00:00:00:00 - 00:00:01:15
What is the opportunity cost
00:00:01:15 - 00:00:03:19
of going to university
of going to business school?
00:00:03:19 - 00:00:05:01
A lot of the reason that people
00:00:05:01 - 00:00:06:13
give networking a bad name
00:00:06:13 - 00:00:09:08
And my rule is if you don't
bring any money to the table,
00:00:09:08 - 00:00:11:07
then you don't get to talk to me about my money.
00:00:11:07 - 00:00:15:10
We all know that having less
reliance on any one particular thing
00:00:15:10 - 00:00:16:21
is the right way to go
00:00:16:21 - 00:00:18:19
Do you have a history of bouncing cheques
00:00:18:19 - 00:00:20:13
of missing credit card payments?
00:00:20:13 - 00:00:22:21
It's how you perform
when you do have the money.
00:00:22:21 - 00:00:24:17
I would’ve had so much more money,
00:00:24:17 - 00:00:25:21
so much younger
00:00:25:21 - 00:00:28:23
It's your knowledge and it’s your skills
that are going to make your money.
00:00:28:23 - 00:00:31:05
It's not that you need to own a house or own a car.
00:00:31:05 - 00:00:32:19
You actually just need to use it.
00:00:32:19 - 00:00:35:03
then what is the most cost
effective way of doing that?
00:00:35:03 - 00:00:36:06
If you found a business
00:00:36:06 - 00:00:38:08
that you like and that you know something about,
00:00:38:08 - 00:00:39:15
the best way to make money
00:00:39:15 - 00:00:40:21
is to stick with that business,
00:00:40:21 - 00:00:42:07
those status symbols
00:00:42:07 - 00:00:44:03
are very, very good door openers.
00:00:44:03 - 00:00:45:00
something cold,
00:00:45:00 - 00:00:45:23
something early
00:00:45:23 - 00:00:47:19
and something that probably hurts your body.
00:00:47:19 - 00:00:50:04
And they attribute their success in life
00:00:50:04 - 00:00:51:17
to those one, two or three things.
00:00:51:17 - 00:00:53:02
And I think that's a load of bollocks.
00:00:53:02 - 00:00:54:19
If you see my arse on LinkedIn,
00:00:54:19 - 00:00:57:11
you’re gonna remember it
because there aren't many arses on LinkedIn
00:01:02:12 - 00:01:04:07
Should you go to business school?
00:01:04:07 - 00:01:05:24
Now, I often get asked questions like,
00:01:05:24 - 00:01:07:08
Should I go to business school?
00:01:07:08 - 00:01:09:01
Should I go to university?
00:01:09:01 - 00:01:10:05
What is the right path
00:01:10:05 - 00:01:12:01
for me to get the career I want?
00:01:12:01 - 00:01:13:02
To get the life I want?
00:01:13:02 - 00:01:14:09
To get the income I want?
00:01:14:09 - 00:01:15:18
There's no right answer
00:01:15:18 - 00:01:17:21
for any individual situation.
00:01:17:21 - 00:01:19:21
I think the world is
a very different place now.
00:01:19:21 - 00:01:21:01
If you go back, I mean,
00:01:21:01 - 00:01:22:20
20 years ago, when it was time for me
00:01:22:20 - 00:01:25:09
to go to university or for me
to go to business school.
00:01:25:09 - 00:01:28:02
That was very much kind of a time in life
00:01:28:02 - 00:01:31:01
when if you didn't go to university,
00:01:31:01 - 00:01:33:21
if you didn't have some
pretty heavy duty
00:01:33:21 - 00:01:35:08
senior qualifications,
00:01:35:08 - 00:01:37:22
then it would be almost impossible
to be taken seriously.
00:01:37:22 - 00:01:40:04
Almost impossible to get a job
00:01:40:04 - 00:01:41:13
in any kind of mainstream
00:01:41:13 - 00:01:42:22
corporate type company.
00:01:42:22 - 00:01:44:04
Now, obviously that doesn't matter
00:01:44:04 - 00:01:45:06
if you're setting up in business
00:01:45:06 - 00:01:46:13
for yourself, but often
00:01:46:13 - 00:01:49:07
even people who set up eventually
in business for themselves,
00:01:49:07 - 00:01:50:22
they have a career path that involves
00:01:50:22 - 00:01:53:04
working in corporations,
working for other people,
00:01:53:04 - 00:01:54:13
working their way up the ladder while
00:01:54:13 - 00:01:56:07
they get the knowledge, the skillsets
00:01:56:07 - 00:01:57:08
the contacts they need,
00:01:57:08 - 00:01:59:05
and then break off and go
and do it themselves.
00:01:59:05 - 00:02:00:24
But whatever it is you want to do,
00:02:00:24 - 00:02:02:06
you need to ask yourself,
00:02:02:06 - 00:02:03:13
what is the right route
00:02:03:13 - 00:02:06:00
and what is the quick
- quickest route for you?
00:02:06:00 - 00:02:07:23
Because what you
really need to consider is
00:02:07:23 - 00:02:09:24
A, what is the opportunity cost
00:02:09:24 - 00:02:12:10
of going to university,
of going to business school?
00:02:12:10 - 00:02:14:16
And B, can I get those skills?
00:02:14:16 - 00:02:16:14
Can I get the traits that I need
00:02:16:14 - 00:02:19:07
in some other cheaper, quicker way?
00:02:19:07 - 00:02:21:19
Now, the cost of going to
university in today's world
00:02:21:19 - 00:02:23:04
is probably something like 100
00:02:23:04 - 00:02:24:13
plus grand exercise.
00:02:24:13 - 00:02:27:03
By the time you look at three
or four years of education,
00:02:27:03 - 00:02:29:16
the course, the accommodation,
00:02:29:16 - 00:02:31:12
the living expenses, etc.
00:02:31:12 - 00:02:32:08
whilst you’re there.
00:02:32:08 - 00:02:33:18
So what you need to be asking yourself
00:02:33:18 - 00:02:35:05
is can you achieve
00:02:35:05 - 00:02:36:12
what you want to achieve
00:02:36:12 - 00:02:38:22
in a shorter timescale for less money?
00:02:38:22 - 00:02:40:22
Because having that qualification
00:02:40:22 - 00:02:42:09
of saying I've been to university,
00:02:42:09 - 00:02:45:00
I've been to business school..
will not help you walk through
00:02:45:00 - 00:02:46:11
many more doors than you
00:02:46:11 - 00:02:47:20
would be able to walk through
00:02:47:20 - 00:02:49:22
if you’d learnt the skills
in a different way.
00:02:49:22 - 00:02:52:07
Taking it to its extreme,
in today's world,
00:02:52:07 - 00:02:53:16
the amount of information
00:02:53:16 - 00:02:55:14
that is freely available out there.
00:02:55:14 - 00:02:57:00
I mean, I would actually argue
00:02:57:00 - 00:02:58:15
that every piece of information
00:02:58:15 - 00:03:00:02
you could ever possibly need
00:03:00:02 - 00:03:01:20
for pretty much any subject
00:03:01:20 - 00:03:03:14
is already out there for free.
00:03:03:14 - 00:03:05:13
Whether you're taking it from online
00:03:05:13 - 00:03:06:24
courses, from YouTube,
00:03:06:24 - 00:03:09:18
from Instagram, from mentors,
from whatever it may be,
00:03:09:18 - 00:03:11:18
you can find all that
information for nothing!
00:03:11:18 - 00:03:13:07
What you're really paying for
00:03:13:07 - 00:03:14:12
when you pay for a course,
00:03:14:12 - 00:03:16:18
or you pay for a university is really -
00:03:16:18 - 00:03:17:17
structure
00:03:17:17 - 00:03:18:21
accountability
00:03:18:21 - 00:03:20:05
and a badge at the end of it.
00:03:20:05 - 00:03:21:11
I never went to university,
00:03:21:11 - 00:03:22:16
I never went to business school.
00:03:22:16 - 00:03:24:02
That’s a.. that’s a slight lie.
00:03:24:02 - 00:03:25:20
I went to university for six weeks
00:03:25:20 - 00:03:28:10
and realized that whilst
I was trying to work at the same time,
00:03:28:10 - 00:03:29:22
I wouldn't be able to hold down
00:03:29:22 - 00:03:31:12
a course and hold down a job.
00:03:31:12 - 00:03:33:06
So I left because I felt
00:03:33:06 - 00:03:35:23
that I was going to
be able to learn more
00:03:35:23 - 00:03:39:01
and get more real world experience
working in a business.
00:03:39:01 - 00:03:40:22
So these are the things that
you guys need to consider.
00:03:40:22 - 00:03:42:10
I was obsessed with business
00:03:42:10 - 00:03:44:09
from probably 10, 11, 12 years old.
00:03:44:09 - 00:03:46:02
I had a dad who was a businessman,
00:03:46:02 - 00:03:47:12
so I used to listen to
00:03:47:12 - 00:03:49:15
and absorb information
from him all the time.
00:03:49:15 - 00:03:50:20
I used to pick his brains.
00:03:50:20 - 00:03:52:05
I used to read every business
00:03:52:05 - 00:03:54:22
book, every business periodical
I could get my hands on.
00:03:54:22 - 00:03:56:06
Whilst these may not be thought
00:03:56:06 - 00:03:57:14
of as formal pieces of
00:03:57:14 - 00:03:59:06
education, these are all methods
00:03:59:06 - 00:04:00:19
of getting the skillsets
00:04:00:19 - 00:04:01:22
that you need to learn.
00:04:01:22 - 00:04:03:14
So for me, if you want to be
00:04:03:14 - 00:04:04:24
getting set up in business,
00:04:04:24 - 00:04:06:21
then I would actually say it's
00:04:06:21 - 00:04:09:13
far more important
to be learning the skills
00:04:09:13 - 00:04:11:02
like sales, like marketing,
00:04:11:02 - 00:04:14:05
like networking,
like accountancy, human resources
00:04:14:05 - 00:04:15:14
and people skills, getting
00:04:15:14 - 00:04:17:08
a good grounding
in all of these
00:04:17:08 - 00:04:20:16
in a real world environment
rather than sticking your head
00:04:20:16 - 00:04:21:21
in coursework
00:04:21:21 - 00:04:23:04
and books for three or four years.
00:04:23:04 - 00:04:25:14
Because the reality is once
you come out of business school,
00:04:25:14 - 00:04:26:24
you're still not ready
00:04:26:24 - 00:04:28:12
for business in the real world.
00:04:28:12 - 00:04:29:19
For me, you would still be almost
00:04:29:19 - 00:04:31:14
starting at day one,
00:04:31:14 - 00:04:33:11
cutting your teeth with the problems.
00:04:33:11 - 00:04:34:18
Now I really find that the things
00:04:34:18 - 00:04:36:05
that I've learned in business
00:04:36:05 - 00:04:37:05
have come
00:04:37:05 - 00:04:39:09
from that on the
job training, of doing,
00:04:39:09 - 00:04:40:22
of failing, of tweaking,
00:04:40:22 - 00:04:42:11
of doing again, and they’re
00:04:42:11 - 00:04:44:10
the things that you can
never learn in business school.
00:04:44:10 - 00:04:46:18
Obviously, what people
could learn in business school
00:04:46:18 - 00:04:47:16
would be the
things that, you know,
00:04:47:16 - 00:04:49:02
I would have learned from books,
00:04:49:02 - 00:04:50:08
I would have learned from videos,
00:04:50:08 - 00:04:52:02
I would have learned
from listening to other people.
00:04:52:02 - 00:04:53:22
But that's how I got my knowledge.
00:04:53:22 - 00:04:56:00
And then putting that into action
00:04:56:00 - 00:04:57:08
is a whole new world, I guess.
00:04:57:08 - 00:04:58:16
You know, an analogy for me
00:04:58:16 - 00:05:00:08
would be with boxing, for example.
00:05:00:08 - 00:05:01:23
You can do fitness all day.
00:05:01:23 - 00:05:03:24
You can do weeks and weeks of pads
00:05:03:24 - 00:05:05:13
and exercises like that.
00:05:05:13 - 00:05:07:20
But until you actually get in a ring,
00:05:07:20 - 00:05:09:02
in a sparring situation,
00:05:09:02 - 00:05:11:01
until somebody punches you
in the face or punches
00:05:11:01 - 00:05:13:04
you in the stomach, doesn’t matter
how many pads you've done.
00:05:13:04 - 00:05:15:08
It doesn't matter how much
fitness training you've done.
