6 Business Skills They Didn't Teach You In College - Eric Statzer

-ALLISON MASLAN

Business classes can only teach you so much about how to run a successful company. The fire of real-world successes and failures are where you really test your mettle. Here are some helpful tips you won’t find in any textbook to help you shift your business from surviving to thriving.

1. Find Your Focus.

Entrepreneurs tend to have what I call EADD: Entrepreneurial Attention Deficit Disorder. They are all over the place, they have shiny object syndrome… and that’s because they’re creative! Entrepreneurs are visionaries. One thing they are often missing, however, is follow-through. If you’ve got a bakery, you’re a business coach and you also make jewelry, where is your passion? Where are you really able to dive deeply in order to see something through to its best outcome? You can certainly build more than one thriving business over your lifetime, but if you’re trying to do them all at once, you aren’t giving your all to any.

2. Don’t take “no” for an answer.

When we start planning something really big, we can expect to encounter big resistance -- people telling us it will never work and rejecting our ideas. Stick with it! Don’t take “no” for an answer. When people tell you no, or tell you that your idea can’t be done, take note that the path you started down hit a roadblock but keep your focus and find a new way forward. Maybe your product does need work. Maybe you’re talking to the wrong market. Maybe the packaging isn’t right. None of these mean that it won’t succeed; it simply means that you have to go back to the drawing board on some aspect of your idea to find that “yes.”

3. Jump In with both feet.

As entrepreneurs, we have to be willing to go into uncharted territory, to do what others haven’t and what they may even be discouraging us from doing. Generally, as humans, we fear change. Our brain is wired to protect us and we get that fight-or-flight response when we encounter something that’s out of our comfort zone -- even if it’s good for us! We have to be willing to do things that feel risky in order to get the big rewards for ourselves and our businesses. Usually the bigger the risk, the bigger the reward will be. Don’t just test the water, Jump in with both feet! If you only “sort of” jump off of the diving board, you’ll do a belly flop. The support you need will come, but you have to commit to that initial leap of faith.

4. Learn to say “no” for yourself.

We’ve covered how important it is for entrepreneurs to know how to say yes, take leaps of faith and be brave in their decision making, but we also need to learn how to say no. When distractions come your way, such as exciting side  projects that pull for your attention, it is important to be able to stay focused on your main goals. Say “no” so that you have more time for “yes” in the area that you most need that energy and creativity to make your goal a success.

5. Forget about perfection.

A lot of business owners get stuck on perfectionism. That is just not how business works. You simply need to move forward, throwing things at the wall to see what sticks and tweaking along the way. Be okay with making mistakes. Otherwise, you will be stuck in the development phase forever and you’ll never get your product or service out there. Most successful entrepreneurs have numerous failures before they finally find their ultimate success. The same goes for authors who send out their manuscript to rejection after rejection before finally getting published. Keep moving, and don’t give up!

6. Focus on sales.

It can be all too easy to get stuck in a romantic view of your business when you are doing what you love, forgetting about the simple fact that it also needs to be profitable. You have to have enough money to pay for a support team so you’re not doing everything from cleaning the office to balancing the books while also trying to generate new leads. You need money to have the freedom to thrive while you are focusing on getting your gifts, ideas and products out there. Point blank, you’ve got to be focused on revenue every single day.

Try focusing on sales exclusively from 8:30 to 11:30 AM daily. If you have a sales team, they’ll be doing this throughout the day, but as the head of your company, you are still the “Chief Convincing Officer.” Pick up the phone and call past connections, follow up and show up. Constantly work on building relationships and your sales revenue will improve.

Eric Statzer - 5 Key Books For Entrepreneurs

5 Key Books Every Entrepreneur Should Read

TIMOTHY SYKES

When I sat down to write my book, An American Hedge Fund (which I now make free to the public), I wrote it with one key goal in mind, to provide entrepreneurs like me with access to the information they need to be as successful as possible. I honestly believe that reading books is one of the best ways to gain insight on the world and to learn more not only about others but also about business. 

