Instead of reacting emotionally to problems, use the Investment Time Return (ITR) formula to reach an objective conclusion.Investment Time Return formula:<ul><li>Investment. How much will it cost or save</li><li>Time. How much time will it take or save</li><li>Return. Return on the money and time involved in the decision</li></ul>

Investment Time Return (ITR) 

The less your business depends on you, the more valuable it is.

Problems might be different, but the way you process them should not.You need to give structure to your decision-making.The ability to solve problems well is the ability to take a complex issue you’re facing and break it down into a step-by-step formula that helps you identify the root of the problem.Three parts to Solve for X:<ul><li>Investigate. Find out the real causes of the issue, the impact of the problem, and how urgent it is</li><li>Solve. List out possible solutions and their consequences</li><li>Implement. Who will be responsible for the project and how it will change future situations</li></ul>

Solving For X

<ul><li>Know your weaknesses. Knowing your weaknesses will enable you to pivot when taking on your Goliath</li><li>Know Goliath’s weaknesses.</li><li>Master three things you do better.</li><li>Don’t try to be Goliath.  Don’t copy</li><li>Specialize. Goliaths tend to generalize in order to spread their influence and power. </li><li>When you’re small, make yourself appear bigger. </li><li>Keep a low profile initially.</li><li>Move quickly. </li><li>Partner with competitors that share an enemy.</li><li>Study history. Prepare by learning from historical events</li><li>Let other competitors wear your opponents down. Save your resources whenever you can</li><li>Don’t disclose your strategy. </li></ul>

Master Power Plays: Beat Goliaths

<ul><li>Find at least 3 alternative solutions to a given problem. The more choices you have, the better are your decisions</li><li>Determine the money investment of each solution</li><li>Determine the time investment of each solution. Is it a 3-month project or a 6-month project?</li><li>Calculate the return for each solution. What are the impacts on your revenue and cost?</li><li>Figure out the breakeven point of each project</li></ul>Make a list of the blind spots or things that could go wrong with each decision. If you only think about what could go right, you will overlook the downside.

Decide Using Investment Time Return (ITR) 

Don’t complain that the game is rigged. Instead, find a game in which you have a differential advantage.

You need to identify what matters the most to you to put a strategy together that fits your level of commitment and vision.
<ul>
<li>Making a plan and committing to it will unleash all the energy and discipline you’ll ever need.</li>
<li>If you’re looking to disrupt an industry, you’d better be armed with the right story, right team, right data, and right strategies.</li>
<li>When you’re working on something you deeply care about, you will find the enthusiasm to make life a great adventure.</li>
</ul>

Know What You Want

People often feel lost after a big deadline because their driver is suddenly gone.To solve this, you need to dive deeper into your Purpose.Define your purpose by asking:<ul><li>How do you want to be remembered?</li><li>How do you want to make an impact on other people’s lives?</li><li>What does the greatest version of yourself look like?</li></ul>

Running Out Of Your Drive

<ul><li>Don’t be afraid to call them out when they don’t keep their word. </li><li>Ask why they broke their promise. Get a specific answer.</li><li>Make specific quantitative statements, not blanket qualitative ones. Give them specific challenges to meet that can be measured and have deadlines.</li><li>Provide clear metrics and incentives. Let them know what they will get for hitting (or missing) their metrics.</li><li>Coach people through their workflow. Help them improve how they work.</li><li>Know the role each person plays on the team.  </li><li>Finish with heart and empathy.</li></ul>

Master Strategy To Scale: Make People Accountable For Growth

Seven-step system to compress time frames and increase speed:<ul><li>Choose a process. One of the best ways to identify a potential business is to find a flawed process that you can improve upon</li><li>List the steps of the process</li><li>Remove a step. How would the process function without that step? If the process is not affected, take it out</li><li>Minimize the steps. Take the remaining steps and condense their time frame</li><li>Beta test the new process. Find a subset of customers to test and see how the new process functions</li><li>Adapt the process. Based on the results of your beta test, adjust your process</li><li>Repeat.</li></ul>

Increase Your Speed

List your tasks and skills. Make a list of all your tasks and skills and determine which ones you are good and bad at.Identify who’s seasonal and who’s not. Identify who is there to fill a six-year role and who a six-month roleKnow the different languages spoken by your sales, support, technical, and executive teams.Identify who can maintain the company culture.  Know your company’s practices and procedures. Write down each department’s practices and procedures to help transfer skillsDevelop leaders to help spread the right mindset

Six Ways for Replacement and Skill Transfer

Ways you give and receive love into 5 categories:<ul><li>Quality Time. One-on-one time of undivided attention</li><li>Words of Affirmation. Appreciate the effort verbally</li><li>Gifts. Offer something to symbolize your appreciation</li><li>Acts of Service. Be at their disposal when they need you</li><li>Physical Touch. Non-verbal use of body language and touch to show appreciation</li></ul>Show people that you take the time and care needed to understand what they want.

Learn Each Individual’s Love Language

<ul><li>Ask lots of questions. Having more data leads to making better assumptions</li><li>Don’t care about being right or wrong. Be only interested only in the truth.</li><li>Don’t make excuses. Wasting time and effort on why things went wrong is not productive</li><li>Embrace challenges</li><li>Be curious. You can’t solve problems without knowledge</li><li>Prevent more problems than you solve. Spot yellow flags before they turn red</li><li>Learn to negotiate</li><li>Focus on permanently solving a problem. Don’t put band-aids on problems</li></ul>

Eight traits to become a great processor

Working effectively with others will mean the difference between enjoying the process and desperately seeking a day job while hiding under your desk.Instead of being selfish and looking to see what you could take from others, focus on what you could give them. You need to define:<ul><li>What benefits are you currently offering to others? </li><li>In what way do people improve by associating with you?</li><li>How many lives have you changed positively in the past year?</li></ul>Think about who you need to help you to achieve your long-term objectives. Take care of them, and they’ll back you up.