00:05:15:08 - 00:05:17:18
There's nothing like
being in that situation.
00:05:17:18 - 00:05:19:04
So for me, if you really want
00:05:19:04 - 00:05:20:24
to accelerate your kind of business
00:05:20:24 - 00:05:22:13
knowledge, your career in business,
00:05:22:13 - 00:05:23:19
you need to get out there
00:05:23:19 - 00:05:26:15
and be doing things
as soon as humanly possible.
00:05:26:15 - 00:05:27:24
So if you are at university
00:05:27:24 - 00:05:29:16
and you do decide to
go down the route
00:05:29:16 - 00:05:31:00
of going to a business school,
00:05:31:00 - 00:05:32:20
can you be doing an apprenticeship?
00:05:32:20 - 00:05:34:09
Can you be doing a part time job?
00:05:34:09 - 00:05:36:19
Can you be working alongside
people at the same time?
00:05:36:19 - 00:05:38:05
Because you know, the real learnings
00:05:38:05 - 00:05:39:15
you're going to get are going to be
00:05:39:15 - 00:05:42:11
from being in those real
world business situations.
00:05:42:11 - 00:05:43:22
But like most things that I talk to
00:05:43:22 - 00:05:46:07
you guys about the
right answer for me,
00:05:46:07 - 00:05:47:09
is not the right answer for you,
00:05:47:09 - 00:05:48:20
is not the right answer
for somebody else.
00:05:48:20 - 00:05:50:16
There is almost no right answer.
00:05:50:16 - 00:05:51:23
It's what is the right answer
00:05:51:23 - 00:05:53:09
for you and for your situation.
00:05:53:09 - 00:05:54:24
But I just think it's very important now
00:05:54:24 - 00:05:57:03
to consider all the
other options out there.
00:05:57:03 - 00:05:59:21
For anyone listening to this
who is not particularly interested
00:05:59:21 - 00:06:01:06
to have a career in business
00:06:01:06 - 00:06:02:21
but knows the rough direction
00:06:02:21 - 00:06:04:13
they want to go in but doesn't know
00:06:04:13 - 00:06:06:08
if they should be going
to university or not.
00:06:06:08 - 00:06:07:23
Most of what I've
just talked about in here
00:06:07:23 - 00:06:09:06
applies to you as well.
00:06:09:06 - 00:06:10:17
There's so many different routes
00:06:10:17 - 00:06:12:08
to get to your destination now.
00:06:12:08 - 00:06:14:20
University, College, Online Learning,
00:06:14:20 - 00:06:16:07
Apprenticeships, learning
00:06:16:07 - 00:06:18:01
by doing and making mistakes.
00:06:18:01 - 00:06:19:10
There's no one right answer
00:06:19:10 - 00:06:20:15
and what you need to do
00:06:20:15 - 00:06:23:04
is find the quickest, cheapest,
00:06:23:04 - 00:06:24:03
most effective route
00:06:24:03 - 00:06:24:18
for yourself.
00:06:27:07 - 00:06:29:04
How do I improve at networking?
00:06:29:05 - 00:06:30:01
Great question.
00:06:30:01 - 00:06:32:15
And I love questions that are
anything to do with networking
00:06:32:15 - 00:06:34:02
because it's one of my favorite topics.
00:06:34:02 - 00:06:37:05
It’s one of the things that I spend
most of my time in business doing.
00:06:37:05 - 00:06:39:07
And as anyone who follows
me regularly will know,
00:06:39:07 - 00:06:43:03
it's something that I attribute for
most of my business successes, really.
00:06:43:03 - 00:06:46:13
And not just my business successes,
but most of my opportunities in life
00:06:46:13 - 00:06:49:02
actually come down to
the people in my network.
00:06:49:02 - 00:06:53:17
One of the best ways to improve at doing
something is to actually just be doing it.
00:06:53:17 - 00:06:55:05
You know, to be doing it more regularly.
00:06:55:05 - 00:06:57:06
Build that confidence
muscle, because, I mean,
00:06:57:06 - 00:06:59:10
confidence is a very important thing in networking.
00:06:59:10 - 00:07:02:06
People don't like doing it because
they haven't done enough of it.
00:07:02:06 - 00:07:04:15
They've never had the right
successes from it in the past,
00:07:04:15 - 00:07:07:23
so they just don't feel comfortable
going out and meeting other people.
00:07:07:23 - 00:07:10:00
But there's quite a few things
you need to understand,
00:07:10:00 - 00:07:11:17
quite a few things
that you need to get right.
00:07:11:17 - 00:07:14:12
First of all, when it comes to
networking in a business situation,
00:07:14:12 - 00:07:15:10
you must remember
00:07:15:10 - 00:07:18:19
that most of the people out there
are in the same position as you.
00:07:18:19 - 00:07:20:11
They're wanting to grow their network.
00:07:20:11 - 00:07:22:16
They’re probably not huge fans of networking.
00:07:22:16 - 00:07:24:11
They’re probably scared about these,
00:07:24:11 - 00:07:26:22
you know, ice breaking
introductory conversations, too.
00:07:26:22 - 00:07:29:18
So you're all as nervous as each other
and you're all in the same boat.
00:07:29:18 - 00:07:33:10
So use that I guess is a bit of
a, a denerve - Is that even a word?
00:07:33:10 - 00:07:36:14
Something to de-damage your nerves and realize
00:07:36:14 - 00:07:40:03
that other people will probably be
suffering the same fears as you.
00:07:40:03 - 00:07:43:10
Now top tips for how to get
better value from networking.
00:07:43:10 - 00:07:47:08
First of all, you need to be
networking in the right situations
00:07:47:08 - 00:07:48:07
with the right people.
00:07:48:07 - 00:07:52:15
I always say that I really,
really do hone in on the targets
00:07:52:15 - 00:07:53:24
that I want to network with.
00:07:53:24 - 00:07:58:00
It's not just a random process
of chucking out business cards
00:07:58:00 - 00:07:58:23
and hoping for the best.
00:07:58:23 - 00:08:03:14
The best targets that I've networked with
and had the best results from are ones
00:08:03:14 - 00:08:07:11
that I've really identified early on
and said I need to meet that person.
00:08:07:11 - 00:08:09:04
It may have been a specific person
00:08:09:04 - 00:08:11:20
or it may have been a person
in a specific environment.
00:08:11:20 - 00:08:15:01
It would typically be, you
know, I want to get funding
00:08:15:01 - 00:08:18:21
from that business or I want to
do business with this company.
00:08:18:21 - 00:08:20:10
Therefore, I need to have a relationship
00:08:20:10 - 00:08:22:13
with their chief executive
or their chairman
00:08:22:13 - 00:08:24:22
or one of their major shareholders
or whoever it may be.
00:08:24:22 - 00:08:28:11
So I specifically find and
identify those people.
00:08:28:11 - 00:08:30:05
So I know who I’m out there looking for.
00:08:30:05 - 00:08:33:13
You know, a lot of the reason that people,
I guess, give networking a bad name
00:08:33:13 - 00:08:36:22
is because people are trying to
probably network with the wrong people,
00:08:36:22 - 00:08:40:08
trying to force a product on them
that they don't want or been
00:08:40:08 - 00:08:43:03
on the receiving end of a, of a
product that they don't want.
00:08:43:03 - 00:08:47:15
The whole point of success in networking
is mutually beneficial relationships,
00:08:47:15 - 00:08:49:00
not forcing products
00:08:49:00 - 00:08:53:02
and services and situations on people
that they don't want to be forced into.
00:08:53:02 - 00:08:55:16
So have a careful think
before you start about
00:08:55:16 - 00:08:58:18
who you want to meet and set out
ways to then go and meet them.
00:08:58:18 - 00:09:02:18
Second way I like to network
is by just being associated
00:09:02:18 - 00:09:05:20
or surrounded by the right
caliber of people that I may
00:09:05:20 - 00:09:08:24
not specifically know why I'm going to
be doing anything with that person.
00:09:08:24 - 00:09:13:15
I might have a specific business
need or task or circumstance in hand
00:09:13:15 - 00:09:15:24
at that point, but I will know that at some point
00:09:15:24 - 00:09:19:02
in the future that person is
probably going to add value to
00:09:19:02 - 00:09:22:12
my network, is going to enrich
my life in some way, shape or form.
00:09:22:12 - 00:09:25:08
So that could just be people
from a certain sector.
00:09:25:08 - 00:09:27:18
It could be, you know, high net worth individuals,
00:09:27:18 - 00:09:29:22
because obviously
in my specific line of business,
00:09:29:22 - 00:09:33:14
I spend a lot of time raising investment
money, working with investors.
00:09:33:14 - 00:09:36:16
So obviously it always makes sense for me
to be surrounded by those kind of people.
00:09:36:16 - 00:09:39:13
But you can take this analogy
into anything that you want to do.
00:09:39:13 - 00:09:41:08
I mean, whether, I don't know,
if you're an accountant
00:09:41:08 - 00:09:42:21
looking for other business owners,
00:09:42:21 - 00:09:46:01
if you are, let's take it something
completely non businessy.
00:09:46:01 - 00:09:50:05
If you want to have a career in football,
being surrounded by people
00:09:50:05 - 00:09:53:12
from football teams
or in sporting arenas, etc.,
00:09:53:12 - 00:09:57:09
are going to ultimately hopefully put you
one step closer to where you want to be.
00:09:57:09 - 00:10:01:11
So you should always be networking
with a purpose, always networking
00:10:01:11 - 00:10:03:02
with an end goal in place.
00:10:03:02 - 00:10:07:10
Because if you're just randomly talking
to people, randomly chucking business
00:10:07:10 - 00:10:09:12
cards out here and there, you're going to not get
00:10:09:12 - 00:10:11:11
the results you want and
you're going to feel demoralized.
00:10:11:11 - 00:10:13:06
And the people that you talk to are probably going
00:10:13:06 - 00:10:15:07
to get irritated by having you around.
00:10:15:07 - 00:10:17:11
And the third tip I would give on networking,
00:10:17:11 - 00:10:20:18
especially on building the relationships
with the people that you want to build,
00:10:20:18 - 00:10:22:13
is you've got to be adding value.
00:10:22:13 - 00:10:25:15
And I always say you've got
to be giving a lot more before
00:10:25:15 - 00:10:27:11
you ever think about receiving anything.
00:10:27:11 - 00:10:31:12
And again, that's another big problem
with, I guess, networking and relationship
00:10:31:12 - 00:10:33:24
building in general, that people just always find that,
00:10:33:24 - 00:10:38:02
you know, somebody appears and
tries to sap something from them,
00:10:38:02 - 00:10:41:16
whether it's knowledge or money
or skill sets or whatever it is.
00:10:41:16 - 00:10:44:17
I always find that I've built the best relationships
00:10:44:17 - 00:10:47:20
with the people who've delivered me
the most long term value
00:10:47:20 - 00:10:51:16
by looking at how I can
help them and what I can do
00:10:51:16 - 00:10:55:11
to make their life better long before
I think about what I can take from them.
00:10:55:11 - 00:10:58:24
Now, obviously it's going to
differ in certain situations.
00:10:58:24 - 00:11:02:15
I mean, if for example, I am
looking to deal with a lender
00:11:02:15 - 00:11:04:22
and I'm looking to borrow
and they're looking to lend.
00:11:04:22 - 00:11:08:00
Obviously there's something probably
quite immediate and transactional
00:11:08:00 - 00:11:09:16
that we can both talk about.
00:11:09:16 - 00:11:11:17
Because I'm just talking
about building my network
00:11:11:17 - 00:11:14:15
with great people that I want to surround myself with.
00:11:14:15 - 00:11:16:11
Then I need to bring something to the table.
00:11:16:11 - 00:11:18:23
I need to have something of value to offer,
00:11:18:23 - 00:11:22:24
now whether that's helping people out by
making them introductions to other people
00:11:22:24 - 00:11:26:11
in my network, whether it's putting
on great events to take them to,
00:11:26:11 - 00:11:30:02
whether it's finding a way to
solve a problem that they've got.
00:11:30:02 - 00:11:33:04
You know, whatever it is, I'm always
thinking of ways to help them
00:11:33:04 - 00:11:36:24
to make their life better long before
I'm asking to take something from them.
00:11:36:24 - 00:11:38:21
So three or four top tips for you there.
00:11:38:21 - 00:11:40:05
You need to apply all of them.
00:11:40:05 - 00:11:41:04
But ultimately,
00:11:41:04 - 00:11:44:08
if you want to get better at networking,
you need to be doing more and more of it.
