Daymond John’s Launch Academy – Become an Entrepreneur
Date: August 11, 2016
Name: Daymond John’s Launch Academy – Become an Entrepreneur
Presenter: Tim Payne
It is not easy to become a respected entrepreneur without right successful model. Moreover, many entrepreneurs tend to miss the opportunity to build their business with the right strategy. Daymond John’s Launch Academy invites Tim Payne, the instructor, to share the key information to become a successful entrepreneur. In this presentation, Tim Payne will reveal the 3 key principles to position entrepreneurs to their destination. Entrepreneurs will learn the hidden truth behind common business concepts. People who are thinking of becoming an entrepreneur will benefit from this presentation.
The mission behind Launch Academy is to help entrepreneurs to make money. Tim Payne explains many people are attracted by this presentation because of image of Daymond John from the TV Show called Shark Tank. In average, there were at least 50,000 business auditions and only 100 make it past producers to have the opportunity to be in front of the Sharks. Statistically, it would cost them around $20,000 in total to get a chance to meet the sharks.
Wealthy people will not do what they are not expert at. This is why forming a team is important. After the successful pitch from the Sharks, entrepreneurs will work with the team, not the Sharks. In addition, the team entrepreneurs work with is extremely important for success.
There is no such thing as “self-made millionaire” because it takes a team to accomplish that goal. In reality, entrepreneurs need to work with the team. Payne emphasizes it takes work and entrepreneurs need to believe themselves before they are a millionaire.
Entrepreneurs will not find the truth in their comfort zone. Successful entrepreneurs need to give people the permission to disagree with them; otherwise, they are lying to them. In addition, wealthy people do not go to entrepreneurs; instead, they need to go to them first.
Payne believes it is important to use 10% of the profit for celebration. Also, to be successful, entrepreneurs need to think, speak, and live in the present. Entrepreneurs should never speak in past tense or future tense. Many entrepreneurs will witness 3 scenarios: They know what they know, they do not know what they do not know, and they just plain do not know. Many entrepreneurs are looking for a switch that can instantly become wealthy. It is normal for people to think that way because they are programed to think like that.
Payne believes the word “broke” is taught by people who are poor. Time is money is another example of concept that is taught by poor people. Many people are taught or trained to trade their time with money. People are spending so much on school tuition to learn business and most professors are not wealthy themselves. Moreover, school is teaching people how to be employed. Instead of “time is money”, wealthy people will use less time to make money. They will not trade time for money.
Another “broke concept” entrepreneurs were taught is to do everything themselves. The “wealthy concept” is to find expert to help them accomplish their goals. Payne shares that the world is created by how people speak. Both broke people and wealthy people use different language. Truth is always there, but people tend to lie about it. People are not born to lie; instead, they are taught to lie. They do that because they want to feel connected with the rest of the society. Because of that, people are restricted to feel certain way.
In business, entrepreneurs need to do 2 main things.
- Personalized Business Assessment
- Establishing Corporate Credit
The Personalized business assessment should complete quarterly. It must be external. They will analyze what entrepreneurs do with their time. They will discover where they are and what they are weak at. Entrepreneurs will receive traction right away.
“The purpose of business is to get out of business”
The establishing corporate credit is important. Wealthy people do not worry about their personal credit because they utilize corporate credit. They will get corporate structure. They will then receive Tax ID number. Afterwards, they will start establishing that corporate credit for business transactions. If something goes wrong, they can bankrupt the corporation. They are protected because the corporate structure is not connected to personal credit.
Bankers are trained to let people take all the risk on personal credit. If entrepreneurs have corporate credit, they can use it as leverage against bankers’ rules. Each corporate credit is separate and each corporate credit can buy off from each other. Corporate credit allows entrepreneurs to play bankers’ rules.
“Stop doing what the banker says and start doing what the banker does”
Payne says the root cause of pain for entrepreneurs is to think they do not have enough money. In fact, money is everywhere. To shift from broke to wealthy, someone needs to show entrepreneurs what is missing. First, entrepreneurs need to be open minded and admit to themselves they are weak and need help. Everyone is replaceable and if entrepreneurs think they are not replaceable, they will never replace themselves. When entrepreneurs figure out their deepest why, they will start to act and decide their goals.
Entrepreneurs can use corporate account to write off their expense. When opportunity comes, wealthy people will think about return first before cost. Payne provides 2 important rules for entrepreneurs.
- Entrepreneurs can make money without money
- Debt is great if it makes money
“Is it expensive? Depends what you get for”
Wealthy people focus on return and poor people focus on cost. Many entrepreneurs limit themselves. Their subconscious mind is trying to fight it. It is easy to find what is wrong instead of looking for the truth.
There are 3 wealth principles for entrepreneurs.
Principle #1: Yourself
Faith is moving cause of all actions and everyone is holding the key to his or her own life. People are taught that they cannot afford failure because they do not have enough. In fact, people learn everything from failure.
“If you do not know the target, you will always miss, but if you know the target, you will make it”
Principle #2: Get on the right side of the equation
The truth is always simple and not complicated. When it is complicated, it is a lie. Therefore, the truth is simple and it is always going up stream.
Principle #3: Pull the trigger
The secret is to be decisive and never ever second guess. Poor people will second guess on things that will make them wealthy. Entrepreneurs need to do things more than just money. The fundamental of business is to create customers. They will tell entrepreneurs what they need to sell. They know where the fish is in the pond.
In business, it starts with a dream. Dream leads to startup, and then enters to survival. When it becomes growth, the next step is to exit. Lastly, Payne suggests entrepreneurs that they need to use OPM (Other people’s money) concept, but also they need to know OPI, which stands for other people’s influence.