Millionaire Entrepreneur- 3 Core Competencies


If you and I were to take every single millionaire,
billionaire, wealthy people that we know and put them in one room, now obviously this would
be a good-sized room there – you would generally be able to put all of these successful people
in three core competencies. You would say, this dude’s strength is here,
this girl’s strength is here, this partnership’s strength is here. That’s how they made their wealth. So let me explain to you what those three
core competencies are. #1 is somebody who is extremely technically
sound. Let me explain to you what I mean by somebody
that’s extremely technically sound. They know coding, they know laws, they know
laws about real estate, they know laws about, you know, investments, they know stocks, they
know charts, they know how to read charts. They know how to read trends. They know how to look at something there and
they figure out certain things that you may not even be paying attention to because you’re
not the guy that’s extremely technically sound. They can look at a certain, you know, projection
on an investment on a company and they’ll say, [snap] no, [snap] yes, what’s going on,
this is a value-based company. Let’s buy it. Let’s build it. Let’s re-engineer it. Let’s bring a new executive team. Their brain is wired in a completely different
way because they’re technically sound. #2 – The second type of competency that we’re
talking about is leadership. Now, what is leadership? Sometimes the guy that’s very technical is
horrible about the leadership side. And sometimes the guy that does good at leadership
may be horrible on the technical side. Leadership is somebody who looks from the
outside and says, you know what, we need to bring that person here and bring this person
here, and this department needs to be here, and this person’s going to be driving this
part here. We need this department on this side here. I’m going to be able to bring that guy here. Let me try to recruit this other talent to
come here. Because they know how to lead an army. They know how to lead a team. They know how to put a strong team together. And the last one, the third one I’m going
to tell you about on the core competencies is not technical, it’s not leadership. It’s strategic. Strategic competency is people who know how
to put deals together. They look at it and say, “I want to take 25%
of this here on this real estate deal and let’s bring this person in with the money,
and let’s create this partnership here, and if we sell it by this time, we’ll be able
to sell it at . . . they’re all strategy. It’s slightly different than leadership. Strategic is slightly different than leadership
because leadership is more people. You’re very good with people. You’re very good at driving people. Strategy has to do with timing, partnerships,
you know, teaming up with somebody, the enemy, the competition, when we take them out, when
we announce the comp, when we announce the launch when we announce the initiative. That’s strategy. Very, very different. And by the way, if you can find yourself in
a situation on a team where there’s the technical, there’s a leader, and there’s the strategic,
you put that together, now you’re talking about a powerhouse team that can be built. But my message to you is very simple. Here’s what my message to you is. You’re not going to be able to do all three
of them. No one’s going to be all three. Now you may say, we’ll this person was good
at all three of them, that person. . . Everybody typically has one core that
they’re good at. And by the way, just because you may be watching
this saying oh, I’m very good at strategy, I’m very good at leadership, I’m very good
at technical with coding, that still doesn’t mean you’re going to be a millionaire. Because I don’t know your work ethic. I don’t know your fire. I don’t know your desire. I don’t know your willingness to get up and
get to work and go for years and, you know, handling pressure and all that other stuff. I’m assuming you’re willing to do that. I’m assuming you’re willing to do that. If you’re willing to do that, these are three
core competencies. One of them’s got to be yours, technical,
leadership, or strategic. And then from there, you’ll have a shot at
one day being a millionaire entrepreneur, yourself as well. Now if you’ve got any questions, comments,
thoughts, be sure to comment on the bottom. And if you haven’t subscribed to this channel,
be sure to subscribe to Valuetainment as well. Take care, everybody. Bye, bye.

100 Replies to “Millionaire Entrepreneur- 3 Core Competencies”

  1. For detailed notes for this video, visit http://www.patrickbetdavid.com/millionaire-core-competencies/

  2. Ahhh see I assumed I would be technical until I realised that the technical guys are actually the guys who were getting crazy grades back in college, and then you've got the natural born leaders who shine at that. I like to think of myself as strategic. obviously we cannot be the best at all three but I'm guessing there is room to grow in all of them.

  3. Which one of the following competency Patrick reserves?
    #Technical
    #Leadership
    #Strategic
    Also mention your own.

    tip-long replies will show his/her indirect competency…

  4. Awesome Awesome Awesome. Short and Sweet but fricking Awesome breakdown. btw. im Strat, iv always been strat, my partner is leadership. and ur right thr only thing holding me back right now is finding the Tech guy to complete the pyramid we building.

  5. Challenging to get your Three, however I see every Successful Organization with This Formula. Great Message Pat, Thank You!

  6. Wow I'm surprised I'm good at 2 of the three, and a couple of people close to me are better at strategy, so it's a good balance.

  7. You forgot perseverance. Check out Grit: The Power of of Passion and Perseverance by Angela Duckworth

  8. But Patrick what about if we aren't sure about our competencies? and also how can chose and build on one of them?

  9. Please grow-out a full beard. Oh, uh, wait… that may not be wise for you unfortunately, Pat. Due to… well, reasons.

  10. Can you invest in an app I've come with. My friends say it's a really good and potentially worth 1B. Im also 16 and open for business. #27

  11. I agree one cannot be good at all the three. however I hold an opinion that some people can be good at leadership as well as be strategic though u said they are two different things. What do you think about it Pat? Do you relate to this?