00:11:44:08 - 00:11:47:24
It’s an absolutely essential skill
for success in business.
00:11:47:24 - 00:11:51:18
But I would really say it's
an essential skill for success in life
00:11:51:18 - 00:11:56:00
and whatever areas you want to work in,
whether you are looking to be
00:11:56:00 - 00:12:00:04
a business owner, a photographer,
a football player, a musician,
00:12:00:04 - 00:12:02:11
whatever it is you want to do,
you need connections
00:12:02:11 - 00:12:06:10
and you need a great network to be able
to get the results that you want to get.
00:12:06:10 - 00:12:09:13
So the quicker that you can
start to build your confidence
00:12:09:13 - 00:12:11:14
and start to learn new skills
in networking,
00:12:11:14 - 00:12:13:23
the quicker you're going to get
the successes that you want.
00:12:16:13 - 00:12:18:19
So does having a husband, wife
00:12:18:19 - 00:12:22:04
boyfriend or girlfriend affect
your productivity in business?
00:12:22:04 - 00:12:23:15
Very interesting question.
00:12:23:15 - 00:12:24:22
I think it's a good question
00:12:24:22 - 00:12:28:17
because it's probably the kind of question
that most people are afraid to ask.
00:12:28:17 - 00:12:31:23
And I'm sure most people are afraid
to give an honest answer on.
00:12:31:23 - 00:12:33:19
I don't think this just applies to business
00:12:33:19 - 00:12:38:24
For me, this is a fundamental
question for success in life,
00:12:38:24 - 00:12:43:08
and for happiness in life, in any
area that you decide to explore.
00:12:43:08 - 00:12:47:05
I guess the question was, does having
a partner hamper your productivity?
00:12:47:05 - 00:12:49:22
I’ll answer it in a different way
and say, I honestly believe
00:12:49:22 - 00:12:53:04
having the right partner
is absolutely fundamental
00:12:53:04 - 00:12:56:20
to your maximum potential
in any particular area.
00:12:56:20 - 00:13:00:16
Before we get deep into it, I mean, you
just think, how can you be at your best?
00:13:00:16 - 00:13:03:15
How can you perform at your best,
whether it's as a business person,
00:13:03:15 - 00:13:06:04
whether it's as a sportsman, an artist, anything.
00:13:06:04 - 00:13:07:05
How can you do that
00:13:07:05 - 00:13:10:17
when you've got a nagging wife
or some annoying jealous boyfriend
00:13:10:17 - 00:13:11:16
or whatever it may be
00:13:11:16 - 00:13:14:14
Blowing up your phone all day,
hacking you, hampering
00:13:14:14 - 00:13:15:19
what you're trying to get on with?
00:13:15:19 - 00:13:20:13
So yeah, I think it's absolutely
fundamental to have a great relationship.
00:13:20:13 - 00:13:23:04
Listen, by great relationship,
we've got to be realistic.
00:13:23:04 - 00:13:24:16
I'm not saying we don't have problems.
00:13:24:16 - 00:13:26:11
We all have problems
in our relationships.
00:13:26:11 - 00:13:27:04
She goes...
00:13:28:11 - 00:13:30:19
‘just looking at you, you’re just so fucking fat’.
00:13:30:19 - 00:13:35:10
But I think if things aren't perfect 90%
plus of the time, then you're going
00:13:35:10 - 00:13:39:24
to find that all of the other areas
in your life suffer dramatically.
00:13:39:24 - 00:13:44:02
So my honest advice would be
if you can't have a great partner
00:13:44:02 - 00:13:47:03
and a great relationship then
I really think you should have
00:13:47:03 - 00:13:50:13
no relationship and you
should be single because you...
00:13:50:13 - 00:13:55:05
if you've got great aspirations
in business, in sports, in life,
00:13:55:05 - 00:13:57:16
or whatever it may be, you aren't going to get there
00:13:57:16 - 00:14:00:05
by having someone pulling
back, holding you back.
00:14:00:05 - 00:14:03:06
And this isn't aimed specifically
at girls or specifically boys.
00:14:03:06 - 00:14:05:15
We all know that in life
with our partners,
00:14:05:15 - 00:14:07:21
there's a multitude of issues
that can be there.
00:14:07:21 - 00:14:10:16
If your interests aren't aligned,
if there's trust issues,
00:14:10:16 - 00:14:13:13
whatever it may be, that causes
annoyances and problems.
00:14:13:13 - 00:14:15:13
Look, we're all going to have
a bad day in our relationship.
00:14:15:13 - 00:14:19:13
But you need someone who is fully aligned
with your goals, with your interests,
00:14:19:13 - 00:14:20:24
with your passions, etc..
00:14:20:24 - 00:14:23:09
Otherwise, neither of you are going to be happy
00:14:23:09 - 00:14:25:02
and you're not going to get
where you want to be.
00:14:25:02 - 00:14:26:09
I think when it comes to business
00:14:26:09 - 00:14:29:05
specifically as well,
I also see a lot of problems
00:14:29:05 - 00:14:32:09
where business owners have a partner,
you know, whether it's a husband,
00:14:32:09 - 00:14:36:24
whether it's a wife who have not been
a part of that business in any way.
00:14:36:24 - 00:14:41:19
But they get the ability to cause problems for them.
00:14:41:19 - 00:14:43:15
This particularly comes down to, let's say,
00:14:43:15 - 00:14:46:20
signing financial documents, signing guarantees, etc..
00:14:46:20 - 00:14:51:00
I mean, many times have I seen struggling
business owners, who need to put
00:14:51:00 - 00:14:54:10
some money back into the business,
have the opportunity to get a loan.
00:14:54:10 - 00:14:55:14
But to get that loan,
00:14:55:14 - 00:14:59:16
they need to be able to, for example,
put up the family house as security.
00:14:59:16 - 00:15:03:00
And I have seen more times than not,
the wife or the husband,
00:15:03:00 - 00:15:07:11
who isn't the business owner,
actually refuse to allow that person
00:15:07:11 - 00:15:10:16
to sign the loan and to use the
house as security, which then
00:15:10:16 - 00:15:14:01
ultimately means that the business fails,
the business falls down.
00:15:14:01 - 00:15:18:00
I've always had a very simple rule
with my girlfriends, partners, etc.,
00:15:18:00 - 00:15:20:06
that I've been with, even with
my wife when, you know,
00:15:20:06 - 00:15:21:18
when I was married to Harley's mum.
00:15:21:18 - 00:15:24:21
And my rule is if you don't
bring any money to the table,
00:15:24:21 - 00:15:26:23
then you don't get to talk to me
about my money.
00:15:26:23 - 00:15:30:17
I'm not saying that in a
chauvinistic way, in a selfish way,
00:15:30:17 - 00:15:34:20
or in a in a way of looking down on
someone who's got less money than me.
00:15:34:20 - 00:15:37:14
Because ultimately we're
together in a relationship.
00:15:37:14 - 00:15:39:11
You know, we are partners in that way.
00:15:39:11 - 00:15:42:05
But ultimately, my businesses
and my money have come
00:15:42:05 - 00:15:46:05
from my risk taking, from my ideas
and my logic, etc., etc..
00:15:46:05 - 00:15:48:16
And I always say to the
partners that I'm with, look,
00:15:48:16 - 00:15:50:07
you're joining me in my relationship.
00:15:50:07 - 00:15:53:07
You get to enjoy the fruits of my labors.
00:15:53:07 - 00:15:56:04
You know, you get to enjoy and
benefit from the things that I've done.
00:15:56:04 - 00:15:58:01
But I'm not going to let
you stick your oar in
00:15:58:01 - 00:16:01:22
and I guess fuck things up in a way
that I wouldn't be happy with.
00:16:01:22 - 00:16:04:06
So don't tell me how to run my business.
00:16:04:06 - 00:16:05:22
Don't tell me what I can and can't do.
00:16:05:22 - 00:16:08:03
Don't tell me how I can
and can't spend my money.
00:16:08:03 - 00:16:11:22
And certainly don't
tell me not to make decisions
00:16:11:22 - 00:16:13:20
that I know are right for the business
00:16:13:20 - 00:16:17:00
just because they may not be perfect
for our personal life right now.
00:16:17:00 - 00:16:19:00
Look, I know that doesn't apply to everybody.
00:16:19:00 - 00:16:20:19
If you have a husband
00:16:20:19 - 00:16:24:03
or wife or a boyfriend or girlfriend
to be with you since day one,
00:16:24:03 - 00:16:26:17
and you both started with
nothing, now got big money
00:16:26:17 - 00:16:29:24
or you've both been together from day
one because he or she has supported
00:16:29:24 - 00:16:33:05
you from day one and you're now
20 years down the line and maybe you're
00:16:33:05 - 00:16:37:00
the husband doing all the work and she's
the wife who's looked after the kids and
00:16:37:00 - 00:16:40:23
made the house perfect and made
made your personal lives fantastic.
00:16:40:23 - 00:16:43:10
So without her, you wouldn't
have had your business.
00:16:43:10 - 00:16:45:07
That's a very different scenario, I think.
00:16:45:07 - 00:16:49:11
I've grown my businesses on my own
over the years, and there's been no single
00:16:49:11 - 00:16:51:10
woman who's been with me from day one
00:16:51:10 - 00:16:54:07
and suffered all of the bad
stuff that I've had to suffer.
00:16:54:07 - 00:16:56:01
Therefore, my view is quite simple.
00:16:56:01 - 00:16:59:20
If you join me, I make the decisions,
if that means I fuck up at times and
00:16:59:20 - 00:17:02:13
and that has an impact on us
not having not having some money
00:17:02:13 - 00:17:04:12
or not having enough money,
that's tough shit.
00:17:04:12 - 00:17:05:22
If you're only here for the money.
00:17:05:22 - 00:17:07:14
I'm not really fucking
interested in you anyway,
00:17:07:14 - 00:17:10:06
so you've got to take the rough and
the smooth. But that's what works for me.
00:17:10:06 - 00:17:12:08
I went off on a bit of a tangent there,
00:17:12:08 - 00:17:16:08
but I think all of these kind of stories
and answers get back to the same thing.
00:17:16:08 - 00:17:21:08
But yes, having the right partner is
absolutely essential for business success.
00:17:21:08 - 00:17:24:02
And if you can't have the right partner,
make sure you have no partner.
00:17:24:02 - 00:17:26:06
Be single minded and go
and achieve your goals.
00:17:28:20 - 00:17:30:22
Should you have multiple income streams?
00:17:30:22 - 00:17:31:22
Very good question.
00:17:31:22 - 00:17:34:13
And probably a very topical
question nowadays because,
00:17:34:13 - 00:17:37:03
you know, whenever you look on Instagram,
whenever you look on YouTube,
00:17:37:03 - 00:17:40:11
there's all your business gurus,
all your financial advisors out there
00:17:40:11 - 00:17:43:24
drumming on about the importance
of multiple streams of income.
00:17:43:24 - 00:17:45:17
But I don't think the
answer to the question
00:17:45:17 - 00:17:48:24
is just quite as simple as yes,
you should and no you shouldn't.
00:17:48:24 - 00:17:54:00
I mean, I think we all know that
having less reliance on any one
00:17:54:00 - 00:17:58:05
particular thing is the right way to go,
whether that's reliance on one particular
00:17:58:05 - 00:18:01:23
stream of income or one particular
main client in a business or
00:18:01:23 - 00:18:02:22
whatever it may be
00:18:02:22 - 00:18:04:08
when you've only got one of something,
00:18:04:08 - 00:18:07:09
the risk of losing it and that
potential detrimental effect
00:18:07:09 - 00:18:11:01
on your business, on your lifestyle,
on your life in general is obviously huge.
00:18:11:01 - 00:18:13:23
I think, you know, we've all seen
this during the COVID times
00:18:13:23 - 00:18:16:23
when people who had jobs lost
them, and when business owners
00:18:16:23 - 00:18:19:10
who had reliance on one particular customer
00:18:19:10 - 00:18:23:11
or, you know, one particular
geographic area or whatever it may be
00:18:23:11 - 00:18:26:21
when those doors are closed,
you know, it's a big wake up call to you.
00:18:26:21 - 00:18:29:11
Influencers have seen it on social media
00:18:29:11 - 00:18:30:14
when they have the focus
00:18:30:14 - 00:18:33:01
of all their attentions
on one particular platform.
