Tate 100 Business Lessons Flashcards
Speed is…
Do More, without loss of Quality
Work and react quickly. Everything needs to be done fast; and that doesn’t mean done inexpensively or cheaply. It must be quick, inexpensively and of high quality.
Professional fighters learn to punch correctly, then more quickly. Punching more quickly doesn’t mean degrading the quality of your punch. Keep the same quality of your punch, and do it more quickly.
When an airplane’s engines fail, the airplane still flies forward due to forward momentum. It doesn’t stop and fall out of the sky.
Don’t accept unrealistic, stupid timeframes. Everyone is slow, and being slow is deadly.
The longer it takes to get a business running, the less you make in the long-term.
Companies say in their job descriptions they “require” a university degree to get a trial period at a company which may or may not lead to a job. But if you’re ‘willing to offer them them to work for free for one week, and if they’re not happy with your performance not to give you the job.
Having a lot of clients adds to your credibility and reputation, even if you’re ultimately losing money.
Money In - Cash 1st
Your business is not your logo, not your accountant, not your lawyer, not your office space, copyright, etc. All of these things cost money and do not make money. You’ve no money, you’ve no business. Cash is first.
You can eventually us your reputation and results to upsell current clients and increase margins with new clients.
Expenses are problems. Money can fix those problems. Money in is a business. Money out is a vanity.
Don’t spend money until you’re already making money.
What matters isn’t what you sell, but that it sells. If it sells, sell it and get rich.
Be passionate for profit.
You don’t need to know about things to sell things. You need to know about selling to sell things.
Start Companies for Free
You don’t need investors.
You can make a simple free website with photos of products you don’t have yet but can obtain once orders come in, and you’ve a way to get paid.
First get paid then figure out how to provide the product quickly afterwards. Worst case scenario give them their money back.
You only lose when money isn’t coming in. Create your front-end first; worry about backend later.
When a businesses cost nothing to launch, you can launch many and then invest only in those that show revenue. It costs nothing to set up a new revenue stream.
Friends & Family make the Best Staff 👨👩👧👦
- Collaborate with family when possible.
- Collectively owning and sharing expenses with people you trust keeps costs down.
- Recruit 15-year old cousins, brothers, or neighbors who have nothing better to do and who knows more about Photoshop than you do.
- Let them work for free for experience and if they do a good job pay them.
- Young people have nothing to lose. Adults have expenses and a lot more to lose and so require a pay check.
Command Respect
Take advantage of physical presence.
At the beginning of business all you have is your word, your reputation and your presence.
Being physically fit, intelligent, attractive, and well dressed favors success and respect in other people’s eyes.
Being in good physical shape assumes discipline and willingness to do hard work. This is the Halo effect.
Even if commanding respect leads to just 10% more business, that could mean 100,000€/year additional income.
Re-Sell to People you’ve already Sold to 🔄
It’s harder to sell to strangers than it is to satisfied customers.
Upsell extra packages to happy clients.
Selling strangers a 25K€ package is hard. Selling strangers a 15k€ package and then upselling another 10K€ is more likely.
Don’t upsell AFTER you’ve shown them the final product. Sell them and then offer an upsell just before you show them the final product, before they’ve seen the results of your work.
Don’t seek outside investment until you’ve exhausted all upsell opportunities from current clients.
Don’t get legal before you get rich 🤑
Register company, hire accountant, open business bank account, register with government are all expenses.
Don’t pay $1000s for legal on a business that fails? First prove the viability of your business model, then invest in legal.
This allows you to open 100 businesses, and if only 10 make money, why throw away time and money on 90 failed business ideas?
Making money is hard. Spending money is easy.
You can fix legal issues after you have money.
Your mind must be stronger than your feelings 🧠
Use what you’ve got ✋🤚
Got a brother who can create websites? You now own a website creation company.
Make a list of everything you have and how you can use it to make money.
“How can I bring money in without spending any money out.” Always ask yourself “How can I increase revenue AND decrease cost?”
If you’re talented and your idea is good, you don’t need investment money to launch.
Staff. Make Money 💰 Save Time 🕰
Sales staff bring money in. Personal assistants can save you time.