I realized that without some of these influential titles, I never would have gotten to the level of success I am today or be in a position to share my stories of success with others. This is why I have complied a list of the five key books I believe every entrepreneur should read. They have helped me along on my journey and I believe they will help any entrepreneur looking to get a leg up in today’s fast-paced market.

Losing My Virginity by Richard Branson.

There are very few entrepreneur’s in today’s market that are as successful and as eccentric as Richard Branson. One of the many things that I admire about Branson and that so many people also admire is that he manages making it look fun to be an entrepreneur. He is never afraid to have a good time and never afraid to be himself. The book is actually based on Branson’s own unique business philosophy of “oh screw it, let’s do it.” The entrepreneur talks about how he was willing to take risks and how those risks turned into so many successful business ventures. With a tagline of How I Survived, Had Fun and Made a Fortune Doing Business My Way, it is easy to expect that this book is not only full of information, but filled with Branson’s infamous fun and carefree style.

 

Zero to One by Peter Thiel.

Zero to One isn’t only one of my personal favorites when it comes to books on entrepreneurship, it is also a New York Times best-selling work and a book that is full of information for those looking to begin their own startups. The book is designed to help readers learn how to launch a successful startup and how to build for the future. This is a must read for anyone who is just getting started and who wants to launch a new business without falling victim to some of the risks that other unprepared first-time entrepreneurs often do. Trust me when I say reading this book early on in your ventures will only help you succeed.

The 4-Hour Workweek by Tim Ferriss.

For many the title alone is enough to capture their attention, but if you actually sit down and read this book you will see that it has more to deliver than you ever thought possible. The goal of the book and of Tim Ferriss’ approach in general is to provide the reader with information on how they can increase their per-hour input ten times over, or in other words, take a 40-hour workweek and slim it down to four hours. This book has received more than 1,500 5-Star Reviews on Amazon and is on its list of Top 10 “Most Highlighted” Books of All Time. Trust me, if you want to learn how to make the most of your time as an entrepreneur so you can get more done and start enjoying the perks of being your own boss, this is the book for you.

Bold by Peter Diamandis.

Best-selling author and established entrepreneur Peter Diamandis released his book Bold along with Steven Kotler. The book is about “how to go big, create wealth and impact the world.” This is the follow-up to the book Abundance: The Future is Better Than You Think.This is a highly practical book and it provides entrepreneurs with the information and the tools that they need to not only make money but also impact other people’s lives as well. This book is split into three, easy-to-digest sections and is filled with valuable nuggets of information that anyone can use to their advantage. One of the best parts about the book is that it not only features insight from the authors but it also actually has detailed interviews and lessons from other big names so readers can gain as much insight and as many unique points of view as possible.

Exponential Organizations by Salim Ismail.

This book aims to provide readings with information on “why new organizations are ten times better, faster and cheaper than yours (and what to do about it).” It seems pretty to the point, right? Well, it is. This book is so straightforward and so specific that those who want to can reinvent the practices in their business. The whole book comes down to a simple philosophy: In business, performance is key and when it comes to performance how you organize your efforts is the key to growth.

You Must Have This Characteristic to Be a Successful Entrepreneur - Eric Statzer

You Must Have This Characteristic to Be a Successful Entrepreneur

MICHAEL GLAUSER

In Main Street Entrepreneur, lifelong entrepreneur, business consultant and university professor Michael Glauser reveals how to achieve your dreams by implementing the nine keys of entrepreneurial success. In this edited excerpt, Glauser reveals the one thing you must have in order to launch and grow a successful business.

Marti McMahon was one of the first entrepreneurs I interviewed nearly 20 years ago. As soon as I met her, I immediately felt her palpable passion and her off-the-charts tenacity. I thought, “Surely she must be an outlier on these two qualities.” Marti told me she had three great loves: boats, people, and entertaining. She longed to combine these loves in her own business. Her dream was to own and operate a fleet of yachts that offered gourmet dining during scenic cruises of the San Francisco Harbor, which is how she came to found Pacific Marine Yachts.