  12. Want low priced luxurious items? Well come right ahead to our online store—>MiloYolov.com. We pride our self's in selling the luxurious items at competitive prices!

  13. If god lets me take a wish that would come true, I would not ask for a billion dollars or cars and houses, I would wish an apprenticeship under you

  14. I'm the leadership and the strategist. I NEED a technical so bad. Problem is I'm too worried to share my vision for fear of giving away my plan. I see so much. I've game- planned so far ahead, but I'm basically at a stalemate in growth until I find my coder. I get a technical person all systems are a go.

  15. hey Patrick love your videos , keep uploading content and I would like to say , can you give my channel a shout out ?

  16. Notification Squad = COMPLETE LOSER. Watches videos and jerks off to the content. A loser who watches videos like these 10-15 or 20 times and doesn't have the brain power to learn anything. You guys are a bunch of morons LOL.

  17. hello patrick, love ur vids u inspire me so much. i used to hate reading but because of u i started loving it. i started to read "the law of success" as u suggested.plz make a video on how to find a defenite chief aim(purpose) in our life

  18. I think I am in a leader side. btw looking like a real man with moustache pat. grow some beard also.

  19. ■3 things rich people can have
    note may only be 1

    1technically(know stuff or smart)
    2leadership(good with people)
    3■strategic(people thaat know how to put deals together)all strategy

    all 3 together is power house

    hire people that can do other ones

  20. Thank you for the time and energy you put into all your videos ! Have you read the automatic customer? It was one of my favorite books i read last year could be good material for a video .

  21. That moustache was not as distracting as the room echo. 🙂 Thanks for the video! Question: can introverts excel in any of these areas, or is Leadership a bit unusual for them?

  22. I swear the trends on YouTube these day. A few days ago everyone is like 'SQUAD SQUAD SQUAD!!' And now a few videos ago this guy comes along knowing nothing about being a squad and how it makes everyone want to be first. He says 'This is so childish, stop with theses stupid squad comments.' And guess what?? That one guy had to power to change everyone else's naive minds and make them hate being a squad. If you want to be in Valuetainment, be a squad. Be proud of yourself for being first to watch. Because that way you will incorporate competition in your life and also learn the concepts first. Don't believe those stupid people who visit random channels and say random things.

  23. It's ridicoulous, as soon as I hear your voice I become motivated, no matter what you're talking about! Thank you for that!

  24. Mr. Bet-David, why are the videos getting shorter and shorter? if the portion is going to change please change it in the more direction 🙂

  25. pat, would you please give me a piece of advice, I am very confused, this is my first year in university, and I am studying physical therapy, I have chosen physical therapy because I realy like it, but in fact I can't see myself after 10 years as a physiotherapist, when I imagine myself after 10 years I see myself as very successful entrepreneur, 30 year old millionaire, business man, but not a physiotherapist, should I stop studying physical therapy, and apply to a business school? or should I stay in physical therapy( where there is more social safety as many people think) and study business beside my university course.

  26. Hey Pat,
    Me and My team needs your guidance on ADVERTISING our product in MARKET so can we see you that on VIDEO ON ADVERTISING your products in Market.

  27. Very helpful and useful! I do suffer from being a master of all trades but owner of none! How can I pick my strongest? Help PBD!

  28. Your video is a must-watch for all prospective, young, talented entrepreneurs to get a gist of just how critical it is to create a winning team of people with these three core competencies. And yes, strong work ethic with other criteria you've mentioned towards the end of the video are just as important.

  29. Just cos some people are hurt by it… NOTIFICATION SQUAD!!! Pat I have to say Valuetainment may get to a million subs before the end of the year, trolls are a good sign it's getting noticed😁😀

  30. Pat, question: I usually work for a store business owner as a cashier but recently started working on his company's website as a freelance web developer. He offered me a raise and more money, however I was thinking of asking for mentorship and business advice instead of the $per h raise. What would you do?

  31. Can you make a video about BUSINESS MODEL and how to create one ? Business model (Customer segments, Customer relationships, Value propositions, Key Resources, Cost Structures, Key Partnerships, Revenue Streams, Channels, Key Activities). I cant find any video about that and i think it is important how to translate GOOD idea into a GREAT product !!!

    I would ask at least a reply about this message from Valuetainment. Thank you.

  32. The only reason you people are listening to him is because he is successful. Stop giving him bs about his moustache. He's trying to make us better and become successful and all you people do is notice his moustache. His appearance is his own personal choice. You keep rocking Patrick.

  33. Pat can you start having entrepreneur get togethers at your house like Tai does? That would be amazing!

  34. Hello Mr. Bet David can you and the team put together How to deliver bad news, damage control, business mistakes. Thank you for all you do.

  35. Great Video!! Love the mustache which matches the beautiful Rolls Royce!! Enjoy this BEAST!
    Looking good Patrick!! 😉

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