Principles for Successful Entrepreneurs – Brian Tracy

Principles for Successful Entrepreneurs – Brian Tracy

October 14, 2019 100 By Luis Garrison


♪ [music] ♪ – [David] Hello achievers, I’m
very glad to do a new video with my friend Brian Tracy. Hello Brian, again I am
very glad to a new video with you. – [Brian] [foreign language]. – I would love to know, according to you,
what makes a top entrepreneur? – Well, there’s lots of research recently
on the qualities of wealthy entrepreneurs. The first quality of all is hard work. The
85% of successful entrepreneurs say that the reason was because of hard work. The
second was because of self-discipline is they were able to discipline themselves to
work on their most important tasks all day. The third was persistence in the face
of resistance, difficulties, setback, failure, loss and so on. So if you took
those three, they would be 90% of success is first of all hard work, second of all
self-discipline, third of all persistence. – And let’s talk about discipline because
you are someone very disciplined, and it’s very inspiring. And a lot of people are
reading books about what they can do in the morning, what they can do to achieve
goals. But what are your triggers to be disciplined every day?
How do you do that? – Well, the starting point is to plan
every day in writing, on paper. If you do not have a written plan, then it will be
like driving on a slippery road. You’ll go all over the road. The second thing to
realize is there’s only three things you do each day that account for 90% of your
value. We call these the big three. Sometimes, I teach it as the law of three.
There are three activities that account for 90%. Everything else you do accounts
for 10% or less. So you have to ask yourself, “What are the three most
important things that I do in my work?” And then you have to discipline yourself
to start with the most important task and work on that task until it is complete.
And it’s a very simple principle, but it is the beginning, and
the middle and the end of success. Decide on your most important task, begin
immediately, and work on that task with self-discipline until it is 100% complete.
In life, it’s a very simple principle, but all success comes from completing tasks.
It’s not from working at tasks. It’s from completing tasks. It is only when you
complete tasks that you are successful. So then you have to ask what are the most
important tasks that I should complete? – And you do
that every day? – Every day. – So the tasks
can change every day. – Yes. And the rule is do not check your
email before 11 a.m. in the morning because if you
check your email… – You’ll have new ideas,
new projects to manage. – Yes. And it will be 5:00 or 6:00 o’clock
in the evening and you’re still checking your email. So the email should be used
very carefully because email is a great danger for distraction, and distraction is
the opposite of discipline. So the way that you control electronic
interruptions is you turn them off.
Turn off your computer. – TV, Skype, Facebook. – Turn them all off,
so that you can work on those activities that
generate the most revenue. – Okay just to
summarize to be sure to understand, you wake
up, and you wonder and you ask to yourself, “What are my three
main priorities?” I shut down everything TV, Skype, Facebook electronic
device to focus only in my three actions or
three projects until 11:00, right? – The most important key to success is to
start and complete one important task first thing in
the morning. If you… – Eat the frog. – Eat the frog. If you try to do many
things, you end up doing nothing. So you make a list of all your work before you
begin. And then you ask if I could only do one thing on this list which one activity
is the most important? And then you do that activity only that until it’s
complete. If you start every day by completing a task, you will
double and triple your productivity. – Okay, great. Some people will maybe
listen to us or watch us and say, “Okay, I have to be disciplined. I have to know
what are my three main priorities,” but they will not do that, and they will ask,
“I don’t know how to be disciplined. I know what I have to do, but I don’t know
how to find the motivation to do it.” – Yes. Well, that brings us back to our
discussion about goal setting is you have to have written goals as well for your
life. A recent study comparing rich people and poor people they find that 85% of rich
people have one big goal that they work on all the time. Only 3% of poor people have
goals. So you have to decide what is your biggest goal. If you’re in business,
usually your biggest goal is income, personal income, business income. So that
is your biggest goal. That’s clear. Then you say, “What are the activities that I
do to generate income, and of all of those right now which is the most important for
generating income?” And so entrepreneurs always think in terms
of revenue generation and what we
call value creation. There’s another interesting study that has
just come out, very good study. It says that there are three rules for success in
business. Number one always choose higher quality rather than lower-cost. Most
companies think the way to sell more is to lower the price. But the true reason for
success and, there’s years of research, is to improve the quality of your product.