Master Building The Right Team: Fundamentals

Before you act on a problem, you must first “process” what’s happening. The key to success at all levels of business is to know how to process issues:Optimal processing is:<ul><li>The ability to make effective decisions based on access to information at hand with the highest odds in your favor</li><li>Subjecting every difficult choice, problem, or opportunity you face to a rigorous mental analysis</li><li>Playing out strategies, seeing the hidden consequences, and sequencing a series of moves to permanently solve problems</li></ul>But to be great at processing problems, you need to take responsibility whenever you can.

Master The Ability To Reason: The Power Of Processing Issues

Rather than competing in games where you’re an underdog, find unexplored new markets in which you can win.Examine both your unique skill set and the competitive landscape to find your “Blue Ocean”.Process the competitive landscape by asking:<ul><li>Is this a place where you believe you can do well, given who your competition is?</li><li>Do you possess the necessary resources to compete?</li><li>Do you need to acquire specific resources before you can compete?</li><li>Have you educated yourself about the competition?</li><li>Is there some additional benefit your competitor has that you can’t beat, no matter what you do?</li></ul>

Your Own Blue Ocean

A simple rule of business is that in order to get, you have to give. Most amateurs are experts at making demands. What they fail to do is offer value first. When you put yourself into the other party’s shoes and lead with how they will win and make money, it will be natural for them to give you what you want.

Closing Thoughts

As your company grows, you will constantly replace yourself with others.Alongside the growth, you also need to create a contingency plan to replace any important position.If you have a plan in place for how to replace every key member of your team, you can handle an unexpected exit without missing a beat. Plus you’ll sleep better at night, knowing your next several moves are already planned out.

Replacing Yourself: The Game Plan

You can break down Drive into four categories:
<ul>
<li>Advancement. Wanting to reach the next goal (promotion, deadline, or task)</li>
<li>Individuality. Having the lifestyle you desire and the security to do so</li>
<li>Madness. Competing against others and proving you are the best at what you do</li>
<li>Purpose. Self-actualization and having a positive impact on others.</li>
</ul>
You can have more than one type driving you. However, a driver can stop to work in your favor.

Your Drive

Your Next Five Moves explores how you can improve your business and your life by learning how to strategize.

From the creator of Valuetainment, the #1 YouTube channel for entrepreneurs, and “one of the most exciting thinkers” (Ray Dalio, author of Principles) in business today, comes a practical and effective guide for thinking more clearly and achieving your most audacious professional goals. Both successful entrepreneurs and chess grandmasters have the vision to look at the pieces in front of them and anticipate their next five moves. In this book, Patrick Bet-David “helps entrepreneurs understand exactly what they need to do next” (Brian Tracy, author of Eat That Frog!) by translating this skill into a valuable methodology. Whether you feel like you’ve hit a wall, lost your fire, or are looking for innovative strategies to take your business to the next level, Your Next Five Moves has the answers. You will gain: CLARITY on what you want and who you want to be. STRATEGY to help you reason in the war room and the board room. GROWTH TACTICS for good times and bad. SKILLS for building the right team based on strong values. INSIGHT on power plays and the art of applying leverage. Combining these principles and revelations drawn from Patrick’s own rise to successful CEO, Your Next Five Moves is a must-read for any serious executive, strategist, or entrepreneur.

strategy

Strategy

entrepreneurship

Entrepreneurship

creativity

Creativity

books

Books

From the creator of Valuetainment, the #1 YouTube channel for entrepreneurs, and “one of the most exciting thinkers” (Ray Dalio, author of Principles) in business today, comes a practical and effective guide for thinking more clearly and achieving your most audacious professional goals. Both successful entrepreneurs and chess grandmasters have the vision to look at the pieces in front of them and anticipate their next five moves. In this book, Patrick Bet-David “helps entrepreneurs understand exactly what they need to do next” (Brian Tracy, author of Eat That Frog!) by translating this skill into a valuable methodology. Whether you feel like you’ve hit a wall, lost your fire, or are looking for innovative strategies to take your business to the next level, Your Next Five Moves has the answers. You will gain: CLARITY on what you want and who you want to be. STRATEGY to help you reason in the war room and the board room. GROWTH TACTICS for good times and bad. SKILLS for building the right team based on strong values. INSIGHT on power plays and the art of applying leverage. Combining these principles and revelations drawn from Patrick’s own rise to successful CEO, Your Next Five Moves is a must-read for any serious executive, strategist, or entrepreneur.

Patrick Bet-David immigrated to America at twelve years old, when his parents fled Iran as refugees during the Iranian Revolution. After high school, Patrick joined the U.S. military and served in the 101st Airborne before starting a business career in the financial services industry. At age 30, he founded PHP Agency, an insurance marketing organization with 66 agents. He grew the firm to 40,000 agents before making a multi-nine-figure exit. A serial entrepreneur, Bet-David founded Valuetainment, which became the #1 YouTube channel on entrepreneurship with nearly a billion views, and expanded into a media production company, Bet-David Consulting Group. He hosts a weekly podcast called PBD Podcast, the #1 business podcast on Spotify. He lives in South Florida with his wife and four children.

PATRICK BET-DAVID

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