Tai Lopez is an Entrepreneur, Investor, and Author with a net worth over $50.000.000!
Among other businesses, Tai also teaches business topics through his programs:
- The 67 Steps
- The Accelerator /Money, Entrepreneur, Persuasion)
- Traveling CEO
- The Real-Estate Program
- Social Media Marketing Agency
Table of Contents
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The Accelerator Entrepreneur Overview
The fast way to know who your friend is and who are your acquaintances is to ask all of them that you have to borrow money.
People who make more than $150,000/year are mostly entrepreneurs – that’s where prosperity starts (if you ignore people who inherited their money – you can’t really change that.)
An average doctor makes $113,000/year.
Again it will take you at least 67 days to reframe your brain and to change – stay as consistent as you can, watch 1 video per day.
Almost no one takes his idea and puts it into action. Even in the United States – if you make $400,000 or more, you are in the top 1% of earners, that tells you that only a few people make it.
Remake the world in your own image – focus on making your own life better, but at the same time you want to be a social entrepreneur meaning that you pay attention to society and the quality of life that the majority lives in – the world doesn’t need another Fast-food restaurant chain.
Even one of Tai Lopez’s friends who is very open to letting you know that he only cares about himself wants the society to be good because then there are fewer chances that somebody will rob him, the more he contributes, the more likely it is that someone will come up with some kind of a cure that might save his life one day.
This course is good, but you have to put in the work. The more you put in, the more you get out.
Sigmund Freud said that in life you have to get two things right to be happy – work and love.
50% of marriages break up, and the main issue is money.
#1 What brings you to the place right now that gets you motivated to even pursue this entrepreneurial vision? (Tai Lopez hated the corporate game, 9-5 and carrying suits.)
#2 How do you define winning? (Tai’s definition is not knowing which day it is because it doesn’t matter whether it’s Monday or Friday, he also wants multiple places to live in and if he’s winning, nobody has control over him, if he doesn’t like someone, he doesn’t have to look at him EVER again.)
#3 How are you going to hold yourself accountable to go through this program and do it every day?
Optimizing for The Good Life with Mark Cuban
If you want to know how to succeed, first of all, make a list of things that will guarantee your failure. Mark Cuban did a lot of things well – he was focused, had an amazing work ethic and knew how to sell.
If he went back, he would listen more to other people – his quote was “ready, fire, aim” which means that there was no aiming when he was working hard.
He reads a lot to learn from other people’s mistake, but he HATES wasting time, that’s why he doesn’t want to play golf with potential business partners or doesn’t like to go to lunch.
Mark is learning about virtual reality and he it’s going to shape his life for example with his Basketball Club Dallas Mavericks because if you don’t learn, someone else will and he will beat you.
Mark Cuban doesn’t want to sell – it’s built to last.
Dallas Mavericks basketball arena is the only one that has microphones right under the rims, so you can hear the sound of the ball better. He doesn’t chase money anymore, that’s how he relaxes – watching basketball.
“Today is the youngest you will ever going to be – act like it!”
Mark also raised the salary of his employees – he doesn’t really need more money.
#1 Is your current business built around taking care of your employees?
#2 Are you building a business to sell it or are you doing it for the long run?
#3 What’s the root cause of one of your failures? Analyze it.
How to Know What Business to be In
First of all – watch the videos from the other courses, Tai Lopez won’t repeat that part.
The money part and 67 Steps.
There was a plane that crashed and a lot of engineers survived but were trapped in a jungle. They found machetes and understood the tactics – they knew how to sharpen them.
They started chopping away and going through the jungle, but luckily there was one person that understood strategies.
He climbed the tallest tree and looked around – he realized that the engineers with machetes that were very good at chopping were going the wrong way, the village was in the other direction.
He yelled, “Hey guys, you are doing great, but you are going the wrong way.”
When Alan Nation told Tai Lopez that story, he said that the people with machetes always hate the person that climbs the tree, because the person that knows strategies brings you back to reality and sometimes shows you that you got very good at the wrong thing.
Joel Salatin said that one of the worst things that can happen is you becoming very good at the wrong thing.
Remember – you can only build on strength. If you are short, don’t pursue basketball.
Even people who are the best in the world at something would be average at something else and the purpose of going through this programs is to cut down your learning curve, not making the same mistakes as other people did.
You must differentiate between Industries and Products.
Once you understand what your strengths are and then have a broad idea of where you will go. You don’t have to be extremely specific right from the start, you will improve as the time goes by.
Similarly, Kevin Systrom, the founder of Instagram started Instagram as a contact App and then developed It to be something different.