The second rule is to focus on revenue generation rather than on the costs of
your business rather than on the price that things cost. Focus on revenue
generation. And rule number three is that there are no other rules. Two rules: focus
on quality and focus on revenues. And… – It’s what we do. You improve
the quality of what you say, what you do,
and what you give. – Yes. You improve the quality of your
product. There was a study of the 500 fastest growing companies in the world
that came out last year. And they found the number one place where they invested
was improving the quality of the product that if you had a certain amount of money
to invest in your business, it was not on advertising, or machinery or
computers to improve the quality. That’s the
key to success. – As a speaker, teacher,
and writer, how do you improve the quality
of what you are doing? – Well, in my estimation, if I am
successful, people will listen to me and take actions that are different from
before, and they will get better results. – Yes. – So therefore, my job is to study and
research so that I can give people the best ideas that they can use immediately
to get better results. And so, I continue to research on every subject and sometimes
I find a new idea that someone has learned that’s better than an old idea.
So I will change that. – So you are updating
every day, your main sites… – The reason people come to a seminar, you
always say that a product has two goals. It has a problem to solve or a job to do.
So people hire a speaker to do a job. In other words, like you hire a carpenter, or
a cleaner or someone, a painter, to do a job, all right? They hire the speaker, or
they read the book, or they listen to the audio because they want it to do a job.
And they’re hiring this speaker or audio or book to do a job. So the question you
ask is what job does this person want me to do for them? Now, it may be
entertainment like going to a movie maybe socializing like going to a restaurant.
Okay, but what is it? What is the job? And you say, “Well, people want to increase
their sales and profitability in their business.” that’s very simple. So say then
my job is to help them increase their sales and profitability immediately
as a result of my seminar. So some people will do a seminar and they
will spend the entire time telling stories about themselves. Well, that does not do
the job. That does not help people increase their sales and profitability. It
may be entertaining, but it does not fulfill the commitment. It does not do the
job. So the other question is what is the problem to be solved? And in all
businesses, if we’re talking about businesses, the one major problem is low
sales. Sales are too low, all right? So what is the solution to low sales? The
solution is high sales. So therefore, the problem to be solved is to help people
operate their business to increase their sales or to
increase their profitability. – I see. It’s great answer. I love that.
I would like to talk with you about something. There is lot of book of about
the power of the why. For example, we have Simon Sinek who talked a lot about the
why. I would love to know two things, what is your “why” if you have one, and if you
have, how did you find it? And also, how people can
find their own “why”. – Well, the whole purpose of the business,
mission, purpose, goal, strategy, in my estimation, is to help people is to help
people achieve something or accomplish something that they could not achieve or
accomplish without your help. So that’s the “why”. And for me the “why” is very
simple. When I was young, I was poor, and I had no education and no money. And then
I discovered continuous learning, personal development. I found you can learn
anything that you need to learn to be successful in that area. You could learn
to do brain surgery if that was important to you. You could learn to repair an
expensive automobile. You could learn to prepare a dish in the kitchen. You can
learn anything. You can learn all business skills. You can learn all sales skills.
