Why Your NETWORK Is Your ULTIMATE Draft Pick | Patrick Bet-David EP 658

27 Jun 2024 · 7 min

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In short

Podcast Episode Summary: The Daily Motivation - Episode 658

Episode Title Why Your NETWORK Is Your ULTIMATE Draft Pick | Patrick Bet-David

Episode Description In this episode, Lewis Howes hosts entrepreneur Patrick Bet-David, who shares valuable insights from his journey to success. Bet-David emphasizes the significance of strategic networking and determination while providing actionable strategies for effective negotiation and career advancement.

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Key Themes and Concepts

  1. Importance of Networking
  2. Strategic Connections: Bet-David stresses that your network plays a crucial role in your success.
  3. Choosing Circles: He suggests creating a list of ten influential circles and prioritizing which ones to join based on personal and professional admiration.
  1. Learning from Influential Figures
  2. Role of Mentors: Surrounding oneself with successful individuals allows for learning and growth.
  3. Observation and Adaptation: By studying the behaviors and skills of successful people, one can adopt effective strategies for personal development.
  1. Negotiation Tactics
  2. Preparation is Key: Bet-David advocates for thorough preparation before entering negotiations.
  3. Role-Playing: Engage in mock negotiations to anticipate objections and develop responses.
  4. Debriefing Sessions: After real meetings, review performance and identify areas for improvement.
  1. Building Confidence
  2. Handling Objections: Cultivating the ability to respond calmly and confidently during negotiations is essential.
  3. Expecting the Unexpected: Preparing for various scenarios ensures readiness for any situation.
  1. Market Perception and Reputation
  2. Value in the Marketplace: Bet-David emphasizes that one's market value can fluctuate due to external factors rather than personal failures.
  3. Reputation Management: Consistency in character and performance ensures long-term success.

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Actionable Takeaways

  • Draft Your Circle: List out ten key circles you'd like to be part of and actively pursue connections within those networks.
  • Engage in Role-Playing: Regularly practice negotiation scenarios to build confidence and refine your skills.
  • Follow-Up Strategy: After negotiations, implement structured follow-up tactics to maintain relationships and leverage opportunities.
  • Reputation Maintenance: Focus on consistent performance to safeguard against market fluctuations and reputational damage.

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Conclusion Patrick Bet-David's insights underscore the transformative power of intentional networking and strategic negotiation. By applying these principles, listeners can elevate their careers and enhance their personal and professional relationships.

Call to Action For further exploration of these concepts, listeners are encouraged to check out the full episode of the main podcast on The School of Greatness and subscribe for more motivational content.

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Transcript

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0:03Hey everyone, this is Lewis Howes and I am so excited to invite you to the Summit of Greatness 2024 happening at the iconic Shrine Auditorium in Los Angeles, California. This is more than just an event. It's a powerful experience designed to ignite your passion, boost your growth, and connect you with a community of other inspiring achievers. Join us Friday, September 13th, and Saturday, September 14th for two days packed with inspiration and transformation from some of the most incredible speakers on the planet. Don't miss out on this chance to elevate your life, unlock your potential, and be part of something truly special.

0:38Make sure to get your tickets right now and step into greatness with us at the Summit of Greatness 2024. Head over to lewishouse.com slash tickets and get your tickets today and I will see you there. Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

1:01If you had to start all over again with nothing in your pocket, what would be your first three moves? So if I'm 25, I would be less concerned about the industry because back then I may have been cocky, but I wasn't yet certain if my philosophies were right or wrong because there's not validation in the marketplace yet. You wrote a book about this where you're kind of covering the facade to kind of impose you got what you don't know. I'm making a list of 10 people and 10 circles I want to be in. And I would make a draft pick of these 10 circles. I would say, okay, what's my number one circle I want to be a part of?

1:36Then I would go all the way down to number 10. I would research. I would look at guys that I like, guys' life that I admire, the way they carry themselves, the way they handle themselves. So this circle, I would say, well, those guys are really close to each other. I like the way they are. Boom, that's one circle. Boom. I really like this circle. That's pretty cool how these guys are always, they've known each other for all these years. They're so tight. It looks like they're enjoying it. Boom, boom, boom. Then I would make individuals because I have more odds. So if I got 10 circles I can get in, I want to work for number one first.