00:18:33:01 - 00:18:35:01
You know, they may be very big on Instagram
00:18:35:01 - 00:18:38:05
but have not quite cracked it
yet on TikTok or Twitter etc.
00:18:38:05 - 00:18:41:18
When Meta has a bad day,
facebook is down or Instagram's down
00:18:41:18 - 00:18:42:15
and it's a big problem.
00:18:42:15 - 00:18:44:24
I mean, I noticed this yesterday on WhatsApp.
00:18:44:24 - 00:18:48:09
I mean, how many of us
now are glued to WhatsApp
00:18:48:09 - 00:18:51:21
for our personal communications
and for a lot of business communications.
00:18:51:21 - 00:18:53:15
I see a lot of businesses out there
00:18:53:15 - 00:18:56:07
that actually pride themselves
on being a WhatsApp first
00:18:56:07 - 00:18:58:24
or a WhatsApp only business.
And I was at home yesterday.
00:18:58:24 - 00:19:01:18
I thought the WiFi problem, realized
there wasn't, you know, actually
00:19:01:18 - 00:19:04:19
WhatsApp had gone down for
an hour, an hour and a half.
00:19:04:19 - 00:19:07:22
So when these problems happen,
it shows you how much
00:19:07:22 - 00:19:11:02
you need to have multiple sources of anything.
00:19:11:02 - 00:19:14:07
So I know the question was about
multiple streams of income.
00:19:14:07 - 00:19:18:03
But for me, the answer is you need to
have multiple sources of everything.
00:19:18:03 - 00:19:20:03
You know, reliance on many, many things.
00:19:20:03 - 00:19:24:20
However, you also need to concentrate on
getting each source, each stream, correct.
00:19:24:20 - 00:19:27:14
So for me, the big mistake is to be running off
00:19:27:14 - 00:19:30:22
too early and getting multiple streams of something
00:19:30:22 - 00:19:34:22
when none of those streams are solid,
when your skill sets not right, or
00:19:34:22 - 00:19:37:18
when you haven't got a
solid base, a solid foundation.
00:19:37:18 - 00:19:41:18
If you are investing in property
for example, and you have bought
00:19:41:18 - 00:19:43:17
your first house and people say, Well,
00:19:43:17 - 00:19:49:00
you now need to move into crypto,
you now need to move into a pension, into
00:19:49:00 - 00:19:51:02
renting out equipment, whatever it may be.
00:19:51:02 - 00:19:54:16
That may be the right answer in the
long term for some diversification.
00:19:54:16 - 00:19:58:20
I think in the short term, you need
to make sure you've got a stable base
00:19:58:20 - 00:20:02:01
and a great level of knowledge
in each of the particular areas
00:20:02:01 - 00:20:02:23
that you're going into.
00:20:02:23 - 00:20:05:03
So if you've just moved into
property and you’ve bought
00:20:05:03 - 00:20:09:00
your first rental property, for example,
then for me, now is not the time
00:20:09:00 - 00:20:12:00
to be forgetting about the property
and moving on to something else.
00:20:12:00 - 00:20:15:10
You need to be concentrating on
building a solid base in that area.
00:20:15:10 - 00:20:17:06
I mean, using property as the example.
00:20:17:06 - 00:20:20:15
I often say this where someone's bought
a house, for example, they’re from Leeds.
00:20:20:15 - 00:20:22:08
And they've bought
a rental property in Leeds
00:20:22:08 - 00:20:23:08
and then you ask them
00:20:23:08 - 00:20:24:10
what they’re doing
next and they say,
00:20:24:10 - 00:20:26:01
Oh, I’m buying a house in Spain,
00:20:26:01 - 00:20:29:10
And I'm going to rent it out, or buying
something in Portsmouth or Portugal.
00:20:29:10 - 00:20:30:06
Or wherever it may be.
00:20:30:06 - 00:20:33:24
And whenever I ask them why, you know,
the answer is always about diversification.
00:20:33:24 - 00:20:38:00
But these people don't really
consider the cost implications
00:20:38:00 - 00:20:42:11
of diversifying so far apart
so early on in the game.
00:20:42:11 - 00:20:45:03
And you know, when they only
have, say, one property in Leeds,
00:20:45:03 - 00:20:49:11
for me they can be having two, three,
five, ten or 20 properties in Leeds.
00:20:49:11 - 00:20:53:00
before there's
any real risk of a concentration issue.
00:20:53:00 - 00:20:55:07
So yes, you need to be diversified.
00:20:55:07 - 00:20:57:04
Yes, you need multiple streams of income.
00:20:57:04 - 00:21:01:21
Yes, you need multiple sources of revenue,
of audience, of whatever it may be.
00:21:01:21 - 00:21:03:23
But before you move on
to stream number two,
00:21:03:23 - 00:21:06:18
make sure you've properly
bedded in source number one.
00:21:06:18 - 00:21:07:17
So like I say,
00:21:07:17 - 00:21:10:20
I know the question was about income,
but you can apply it to many areas.
00:21:10:20 - 00:21:14:08
Yes, you could have multiple sources,
but make sure you've got the right sources
00:21:14:08 - 00:21:16:22
and make sure that they're all solid sources
00:21:16:22 - 00:21:18:13
before you spread yourself too thin,
00:21:18:13 - 00:21:20:22
and end up with multiple
sources of nothing.
00:21:23:11 - 00:21:25:01
So if you’re new in business,
00:21:26:05 - 00:21:26:24
is probably
00:21:26:24 - 00:21:30:04
one of the most difficult activities
you're going to have to undertake.
00:21:30:04 - 00:21:32:16
Raising finance in general is never easy.
00:21:32:16 - 00:21:33:23
Well, never normally easy.
00:21:33:23 - 00:21:38:04
But raising finance for new start
businesses is particularly difficult.
00:21:38:04 - 00:21:40:15
Now, I mean, this is a minefield of an area
00:21:40:15 - 00:21:42:15
that we could talk
and talk and talk about.
00:21:42:15 - 00:21:45:03
But the key things that you need to know are,
00:21:45:03 - 00:21:48:06
when you’re raising finance for a new
start business, you've got two options.
00:21:48:06 - 00:21:50:10
You have equity and you have debt.
00:21:50:10 - 00:21:54:24
Equity is where you take money in return
for selling some shares in the business.
00:21:54:24 - 00:21:57:19
The person giving you
the money gets a piece of the action.
00:21:57:19 - 00:22:02:17
Debt is where you are lent the money
and you then repay it along with interest.
00:22:02:17 - 00:22:06:03
It’s always easier normally to raise debt than it is
00:22:06:03 - 00:22:09:03
to raise equity because people
can see exactly where they stand.
00:22:09:03 - 00:22:11:23
There's a lot less variables
involved than in equity.
00:22:11:23 - 00:22:14:19
People would argue that there's
a much bigger upside with equity.
00:22:14:19 - 00:22:18:15
Yes, there is, but it's much more
of a complicated scenario to assess.
00:22:18:15 - 00:22:20:22
Now, when you're raising debt
for a new start business,
00:22:20:22 - 00:22:24:20
because that business doesn't
have any track record, the reality is
00:22:24:20 - 00:22:27:21
the lenders are going to be relying on the credit
00:22:27:21 - 00:22:31:12
and the reliability of the directors
and the owners of the business.
00:22:31:12 - 00:22:33:13
You're going to be asked
to stand behind your loan
00:22:33:13 - 00:22:37:22
and to give a personal guarantee,
therefore, it’s absolutely essential
00:22:37:22 - 00:22:40:07
that as an individual, you have good credit
00:22:40:07 - 00:22:43:00
because your business doesn't
have any credit at this point
00:22:43:00 - 00:22:45:22
and therefore it’s going to be
your credit thats looked upon.
00:22:45:22 - 00:22:50:18
I mean, even when raising finance for
more mature and established businesses
00:22:50:18 - 00:22:52:24
it’s actually still very important.
00:22:52:24 - 00:22:56:00
as an owner or as a director
of those businesses to have good credit
00:22:56:00 - 00:22:59:22
because even if you're not giving
a guarantee, the chances are any lender
00:22:59:22 - 00:23:02:10
is going to credit
check you as an individual
00:23:02:10 - 00:23:06:12
so that they can see how you behave, what
your historical payment history is like.
00:23:06:12 - 00:23:08:08
Even if you've got a more established business,
00:23:08:08 - 00:23:11:24
that’s got a credit rating, that’s got,
you know, a financial history.
00:23:11:24 - 00:23:15:20
The chances are that any lender is going
to want to look at the credit reports
00:23:15:20 - 00:23:18:19
of the business owners, of the
business directors anyway.
00:23:18:19 - 00:23:21:08
Because even though you might
not be standing behind the loan,
00:23:21:08 - 00:23:23:01
even though you may
not be guaranteeing it,
00:23:23:01 - 00:23:25:13
you are ultimately the people
who are going to be responsible
00:23:25:13 - 00:23:26:20
for making those payments
00:23:26:20 - 00:23:29:20
and therefore they're going
to want to know how you behave.
00:23:29:20 - 00:23:31:13
Do you have a history of bouncing
00:23:31:13 - 00:23:35:08
cheques, of missing credit card payments,
of not paying little bills?
00:23:35:08 - 00:23:37:16
Because this isn't just about
whether you've got the money,
00:23:37:16 - 00:23:39:24
it’s how you perform when
you do have the money.
00:23:39:24 - 00:23:42:10
And many, many people out
there are very disorganized.
00:23:42:10 - 00:23:44:12
You know, they may have the
ability to make payments,
00:23:44:12 - 00:23:47:06
but they don't have the
direct debits set up properly,
00:23:47:06 - 00:23:49:02
they don't manage their
cash flow properly.
00:23:49:02 - 00:23:51:16
So you know, they just cause
an annoyance to lenders.
00:23:51:16 - 00:23:53:03
All these things are very important.
00:23:53:03 - 00:23:55:05
So get your own
personal credit file, right.
00:23:55:05 - 00:23:57:05
And then that way of operating,
00:23:57:05 - 00:24:01:11
that professional attitude should
translate into into your business as well.
00:24:01:11 - 00:24:04:16
But even if you're prepared
and able as a business owner to stand
00:24:04:16 - 00:24:08:15
behind your business loans, to guarantee
them as a new start business, the amount
00:24:08:15 - 00:24:12:21
of financing opportunities for start up
businesses out there aren’t huge.
00:24:12:21 - 00:24:16:00
And I think what's very important
to do is to actually make sure
00:24:16:00 - 00:24:17:11
that when you are setting up a business,
00:24:17:11 - 00:24:20:18
you’re running it as tight as humanly
possible and you're actually only
00:24:20:18 - 00:24:24:09
spending the absolute minimum
amount of money necessary.
00:24:24:09 - 00:24:27:20
So often I see business plans
where people are looking
00:24:27:20 - 00:24:31:10
to raise or to borrow tens,
if not hundreds of thousands of pounds.
00:24:31:10 - 00:24:32:24
And when you actually
look into what they want
00:24:32:24 - 00:24:36:19
to use that money for, it’s
such completely unnecessary things.
00:24:36:19 - 00:24:38:18
It's fancy offices on day one.
00:24:38:18 - 00:24:42:17
It's hiring multiple members of staff
when there aren't even any customers.
00:24:42:17 - 00:24:46:02
It's to fund a marketing plan
which is had no thought
00:24:46:02 - 00:24:49:13
or logic behind it is ultimately going
to end up being money down the drain.
00:24:49:13 - 00:24:53:09
So one of the best ways to raise
money is actually to make sure
00:24:53:09 - 00:24:56:05
you don't need to raise it
or don't need to raise as much
00:24:56:05 - 00:24:57:18
as you initially thought,
because that's going
00:24:57:18 - 00:24:59:22
to make the whole money
raising job easier.
00:24:59:22 - 00:25:02:22
A key method of raising money
for start a businesses,
00:25:02:22 - 00:25:06:21
and new start businesses is quite often
borrowing from friends and family,
00:25:06:21 - 00:25:10:13
from stakeholders who've got
some kind of vested interest in you.
00:25:10:13 - 00:25:12:17
Now I know, a lot of people
don't like to go down this route.
00:25:12:17 - 00:25:15:02
They like to say, Well,
I want to stand on my own two feet
00:25:15:02 - 00:25:17:20
or I'm not going to go
and ask the bank of Mum and Dad
00:25:17:20 - 00:25:20:22
or I'm not going to rely on my
friends or whatever it may be.
