MBA2003 Must Read: Your Next Five Moves by Patrick Bet-David

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Hey O welcome to the $100 MBA Show. Daily Business Lessons delivered on a silver plat every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zedhome. I'm also the co founder of Webinar Ninja, an independent software company. I started with my co founder back in 2014 and today's episode is a must read episode on our Must Read Episodes. I share with you a book that I've read that has influenced me as an entrepreneur. I share with you its takeaways, its insights and why you should read it too. Today's must Read is your Next five Moves by Patrick Bet David. Patrick Bet David is an entrepreneur and investor that's known in the business space. While growing up, his family escaped war torn Iraq and became refugees in Germany before immigrating to the United States many years later. In the U.S. patrick started his own financial services and life insurance firm, PHP Agency, which has grown to 12,000 agents in 49 states. He founded and hosts a YouTube channel that's incredibly popular called Valuetainment, where he's interviewed some big names like Kobe Bryant, Robert Kiyosaki, Ray Dalio, Kevin Hart and more. But my favorite work of his is actually this book, your Next Five Moves, which is a very, very interesting book on the way to look at you and your journey as an entrepreneur. He says in the book, to become a grandmaster at chess, you have to see several moves ahead. In a similar vein, to excel in business and become a strategist, you need to think big. In his opinion, five moves ahead at all times. In today's Must Read, we're gonna discuss what are these five moves and why are they so important? I'll also share a few of my favorite insights from the book as well as why you should read it too. So let's get into it.

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To get started on today's must, read your next five moves. You might be wondering, especially if you're like an overachiever, why only five moves ahead? Why not 10? Why not 20 moves? Well, in the book he explains there are two reasons. First, five moves is a sweet spot between thoughtful strategy and swift action. Staying flexible thinking too many moves ahead can lead to sort of like working on the strategy or the analysis over action. The second reason is that on a big picture level, there are five moves you need to master to succeed in business, according to Patrick Bed David. And by the time we get through all these five moves and you've learned them not just in today's lesson but in the actual book when you read it, you'll have everything you need to achieve the type of success you're looking for in business. So let's get into these moves. Move number one and it's Master knowing yourself. Now, self awareness is not really synonymous with the business world a lot because a lot of people think that in order to be successful in business you have to be some sort of overly confident, delusional person. But it's actually quite the opposite. You really need to know what you're really good at and what you're not so good at so that you can shore up those areas with some hires and allows you to double down on what you believe is your strengths. Just focus on that. Additionally, you want to just really make it crystal clear on what you want out of business. Once you know exactly what you want, where you want to be, which direction you should take will become the easy part. Move number two Master the ability to reason. In this move, it's basically the skill of how to process problems issues. Having a methodology for making decisions is really what he's talking about here. When you have a problem, when you need to make a decision, what's your process? No decision is ever clear cut, black or white. Mostly in business you're living in the gray area and that's what he's kind of stressing here. You got to learn to see the shades of gray in business and by doing that it will help you move forward decisively even in the face of uncertainty, even when you're not really sure if this is the best move but you're going to be using a methodology to help you get there so that you say, hey, I just stick to that methodology. Move number three, Master building the right team. This one is huge. You need to build the right team around you. It's vital to your success, it's vital to your business. But in order for you to do that, you need to understand the people around you. You need to know how to understand people. You need to know how to help people improve and find themselves. That way, you can build a team that can help you grow. See, the stronger your team is, the stronger your businesses. In this chapter, he discusses asking the right questions, challenging your people to understand themselves, you know, to discover themselves and what they want to get out of this job and this opportunity working for you, and of course, building trust with your teammates. Move number four, master your strategy to scale. Ideally, you want to build a business that's beyond yourself, something that doesn't actually require your time. This will allow you to have exponential growth. This may include learning how to raise capital, how to invest the money that you get, how to create systems which allow you to gain momentum and traction. Tracking your results and consistently measuring the key parts of your business are really important. So that way you know what's working and what's not and that you can double down on what's working. Move number five, Master making power plays. Everyone wants to be the leader in their industry or they want to beat the leader in the industry. He talks about how you can control the narrative of your business, how to leverage social media productively so that you're not wasting time to frame your story, to be able to create brand awareness and always stay a few moves ahead. He gives examples of what these power plays look like, where you really take on the competition in a big way with minimal effort and resources. So those are the five moves to recap. Move number one, Master knowing yourself. Move number two, Master the ability to reason. Move number three, Master building the right team. Move number four, master your strategy to scale. And move number five, Master making power plays. Now, I want to give you my biggest takeaways from this book. I like the way he laid out this book in these five moves and understanding what's important for you to develop as an entrepreneur to build the business you want. But throughout the book, he's reinforcing how important it is to get into the habit of thinking five moves ahead in everything you do in business. So say, for example, you decide to do a new marketing campaign. Well, you got to think what happens if this marketing Plan works, what's the next move to that? What are you going to do after that? That, that, that. And you kind of understand, okay, I can't just think about the immediate results. I got to think about what I'm going to do with those results. How am I going to leverage that later? So you're seeing things bigger. You're seeing things as a big picture, as a long term kind of thing. And it's not really hard to do that when you're just looking at your to dos and just working away at just chipping away at the things that you have to do your little tasks. Sometimes you got to stop and say, okay, what does this lead to? Each of these moves? What does it lead to in terms of five steps ahead? Because sometimes you might be doing things that are leading towards things that are not supporting your big goals and taking a few minutes to just play it out five moves ahead. It kind of gives you some pause and thinks, okay, maybe I need to focus on something else or work on something else or spend my resources in a different way. One of the things that he shares in the book that I also thought was quite interesting, he said 80% of players in all industries will be actors and only 20% will be doers. The key to positioning yourself firmly in the doer's camp is to continually invest in learning and growth. Invest in yourself is what he says. And this is really a great, great takeaway where it's like the people that you know, that have been basically role models, people that are leaders in their area, they're constantly reinventing themselves, they're constantly improving, they're getting better. I mentioned the late Kobe Bryant. You know, Patrick David is the author of this book, interviewed him and you know, Kobe is a good example of somebody who was constantly improving and was one of those 20% of doers. Whether it was in his career in the NBA, you see his progression of getting better and changing his game and becoming a champion, becoming an mvp, all that stuff, right? But then even when he retired from the game, he reinvented himself, he became a storyteller, he became a thought leader, he became a very interesting in depth analysis and strategy coach when it comes to basketball. He, by the way, won an Oscar for a piece that he worked on after becoming a successful basketball player after retiring, constantly improving and growing and reinventing himself. And I think this is very inspirational. We should always look at that. Am I the same person I was a year ago, two years ago, five years ago? We should see some changes.