2:05I reach out to number one. Then I go to second draft pick, third draft pick, boom, boom, boom, boom, boom. Because I'm more interested in working for a guy to, like for example, the girl I promoted to be the president of our insurance company today, Merol, she's been with me for 13 years. She used to be my bankred Wommel. And when I would go to her, she handled me very well. If I was upset, if I was annoyed, if I wasn't happy with something, she knew how to bring me from a nine to a five. And I like that skill set. So I'm like, if this is how you are with me, I want you in my company. So I brought her in.

2:38And over the last 12 years, obviously the last year she got promoted to become the president of the insurance company. But the 12 years, she spent the most time in the rooms negotiating chaotic moments, conflict, about to go out of business, finances, all these things that we got to do. She saw so much of that, that now when those things come up, she's not even thinking about it. It's like yeah, here's what we're gonna do. Here's what we're gonna do. Here's what we're gonna do. Here's what we're gonna do We're gonna do this because she see she's seen how to manage that so the edge is working under somebody That's a killer and you're able to get behind closed doors Not just the front because the front is an act But I want to get in the room with five people were negotiating for example.

3:21Let's just see we're about to Negotiate a big deal typically if we're doing a big negotiation deal we'll debrief before to prepare. We'll say, okay, guys, what do you think he's going to say? What do you think she's going to say? What do you think is going to be their concerns? Let's write it down. What do you think is going to be their objection? What do you think they're going to want? What do you think they're not going to want? Where do they have leverage? Where do we have leverage? How are you going to answer this? How are you going to answer this? Boom, anything I'm missing, what's my blind spot?

3:49What do you think about what he just said? Do you agree with him? Do you agree with her? So if you're in these types of meetings for a thousand times, and then we go into the real meeting, Then when you're in the real meeting and the guy says, hey, Lewis, do you mind if we ask you to step out? And you're like, yeah, no problem, because we've role-played it. What if they ask you to step out? Totally fine. You don't even look, you want me to step out? We would role-play. Don't be offended. Just very nice. Absolutely. Get up and walk up and get the shows. We're not insecure. We're not worried. Oh, wow.

4:16They were comfortable about it. Hey, Patrick, do you mind if you step out? Totally fine. I'm going to go in and use a restroom. Shows confidence. They're okay with not being in the room. and then after the meeting, okay, so how do we do? You did this, you did that, you did this. This was good. I like the way you said this. How do you think you could have said this better? Maybe you could have said this. Do you think, well, I like what you said. Fantastic. Okay, great. What's the next step? We're not going to follow up. We'll wait for 48 hours and then I'm going to send the email first. They ask for this.

4:40Make sure you send that. Send them a box of this. Remember when he talked about his daughter has a birthday coming up. Let's make sure we send that birthday present.

5:14For the market to not pay you what you are worth, period, it's mathematically impossible. You can lose it all. The market will say he's going through a bad season. She's going through a bad season. Within a year, two years, three years, the market is still going to come back and give you that money. Now, if you made a fatal mistake, if you made a royal mistake, what does that mean? If you lost your money over the last 20 years, because the way people saw who you were for 20 years was a profile of a guy who did this, this, this, this, this. Great. and then all of a sudden you flip and you all of a sudden start doing something dumb that has not been part of who we've known you for 20 years, then yes, the market is not going to pay you the same thing.

6:00You just ruined your reputation in the marketplace and you're going to take a hit and you're going to have to come back and try to rebuild that. You can still do it, but it's going to be a lot of work. But if you lost it because of a business decision, if you lost it because something happened to the market, the money is going to come back up. Really? No question about it.

6:26Thank 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 podcast 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.

7:16Again, 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?

"The edge is working under somebody that's a killer and you're able to get behind closed doors, not just the front because the front is an ad, but I want to get in the room with five people who are negotiating." - Patrick Bet-David

In this transformative episode, entrepreneurial powerhouse Patrick Bet-David shares his hard-won wisdom on navigating the path to success. From humble beginnings to becoming an influential business leader, Patrick's journey is a testament to the power of strategic networking and unshakable determination. He reveals his top strategies for identifying and connecting with influential circles, emphasizing the importance of learning from those who have achieved the success you aspire to.  

Patrick also takes us behind the scenes of high-stakes negotiations, offering a masterclass on preparing for and executing deals with confidence and finesse. He shares how role-playing potential scenarios and anticipating objections can give you a critical edge in any negotiation. Tune in to discover how you can apply Patrick's proven tactics to level up your career, build a thriving network, and fearlessly negotiate your way to greatness. Don't miss this opportunity to learn from one of the most dynamic and insightful entrepreneurs of our time - listen now!

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