Nearly every thriving entrepreneur I have interviewed has radiated the same two qualities I observed in Marti: zeal for their business and a dogged tenacity to win. Zeal is a joyful and enthusiastic pursuit of some outcome or activity. It is synonymous with passion. It’s a fire that drives the venture. It attracts members to the team, entices customers to buy, helps secure funding, and allows the startup to compete with the giants. Zeal is energy! Zeal is infectious! Zeal is power! It’s not possible to start and grow a thriving company without a hearty dose of zeal.

Successful entrepreneurs also possess a teeth-gritting tenacity that won’t quit. They find ways to get over mountains, across valleys, and around roadblocks. They simply don’t take “no” for an answer. Rather than bail out when the slope gets slippery, they do whatever it takes to make their business work. This often involves putting in long hours, making personal sacrifices, changing directions, and keeping costs down. This galvanized stance is vital to conquering the rocky road of new venturing.

Early on, I considered zeal and tenacity two separate success factors. I’ve since discovered that a blend of the two is the essential ingredient for a successful business. If you have tremendous zeal for your deal but little tenacity, the venture will stagger. The company will also stumble if you have tons of tenacity but come up short on zeal. Hence, zealous tenacity is the critical success factor.

Zealous tenacity is critical to building a strong company. This all-important ingredient for success flows from your underlying purpose, or “why.” If your driving purpose is powerful, your zealous tenacity will be fully engaged. If your primary purpose is weak, you may not have enough zealous tenacity to get through the tough times or attract the right team. 

Although it takes a tremendous amount of effort to build a successful venture, this doesn’t mean the work is drudgery. When your purpose is truly inspiring and your zealous tenacity is strong, building an organization is a joyful and engaging endeavor. You work hard because you love what you’re doing. You are building your dream, creating jobs, solving an intriguing problem, etc.

This is why I hear thriving entrepreneurs say things like, “I’ve never had so much fun.” “I love what I do enough to get up at 4:30 every morning.” “This is not work; it’s play.” I seldom hear winning entrepreneurs say, “This is killing me.” “It’s far too hard.” “I don’t know if I can take it any longer.” Yet I hear these statements in the corporate world all the time. Many people are just hanging on until something better comes along. In fact, in 2014, the Gallup employee engagement survey showed that approximately 70 percent of U.S. employees weren’t engaged in their work, and Millennials were the least engaged. Worldwide, 87 percent of employees aren’t engaged in their work. Entrepreneurs, on the other hand, are the most satisfied with their careers. In my opinion, it is far better to build your own company than it is to drift along aimlessly working for someone else, even if you earn less money doing so.

While building a business can be very engaging and satisfying, let’s be realistic. You are going to have some serious setbacks and breakdowns along the way. Your initial market may not be as lucrative as you thought. You may have to redesign products that aren’t working. You may hire employees and then struggle to meet payroll. But nothing great is easy to build. Nearly all the successful entrepreneurs I have interviewed have hit bottom a few times. So it’s important to be realistic about the work required, it’s important to get excited about overcoming the challenges ahead, and it’s important to find ways to keep your zealous tenacity alive in the long run. You will need it desperately during the early stages of your business and to get through the doldrums that will inevitably occur during the life of your enterprise.

Entrepreneur Achievement - Eric Statzer

Success Feels Magical But How Entrepreneurs Achieve Their Dreams Is All Common Sense

-

ALEXANDER MAASIK

Being an entrepreneur means having a dream, a grand vision about what must be changed in the world to make it better. When those dreams and goals are huge, the entrepreneur can be called ambitious (in the best sense of the word).

Entrepreneurs make promises. To themselves, to their employees and to the community.

Solving some issue, making life easier, making more money -- these are just a few of the most popular promises made.

But the difference between a dreamer and a successful ambitious entrepreneur is that they work hard to achieve those goals

How to find the strength to actually do all of this, when the euphoria has gone and work in the office turns into a cold routine?

Write it down.

The first thing you need to do is make a written contract with yourself. It doesn't have to be a public blog post telling everyone what you plan to do. It can be a simple piece of paper that states your resolution and why you're committed to it.