00:25:20:22 - 00:25:24:09
My advice is, I think it's quite important
to take your ego out of it because
00:25:24:09 - 00:25:26:16
raising money is very, very difficult for a business,
00:25:26:16 - 00:25:28:18
for any business,
particularly a start up business.
00:25:28:18 - 00:25:31:23
And if you've got people offering
to give you money, whether that’s
00:25:31:23 - 00:25:35:15
a wealthy brother or sister, a generous
mum and dad, whatever it may be.
00:25:35:15 - 00:25:39:05
I think you really need to think twice
if you're considering not taking it,
00:25:39:05 - 00:25:40:07
because it could be
00:25:40:07 - 00:25:44:01
one of the only opportunities you get
for a long while to raise that money.
00:25:44:01 - 00:25:45:17
Now look, I can't talk about how that's going
00:25:45:17 - 00:25:47:14
to damage your relationship
if things go wrong.
00:25:47:14 - 00:25:49:22
Only you know what that
situation is going to be like that.
00:25:49:22 - 00:25:52:04
But I think it's important
not to have an ego about it
00:25:52:04 - 00:25:54:05
and not to say, oh, I'm going
to do everything for myself,
00:25:54:05 - 00:25:56:17
because raising money
is very, very difficult.
00:25:56:17 - 00:25:58:10
So three or four key things there.
00:25:58:10 - 00:26:01:14
You know, make sure you're not trying to
raise more money than you actually need.
00:26:01:14 - 00:26:05:06
Make sure you've tried to tap up
any sources who are easy for you
00:26:05:06 - 00:26:06:21
to get money from in the first place.
00:26:06:21 - 00:26:08:20
Friends, family, parents, etc.
00:26:08:20 - 00:26:12:11
And also make sure that your
personal credit file is as good
00:26:12:11 - 00:26:15:09
as can possibly be, because anyone
lending that business money
00:26:15:09 - 00:26:18:13
is going to want to know that you,
the owner, can stand behind it.
00:26:18:13 - 00:26:20:21
Aside from that,
there's also the opportunity
00:26:20:21 - 00:26:23:10
for many businesses
to be able to raise grants
00:26:23:10 - 00:26:26:16
or potentially even money
from business related charities.
00:26:26:16 - 00:26:30:06
That's all going to depend on what area
you’re in, what type of business you are,
00:26:30:06 - 00:26:32:03
what your stage of life is, etc..
00:26:34:16 - 00:26:38:04
If I lost it all, what would I do
tomorrow to get rich again?
00:26:38:04 - 00:26:39:04
Interesting question.
00:26:39:04 - 00:26:41:08
And for me, quite an easy one to answer
00:26:41:08 - 00:26:43:15
because I've been in this position once before,
00:26:43:15 - 00:26:46:03
and I’ve almost been in it
two or three times before.
00:26:46:03 - 00:26:49:00
If I lost everything and I had to
start afresh from tomorrow.
00:26:49:00 - 00:26:53:03
Two things I would immediately be doing
is hammering the life out of my network
00:26:53:03 - 00:26:55:19
and hammering the
life out of the skillsets
00:26:55:19 - 00:26:57:19
that I've got that I can monetize.
00:26:57:19 - 00:27:00:23
Because for me, they're the only two
ways that you really make money.
00:27:00:23 - 00:27:03:22
You make money from the skills
you've got and you make money
00:27:03:22 - 00:27:07:00
from the people that you know,
the people you've got in your network.
00:27:07:00 - 00:27:10:05
And that's why I'm always growing those skills
00:27:10:05 - 00:27:12:10
for myself, growing that network for myself.
00:27:12:10 - 00:27:13:18
And I'm always telling you guys
00:27:13:18 - 00:27:15:02
how important it is
00:27:15:02 - 00:27:18:08
to be building your network and
how you've got to be investing in yourself
00:27:18:08 - 00:27:22:02
and growing your own skills, your
own skill sets, your skill bases.
00:27:22:02 - 00:27:25:09
Now monetizable skills come in
many, many shapes and forms.
00:27:25:09 - 00:27:29:07
Ultimately, it’s anything that you can
do that you can charge a price for.
00:27:29:07 - 00:27:33:06
They come in different shapes and
sizes and with different values.
00:27:33:06 - 00:27:37:04
Being able to cut gardens,
for example, is a monetizable skill set.
00:27:37:04 - 00:27:40:18
Obviously, it's not going to be
as valuable as teaching someone
00:27:40:18 - 00:27:44:15
how to be a concert great pianist,
and that's not going to be as valuable
00:27:44:15 - 00:27:47:15
as having the skill set
of being an SEO master.
00:27:47:15 - 00:27:51:04
And being able to help somebody’s
website ranked at the top of Google,
00:27:51:04 - 00:27:53:23
all of these different skills
have got different values on them,
00:27:53:23 - 00:27:55:21
but they're all absolutely essential.
00:27:55:21 - 00:27:57:15
Moving on from skills to networks.
00:27:57:15 - 00:28:00:07
I always say that it’s
the people in my network
00:28:00:07 - 00:28:05:15
who've been directly responsible for
80-90% of my, kind of, key successes.
00:28:05:15 - 00:28:08:16
If I lost everything tomorrow,
I would be picking up the phone
00:28:08:16 - 00:28:11:24
to the people that I know
could help me do a deal,
00:28:11:24 - 00:28:14:22
that could buy something from me,
that could sell something to me.
00:28:14:22 - 00:28:18:23
That could, you know, get me back
in the game in some way, shape or form.
00:28:18:23 - 00:28:21:06
I often talk about, that as I get older,
00:28:21:06 - 00:28:24:10
I have less and less fear
about losing everything.
00:28:24:10 - 00:28:28:01
I mean, not that I ever probably particularly
feared it too much in the first place,
00:28:28:01 - 00:28:30:24
but, because I know that I've got these skills,
00:28:30:24 - 00:28:33:01
because I know that I have this network,
00:28:33:01 - 00:28:35:09
if I was ever pushed with my back against the wall,
00:28:35:09 - 00:28:37:21
as much as I wouldn’t like to have lost my money,
00:28:37:21 - 00:28:39:17
I would still be pretty comfortable
00:28:39:17 - 00:28:41:08
that I could pick up the phone tomorrow,
00:28:41:08 - 00:28:43:12
that I could get back on the horse pretty quickly
00:28:43:12 - 00:28:45:22
I was actually talking to someone
recently about, you know,
00:28:45:22 - 00:28:49:21
whether I would rather be the age
I am now, with the skills I’ve got now,
00:28:49:21 - 00:28:52:06
the knowledge I've got now,
and the money I've got now.
00:28:52:06 - 00:28:54:14
Or if I would give up the money I've got now
00:28:54:14 - 00:28:57:00
to rewind 10 or 15 or 20 years
00:28:57:00 - 00:28:58:18
and I didn't even have to think about the question.
00:28:58:18 - 00:29:02:06
I would give up the money in a
heartbeat to be 20 years younger
00:29:02:06 - 00:29:05:24
as long as I still had the same knowledge
and the same skills that I've got now.
00:29:05:24 - 00:29:07:15
Because the compounding effect
00:29:07:15 - 00:29:11:14
of those skills and knowledge
over time are absolutely priceless.
00:29:11:14 - 00:29:14:14
if I knew what I knew now, 20 years ago,
00:29:14:14 - 00:29:16:16
the mistakes I would have avoided,
00:29:16:16 - 00:29:18:15
the quicker paths I would have taken, you know
00:29:18:15 - 00:29:22:08
the route to making money, I mean,
I would have got so much more money,
00:29:22:08 - 00:29:25:16
so much younger and with
such a smoother journey.
00:29:25:16 - 00:29:28:18
It's your knowledge and it’s your skills
that are going to make you money.
00:29:28:18 - 00:29:30:03
What can you take away from this?
00:29:30:03 - 00:29:34:17
The key takeaway from this is always
be investing in yourself and doing as much
00:29:34:17 - 00:29:38:24
as possible to make your skill sets
as valuable as possible.
00:29:38:24 - 00:29:41:19
Learn as much as you can,
absorb as much as you can,
00:29:41:19 - 00:29:45:03
learn as many different things
in as many different areas as possible.
00:29:45:03 - 00:29:47:11
Because if you were to wake up
tomorrow with no money,
00:29:47:11 - 00:29:52:02
or if you were to be transported
to a foreign country or a desert island
00:29:52:02 - 00:29:55:10
and having to start from scratch,
you will be able to wake up tomorrow
00:29:55:10 - 00:29:58:22
and get to where you want to be
a lot quicker than you actually think.
00:29:58:22 - 00:30:01:03
And when you can do that, it
takes the worry out of things,
00:30:01:03 - 00:30:02:23
and that's a big inhibitor
for many people.
00:30:02:23 - 00:30:05:15
The fear, you know, the fear
of loss, the fear of failure.
00:30:05:15 - 00:30:08:18
But if you know, you can build it
again very quickly and from nothing,
00:30:08:18 - 00:30:10:10
Then that failure disappears
00:30:10:10 - 00:30:12:04
and you've got a whole new perspective on life.
00:30:14:18 - 00:30:16:02
Should you buy a house?
00:30:16:02 - 00:30:18:02
I guess by asking that question, you’re asking
00:30:18:02 - 00:30:20:07
if you should be buying a
house for yourself to live in.
00:30:20:07 - 00:30:22:14
Should you buy a house
or should you rent a house?
00:30:22:14 - 00:30:23:09
Great question.
00:30:23:09 - 00:30:27:01
And I think a lot of interesting ideas
and logic behind the answer.
00:30:27:01 - 00:30:28:07
For me it’s quite simple.
00:30:28:07 - 00:30:31:07
When you make any purchasing
decision, you know, purchasing
00:30:31:07 - 00:30:34:17
against rental, you've got to ask yourself
what is the opportunity cost?
00:30:34:17 - 00:30:38:11
What is the cost of buying something
compared to what you will be able
00:30:38:11 - 00:30:41:00
to do with that money
if you didn't buy that thing?
00:30:41:00 - 00:30:45:00
And that’s the same for a house,
for a car, for any asset really.
00:30:45:00 - 00:30:48:03
And I think really when it comes
to buying these personal possessions,
00:30:48:03 - 00:30:52:00
most people’s buying decisions
are never about financial logic
00:30:52:00 - 00:30:54:09
and are more about emotion and ego.
00:30:54:09 - 00:30:56:10
I think there's a probably
a very British thing
00:30:56:10 - 00:30:58:10
because, I mean, I know in America, for example,
00:30:58:10 - 00:31:02:09
you KNOW, people have been a lot more open
to renting houses, particularly
00:31:02:09 - 00:31:07:03
at higher levels, higher price values
on houses than we have in the UK.
00:31:07:03 - 00:31:09:21
And I think there's a real ego thing
about the fact that people feel
00:31:09:21 - 00:31:13:12
they must own their house
or they must own a car.
00:31:13:12 - 00:31:16:03
But really I think you just need
to look at these assets and say,
00:31:16:03 - 00:31:20:00
it’s not that you need to own a house or
own a car, you actually just need to use it.
00:31:20:00 - 00:31:21:12
As long as you get the use out of it.
00:31:21:12 - 00:31:23:22
Then what is the most cost
effective way of doing that?
00:31:23:22 - 00:31:25:20
So when you come to make the decision about
00:31:25:20 - 00:31:27:14
whether or not you should buy your house,
00:31:27:14 - 00:31:29:09
you need to be asking yourself the question,
00:31:29:09 - 00:31:32:20
what could you be doing with the
money if you didn't buy the house?
00:31:32:20 - 00:31:34:10
So when you buy that house, let's say,
00:31:34:10 - 00:31:37:03
pick whatever number we want,
it’s a £500,000 house.
00:31:37:03 - 00:31:40:20
That's probably going to need a
minimum of £100,000 deposit.
00:31:40:20 - 00:31:41:21
There's going to be stamp duty.
00:31:41:21 - 00:31:43:12
There's going to be legal costs.
00:31:43:12 - 00:31:46:10
There's going to probably be some
furniture and other bits and pieces.
00:31:46:10 - 00:31:49:00
Realistically, you know, for that £500,000 house,
00:31:49:00 - 00:31:52:01
you're probably going to have to
put £150,000 of capital into it.
00:31:52:01 - 00:31:54:09
You're going to be borrowing £350,000.
00:31:54:09 - 00:31:58:21
What is the cost of the mortgage
compared to what is it cost of the rent?
00:31:58:21 - 00:32:00:20
Is there a differential
in those two figures?