When I discovered this, I still remember, I couldn’t believe it because it meant
that my potential was unlimited. And the more you learn because of the way your
brain works, the stronger it becomes, so you can learn more
faster. It’s like a muscle. If you make your
muscles strong, you… – You can do more
in less of time. – Yes. And so I practiced it myself and
changed my life within one year. So then I began to tell other people this is how it
works. And they took the ideas, and they changed their lives. And so I began to
teach and tell people these ideas. And then I realized I needed to learn more. So
I spent thousands of hours reading and studying and going to seminars. I took
4,000 hours at the university to get an MBA degree. I took hundreds of hours of
audio program maybe thousands. – To train yourself. – To learn new ideas, to help people
achieve success faster than they ever would because I had that experience. I
wanted everyone else to have that experience. Even when I’m talking to you
now you can see this is my passion because I want to help
people to be successful faster. – Yes. So do you think people can find
their “why” in looking at their struggles? – Yes. But what you have to ask is if you
had all the money in the world, if you were rich but you had to do something you
still had to work, you could not go on vacation, what would
you choose to do? What would you like
to do if you had all the money? And you ask that question you think
well, if I had all the money, then I would like to do this. You know I spoke to one
man who became wealthy, and he wanted to build schools in India
for poor people. That’s what he wanted to do. He’s
built now 42 schools. – Wow, great. – I know two close friends of mine who
were very successful and they wanted to build hospitals in Uganda. They saw
something on television, and they visited Uganda, and they realized there was a big
need. So now, they come back here and they work, and they raise money, and they go
back every year and they build a new hospital in Uganda. It is something that
pulls you is you want to do it. And so ask yourself, “If I had all the money what
would I want to do?” And then another thing you can ask is, “What if you only
had 5 years left to live or 10 years? You say, “If I only had a short time left to
live, what would I want to leave behind? What would I want to leave behind? What
would I want people to say about me?” – It’s helping to focus on the
true of what you have inside. – Here’s a very important story. They
studied the 500 owners of the fastest growing businesses in the world, and they
asked them, “Why did you choose this business?” And all of them said, “I choose
this business because I really loved the product. I wanted the product for myself,
and so I developed it for myself,” like the founder of eBay was looking for a way
to sell his candy dispensers. He had a collection, and there wasn’t anything. So
he created a little auction site on the internet at the beginning. And then he
found he could sell other things in an auction. They built eBay, one of the most
successful companies in the world. But he started it because he wanted it for
himself. So you’ll always be successful, if you create the product or
service because it is something that you want and
believe in for yourself. – You have a burning desire to buy it. So
you have a burning desire to sell it. – Yes. Well, there’s a great story. One
company that grew the fastest in this study of fast-growing companies grew
42,000% in three years, 42,000%. That’s 4,200 times in three years. Well, what was
the product? The product was an iPad that was especially programmed for children to
do their homework. And they put the children’s programs from television onto
the iPad, and they put the homework from the school on the iPad. So if the child
did the homework, they could watch TV program. When they’d do more homework,
they’d watch more TV programs. – It’s cool. – So children became motivated to do their
homework. And all their children, this little family, two or three families, got
straight A’s in school. Grades went straight up always did their homework and
always…so the other parents said, “Why do your children get such good grades?”
They said, “Because of this little program we developed for our iPad,” and they said,
“Can we have that?” They said, “Yes.” And they began to tell other people. They grew
4,200%. Everybody wanted this iPad program to help their children
to get good grades at school. – Wow. – And you
think, of course… – They fulfill
a need and… – Yes. They solve a problem. They
achieve a goal. They fulfill a need. – Great. You have so many studies. I don’t
know. Where do you find all your studies? Because it’s a great way
to illustrate your ideas. Where do you
find your studies? – I read two to three
hours each day. I read… – Morning?
When do you read? – I read all the time whenever I have time
to read like, for example, next week I will fly to Georgia in Southern Russia all
right? The flight will be 15 hours. I will have to sleep of course, but I will
probably read eight hours on that flight. I will take books, and I have books on my
iPad. And I have magazines, business magazines, and I will read and take out
pages and read. So I will get 8 hours, or 9 hours or 10 hours. And then flying back,
I will get another 8 hours, or 9 hours or 10 hours of reading. But each day I read
at least two hours each day just in the city a little in the morning, a little in
the day, a little in the evening continually reading. It’s very much like
eating. You cannot eat your whole day in one meal.