Studies have shown that people who write down their goals get significantly more done. This study by Dr. Gail Matthews found that “more than 70 percent of the participants who sent weekly updates to a friend reported successful goal achievement.”

Set measurable goals.

One of the main reasons people fail their long-term objectives is not adding measurable short-term goals.

The usual dream has two things in common: it's hard to do and the deadline is far away.

So, naturally, most people postpone it for as long as possible and then fail.

That's why you need to set milestones along the way. Those milestones should be measurable so you can easily and objectively say if you've done them.

A good example here is Mark Zuckerberg's challenge to run 365 miles in 2016.

Instead of saying: "I'll run 365 miles sometimes in 2016" he said “I'll run one mile a day.” This resolution doesn't allow you to think "I'll start next week."

It's the same with all big dreams. You need to cut them down to small tasks which you'll do every week or month.

This method is actually a popular management tool called Objectives and Key Results (OKRs).

OKR's are widely used in Google, LinkedIn, Zynga and other big companies to keep employee's goals aligned.

Monitor your progress.

Big goals also need daily time management and planning to stay in focus. If you already have a plan for reaching you dream, you need to make sure you keep fulfilling the plan.

For that, you need to track progress and avoid fake work.

There are a lot of good apps for to-do lists or personal time management. Use some of them.

Apps that track time (like Toggl) make sure you spend your time productively and keep the focus on fulfilling your resolutions.

Don't be afraid to fail.

A recent study showed that people who previously took part in a “dry January” challenge generally decreased their overall use of alcohol even if they didn't manage to last the month.

So even if the goals set seem to high to achieve, you shouldn't just give up.

The higher the goals, the more you'll push yourself.

Or as author Norman Vincent Peale said: Shoot for the moon. Even if you miss, you'll land among the stars.

Trust yourself.

There are a lot of people out there who say that you're gonna fail.

From friends who jokingly say "you'll never manage to eat healthier" and "come on, you don't have to quit drinking entirely" to co-workers and bosses who think you shouldn't start your own start up.

If that happens you need to look back at the paper you wrote your plans on. Let it remind you why you're doing what you're doing and believe in yourself.

No one but you.

In the end, the only way to achieve great big dreams is to focus on it each day.

The best thing to do is to use every technique possible to hold your focus and keep your eyes on the prize.

Business Secrets From George Clooney and Rande Gerber - Eric Statzer

"George Clooney's longtime best friend and business partner shares his top tips for entrepreneurs, from hiring to keeping it real."

7 Salty Business Secrets From Celebrity Entrepreneur and Tequila Titan Rande Gerber

KIM LACHANCE SHANDROW

Rande Gerber and George Clooney could have reached for the easy A. They could’ve cashed in on Clooney’s fame and named their private label tequila after the handsome megastar. (Think Donald Trump Vodka, and you’re there, sort of, even if it gives you the shivers). But they didn’t.

Instead of phoning it in, they named their small-batch distilled spiritsCasamigos, Spanish for “house of friends.” After all, they’re best friends, they love tequila and they built twin houses next to each other in Mexico.  

“George and I had been traveling south of the border for a year and drinking a lot of tequila,” Gerber tells Entrepreneur, “trying different ones, and there hadn’t been anything that was perfect, so we said, ‘Why don’t we just make our own?’”

So they did, along with their good friend, real estate developer Michael Meldman.

For the first two years, Casamigos existed only as Clooney and Gerber’s private house tequila, served exclusively amongst friends and family. Of course, it was also predictably passed around between morehigh-powered celebs than we could list here, and it still is.

Oprah Winfrey, for one, says Casamigos is her “favorite tequila, as smooth as George Clooney.” And comedian Stephen Colbert slammed ashot of the stiff stuff with actress Dakota Johnson on his show recently. Product placement is everything, you know.

But Casamigos was never meant for the masses, Gerber says. “We never wanted to sell the stuff,” he says during a phone interview. “It was just for us to drink, but our distiller finally called us and said, ‘Look, there’s a problem: We’re sending you about a thousand bottles for the past two years, so either you’re selling it or you’re drinking way too much. We can’t keep calling it samples.’”