00:32:00:20 - 00:32:03:17
If one costs more than the other,
then that's the opportunity cost.
00:32:03:17 - 00:32:07:11
The £150,000 that you've put
down there as your deposit.
00:32:07:11 - 00:32:09:00
Okay, people may be saying to you,
00:32:09:00 - 00:32:12:20
Yeah but the house is going up
so that £150,000 is an investment.
00:32:12:20 - 00:32:14:22
But could you be
investing in a better way?
00:32:14:22 - 00:32:18:01
Could you be buying a higher
yielding buy to let property?
00:32:18:01 - 00:32:21:06
Or is there a business that
you could have invested it in
00:32:21:06 - 00:32:22:24
that's going to make you more money?
00:32:22:24 - 00:32:25:23
There's no right answer to
any of these questions.
00:32:25:23 - 00:32:28:14
It very much depends on
your personal circumstances
00:32:28:14 - 00:32:32:01
and, you know, where you are financially
and what you need to do with the money.
00:32:32:01 - 00:32:33:14
The really important thing to do is to
00:32:33:14 - 00:32:35:24
not to get emotionally attached to these decisions.
00:32:35:24 - 00:32:38:12
It's very British thing, it’s particularly a thing of
00:32:38:12 - 00:32:41:08
20, 30, 40, 50 years old- older.
00:32:41:08 - 00:32:44:04
The generations before us, you know,
your parents or grandparents,
00:32:44:04 - 00:32:45:14
you know, very much come from that view of,
00:32:45:14 - 00:32:48:00
you’ve got to get on the property ladder,
you've got to buy a house.
00:32:48:00 - 00:32:51:14
And that house buying decision
tends to come ahead of any other
00:32:51:14 - 00:32:56:01
financial decision, or financial logic
that people would tend to make.
00:32:56:01 - 00:33:00:08
And maybe buying that house for you
right now just isn't the right decision.
00:33:00:08 - 00:33:03:08
If you haven't started the business
yet that you want to start.
00:33:03:08 - 00:33:05:13
If you haven't got any
savings in your account,
00:33:05:13 - 00:33:08:06
if you haven't got a pension,
if you haven't got an ISA.
00:33:08:06 - 00:33:11:01
You know, some of these things
probably need considering
00:33:11:01 - 00:33:13:20
before you put every last
penny into buying a house.
00:33:13:20 - 00:33:16:15
Talking about that emotional
and ego factor of it,
00:33:16:15 - 00:33:18:18
I mean, I can tell you
from firsthand experience
00:33:18:18 - 00:33:20:03
I've actually rented
00:33:20:03 - 00:33:22:12
more of the personal
houses that I've lived in
00:33:22:12 - 00:33:24:06
than I've actually owned those houses.
00:33:24:06 - 00:33:26:12
For me, that's been a decision twofold.
00:33:26:12 - 00:33:28:21
One, that I would rather
have the capital available
00:33:28:21 - 00:33:30:10
for the businesses that I invest in.
00:33:30:10 - 00:33:33:24
When I lend money, when I invest
in businesses, I'm making annual returns
00:33:33:24 - 00:33:37:14
on my money of 20, 30, 40, 50 (%),
potentially even higher.
00:33:37:14 - 00:33:41:09
And I'm never, ever going to be getting
those kind of returns by buying and owning
00:33:41:09 - 00:33:42:10
the house that I live in.
00:33:42:10 - 00:33:44:17
So when capital is limited to me.
00:33:44:17 - 00:33:48:02
Then it doesn't make any sense for me
to put that capital into a house.
00:33:48:02 - 00:33:52:08
I want to be using it to aggressively
invest in investment opportunities,
00:33:52:08 - 00:33:54:01
in income producing opportunities.
00:33:54:01 - 00:33:55:08
Also, I like to travel.
00:33:55:08 - 00:33:56:09
I like to be flexible.
00:33:56:09 - 00:33:58:18
I often wake up tomorrow
and go, You know what?
00:33:58:18 - 00:34:00:23
I'm moving to Dubai
or I'm moving to Las Vegas
00:34:00:23 - 00:34:03:10
or I'm moving to Spain,
or many of the places I've lived in.
00:34:03:10 - 00:34:07:09
If I owned a house in whichever
country I was moving from
00:34:07:09 - 00:34:10:09
that's going to limit my ability
then for where I'm going to next.
00:34:10:09 - 00:34:13:09
Okay, people will say, Yeah, but you
can just sell that and buy a new house.
00:34:13:09 - 00:34:15:24
Buying and selling property
is a very expensive thing.
00:34:15:24 - 00:34:19:07
Every time you buy and sell,
legal fees, agents fees, the time
00:34:19:07 - 00:34:22:20
the time it takes to sell the house,
whether or not you get the right price
00:34:22:20 - 00:34:24:19
at the time that you're expecting.
00:34:24:19 - 00:34:27:18
If you own this asset and
you're wedded to this asset,
00:34:27:18 - 00:34:31:10
it might make you make decisions
in other areas of your life
00:34:31:10 - 00:34:32:12
that you didn't want to make.
00:34:32:12 - 00:34:34:02
Maybe you were put off moving
00:34:34:02 - 00:34:36:05
to another country when you
really want to make that move.
00:34:36:05 - 00:34:38:15
Maybe it will put you off
starting a business
00:34:38:15 - 00:34:39:23
when you really want
to start that business.
00:34:39:23 - 00:34:41:24
Just because you think
now is not the right time,
00:34:41:24 - 00:34:45:06
because you're wedded to these houses
that don't make financial sense
00:34:45:06 - 00:34:48:18
and are just purely there
for emotional and ego value.
00:34:48:18 - 00:34:49:16
So that's my advice.
00:34:49:16 - 00:34:51:00
Look at the opportunity cost.
00:34:51:00 - 00:34:54:00
Look at what you could be doing with
the money if you weren't buying the house.
00:34:54:00 - 00:34:57:20
But first and foremost, make sure that
whatever buying decisions you make,
00:34:57:20 - 00:34:59:19
whether it's for a house,
whether it's for a car,
00:34:59:19 - 00:35:03:12
whether it’s for any other asset,
make sure that those decisions are made
00:35:03:12 - 00:35:06:07
from financial logic and not ones of ego.
00:35:08:21 - 00:35:11:10
What is the easiest industry to make money in?
00:35:11:10 - 00:35:14:06
Let me tell you. The easiest
industry to make money in
00:35:14:06 - 00:35:16:09
is the one that you
know the most about.
00:35:16:09 - 00:35:17:18
And really that is a very simple
00:35:17:18 - 00:35:19:04
answer to what I think
00:35:19:04 - 00:35:20:10
is a very simple question.
00:35:20:10 - 00:35:21:22
Normally, when people ask this
00:35:21:22 - 00:35:22:21
kind of a question,
00:35:22:21 - 00:35:25:10
they're asking it from a kind
of a position of laziness
00:35:25:10 - 00:35:27:09
because they don't
want to put the effort in
00:35:27:09 - 00:35:30:03
to learn about something themselves,
or they don't want to put the effort in
00:35:30:03 - 00:35:31:17
to battle through the hard times
00:35:31:17 - 00:35:34:02
in the business or the industry
that they're already involved in.
00:35:34:02 - 00:35:35:08
And they're asking a question like,
00:35:35:08 - 00:35:37:18
Oh, you know, I've heard crypto's really good,
00:35:37:18 - 00:35:39:01
How do I make money in crypto?
00:35:39:01 - 00:35:40:14
Or I’ve heard property is good or
00:35:40:14 - 00:35:42:03
social media marketing is good or
00:35:42:03 - 00:35:44:12
whatever that flavour of the month business is.
00:35:44:12 - 00:35:45:14
There’s an expression that,
00:35:45:14 - 00:35:48:04
‘everybody's business is better than your own’.
00:35:48:04 - 00:35:49:09
And that's because that's what business
00:35:49:09 - 00:35:50:20
owners feel, because you always think
00:35:50:20 - 00:35:52:20
in your own business
you've got so many problems.
00:35:52:20 - 00:35:55:04
You say, Oh, I hate this business,
this is a problem.
00:35:55:04 - 00:35:55:18
That's a problem.
00:35:55:18 - 00:35:56:22
What he's doing is so easy.
00:35:56:22 - 00:35:58:04
I'd love to be in that business.
00:35:58:04 - 00:36:01:03
The reality is every business
is full of its own problems
00:36:01:03 - 00:36:03:12
its own set of kind of unique intricacies.
00:36:03:12 - 00:36:04:20
And until you're in that business,
00:36:04:20 - 00:36:06:05
you'll never really appreciate it
00:36:06:05 - 00:36:07:20
and you'll never really
know what they are.
00:36:07:20 - 00:36:10:08
Just like the expression,
the grass isn’t greener on the other side.
00:36:10:08 - 00:36:11:24
It's just the same thing in business.
00:36:11:24 - 00:36:13:12
I think if you found a business
00:36:13:12 - 00:36:15:14
that you like
and that you know something about,
00:36:15:14 - 00:36:16:21
the best way to make money
00:36:16:21 - 00:36:18:01
is to stick with that business,
00:36:18:01 - 00:36:21:02
to stick with that industry,
and to learn more, to double down.
00:36:21:02 - 00:36:23:14
Go with the reasons
why you got into it in the first place.
00:36:23:14 - 00:36:24:22
If you're not in business at the moment
00:36:24:22 - 00:36:26:07
anyway and you're looking for a business
00:36:26:07 - 00:36:29:02
to get into, then maybe it's
a slightly different kind of question.
00:36:29:02 - 00:36:31:19
But I would always say
the best business to get into
00:36:31:19 - 00:36:34:05
is the one that you're going to love
and that you're going to enjoy.
00:36:34:05 - 00:36:35:17
Because to make money in anything,
00:36:35:17 - 00:36:36:22
you're going to have to commit
00:36:36:22 - 00:36:38:20
many, many hours and weeks
00:36:38:20 - 00:36:41:06
and months and years of probably losses
00:36:41:06 - 00:36:43:21
and pain before you get the
fun times and the profit.
00:36:43:21 - 00:36:45:08
And you're only going to sustain that
00:36:45:08 - 00:36:46:19
if you're enjoying what you're doing.
00:36:46:19 - 00:36:49:21
You know, I could say to you,
finance is the best business in the world
00:36:49:21 - 00:36:51:02
because that’s made me a load money.
00:36:51:02 - 00:36:54:00
But if you don't like it, you're
not going to spend the time
00:36:54:00 - 00:36:55:17
to learn what you need to learn, and you're
00:36:55:17 - 00:36:57:06
not going to get to where you need to be.
00:36:57:06 - 00:36:59:09
Very few people make money
00:36:59:09 - 00:37:01:14
very quickly in any business.
00:37:01:14 - 00:37:03:02
Yes, on Instagram nowadays
00:37:03:02 - 00:37:05:02
we see these overnight successes,
00:37:05:02 - 00:37:07:04
but none of them are
really overnight successes.
00:37:07:04 - 00:37:10:02
The years and years and years
that goes on behind the scenes
00:37:10:02 - 00:37:12:10
are never once talked about
it, are never once shown.
00:37:12:10 - 00:37:14:18
But that happens in every single business.
00:37:14:18 - 00:37:16:00
Nowadays, you know,
00:37:16:00 - 00:37:17:03
obviously the advent
00:37:17:03 - 00:37:18:14
of the of the Internet,
00:37:18:14 - 00:37:20:13
of.. you know, the fact that it's so easy
00:37:20:13 - 00:37:22:13
to access people all over the world
00:37:22:13 - 00:37:25:21
gives the ability to scale very
quickly in online businesses.
00:37:25:21 - 00:37:27:20
And that's an obvious choice
00:37:27:20 - 00:37:31:01
if you need to reach a
mass market very quickly.
00:37:31:01 - 00:37:33:02
And that's probably
a route to profitability
00:37:33:02 - 00:37:34:18
and to making money for a lot of people.
00:37:34:18 - 00:37:37:09
But again, if online businesses, digital media,
00:37:37:09 - 00:37:38:20
if technology isn't your thing,
00:37:38:20 - 00:37:40:08
then it's not going to be a successful
00:37:40:08 - 00:37:41:20
or profitable route for you.
00:37:41:20 - 00:37:44:02
So when you're asking the question,
what is the best business
00:37:44:02 - 00:37:46:22
to make money in quickly? Just decide
why you're asking that question.
00:37:46:22 - 00:37:48:07
Is it because you’re trying to be lazy?