Coming to work late and leaving early… Sick days… lunch, coffee and cigarette breaks, browsing social media all cost YOU money. Inefficient staff waste a lot of your time and money.
Evaluate staff productivity frequently and fire staff who no longer safe you time or money. Especially if they don’t even cover their wage.
Staff who are doing a great job meeting targets need to work on meeting them more quickly.
“It took you 2 weeks. How can you do it in 1 week?”
For time saved such as personal assistants, include how much money you could make instead of doing those tasks yourself.
There’s always more work to do, especially for startups, and finding work to do adds up. The more work a staff member gets done, the more valuable they become.
Invest as Little as Possible. 🏦
• It’s very Hard to Fuck Up 🧨 if you don’t spend money. 🏦
• If you have an very successful business and don’t spend to upgrade, then you can fuck up.
• But…
Business’s Won’t Last Forever ♻️
- Put yourself Before the Business. 🚹
- Keep your Own Money 💰
The entire point of running a company is to make you rich!
When your company inevitably fucks up, you need to be able to abandon ship with suitcases of cash.
If you run a company that produces commercials and you already have a decent camera, but; a10% better camera you want which costs 20k, was just released that will make your commercials10% better, do you buy it?
The answer is probably no.
And the question you need to be asking yourself in this situation is,
“Does the layman understand why this is better when he sees the product”
“Would he even notice the commercial looks better than before?”
If the answer is “no, ”you need to be pocketing that 20 grand.
When your company inevitably fucks up, you need to be able to abandon ship with suitcases of cash.
Reputation Control
Do more Good then Bad 🏝
(OVERALL)
Controlling your reputation is very simple. You need to do more good than bad.
You’re not going to have people one hundred percent happy, but as long as you do more good than bad, you’ll be ok.
People don’t usually go out of their way to slander you unless you’ve really really pissed them off.
The easiest way to piss someone off is to ignore them. No matter how bad things are going, or how often they’re blowing up your email, never ignore them.
Try and find a solution. People will only get worse and bitter when they’re ignored.
If they’re emailing you, that’s less time for them to be writing on blogs of how bad you are.
The most important thing you can do to manage your reputation is to take all the criticism personally so they can’t expel the criticism anywhere else.
If someone has a critique that’s completely unreasonable, you should still call them and tell them you want to work something out, let them vent for a bit, and it will be much less likely that they’ll continue to spread crap all over the Internet.
*It’s easy to find customers on the internet, and it’s easy to lose customers from the internet.
If someone’s upset, talk it out with them instead of ignoring.
Think Like a Business Man
Change the way you think about money.
Every time you go into a business, be questioning everything about it business.
• Is there a way I could run this business better
• What’s the Rent
• What’s the Product Prices
• What’s the idea 💡
• How Busy
• How does it Work / Run
Identify All the Ways you can do your Job Better
Don’t just do your job bare minimum.
Make a complete list of all the things you could be doing to do a better job, then ask yourself why you don’t do them.
Usually the answer will be because you’re not incentivized to do so.
With that list, calculate the revenue you could earn if you did all that, and now negotiate with your boss.
“Boss, I want to do X and Y, and I calculate if I do X and Y the company could save Z€ and earn A€. Give me B weeks to prove it to you, and if I do and meet my objectives, reward me for it by giving me C. Deal?”
Don’t Quit Your Job
As long as more money is coming in than going out, don’t quit your day job.
Once your side hustle starts making enough that by working your day job you’re losing money on your side hustle, only then quit your day job.
Shut the fuck Up!
Most people won’t shut up about their business once they start one. You learn nothing that way.
Surround yourself with people who make money, and then shut up and listen.
People who make money know something you don’t know, there are lessons to be learned everywhere.
There is nobody you cannot learn from. Sit, listen and adopt.
Don’t Sell On Price
Amazon and Walmart compete on price, and they will beat you. So sell on brand and reputation and value.
You’re not going to get rich off of selling 17€ products. If people won’t buy at 17, or they will only buy at 17€, then your reputation is the problem; not your price.
Be recognized as an ‘expert in your field.’
When you sell on cheap, you have more complaints and difficult customers. Constantly increase your price by constantly improving your reputation.
Attention is Free Advertising
Do whatever it takes to get attention. There’s no such thing as bad attention today.
