Enemy wakes you up in a morning without An alarm clock and any knee allows you To stay up in your office or your Kitchen at night while everybody else is Asleep you're doing research to find out How to grow even faster than you are Today because an enemy has produced a Certain energy in you a lot of people Say Pat what are you talking about with Enemy I am 29 30 years old about to Start an insurance company this is the First time where I'm experiencing what It is to when you start a company and All of a sudden you experience violently Opposed first you're ridiculed then You're violently opposed and it's Self-evident right well before you Become self-evident where everybody in The marketplace says look I don't care What you say about Pat you got to Respect them look I don't care what they Say about you you got to respect them That same status takes a long time to Earn right the phase before faint status Is being violently opposed and even Prior to violently opposed is ridiculed What's ridicule look at these guys They're idiots they think they're going To figure this out look at John he Doesn't know what he's doing you think That guy's going to do something in real
Estate ridiculed they're making fun of You but they don't believe you can do What you're doing violently opposed is When you're officially taking Marketplace then they start attacking You reviews defamation of character Manipulation games infighting pinning People in your company against you That's when the enemy me starts doing That and I said no problem you want to Do that to me a competitor did that to Me I said great it's officially no Longer competition it's war two years There was only one audiobook playing in My car for two straight years you know What it was 33 Strategies of War by Robert Greene a good friend of mine and I listened to it every day 365 days per year on repeat to know I'm Not gonna let the big bullies bully me This is why one of the values in our Family were my kids when I say four Things we do lead respect improve life But we don't bully but we definitely Don't get bullied and when a bully tries To bully you best stand up in a Marketplace that's going to happen that Enemy produced an energy in me now enemy For you may be a father who's no longer In your life like Tyler Perry who said My dad wasn't in a picture when I was Coming up when I needed you weren't There later on when I'm rich Hector Million are about to be a billionaire
And now you want to show up no problem Guess what I'm going to do to you I'm Going to buy you a car and pay it off I'm going to buy you a house and pay it Off I'm going to give you some money but With only one caveat what's that never Call me ever again I want you to Experience what you did to me when I Needed you as a kid and you weren't There I love you you will forever be my Father but here you go you think the Drive that he has is just because he Wants to make movies and that's it or do You think there's something deeper than That you think jobs being given up to Adoption was just about the whole basic Stuff of hey I want to go out there and Build Apple into multi-multi trillion Dollar company you know when he was a Kid it was given up for adoption you Don't think he wants to say how dare you Adopt me I'm a I'm a great kid you Should have never given me up for Adoption there are different kinds of Enemies enemy's not about a war you're Going to go to fight them but it Produces energy we know Brady is all About enemy we know Jordan's all about Enemy we know a lot of people in Business are all about enemy politics Military the list goes on you need an Enemy to produce that energy for you and Last but not least Supporting Cast and Culture Supporting Cast at the bottom is
Who you have around you who do I need to Recruit next whose Health do I need an Assistant processor business person Advisor board member it doesn't matter You need to write down to your Supporting Cast on who you need it may Be as basic as an assistant someone most Basic thing that sometimes entrepreneurs Don't want to get the assistant to do to Do the work for them and you're doing a Bunch of 15 20 30 an hour work an Assistant can help you out with that all You need to do is go get an assistant so That's Supporting Cast but the emotional Side of it is what culture to people at Your office kind of leave exactly at 459 Because they can't wait to leave and go Home and watch sports or Netflix or Something else or maybe your culture Meets some issues need some help because It's not where it needs to be or is your Culture the kind of place you're like Guys go home no one wants to go home They're having a ton of fun they're Coming in they're having a blast They're Laughing there's potlucks there's gift Exchange there is joking there is humor There's competition there's Entertainment people are getting their Job done it's competitive your culture May need to have some kind of facelift To get better what is that area with Your culture maybe you got to look at Some cultures that have done world
Company-wise and apply to your business Again I can talk about this all day this Is why I host a event once you're called Business planning workshop and we talk About this portfolio where people from 100 plus countries come together and we Talk about how to put a business plan Together but I'm giving you the shorter Version of the 12 building blocks I'm Writing a book right now with penguin Portfolio specifically on how to write a Business plan that will not be Introduced until a year and a half from The coming out but these are the 12 Building blocks now a couple different Things One I have an online Academy okay where I have multiple courses public speaking Persuasion communication Sales Systems That I use my 10 power closes or Strategy how to recruit how to fire how To raise money all of that stuff that I Have it's on an online university for Valuetainment with David Consulting if You want to learn more about that click Over here and on the other side I did a Video I think six years ago titled how To write a one-page business plan if You've never seen it click here to watch That video and if you got value out of It give it a thumbs up and subscribe to The channel take care everybody Foreign