You have to eat… – Your week
in one day. – Yes. And people think well, I will wait
until the weekend and then I will read all my books and magazines. No, you have to
read a little at a time. And the key to learning, by the way, it’s very
interesting. In music, all the music that you hear is the pauses between the sounds
bom bom bom bom. It’s not the notes. It’s the pause bom bom bom-bom. So in learning,
it’s the pause between taking in the information. If I say to you, “The very
best place to invest in your business is to improve the quality of your business,”
pause, you have to think about that. That is a good idea. That’s a very good idea.
The second place that you can invest is to improve your marketing, quality and then
marketing. And so in other words, you have to take time to think about what you’re
learning while you are learning it. Other than that, it’s like having a hose with
water in your mouth just non-stop. You cannot learn anything
unless you slow down, pause, think. – Digest everything. – Digest it, yes.
Just like eating a nice dinner, you’d have to chew, and
digest and take time. – And another question I would love to
know at the end of your life, let’s imagine this is the last day. When you
will look back to your life, what would be the three things you
will be most proud of? – Well, number one is my family. I have
four children, and two of them are married, and the others will be married.
I have grandchildren, five grandchildren and, of course, my wife. But
my family has always been healthy and always has been happy and has had a good
life. So that to me is more important than everything else. I would say number two
which is way down below I would like to say that I helped a lot of
people to be more successful faster. – Me too but
you help me. – Yeah. But probably the third thing is
that I would want people to say that Brian Tracy was a
good man. That’s all. – And what is
a good man for you? – Pardon. – What is a
good man for you? – A loyal friend, a person who always
tells the truth, who is a loyal friend, who is helpful, who always supports their
friends. You can always count or depend upon him for anything. I have,
like you’re here, doing an interview, you know
that I am very busy. – I know that. – I came out of my studio this morning.
I’m going into another meeting very soon. But I have a rule that if with my friends,
and you’re my friend, whatever you ask the answer is yes. [foreign language] It’s
always yes. [foreign language] – How do you maintain the relationship?
What do you do? Yes, because it’s something for me not easy everyday because
I meet amazing people, and sometimes, I’m saying, “Oh, I’m not giving news to Brian, for example, and I want to. So how
do you manage that? – Well, if you can imagine the pistons in
an engine, they’re always going up and down. So let’s say you have an automobile
engine with eight Pistons. It is the same as your priorities. They’re constantly
different. They change. One goes up, one goes down, and go up. This happens all the
time with your life, with my life. There’s no simple explanation. It’s always
changing and sometimes every hour. So you have to just keep setting priorities. What
is the most important now? For example when my children would come to speak to me
when I was working, I would always stop everything. My wife wants to speak to me I
stop all work because they are more important. And now my grandchildren come
to see me when I’m working, I stop everything to pay attention to my
grandchildren. My top priority is always the people in my life. So whatever is
happening, people always go number one. – And how old is your
grandchildren? How old is he? – My granddaughter
is three. – Three. She is three years old. Let’s
imagine that she’s coming now, and she speaks to you and that she wants to play
with you. How long time you will take with her before to say, “Okay, now it’s the
time to come back to work.” – Usually my grandchildren have very short
attention. So it doesn’t take very long only a few minutes two or
three minutes maybe five minutes. And then they want
to go and do something else. – Okay. So you take the time
to pay attention, but then you come back to
what you were doing. – Pistons chain. – How do you do to create true
relationship to be authentic with people. Yes, what is your point
of view about that? – Well, again, I am working a lot in the
subject of business model reinvention, business model innovation. A business
model has about 10 different parts, and they’re very much like the pistons in an
engine. And the most important part of a successful business is happy customers.
And so therefore, everything must be secondary to happy customers. So the
primary job of a business is to create new customers to make more sales. The second
job is to make those customers happy, and so whatever else is always secondary. So
if you have a customer, the customer is now top priority,
making the customer happy so that the customer
returns and buys from you again. That’s the most important thing
of all. That’s the heartbeat. Paperwork, computers, emails, are all secondary. The
customer comes first. Now, how do we know that this is true? Is all successful
companies put the customer first. And unsuccessful companies think the
customers like too much trouble or the customer always asking for too much. And
so they think that their work in their company is important. But the rule is that
there is no results inside the business. There are no results inside the business.