With that reality check -- and a slick pitch on the part of the Jalisco, Mexico-based distiller -- the Manhasset, N.Y.- and Malibu, Calif.-based company Casamigos Tequila was born. That was back in 2013. The old pals and co-founders have since sold their matching mansionsto a Mexican billionaire, but their friendship and their private-label aged tequila business is still going strong, no lime or salt chaser needed (or so Clooney and Gerber claims).

“We worked on Casamigos for over five years and we took our time and had the patience to get it right,” Clooney tells Entrepreneur via email. “The bottle and label are understated and really simple. Our focus is on what’s inside the bottle.”

Last year, and every year since its launch, sales of the agave azul-based alcohol have more than doubled, Gerber says. He declined, however, to share any specific sales or revenue numbers. Sold internationally in stores and online, individual bottles of it range between $46 and $55, depending on the variety.

We asked Gerber, also the founder Gerber Spirits, to gather his best business advice. You might know him as supermodel Cindy Crawford’s husband, but the native of New York's Long Island and former model is also a veteran bar and nightclub owner. His business ownership portfolio spans some 20 years and has included more than a dozenGerber Group bars, restaurants and lounges in the U.S. and abroad.

Here are seven business secrets from the seasoned celebrity entrepreneur. (Hey, even if you can’t toss a shot of tequila back with him, you can raise a glass to his top tips. ¡Salud!)

1. Train people well enough so they can leave, but treat them well enough so they don’t want to.

“You’ll get the maximum potential out of everyone on your team when you create harmony, when you treat each employee well. Everyone’s really well trained and we treat them with respect and the way people should be treated. It’s very rare that anyone leaves us as a result, despite people trying to come and hire our employees.

"Maybe they have bigger budgets than we do, or can offer them more, but what they don’t offer them is the camaraderie that we have with each other. We give our people the freedom to come and go as they please, as long as they’re doing their jobs. Then they go above and beyond. We have drinks at the office and we socialize together and -- I know this is cliche -- but it really, truly feels like a family.”    

2. Lead from the trenches and be accessible.

“I don’t have my own office. We have a big loft space, so everyone works out in the open, myself included. We sit and work together, on couches, at coffee tables. We shoot pool. You can play ping pong or use the bar at the office. People come and go as they please and we tend to get a lot more work done because of the laid-back atmosphere. There’s a lot more collaboration happening and it’s nice to be a part of it, not in some corner office away from everyone. Everyone in the company has my number, Michael’s number and George’s number, and they know they can call anyone at any time.”

3. Hire for personality over experience.

“I’ve hired people I’ve met at parties and other events, and I’ve hired a lot of people right out of college. It’s really based on personality as opposed to experience. Most of our employees have never been in the liquor business, but they’re so passionate about our product, they love it, and some of them have come to us, requesting interviews, and I like that hustle.” 

4. Know what you know and what you don’t know, and hire to fill the gaps.

“I know what I know and I also know what I don’t know, and I make sure I hire the right people who can teach me. Before getting into Casamigo, I knew the liquor business from the other side. I just knew when we got the right sample of the tequila that that was perfect for us. But I had to learn the business and I had to hire a liquor importer who could show me the way, pros who created Gray Goose and Jägermeister. I ended up hiring him as CEO of Casamigos Importing.”

5. Let employees pursue their passions and they will shine.

“We might have someone who graduated from the University of Southern California and their degree is marketing, but they’re wanting to get into development or sales or some other non-marketing aspect of the business, and we’re happy to give that person a shot at whatever their passion is. Even when you hire someone for a specific job, leave it open for them, and if they’re better or more excited about doing something else for you, let them.”

6. Be passionately authentic or risk losing trust.  

“It’s not about who has the most beautiful bottle or marketing or advertising. The product within the bottle, or whichever product or service you’re putting out there, has to be great and the brand story behind it has to be great. The quality has to shine through and people who sell it have to really believe in it and be authentically passionate about it. Otherwise, it’s hard to believe the brand story and it doesn’t work. Don’t be a nameless, faceless company that has no authenticity. People can feel that.”

