In short
Podcast Episode Notes: The Daily Motivation (Episode 609)
Episode Overview
- Title: The Entrepreneur vs. The Intrapreneur: UNLOCK Your Path to MASSIVE WEALTH & SUCCESS (Without Taking ALL the RISK!)
- Host: Lewis Howes
- Guest: Patrick Bet-David
- Key Topic: Differences between entrepreneurs and intrapreneurs and how to leverage both roles for success.
Key Concepts
Definitions
- Entrepreneur: A person who starts their own business, takes on financial risks, and operates independently.
- Intrapreneur: An employee within a company who acts like an entrepreneur, leveraging the company's resources and infrastructure to innovate and drive growth without the same level of personal financial risk.
Key Differences
- Risk: Entrepreneurs face higher personal financial risks as they invest their own capital, while intrapreneurs work with organizational resources and do not face the same level of personal financial exposure.
- Sacrifices: Both roles require significant dedication and effort, but the entrepreneur must also manage financial stress, which can add pressure.
Real-World Examples
- Bob Iger (Disney):
- Started at ABC and rose through the ranks to become CEO of Disney.
- Known for significant acquisitions (e.g., Star Wars, Marvel, Pixar).
- Salary reached $67 million per year, demonstrating the financial potential of a successful intrapreneurial career in large corporations.
- Steve Ballmer (Microsoft):
- Joined Microsoft early on, later became CEO and led the company to immense growth.
- Worth approximately $56-57 billion, illustrating that substantial wealth can be achieved as an intrapreneur.
Key Takeaways
- Choosing Your Path:
- Individuals should evaluate their strengths and career aspirations to determine whether to pursue entrepreneurship or intrapreneurship.
- Sometimes starting as an intrapreneur can provide valuable experience and pave the way for future entrepreneurial ventures.
- Recognizing Opportunity:
- Just as investors look for promising stocks, individuals should assess potential partnerships and team members based on their future potential and 'upside.'
- Building connections with influential figures can lead to significant career advancements and opportunities.
- The Importance of Networking:
- Aligning with the right people can be crucial for success, akin to choosing a partner in a marriage.
- Evaluating personal and professional relationships based on potential risks and rewards is essential.
Conclusion Patrick Bet-David emphasizes the importance of knowing your goals and choosing the right path—entrepreneur or intrapreneur. Both paths offer unique opportunities for wealth and success, and recognizing where you fit best is key to achieving your professional objectives. The episode encourages listeners to think strategically about their career choices and the importance of relationships in professional growth.
Additional Resources
- For more insights, listeners are encouraged to check out the full episode on The School of Greatness and sign up for the Greatness newsletter for regular updates and content.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.
0:11And what's the difference between entrepreneur versus intrapreneur and how do you know if you should be an entrepreneur or if you should be entrepreneurial with a team and a mission that has funds and resources and it's not all on your shoulders? Yeah, that's a great question. So, you know, one of the things we talk about in this book, your next five moves is knowing, you know, when you decide how you want to create your wealth and who you want to be. Meaning, okay, so who do you want to be? I want to be an entrepreneur. I want to be an entrepreneur. I want to be a solopreneur. I want to be a content creator.
0:41I want to be an influencer. I want to be an inventor. I want to be an investor. So you kind of figure out what angle you want to go and who you want to be. and then you figure out which one you want to do next. You may want to be an entrepreneur, but intrapreneur may make sense next, right? You want it to be an intrapreneur may make sense next. So this movement of entrepreneur got a lot of people to become entrepreneurs who should have never become entrepreneurs. Right. Okay, they just should have never become entrepreneurs because they did not experience the element of being an intrapreneur. An intrapreneur thinks, works, is wired, looks at money, people, talent, recruits, sells, sells the dream.
1:16Everything an entrepreneur does is identical to the entrepreneur. The only difference between the entrepreneur and the entrepreneur is the entrepreneur put up the money. That's it. Meaning, there is nothing else that's different there. The same amount of sacrifices this guy's willing to make, this guy's willing to make. He just didn't put up the money, right? Which is a whole different level of sacrifice. A whole different level of sacrifice. Pressure, stress. You got it. And that's one of the reasons why the entrepreneur respects the entrepreneur. It's like the hidden code. Listen, man, I'm willing to do everything you're doing, but I didn't put up money.
