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Summary

There are no “born” entrepreneurs.

Yes, some men and women are dispositioned to be more successful walking the entrepreneurial path, but even the most naturally gifted entrepreneur has to work long and hard to actually become one.

And it is in the cauldron of that hard work—in the midst of pouring out all that blood, all that sweat, and all those tears—that every entrepreneur learns an invaluable lesson:

It’s impossible to make it to the top alone.

The days are too short. The knowledge gap is too wide. And the journey is too exhausting.

To become an entrepreneur of worth and note, it takes a team of people. Mentors—not supporters—who can share their years of experience, and introduce you to a platform of greatness upon which you can build your entrepreneurial vision.

That is the message of today’s guest on Making Bank, legendary internet marketer, Tai Lopez, a man who went from broke to living in Beverly Hills with a cherry-red Ferrari parked in his garage.

Tai believes that entrepreneurial success isn’t about reinventing the wheel, and it isn’t about stubbornly going it alone. Rather, entrepreneurial success is about taking the ideas of those who’ve achieved the success you want, and making those ideas even better.

Tune in to hear host Josh Felber, talk to Tai about his experience as an entrepreneur, extracting invaluable advice along the way that includes…

• Why stubbornness and sensitivity are the Achilles heel of the everyday entrepreneur…
• The power of facing the stark reality of the human timeline head-on…
• What it takes to amplify your learning curve…
• How to create a group of valuable advisors…

And more…

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Join Forces with Guest Tai Lopez: MakingBank S2E32

Josh Felber:        So I’m here with Tai Lopez, Josh Felber Making Bank, where we uncover the success strategies and the mindsets of the top 1%. So you can amplify your life and your business. So Tai, we managed to see each other here at Bulletproof, excited, we have an entrepreneurial audience, and they’re always looking for ways to understand, not just what daily routine, because anybody can do that, but what is that mindset, what is that path you go down, one, that led you to success, two, what is that main challenge is that you really had to overcome?

Tai Lopez:             Well, one thing I think, you have to be humble enough to realize that in your lifetime, if you count sleeping, we at the most have 20-40 good years that we’re awake.

Josh Felber:        That’s true.

Tai Lopez:             One third of your life you’re going to be spent asleep. So, and you’re not going to do much when you’re four, and you’re not going to do much when you’re 104, so for the most part you’ve got this window, and so you have to be humble enough to realize you won’t just learn it on your own learning curve. You don’t have enough time.

Josh Felber:        True, yeah.

Tai Lopez:             So what you have to do, that’s kind of step one, is become humble enough to realize you can’t learn it all on your own. Number two; become a master of seeking out a group of advisors, you can call them mentors, you can call them counselors, whatever, coaches, but every great athlete has a badass coach. Lebron James, Michael Jordan had Dean Smith, one of the great basketball coaches, or college coaches, then he had Phil Jackson. I actually, I just found an interview that I did, I interviewed Kobe Bryant and I asked him this exact question, and Kobe said, “You’ve got to learn from people who have created greatness before you.” So, Kobe Bryant, a lot of people think is a cocky guy, but really his root core philosophy is very humble. It’s a philosophy of going where other people have created greatness, and then say, “Hey, what should I learn from you?” And that made him a top five basketball player of all time, probably.

So, when you’re an entrepreneur, when you’re trying to make money, it’s the same thing. Other people have created greatness before, you don’t have to reinvent the wheel and go through a 700 year learning curve, because the learning curve, if you try to learn on your own, is probably one century, possibly one millennia, and we don’t have that much time. So, they used to say a long time ago, I think it was Aristotle or Plato said, “We are too soon old, and too late smart.” So, if you can get in that mindset, watching videos like your videos, reading, I read a lot. I just interviewed Naveen here, he’s a multi-billionaire, and he says he wakes up at 4:30 in the morning, he reads from 4:30 to 7:30, and that’s a common thread amongst successful people.

Josh Felber:        That’s awesome. And that seems to be a common trait with a lot of, like interviewing Naveen, and interviewing some other high level entrepreneurs and stuff, that is that common trait. They have that mindset, they read, they seek others out that they can learn from and gather that information from.

Tai Lopez:             Yeah.

Josh Felber:        What would you say the biggest challenge that you’ve had to overcome to get to where you are today?