All the results are outside the business with the customers. So the reason that you
plan strategy and organize is so that you can focus on the most important things you
can do to make your customers happy. Everything else is secondary. Some human
beings get along well together and some do not, and this is just a fact of life. Just
like when a man meets a woman sometimes there is a connection sometimes no
connection. It’s the same with customers. Sometimes the customer likes you.
Sometimes the customer is neutral. You cannot change that. So the
key is to create as many opportunities to meet as
many new customers as possible. – How many employees
do you have today? – About 22. – How do you do to find the
people who will understand the mission and
the purpose of your company? – It’s like finding someone to marry. You
have to talk to a lot of people. The best thing and I teach an entire seminar
program on hiring the best people. But a simple way is to make a list of everything
that you would like in the perfect person [foreign language].
What would be the… – The perfect one. – And then when you meet people, compare
against your ideas. Writing these ideas down will improve your ability to hire
good people by two or three or five times. You make much better choices.
You recognize good people. – You mean in an
interview or you mean… – Yes, in an interview. Just write
everything down, and so you are clear in your mind what
you’re looking for. – Okay, do you have
a personal assistant? – Yes. – And how did
you find her? – First of all, I have a lot of experience
with personal assistants. And I was very clear about what I wanted a personal
assistant to be able to do and what previous experience she had. So when we
found this personal assistant she was perfect. She fitted the list
based on experience and knowledge. – And did you find her in posting
job research on websites? – Probably. I don’t do that myself. I have
my other people who will do that work and then I will make
the final decision. – Okay. So at the end,
you delegate these things. Okay, a last question how to
become an international speaker? – Well, the reason that I became an
international speaker was because I had produced several video training programs
that I distributed overseas in foreign languages. And as a result, the companies
who attended the video training said we would like to bring him to Germany, and
then to Poland, and then to Italy. The second way is that I wrote books. The
major reason why I am so popular overseas is because of my books, and
I write four books each year. – If you have to advise
one now for entrepreneurs what could be the one
they have to read it now? – One book? – Yes, one book. – I cannot answer because
I have 70 books, and you have to ask what subject it
would be most important. – Business developments,
Business traditions. – Business development,
then you would read my book “The Way
to Wealth”, which is one of the best books ever done on business
success. And it takes you through each step practically of what you need to do to
build any business. If you wanted to learn to sell, then you would read one of my
books on “The Psychology of Selling” or “The Art of Closing the Sale.” If you want
to manage your time better, you’d read one of my time management books. So the
question is when you say, “What restaurant should you go to?” it depends upon your
appetite or tonight I feel like this kind of food. Well, it depends upon the subject
that can help you the most at this time. – I see. Do you want to say
something to French people? – Yes. Well, the word entrepreneur
[foreign language]. The future, [foreign language], is dependent [foreign language]
and these are people who take risks to create new products and services and
businesses. And they determine the whole future of France and fortunately,
entrepreneurship is learnable. You can learn to become an excellent
businessperson and then you can accomplish any financial goal you
can set for yourself. – Cool, a lot of people, entrepreneurs,
are looking for their pitch, the way to introduce them. Let’s imagine that they
want to speak about you. According to you, what is the best way to introduce you?
What they have to say. Brian is…let’s imagine that you
talk about Brian Tracy. – I would say that Brian Tracy is the most
helpful professional speaker and seminar leader in the world today. What people say
about me is they say that you’ll learn more practical ideas in a seminar with me
than with any other speaker in the world, and that has been my goal for many years.
And now millions of people say those words that if you want to learn a
lot of good ideas, Brian has more ideas on any
subject than anybody else. – Good. A good way to introduce
you. I will use…I will repeat that and learn it.
Thank you very much. – Thank you. [foreign language] ♪ [music] ♪