00:37:48:07 - 00:37:49:12
and if you are,
00:37:49:12 - 00:37:51:08
then just have another
look at what you're doing now.
00:37:51:08 - 00:37:54:00
Maybe it's time to double down
on it and put more effort in
00:37:54:00 - 00:37:56:12
because you did pick that business
for a reason in the first place.
00:37:56:12 - 00:37:58:03
Maybe you're just having a bad time,
00:37:58:03 - 00:38:00:01
suffering bad circumstances.
00:38:00:01 - 00:38:01:12
But you know, the fundamentals of why
00:38:01:12 - 00:38:03:00
you got involved in the first place
00:38:03:00 - 00:38:04:07
potentially haven't changed.
00:38:06:21 - 00:38:09:00
Am I buying NFTs at the moment?
00:38:09:00 - 00:38:11:03
No, I'm not buying NFTs at the moment.
00:38:11:03 - 00:38:13:11
That's not because it’s right
or wrong to buy them.
00:38:13:11 - 00:38:15:22
The reason I'm not buying them
is because I haven't got enough
00:38:15:22 - 00:38:17:04
knowledge right now to be able
00:38:17:04 - 00:38:19:04
to make the right buying decisions.
00:38:19:04 - 00:38:20:16
I talk a little bit about crypto
00:38:20:16 - 00:38:24:05
and you know, for anyone who watches
or listens to me regularly will know,
00:38:24:05 - 00:38:25:06
I've got some Bitcoin,
00:38:25:06 - 00:38:27:20
I've got some Ethereum,
and I spent quite a lot of time learning
00:38:27:20 - 00:38:29:10
about both of those two coins
00:38:29:10 - 00:38:31:03
and I will be holding them for the long term.
00:38:31:03 - 00:38:32:24
I started to look into NFTs
00:38:32:24 - 00:38:34:04
and to be honest, I'm so busy
00:38:34:04 - 00:38:36:07
with so many other areas of my life and business,
00:38:36:07 - 00:38:38:15
that I haven't had a chance to be able
00:38:38:15 - 00:38:41:06
to kind of get deep enough and
get knowledgeable enough.
00:38:41:06 - 00:38:42:23
And for me that's so important.
00:38:42:23 - 00:38:44:22
Again, if you listen to much of what I say,
00:38:44:22 - 00:38:46:07
I'll always talk about the importance
00:38:46:07 - 00:38:47:18
of learning as much as you can
00:38:47:18 - 00:38:51:18
and making decisions based
from sound logic and knowledge
00:38:51:18 - 00:38:52:24
as opposed to just following
00:38:52:24 - 00:38:54:10
the latest fad that you’ve read
00:38:54:10 - 00:38:56:06
about on the Internet or in a magazine
00:38:56:06 - 00:38:57:23
or heard from the guys down the pub.
00:38:57:23 - 00:39:00:13
You may make little bits of
quick money in the short term,
00:39:00:13 - 00:39:03:03
but I promise you over time,
if you don't know
00:39:03:03 - 00:39:05:02
what you're talking about,
you are going to lose money.
00:39:05:02 - 00:39:06:15
And it's no different to gambling.
00:39:06:15 - 00:39:07:23
So I'm not there yet.
00:39:07:23 - 00:39:09:07
Don't know what I'm talking about.
00:39:09:07 - 00:39:10:13
But one thing I would say,
00:39:10:13 - 00:39:12:22
just as I guess, a piece of general logic
00:39:12:22 - 00:39:14:01
or strategy in general
00:39:14:01 - 00:39:16:22
is if I was going to buy any NFT right now,
00:39:16:22 - 00:39:18:08
I would be buying a Bored Ape.
00:39:18:08 - 00:39:20:02
Now, that's not because, again,
00:39:20:02 - 00:39:21:09
I particularly know enough
00:39:21:09 - 00:39:22:19
to think that these are going to go up.
00:39:22:19 - 00:39:25:09
But what I know that a Bored Ape is,
00:39:25:09 - 00:39:27:21
it’s a status symbol, it’s a membership in a
00:39:27:21 - 00:39:29:01
in a special club.
00:39:29:01 - 00:39:30:19
And for the way I do business, you know,
00:39:30:19 - 00:39:32:10
for the kind of circles that I live in,
00:39:32:10 - 00:39:35:17
those status symbols are
very, very good door openers.
00:39:35:17 - 00:39:37:01
You know, when you’re sat down
00:39:37:01 - 00:39:39:19
with the right people
and you have a Patek Philippe watch
00:39:39:19 - 00:39:42:00
or you drive a Bugatti or, you know,
00:39:42:00 - 00:39:43:10
you have a particular piece
00:39:43:10 - 00:39:45:03
of property in a particular area.
00:39:45:03 - 00:39:48:03
Rightly or wrongly,
it gives that that perception
00:39:48:03 - 00:39:49:14
of you, that status symbol,
00:39:49:14 - 00:39:51:01
and can open more doors
00:39:51:01 - 00:39:52:24
than you may have been able to open without it.
00:39:52:24 - 00:39:55:08
And my belief is that a
Bored Ape does the same thing.
00:39:55:08 - 00:39:57:11
Maybe more in the crypto world
00:39:57:11 - 00:39:59:14
than in the Non-crypto world for now.
00:39:59:14 - 00:40:01:09
But I think, you know, the knowledge of it
00:40:01:09 - 00:40:03:08
is getting further and wider.
00:40:03:08 - 00:40:05:11
So I think at some point
I will be buying one.
00:40:05:11 - 00:40:07:17
Whether or not I'll know
enough about NFTs in general
00:40:07:17 - 00:40:10:11
then to want to get deeper
into NFTs or not, I don't know.
00:40:10:11 - 00:40:12:07
I think even without an NFT knowledge
00:40:12:07 - 00:40:14:08
I know that I could probably
get some good value
00:40:14:08 - 00:40:15:11
from having a Bored Ape.
00:40:17:24 - 00:40:19:22
What's the morning
routine of a millionaire?
00:40:19:22 - 00:40:22:04
Look, I don't like questions about morning routines
00:40:22:04 - 00:40:24:19
because I think they're been asked by people who
00:40:24:19 - 00:40:28:03
who want to try and find a quick fix
to a solution as opposed to actually
00:40:28:03 - 00:40:31:00
putting in the effort to have that long term success.
00:40:31:00 - 00:40:33:20
I don't believe there is any
morning routine for a millionaire.
00:40:33:20 - 00:40:35:09
You go and ask ten different millionaires
00:40:35:09 - 00:40:36:17
what their morning routine is.
00:40:36:17 - 00:40:39:04
I guarantee you, you're going
to get ten different answers.
00:40:39:04 - 00:40:41:11
I think this question is asked because
00:40:41:11 - 00:40:43:14
I go on Instagram on social media.
00:40:43:14 - 00:40:46:02
People will see someone like Tony Robbins,
00:40:46:02 - 00:40:47:11
you know, jumping in an ice bath
00:40:47:11 - 00:40:48:21
at 4:00 in the morning.
00:40:48:21 - 00:40:52:09
Or, you know, so-
some other millionaire or multi,
00:40:52:09 - 00:40:53:10
multi millionaire
00:40:53:10 - 00:40:55:15
doing something that probably involves
00:40:55:15 - 00:40:57:14
something cold, something early
00:40:57:14 - 00:40:59:15
and something that probably hurts your body.
00:40:59:15 - 00:41:02:04
And they attribute their success in life
00:41:02:04 - 00:41:04:05
to those, you know, one, two or three things.
00:41:04:05 - 00:41:05:15
And I think that's a load of bollocks.
00:41:05:15 - 00:41:06:22
Everybody's different.
00:41:06:22 - 00:41:09:19
Everybody's body is different,
everybody's mind is different.
00:41:09:19 - 00:41:11:17
There's a big focus nowadays about,
00:41:11:17 - 00:41:13:15
you know, being up super early
00:41:13:15 - 00:41:15:05
to get ahead of the game, to kind of
00:41:15:05 - 00:41:17:00
get a march on your competitors.
00:41:17:00 - 00:41:18:21
And whilst there's a degree of logic to that.
00:41:18:21 - 00:41:23:01
I think it nowadays probably comes
more from a position of machoism
00:41:23:01 - 00:41:25:06
than, you know, a position of true logic.
00:41:25:06 - 00:41:27:18
I mean, yes, you're going to struggle to be successful
00:41:27:18 - 00:41:29:02
if you're rotting around in bed
00:41:29:02 - 00:41:30:22
till 11 or 12:00 every day,
00:41:30:22 - 00:41:32:14
spending the afternoon watching telly,
00:41:32:14 - 00:41:34:03
and spending the evening getting drunk.
00:41:34:03 - 00:41:35:22
But there becomes a point,
00:41:35:22 - 00:41:38:03
almost like the point of diminishing returns
00:41:38:03 - 00:41:40:00
of maybe getting up too early
00:41:40:00 - 00:41:41:08
is going to hamper your progress.
00:41:41:08 - 00:41:42:13
I can't rot in bed all day
00:41:42:13 - 00:41:44:07
and I do need to get up semi early.
00:41:44:07 - 00:41:47:10
You know, I try and get up in the morning at 7-7:30.
00:41:47:10 - 00:41:49:13
But a lot of people say that’s super late
00:41:49:13 - 00:41:52:20
because they've been up at 4 a.m., 4:30 a.m, 5 a.m.
00:41:52:20 - 00:41:54:18
and they've got two or three hour march on me.
00:41:54:18 - 00:41:56:03
I'm just not a morning person.
00:41:56:03 - 00:41:58:01
If I'm getting up at 5:00 every morning,
00:41:58:01 - 00:42:00:01
come lunchtime, I'm going to be ready for bed again.
00:42:00:01 - 00:42:01:23
I do my best work in the afternoon.
00:42:01:23 - 00:42:04:06
My particular lifestyle, you know,
00:42:04:06 - 00:42:05:23
the way I do business, involves
00:42:05:23 - 00:42:07:17
a lot of lunches, a lot of dinners,
00:42:07:17 - 00:42:08:24
and I’m typically up late.
00:42:08:24 - 00:42:10:11
So it's just not feasible for me
00:42:10:11 - 00:42:13:05
to be up until midnight, 1:00, 2:00 in the morning,
00:42:13:05 - 00:42:14:15
and then getting up at 4:00, 5:00,
00:42:14:15 - 00:42:16:11
6:00 in the morning. I'm going to be dead.
00:42:16:11 - 00:42:19:05
I feel pretty tired as it is getting up at 7:00, 7:30.
00:42:19:05 - 00:42:20:04
But that's just one example.
00:42:20:04 - 00:42:22:22
Again, you'll find people who say
when you get up in the morning,
00:42:22:22 - 00:42:24:16
make sure you don't even
look at your telephone.
00:42:24:16 - 00:42:25:20
Keep it to one side.
00:42:25:20 - 00:42:28:05
Don't go on social media,
don't respond to emails
00:42:28:05 - 00:42:30:20
and cleanse your mind for another
hour while you're waking up.
00:42:30:20 - 00:42:32:22
Again, some people probably get benefit from that.
00:42:32:22 - 00:42:33:23
I personally don't.
00:42:33:23 - 00:42:36:03
As soon as I wake up,
I like to jump on my phone
00:42:36:03 - 00:42:38:00
and it's not because it's frazzling the head.
00:42:38:00 - 00:42:39:21
Work is my interest, so
00:42:39:21 - 00:42:41:11
I want to be looking at my WhatsApp messages.
00:42:41:11 - 00:42:43:20
I want to be looking at my emails
and I want to be dealing with them
00:42:43:20 - 00:42:45:04
while I'm moving around the house.
00:42:45:04 - 00:42:46:10
I go to the gym in the morning.
00:42:46:10 - 00:42:48:06
Now, I go to the gym in the morning
00:42:48:06 - 00:42:49:18
because I prefer to do that
00:42:49:18 - 00:42:51:12
than in the afternoon or in the evening.
00:42:51:12 - 00:42:53:05
I think it makes me feel fresh
00:42:53:05 - 00:42:55:17
and kind of invigorated for the day ahead.
00:42:55:17 - 00:42:58:13
But also one of the main reasons
I like to do it in the morning
00:42:58:13 - 00:43:00:21
is because if my day goes on and on and on,
00:43:00:21 - 00:43:03:18
then I know come the evening,
I'm probably going to be too tired.