7. Don’t wait for the right opportunity. Create it.

“Go out and make it happen. Don’t wait for the right moment or thing to come along. To me, it’s important, always in life, to never wonder what would’ve happened if I only tried something. What do you have to lose? You only lose if you don’t try something. You’ll be filled with regret, think about it constantly and think ‘What if?’ Try different things and, if it doesn’t work out, then try something else. Follow what you love in business and life. It may not work out, but get up and try again. Never stop trying.”

10 Ways Entrepreneurs Should Emulate Muhammad Ali - Eric Statzer

"It’s unfortunate that we lost Muhammad Ali at 74 years of age, but look at what he did with his 74 years. He was an underdog and ended up being somebody that billions of people around the world know about. And why shouldn’t that be true of you as well? Why not go out and impact the world in the same way that he did?"

10 Ways Entrepreneurs Should Emulate Muhammad Ali

With the recent passing of Muhammad Ali who was known as the greatest boxer of all time, I decided to dedicate this episode to him because I think everybody has a Muhammad Ali story.

I’m going to talk about 10 lessons we can all learn as entrepreneurs from The Champ.

1. Stand up for your beliefs.

Muhammad Ali had certain values and principles and was very vocal about them.

Many entrepreneurs don’t have real, rock-solid beliefs that we would give our life to, let alone do prison time for. But he wasn’t willing to compromise the values and principles that he had, even though it meant he couldn’t box for five years.

Entrepreneurs need to ask the question of why they are running a business. Is it just about the money or the fame and accolades? What are the core values and principles that you’re willing to fight for to the very end?

Take a moment to actually write those things down and see if they get you emotional -- they should.

Related: Muhammad Ali Was a Marketing Genius Who Also Happened to Be a Boxer

2. Take advantage of your platform.

Take advantage of your platform to make a difference in the world. Ali used his platform of boxing to talk about his crusade. He used his platform to talk about issues of racism, war, faith and many other things. He used his platform for a bigger purpose.

In today’s world, there are a lot of entrepreneurs that do this right, but a lot of times people are too afraid to use their platform for a bigger cause, because it may hurt them from a business perspective. But Ali wasn’t afraid to do that, because it was about more than money to him -- he really wanted to make a difference in the world.

3. Be vocal.

Muhammad Ali was very, very vocal. He didn’t have a problem saying what was on his mind, even though it got him in trouble at times. It also sparked conversations that other people didn’t have the guts to bring up.

A lot of times, you’ll get counsel that says, “Don’t be vocal,” and if it’s just to create a ruckus, then no. But if it’s something that’s a true core value in a positive change sort of way, then use your platform to do that.

4. Don’t be afraid to get your ass kicked.

A lot of people want to talk about how they’re the greatest, and if you look at Ali’s record, he lost five times in his career.

Think about it. Here is a man who was the greatest boxer of all time. He had 61 fights, and he lost five times. Ali was willing to fight people and potentially get his butt kicked. You have to have a certain level of respect for that.

Sometimes entrepreneurs are afraid to take risks, because they’re afraid they’ll get knocked out. He wasn’t afraid of that. You have to be willing to pick yourself up and admit that you’re not really good yet, even if you thought you were, and take that motivation to get better immediately. That’s what Ali did.

5. Be extremely competitive.

I visited the Muhammad Ali museum in Louisville, KY. The museum is about 100,000 square feet, and at the museum you learn a lot about Ali. You hear what people said about him, and everyone talked about how competitive he was, and how bad he wanted to fight. He just couldn’t help himself, he wanted to compete so bad. His competitive drive was, in and of itself, attractive.

As an entrepreneur, look at the guys that end up crushing it in the highest level of business, and you’ll see how competitive they are. There is a notion that competition isn’t healthy because it gives you anxiety and panic attacks. But you know who says that? People who lost. People who tried to build a business -- and it didn’t work for them.