Okay, does this happen to anybody else. You sit down with a juicy cute PC, some McNuggets and those golden fries from McDonald's. Then you take a long sip of your Sprite because you can still hear your mama saying don't fill up on that drink before you eat your food. But you're grown now, so you do what you want.

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To wrap up today's Must Read episode. Your Next Five Moves by Patrick Bet David this is a solid read. Even though this book is kind of pitched to, I would say beginner to intermediate entrepreneurs, people that maybe have been in business or started a business for a few years, I found it very valuable. Somebody who's run businesses for over 20 years. The fundamentals are great in this book. They're great reminders. They're also a lot of little nuggets about how he runs his own business and how he started his own enterprise I thought I found very useful. He gives a fresh perspective and it's a quite easy, fast read. To be honest with you, I got through this book in just a few days. If you're feeling overwhelmed, if you're feeling like I gotta do a million things to be successful in my business, then this book is a good one because it just reminds you, hey, this is what's important. These are the things you need to focus on. If you get these right, you're going to be alright. Thank you so much for listening to the $100 NBA show. I highly recommend you pick up this must read book, you Next Five Moves by Patrick Bet David. If you love what you hear, hit subscribe or follow on your favorite podcast app so you don't miss an episode. Before I go, I want to leave you with this. I've heard about Patrick Bet David before I read this book. I saw his videos on YouTube. I've seen him in interviews and he's a bit of a larger than life character. Maybe some people might call him a bit bombastic or even overconfident. And if I'm being totally honest, I might have had some preconceived notions. But I challenged myself and said, hey, he's built something pretty incredible on YouTube. He's built an incredible business. He's interviewed some incredible minds. There's gotta be something to this guy. So if he wrote this book, it might be worth a read. And I'm glad that I made that decision because I was pleasantly surprised. And sometimes you just gotta challenge your preconceived notions or your maybe prejudices based on somebody's style on YouTube or on the Internet. You don't have to agree with everybody. You don't have to agree with the way they do things or their vibe, Right? But you still can learn from them. You can still get a lot from them. And I'm so glad that I decided to do that. And thanks, Patrick David, for writing this book and putting all that great information out there. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

Okay. Does this happen to anybody else? You sit down with a juicy QPC, some McNuggets and those golden fries from McDonald's. Then you take a long sip of your Sprite because you can still hear your mama saying don't fill up on that drink before you eat your food, but you're grown now so you do what you want.

Share and share alike with the 20 piece McNuggets from McDonald's for just $6, limited time only. Price and participation may vary. Cannot be combined with any other offer.