00:43:03:18 - 00:43:06:13
And when I used to do
work- workouts in an evening,
00:43:06:13 - 00:43:08:07
I would actually find myself missing them
00:43:08:07 - 00:43:09:16
more and more and more frequently,
00:43:09:16 - 00:43:11:20
because I’d come home after a stressful day at work
00:43:11:20 - 00:43:13:12
and I put my feet up for half an hour.
00:43:13:12 - 00:43:15:14
And half an hour becomes an hour, becomes 2 hours.
00:43:15:14 - 00:43:17:17
And the next thing you know,
it’s too late to go to the gym.
00:43:17:17 - 00:43:20:19
Again, as anyone who listens to me
or watches me regularly knows,
00:43:20:19 - 00:43:22:24
fitness is something I believe in very strongly.
00:43:22:24 - 00:43:25:00
It's a massive part of my- my routine,
00:43:25:00 - 00:43:26:15
and I believe that you can't be
00:43:26:15 - 00:43:30:14
successful in life or you can't be
at your peak performance in business
00:43:30:14 - 00:43:31:22
unless you've got your body
00:43:31:22 - 00:43:33:08
in some kind of shape as well.
00:43:33:08 - 00:43:35:06
So exercise is truly important to me
00:43:35:06 - 00:43:37:11
and therefore it makes sense for me to have it
00:43:37:11 - 00:43:38:22
as part of my morning routine.
00:43:38:22 - 00:43:41:14
But you've all got your own
morning routines in the same way
00:43:41:14 - 00:43:43:02
some millionaires are going to tell you
00:43:43:02 - 00:43:47:23
that smoked salmon and scrambled
eggs cooked at 17 degrees for 43 seconds
00:43:47:23 - 00:43:49:11
is how they get up in the morning.
00:43:49:11 - 00:43:50:18
And that's how they make their money.
00:43:50:18 - 00:43:52:18
But again, is that why they make theIR money?
00:43:52:18 - 00:43:55:02
No, it's not.
That’s just something they do.
00:43:55:02 - 00:43:57:20
You'll find someone equally,
if not more successful than them,
00:43:57:20 - 00:44:00:17
who gouges on chocolate croissants at 11:00.
00:44:00:17 - 00:44:03:04
There's no right morning routine for a millionaire.
00:44:03:04 - 00:44:05:03
There is only the right morning routine for you,
00:44:05:03 - 00:44:07:09
but just apply common sense and logic to it.
00:44:07:09 - 00:44:09:05
You don't need to be at 4:00 in the morning,
00:44:09:05 - 00:44:11:02
but you also can't rot it- rot in bed until
00:44:11:02 - 00:44:12:16
11:00 or 12:00 in the afternoon.
00:44:12:16 - 00:44:13:16
Do what makes sense.
00:44:13:16 - 00:44:15:01
Do what makes you feel good
00:44:15:01 - 00:44:17:21
Do what makes you perform at your optimum.
00:44:20:10 - 00:44:22:03
If you want to get attention in business,
00:44:22:03 - 00:44:23:13
then you need to stand out.
00:44:23:13 - 00:44:24:22
And if you want to stand out,
00:44:24:22 - 00:44:26:08
then you need to be different.
00:44:26:08 - 00:44:27:19
You need to be doing things
00:44:27:19 - 00:44:28:20
that are different
00:44:28:20 - 00:44:30:07
to what everybody else is doing.
00:44:30:07 - 00:44:31:15
Especially different to what
00:44:31:15 - 00:44:32:21
your competitors are doing.
00:44:32:21 - 00:44:34:17
The world is awash
00:44:34:17 - 00:44:37:09
with people producing the same kind of content,
00:44:37:09 - 00:44:39:05
the same kind of marketing material
00:44:39:05 - 00:44:41:09
and everything just gets lost.
00:44:41:09 - 00:44:42:18
So if you want to be different,
00:44:42:18 - 00:44:44:22
then you need to find a reason to be different.
00:44:44:22 - 00:44:47:14
You need to have your personality shine through.
00:44:47:14 - 00:44:49:06
You need to have core values
00:44:49:06 - 00:44:50:24
that are different to everybody else.
00:44:50:24 - 00:44:53:10
And I think as a general piece of advice to, you know,
00:44:53:10 - 00:44:56:02
to business owners looking
to create marketing material,
00:44:56:02 - 00:44:57:15
I think it's very important
00:44:57:15 - 00:44:59:24
that you have a big hand in this yourself.
00:44:59:24 - 00:45:01:20
Far too often when it comes to
00:45:01:20 - 00:45:04:21
brand creation, when it comes to marketing ideas,
00:45:04:21 - 00:45:08:03
businesses hand them over to marketing agencies
00:45:08:03 - 00:45:09:11
and just think, Oh well, they must know
00:45:09:11 - 00:45:11:18
what they're talking about
because they are a marketing agency.
00:45:11:18 - 00:45:13:00
But I find that,
00:45:13:00 - 00:45:14:04
you know, more often than not,
00:45:14:04 - 00:45:15:11
these marketing agencies
00:45:15:11 - 00:45:17:22
are actually probably too scared
00:45:17:22 - 00:45:21:03
to do something that is going to stand out
00:45:21:03 - 00:45:22:15
because they think that they,
00:45:22:15 - 00:45:24:14
you know, they may get looked on weirdly
00:45:24:14 - 00:45:26:24
or it's wrong for your business
00:45:26:24 - 00:45:28:06
or it's wrong for your brand.
00:45:28:06 - 00:45:29:12
Nobody knows your business
00:45:29:12 - 00:45:31:10
and nobody knows your brand like you do.
00:45:31:10 - 00:45:32:06
And I always say that
00:45:32:06 - 00:45:35:06
the key word in personal brand is personal.
00:45:35:06 - 00:45:37:12
And, you know, when you hand over your own brand
00:45:37:12 - 00:45:38:24
to somebody to outsource
00:45:38:24 - 00:45:40:17
and they create content for you,
00:45:40:17 - 00:45:42:01
you know, whether that's writing
00:45:42:01 - 00:45:44:11
LinkedIn thought leadership posts
00:45:44:11 - 00:45:46:00
or writing posts for you
00:45:46:00 - 00:45:47:21
on Instagram or whatever it may be,
00:45:47:21 - 00:45:49:24
you read them and you know that's not truly you.
00:45:49:24 - 00:45:51:09
You need to do this yourself.
00:45:51:09 - 00:45:52:21
You need to take control of this
00:45:52:21 - 00:45:55:06
and let your personality, let your ideas,
00:45:55:06 - 00:45:58:02
let your brand value shine through.
00:45:58:02 - 00:45:59:09
Now I'm not talking about being different
00:45:59:09 - 00:46:00:18
for the sake of being different
00:46:00:18 - 00:46:02:00
or doing something
00:46:02:00 - 00:46:04:14
provocative just for the sake of being provocative.
00:46:04:14 - 00:46:06:15
If you can be different and provocative
00:46:06:15 - 00:46:08:06
for the right reasons, then yeah,
00:46:08:06 - 00:46:09:22
I’m absolutely all for it.
00:46:09:22 - 00:46:12:06
But make sure it still kind of aligns
00:46:12:06 - 00:46:13:12
with the rest of your business.
00:46:13:12 - 00:46:15:22
I mean, just as an example
of that, I actually recently
00:46:15:22 - 00:46:17:14
was talking to a marketing agency
00:46:17:14 - 00:46:18:24
who wanted to do some work with me.
00:46:18:24 - 00:46:20:12
And one of the first things they said is,
00:46:20:12 - 00:46:21:22
We need to change
00:46:21:22 - 00:46:24:11
some of your public bits of personality,
00:46:24:11 - 00:46:25:21
some of your public content,
00:46:25:21 - 00:46:28:08
because we think the image you give
00:46:28:08 - 00:46:30:19
across isn't right for a business owner,
00:46:30:19 - 00:46:32:20
for a guy working in finance, etc..
00:46:32:20 - 00:46:34:04
And what they're talking about is, you know,
00:46:34:04 - 00:46:36:05
pictures of my arse on Kilimanjaro
00:46:36:05 - 00:46:39:00
or hanging half naked off the
back of a boat or something.
00:46:39:00 - 00:46:40:21
And I completely disagree with that.
00:46:40:21 - 00:46:42:02
Now listen, what I'm saying there is
00:46:42:02 - 00:46:43:24
I get that those pictures
00:46:43:24 - 00:46:45:13
and those posts aren't for everyone
00:46:45:13 - 00:46:46:18
and that some people
00:46:46:18 - 00:46:48:24
will maybe find my posts
00:46:48:24 - 00:46:51:19
or my personality inappropriate or offensive
00:46:51:19 - 00:46:53:05
or whatever that may be.
00:46:53:05 - 00:46:54:10
They may not get me,
00:46:54:10 - 00:46:55:23
they may not gel with me.
00:46:55:23 - 00:46:58:01
But what's really important to know
00:46:58:01 - 00:46:59:15
is that, you know, what you see
00:46:59:15 - 00:47:00:24
on my social media
00:47:00:24 - 00:47:03:19
is what you get if you saw me in real life.
00:47:03:19 - 00:47:05:05
So I always say, look, if you don't like me
00:47:05:05 - 00:47:07:11
on social media, you’re
not gonna like me in real life.
00:47:07:11 - 00:47:08:21
And if you don't like me in real life,
00:47:08:21 - 00:47:10:10
we're not going to be
doing any business together.
00:47:10:10 - 00:47:11:21
So why the fuck do I care anyway?
00:47:11:21 - 00:47:13:07
I think you need to take that logic
00:47:13:07 - 00:47:14:22
and apply that to your businesses.
00:47:14:22 - 00:47:16:09
Don't let anybody else
00:47:16:09 - 00:47:18:10
tell you who you should or shouldn't be.
00:47:18:10 - 00:47:20:00
Because even for the people
00:47:20:00 - 00:47:21:10
who look at my posts
00:47:21:10 - 00:47:24:01
and think, Oh, that's a bit cheeky,
or I wouldn’t be doing that.
00:47:24:01 - 00:47:25:16
Believe me, they still remember them.
00:47:25:16 - 00:47:28:10
It still stands out more than it would
00:47:28:10 - 00:47:30:02
with somebody doing something normal.
00:47:30:02 - 00:47:32:19
Just, you know, another typical post of a person
00:47:32:19 - 00:47:34:23
sat there with a laptop going,
00:47:34:23 - 00:47:36:09
Here's my office for the day again.
00:47:36:09 - 00:47:38:05
I mean, how many posts like that have you seen?
00:47:38:05 - 00:47:39:21
They just get lost and lost and lost.
00:47:39:21 - 00:47:41:15
If you see my arse on LinkedIn,
00:47:41:15 - 00:47:43:07
believe me, you’re gonna remember it
00:47:43:07 - 00:47:45:01
because there aren't many arses on LinkedIn.
00:47:45:01 - 00:47:46:16
And that will then jog your memory
00:47:46:16 - 00:47:48:01
to want to do some business with me.
00:47:48:01 - 00:47:50:05
If you want to get attention,
you've got to stand out.
00:47:50:05 - 00:47:52:00
You want to stand out,
you've got to be different.
00:47:52:00 - 00:47:54:00
What can you be doing that's different?
00:47:54:00 - 00:47:55:12
That your competitors aren't doing,
00:47:55:12 - 00:47:56:16
that your peers aren't doing,
00:47:56:16 - 00:47:58:04
and is going to make people remember you.
00:47:58:04 - 00:48:00:06
There's only one thing worse
than being talked about,
00:48:00:06 - 00:48:01:16
and that's not being talked about at all.
11 BIG Questions Answered from Dubai!
Apr 19, 2023•48 min
Episode description
Tell us what you like or dislike about this episode!! Be honest, we don't bite!
Another information-filled video from Dubai! Another round of 11 HOT business questions answered that could help boost your businesses, skillsets, education, relationships and more!
Let's get into it!
Comment questions below for more content like this!
Check my last Q+A video here!
Welcome to Stripping Off with Matt Haycox
This isn’t your average business podcast. It’s where real entrepreneurs, celebs, and industry leaders strip back the polished PR, and get brutally honest about the journeys that made them.
Hosted by entrepreneur and investor Matt Haycox, Stripping Off dives into the raw, unfiltered realities behind success: the wins, the fuck-ups, the breakthroughs, and everything in between. No scripts. No sugar-coating. Just real talk from people who’ve lived it.
Whether you’re hustling to scale your business or just love a behind-the-scenes look at how people really make it, this podcast is your front-row seat to the truth behind the triumphs.
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Transcript
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