YouTube has proven the attention economy: complete idiots on YouTube making millions with useless content.
Advertising is simply paying for attention. Find ways to get attention then monetize it.
Andrew Tate’s Star Wars Twitter thread provoked millions of Star Wars fans, then he shamelessly promoted his “How to pick up women” training in that thread, which lead to 1000s of new sales.
How do you get the attention of clients that have millions of distractions? By remembering their names, being friendly, making them feel valuable, and using quality thumbnails on social media
Play on Peoples Insecurities.
Everybody has vices and insecurities. Twist and use them to make money.
Tell them what their problem is, show them your product and promise them you’ll make things better for them.
Are you selling a protein shake?
Don’t sell: “great taste.”
Tell them: “You won’t be strong without my product? Get in better shape with my product than without it.”
“You need protein shakes or your time in the gym isn’t best spent.”
Network is Everything
You help people and they help you.
Surround yourself with other business people who also think about money and analyze business models.
Your brainstorming and collaborations will make you all money collectively.
You cannot surround yourself with losers and expect to become a winner.
Even if you’re the winner amongst losers, you’re still a loser.
If winners won’t accept you, then your reputation is the problem.
Your network probably needs to change for you to move up in your life.
Have multiple approaches to a client.
If you reach a deadend with a specific salesperson or strategy, bring in a new sales person with a different strategy.
Don’t be Giddy
Learn emotional control. Until the money is in your bank account, it is not in your bank account.
Business is just monetary exchange. Don’t be giddy and pathetic.
Don’t live in the past. Always look to the future for new money.
Money earned yesterday doesn’t count towards today.
Don’t take the next day off because the day before was so good.
The revenue clock resets at midnight.
The time you waste being happy is time you could have invested earning more money.
Send people there money Back 💁♂️
Sell your product to a client. Once they pay in call them and tell them “Listen. Things have changed and now is not best time for you to buy X. We could still do the campaign but it won’t be best for you or I. It’s better to wait Y days. So, I’m sending your money back and I’ll let you know when the time is right.”
Then in Y days call them back and say “Hi, the time is now perfect! And for Z€ more than previous purchase you’ll maximize your offer.”
Doing this can effectively double your turnover with no additional effort.
You have to hard close 🧏♂️
Soft closing is nice, but it takes longer and you lose a lot of time.
It is better to just to just go hard and either get the business or not.
Out of 10 prospects: it’s better to close 5 and lose 5 in 12 hours than it is to than waste 2 months selling to 10 ‘maybes.’
People either want to do business with you, or they don’t. Don’t let ‘Maybe’s’ waste your time.
Business isn’t Real Until They Pay 💰
(Business = Money In)
Even if the contract is signed, until the money is in the bank they can always back out.
You could take them to court, but that takes so much time and costs so much money in legal fees that it’s usually not worth it, especially considering the money you could have earned at the same time.
Focus on speed.
Legal is slow.
Stress Tolerance 🤴
Sell to the Need 🧟
Convince people they need whatever it is you sell.
Don’t sell your product, sell their need and your solution.
It doesn’t matter how many pages your book is or how many hours of videos your training is.
Coffee shops sell you on price of coffee, on the type of coffee beans, on comfortable chairs, on free wifi… They rarely sell the need.
You NEED coffee because you’re tired.
Stay away from Contracts 📄
Contracts may make you sound smart and intimidating, but until you’re rich and making million-dollar deals and have enough revenue, contracts and legal paperwork are not real.
Legality defies lesson 1: Speed is important. Legal is slow.
Do business based on trust and mutual, vested-interest.
Every Purchase is an Impulse Purchase 🏧
When you’re no longer needed, you’re discarded. Always be needed; not wanted.
When you no longer need your partners, move on. Find new partners or outsource independents
Make sure you really Need Your Partner.
Make sure your Partner and Staff really need you.
A house, an insurance policy, even if it takes a lot of time, at the point of buying it is an impulse purchase.
This is why you must hard sell. If I can buy your product any time I want, then I’ll put it off until later, and later will probably never buy.
Sell the Future (Dream) Promise it.
When you talk about the future, you’re presuming the present. Sell the future.