Now he sold it for 1 Billion dollars, here is what Tai Lopez was talking about when Kevin Systrom was interviewed when he sold Instagram.
The point here is that when he figured out that Contact App didn’t have a lot of potentials, he didn’t try to become a movie star or go into real-estate, he stayed inside the industry that he chose.
Steve Jobs worked at Atari which created video games, then he started Apple which is still in the technology industry – Ipad, Iphone, Apple watches, iMac… everything is connected to technology.
Don’t switch the industry lightly!
Tai’s niche is the knowledge niche (not education, but similar.) Even when Tai Lopez tries to go outside of that industry, he usually doesn’t do that well!
Warren Buffett and Charlie Munger call this the circle of competence. People overestimate how big that circle is, they think they are good at a lot of things – realize that you do NOT have infinite choices like you think you do.
If Tai Lopez would go into hotel chain business he would be starting from scratch – Malcolm Gladwell talks about this, it’s also described in the book Bounce by Matthew Syed.
It will take people more than 10,000 hours to master something, that’s a lot of time!
You can switch the industry if you are comfortable with putting that much time to master something. That translates into somewhere between 7-15 years!
You can’t apply your life knowledge to another industry that well.
People who are great in one industry assume that they will be good at another and they are often horribly wrong.
Google is arguably the best company in the world that has the smartest people. They are great in terms of search engines, but when they decided they were going to compete with Facebook, they failed! They had hundreds of Ph.D’s, Billions of dollars – Google created Google+ and didn’t do that well.
It’s not their competitor.
Most companies have only 1 or 2 innovations. If Google couldn’t jump industries with all of their knowledge and money, don’t be so arrogant that you think you can do it.
People make money doing just one thing – and even real-estate is too broad, some people specialize themselves in building skyscrapers, some just make money in one area of real-estate…
Tai’s knowledge products are condensed so people don’t have to spend 5 years mastering it. He’s focusing just on online education.
Pick your industry in Government Industry List. Pick one and turn it into your circle of competence.
This is the most important thing that you will do – never forget that strategy beats tactics and techniques.
#1 What is an example when you have been working outside of your circle of competence? How successful were you?
#2 Do you think you are currently working inside that circle of competence? Why?
#3 What is your hypothesis of what your circle of competence is?
How To Build A High-end Business With Tim Grover
Tim Grover is the best trainer in the world and has a successful business – read his book Relentless or listen to Tai Lopez Talk on Relentless.
He was fortunate enough to have worked with 4 of the top basketball players of their time: Michael Jordan, Scotie Pippin, Charles Barkley and Kobe Bryant
You can have an unlimited vision, but you always start small.
Jack Welch wanted to have a business that was either #1 or #2, he sold all of the other ones! Being a legend isn’t enough, these people want to become an icon!
The day you stop thinking that you know it all is the day that you will actually learn something.
Sometimes you might have to wrestle with pigs in the mud before you can take down that elephant. When Tim Grover was starting out, they told him he is going to be a gym teacher because nobody trained professional athletes the way he wanted to – but he made it happen.
Before he was training these athletes, he was trying moms with 2 children, mediocre basketball players… he took all the steps even though he didn’t want to take them.
People who don’t believe in you will fill up your dark side even more because you will want to prove them wrong, so be thankful for them, perhaps you couldn’t find enough motivation to do it without them.
Being the first at something is unbelievable, and if you are not going to be, somebody else will.
Michael Jordan was Tim’s first professional client, but he has been studying him, observing him, and analyzing him. When the opportunity was presented, he was ready! That’s how you can walk into any situation. He let him decide the price the value of his work.
Too many individuals do too many things – do what you do, and do it better than anybody else!
You have people doing 100 things – they are an expert of being busy with 100 things, nothing more because nothing gets done! Focus on one thing, you can’t play basketball, piano and clean pools for a living (at least not on a professional level.)
Once you find your niche, stick to it. When it no longer feels you, try to find something else for you to do.
Jordan opened up his brand after he stopped playing basketball professionally and became the first billionaire athlete.
Kobe Bryant, Dwayne Wade – same thing. They know their NBA career is coming to an end, but the competitive career is endless, limitless! They will keep going in business, they don’t want to stop working.
#1 What’s an example where you have been too arrogant to start small? (you have to be willing to start wherever possible just like Tim.)
#2 Have you started creative pricing? (with some of the most important clients – like Michael was.)
#3 What’s an example where you were too broad as an entrepreneur and how can you keep it focused on becoming an icon with what you do?