1:48Salute. I respect you. This is why you're number one. I'm number two. But I salute you. What do we need to do, right? And there's that element of respect for one another. Now, the entrepreneur has to be willing to allow an entrepreneur to exist. So, for example, Bob Iger's story. Bob Iger starts off with ABC years ago. Young guy coming out, doesn't know what he wants to do. Accidentally gets a job. He starts working at ABC. Then he works his way up. Then it's his dream to be a CEO of Disney. Then he eventually becomes a CEO of Disney. He's the CEO of Disney for 15, 16 years. He ends up closing George Lucas and buy Star Wars.
2:22He ends up buying Marvel. He ends up buying Pixar from Steve Jobs. And he ends up buying Fox. You do these four transactions. His salary was$67 million a year. Wow. Not net worth. Salary. Never was an entrepreneur. Right. Bob Iger was never an entrepreneur. Clippers. Right here, Balmer. Balmer's worth$56,$57 billion. He's not an entrepreneur. Wow. He was an employee, number five or number six. Yeah, he was an employee at Microsoft. Wow. And then eventually, Paul Allen didn't want to do it anymore. He kind of wanted to step down. Bill Gates comes and gets Balmer. Balmer takes it to the next level.
3:00Balmer now owns the Clippers. So there are many entrepreneurs that started the company that own 100 % of their business, but they're making$80 ,000 a year. Right. They're making 600 grand a year because they wanted 100 % of control. Palmer's like, listen, I'm good. Gates started it, but I'm worth 58 billion. So the road to what you're solving for, you don't have to say, I have to be an entrepreneur. No, you don't. You know, if you looked at everybody as a stock, let's just say we started looking at everybody as a stock, okay? So you have small cap, mid cap, large cap. What's the difference between a small cap, mid cap, large cap?
3:33It's a dollar run, you know, 5 billion less, 5 billion to another. And then you have the large cap, you know, all these Disney's, Walmart's. These are a large cap, right? But the key is if you can figure out when they're a small cap. The key is if you're at the PayPal mafia group and you see somebody who says, that guy's going to start Yelp. I'm going to go run with that guy. That guy's going to start, you know, Tesla. Uber. Uber. That guy, Peter Thiel, I want to go do something with him. I don't care if I'm at number two or number three. I want to go with this guy. He put a half a million dollars into Facebook, worth a couple billion dollars.
4:04This guy's coming up. I want to go work. Like Maverick Carter is going to be somebody in the next 20 years, right? If you can figure out a way to run with him because you are one contact away from LeBron. So if a guy wants to get into media, and let's just say you want to do something in the African-American community, figure out a way to go work for Maverick Carter. His stock's going to be high 20 years from now. I mean, it's big today, but I'm talking really high. So if you can make a list of guys where you can have an eye for it, it's almost like picking a husband or a wife. You know, because picking a husband or a wife, there's a risk factor.
4:34If you go to dinner and you say, babe, I love you so much. You're so beautiful. You make my day. When I see you, I'm just like I'm in heaven. It's like, I don't see anybody else. It's just clouds around me and angels, you know, and I see birds when we're together. And then the marriage conversation comes up in your brain. You become a mathematician all of a sudden. I don't know. I say 72 % chance we get a divorce, but I'm willing to take that 28 % chance risk. So there's an element that we get judged for our friends. We get judged for who we marry. we get judged for our girlfriend, our boyfriend, we get judged for career industry.
5:07You also get judged on who you decide to lock onto and run with as a right-hand person or as the person that you want to be their right-hand person. But if you can look at people at stocks and you saw somebody that has a big upside, you lock onto them early, it's going to be a wild ride.
5:34Thank you so much for listening to today's episode of The Daily Motivation. And I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. That will take you to the full episode of our main podcast on The School of Greatness. And if you are loving The Daily Motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple Podcasts right now. And if you want more exclusive content and ad-free listening experience, make sure to subscribe to our Greatness Plus channel on Apple Podcast right now. And if you want to get even more inspiration from our world-class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the Greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.
6:24Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.
From the publisher
Have you listened to the FULL EPISODE yet?
Patrick Bet-David shares powerful insights on the differences between being an entrepreneur and an intrapreneur. He breaks down the key characteristics that define each role, highlighting the unique sacrifices and skill sets required to thrive as either an entrepreneur or an intrapreneur within an established organization. Patrick illustrates his points with captivating real-world examples, from the success stories of Bob Iger at Disney to Steve Ballmer at Microsoft, demonstrating the immense potential of both paths. Listen to the whole episode discover which route aligns best with your goals and learn how to strategically position yourself for success in your chosen career trajectory.
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