So they want to tell everyone else that competition is bad as a way to cover up their own failures. Don’t listen to that. If you want to chase something and do something very big, you’ve got to learn from the people that are absolute competitors.

6. Watch your associations.

Ali associated with people who were ahead of him, and it always kept him sharper.

Related: Tony Robbins: Want Success? Rewire Your Mind.

7. Have faith.

Muhammad Ali was very devoted to his faith. Faith is becoming less and less popular, because a lot of people are going a more agnostic or atheist route. That’s totally fine. I’m not here to change anybody’s position. But almost everyone I’ve studied that has done anything on a very, very high scale has a certain faith in something bigger that’s going to take care of them.

They have a certain faith in something and a sense of calling for them to do something supernatural. I was an atheist for the first 20+ years of my life, and faith played a very big role in the right things taking place in my life.

8. Belief 

I’ll describe belief in a completely different way than you’re thinking about. There’s a part where Ali talks about how he was so afraid to fight. He had such a fear that he had to convince himself. He talked about how when he said, “I’m the greatest,” it was an affirmation he was saying to himself, because he didn’t believe he was the greatest.

He was psyching himself out to believe that he was the greatest. And then he eventually believed that he was the greatest -- and look what ended up happening to him. Once he ended up believing it about himself, everyone else ended up calling him the world’s greatest, not just boxer, but athlete.

You need to reinforce the belief in yourself that you are the greatest, and that others will want to go into business with you.

It could take five to 10 years, but you’ve got to inject that self-affirming belief into yourself over and over again so that eventually this spirit, this body that you’re in actually believes in the words that are coming out of your mouth.

9. Be a student.

In the Muhammad Ali museum, when you go to a certain area, there’s a place where they went and interviewed everybody in this gym where he trained. People said that Ali was famous for going to the trainer as a student and asking them who was the best, in different areas. For instance, he would ask who was the best that he could learn footwork from. Then he would learn from others who were best in other areas.

As entrepreneurs, you can also use this in your space. Find out who is the best in certain areas of business, and learn from them.

10. Self-promote.

The last one is somewhat contradictory, but makes a whole lot of sense in that he was probably one of the best self-promoters of all time.

Entrepreneurs sometimes have a hard time with self-promotion. How did Ali self-promote? He said, “I’m the greatest!” Talk about self-promotion!

It’s kind of like saying, “I’m the best real-estate agent in the local area, and I would love to earn your business and prove to you why I’m the greatest.” Who is this guy? Who talks like that?

One of the reasons why Gary Vaynerchuk does so well in social media is not because he’s the best guy in social media. It’s because he’s convinced the world that he is. And so people keep going to him.

Now let me tell you, he’s my number-one in social media. But I know a lot of people that are very good. But he’s a great self-promoter. Mark Cuban is an excellent self-promoter. Donald Trump is an excellent self-promoter. Our president is an excellent self-promoter.

In order for self-promotion to work, you also have to deliver. There are people who are very good in self-promotion, but they aren’t good in the delivery part. They become hypocrites. If you can master the art of self-promotion AND delivery, you get saint status. And saint status is when everybody says, “Whatever this person says, it will happen. Go do business with them.”

It’s unfortunate that we lost Muhammad Ali at 74 years of age, but look at what he did with his 74 years. He was an underdog and ended up being somebody that billions of people around the world know about. And why shouldn’t that be true of you as well? Why not go out and impact the world in the same way that he did?

Watch more YouTube videos from Patrick Bet-David on his channel.

Related: If You Lose Your Edge, You Lose It All

Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

Workouts Entrepreneurs Do to Start Their Days - Eric Statzer

"It’s no secret that morning workouts can give you an edge. Even President Barack Obama works out for 45 minutes before he starts his daily activities."

The Energizing Workouts These 7 Entrepreneurs Do to Start Their Days

Grace Reader

It’s no secret that morning workouts can give you an edge. Even President Barack Obama works out for 45 minutes before he starts his daily activities.