Tai Lopez:             I mean, I would say most people, myself included, if you look back to your life, we were too stubborn, so we moved and adapted too slowly, we were too sensitive, meaning that when people corrected us we got butt hurt instead of just listening and adjusting course, and the third thing, I mean it depends on the person, I really believe in personality types, but we surrounded ourselves with the wrong social circle. Those three become big, because you primarily learn from absorption. Humans don’t learn, you know it’s ironic, I’m doing a talk, you don’t learn as much by lecturing as you do by observing, and so things rub off on you, both for good and for bad, and very few people are qualified to teach you.

Just like if you had heart problems, you wouldn’t go up to your ten friends and be like, “Will you do a coronary bypass on me?” You’d die. You have to find a highly specialized qualified person that’s one in a million, and that’s the same thing with your social circle, you have to guard it, you have to purge it, and then once you realize it’s the right circle, you have to nurture it, because good people, you’ve got to take of them. You’ve got to take care of the people who take care of you.

Josh Felber:        Then just one last question; how do you filter through that, filter through that BS, how’s it worked for you?

Tai Lopez:             So, reading people is something that I’m very interested in, I’ve spent a good bit of my life in the last year studying. I learned from a guy, his name’s Dr. David Buss, he’s a professor who was at Harvard, now he’s at University of Texas, Austin, and there’s basically, Ray Dalio just put a book out on this too called Principles, and one of his principles is testing people. So there’s advance tests like Hexaco, Dark Triad, Narcissism personality, inventory, most of them are online now. I actually, I’m not pitching anything, but I’ve got a free test I created for my employees, and I’ve had it private for a long time, and I made it public. So, if you want to check, I don’t sell anything, one day I will, when I’m free I want to sell, but it’s at tailopez.com/fullquiz, or the shorter one is at tailopez.com/quiz.

So when I meet people, I’m like, “Take this quiz.” All those people, meeting people on Tinder and stuff like that, you meet a random stranger, a business partner especially, entrepreneurialism attracts a lot of psychologically unstable people. People don’t realize that. So, the professions that have the most mental illness and most mental problems; lawyers are number one, journalists are very high, but so are CEOs and entrepreneurs, I’m telling you. So, a lot of people have horror stories as an entrepreneur because they go in, they meet somebody, and they’re like, “Hey, we should be business partners.” They becomes business partners with them, and … I always say, when you make your first million dollars, there’s somebody waiting to steal it from you, might be a family member, it might be a long lost “acquaintance or friend”, it might be a spouse.

So when you don’t have this skill, this is something they don’t teach in school, you have to know how to read people, and these tests that I use are like x-rays into the brain. If you have a broken arm, you can see it in an x-ray, if you take these tests, and people answer honestly, which they usually do, they’re well crafted, you find out, “Dude, this person’s a psychopath. This person’s a narcissist. This person’s machiavellian. This person had borderline personality disorder.” So, you can’t believe, put it this way, there was a study just came out, a huge test, 25% of humans in America have serious psychological problems. It’s actually 25% of women have serious psychological problems, and 15% of men. Not sure that’s true, but that’s what that study said.

So, men and women are crazy, a lot of them, and I would say in the entrepreneurial world, business partners, it’s probably more like 50% of the people. So, be smart about people and you’ll have great life, be bad, no matter how much money you make, if you suck with people, you will have a crappy life.

Josh Felber:        Awesome. And then, if you could tell everybody why they should watch Making Bank.

Tai Lopez:             Well, as I say, everywhere you go you’ve got to think of yourself as a gold miner. So, like a good gold miner, he goes to one stream, he looks for a second, he finds one chunk of gold. He doesn’t always go back to the next spot forever, he keeps moving around, and so you accumulate different YouTube channels, different podcasts, different authors that you like, and yours is one of them. That’s a great way, because everybody has a different angle on stuff. I have my own opinions, I’m not always right, so you offset it. That’s why I said you’ve got to create a war council. Business is like war, make war with a multitude of councilors. Every great general has a huge advisory board, and every wealthy person has a lot of smart people around them, and when I meet people struggling I’m like, “How’s it going?” They’re like, “Oh, I’m doing it all on my own.” And I’m like, “That’s why your life sucks right now. That’s why your bank account sucks.” No man is an island, that’s a famous quote.

Josh Felber:        Cool, awesome, thank you.

Tai Lopez:             Thank you, man.

Josh Felber:        Appreciate it.

Tai Lopez:             Appreciate it, thanks for having me on.

Josh Felber:        Thanks for watching Making Bank, Tai Lopez, Josh Felber.