“Exercise is such a great tool for focus, creativity and problem-solving,” Jessica Smith, creator of the Walk STRONG: Total Transformation 6 Week System, tells Entrepreneur.

If you’re struggling with the snooze button, find motivation from these seven successful entrepreneurs who have a no-excuses attitude when it comes to getting in that pre-work workout.

What If the Most Powerful People In Business Were Women? - Eric Statzer

"With only five percent of women in top positions, we have a long way to go to even get to fifty percent. But in a world where there would be better entrepreneurs, better managers, better philanthropists and a highly adept group of people generating revenue back into Fortune 500 companies -- a world of female CEOs looks pretty perfect."

What If the Most Powerful People In Business Were Women?

SHARON BUSH

Since 1995, women in big decision roles in large companies have netted minimal gains in closing the gender gap. As of June 2015, onlyfive percent of Fortune 500 companies were led by women, which in hard numbers is a whopping 24 female CEOs -- the number has since dropped to 22. Not to mention women still make 78 percent less than men.

When I wonder what the world of business and philanthropy would look like if even 50 percent of big companies had female leadership, it’s the subtle differences that are most striking. In order to talk about gender discrepancy, it’s hard to discount innate gender distinctions. What would women bring to the table if they were 95 instead of five percent of the Fortune 500 landscape? A lot.

For one, United States non-profit Catalyst.org found that women make better entrepreneurs. Their 2011 report saw a 26 percent high return on invested capital (ROIC) in top companies with 19-44 percent women leaders and no women directors in the bottom. What that means is that companies with female entrepreneurs performed extremely well in generating revenue. This figure is even more impressive with women in the tech space who founded their own startups. Data from First Round Capital reported that “[...] startup teams with at least one female founder performed 63 percent better than all male teams. The data also showed that women are present in the top ranks of their ten most valuable companies.”

Related: Women Made Incremental Progress in Tech the Past Few Years (Infographic)

Not only do female entrepreneurs prove savvy at raising ROIC, women are doing it at ages over and under 50 Another win for women? A Gallup report reveals that women are better at communicating and fostering loyalty in their employees.

"This [report] suggests that female managers likely surpass their male counterparts in cultivating potential in others and helping to define a bright future for their employees.”

But what should make female leaders higher in demand is their ability to meet the challenges inside and outside the boardroom. They stay mindful of societal challenges.

According to a Forbes article by Geri Stengel, women entrepreneurs are more socially responsible than their male counterparts. Says Stengel, “Successful women are more likely than successful men to own a business so they can pursue a personal passion and to make a positive impact on the world.”  And the ability to see the need for charity and philanthropic may be gender specific.

Related: Why Women Are the Best Opportunity for Businesses

Research by WPI’s 2010 Women Give study shows households with single females gave 57 percent more than households with single males, and when women donated, they tended to donate more than men. I think it’s safe to say that women are more philanthropic than men. It's a sentiment that would most likely carry over to more conscientious business practices.

I admit, I am an idealist, but I am also a pragmatist. It will take a lot of pushing on our parts to take -- not wait to be offered -- our places in positions of power. Truth is, women don’t ask for promotions or negotiate for higher salaries, which is not surprising as women are more likely to come down with Impostor Syndrome. According to a recent Telegraph article, even women who are already at the top of their fields think they’re frauds:

It doesn’t matter who you are, imposter syndrome can strike at any time -- and, paradoxically, it affects some of the world’s most celebrated women. Facebook’s chief operating officer Sheryl Sandberg has said: ‘‘There are still days when I wake up feeling like a fraud, not sure I should be where I am.’’

The actress and UN ambassador Emma Watson has repeatedly admitted she feels like an imposter, as have Kate Winslet, Renée Zellweger and Maya Angelou.

I’d love to see women at the helm of most projects. I think we have even more to offer than these statistics reveal. We are worth more than we give ourselves credit for.

With only five percent of women in top positions, we have a long way to go to even get to fifty percent. But in a world where there would be better entrepreneurs, better managers, better philanthropists and a highly adept group of people generating revenue back into Fortune 500 companies -- a world of female CEOs looks pretty perfect.