Summary
Lessons from Wealthy Individuals
The conversations feature encounters with wealthy individuals in Beverly Hills, including the CEO of Chipotle Mexican Grill, who shares his financial successes and mistakes, and a former member of an organized crime group, who reveals how he made his first million dollars.
Unconventional Business Lessons
A successful entrepreneur shares their story of building a multi-million dollar company from scratch, inventing gel nails in 1981 with just $200 on Venice Beach, and eventually making over $100 million in a single year. The key to their success was being an innovator and thinking outside the box, as well as being a good salesman who sells themselves first.
The entrepreneur emphasizes the importance of:
- Bootstrapping and reinvesting profits, never borrowing money or taking on risk.
- Treating others with kindness and respect, and not giving up in the face of failure.
- Frugality, citing their own ability to afford 500 Rolls-Royces but choosing not to, in order to build an empire.
Perseverance and Relationships in Business
A self-made wealthy individual shares their story of rising from humble beginnings as a high school dropout to achieving financial freedom. They emphasize the importance of:
- Persistence, not taking no for an answer, and being open to diverse business opportunities.
- Relationships, stating that in some cases, who you know is more important than what you know.
Lessons from a Former Mafia Member
A former mafia member, who made up to $102 million a week by defrauding the government on gasoline tax, shares that business is business, regardless of whether it’s legitimate or not, and that success comes from:
- Following a certain pattern, doing what you do best, and delegating the rest to the right people.
- Treating and retaining top talent, which is crucial in business.
Importance of Respect, Accountability, and Faith
A speaker emphasizes the importance of:
- Treating people with respect, even as a leader or boss, as it’s crucial to earn their willingness to follow.
- Accountability, surrounding oneself with the right people and being accountable to a higher power can direct one’s path in life.
- Faith, stating that it has been 100% important to their achievements.
Event Promotion and Interviews
The speaker promotes an event called Billionaire Day, where three billionaires will be available for a live Zoom call, free of charge, to provide mentorship and answer questions. They also interview a 52-year-old businessman who shares his experiences, including making his first million at 34, owning a plastic surgery business, and making $9 million in a single year.
Financial Prosperity and Faith
The conversation revolves around people who have achieved financial prosperity, with examples of a plastic surgeon aiming to become a billionaire and the CEO of Chipotle Mexican Grill who rose from humble beginnings.
The speaker emphasizes the importance of:
- Delivering results to earn credibility, which in turn kills negative attitudes.
- Accountability, distinguishing it from shared responsibility.
- Investing in the consumer and team member experiences, adopting an abundance mindset, and avoiding the misconception that one can “save their way to prosperity.”
Key Vocabulary
| Term | Definition | Example Usage |
|---|---|---|
| Bootstrapping | Financing a business using personal savings and revenue, without external funding. | The entrepreneur bootstrapped their company, never borrowing money or taking on risk. |
| Frugality | The practice of being economical with resources, avoiding unnecessary expenses. | The entrepreneur practices frugality, choosing not to afford 500 Rolls-Royces to build an empire. |
| Persistence | Continuing to work towards a goal despite obstacles or setbacks. | The self-made wealthy individual persisted in their business ventures, not taking no for an answer. |
| Relationships | Personal connections that can provide opportunities, support, or access to resources. | The self-made wealthy individual emphasized the importance of relationships in business. |
| Delegation | Assigning tasks or responsibilities to others, often to free up time or focus on high-priority tasks. | The former mafia member delegated tasks to the right people, focusing on what they did best. |
| Treating others with respect | Showing consideration and kindness towards others, often to build trust or rapport. | The speaker emphasized the importance of treating people with respect, even as a leader or boss. |
| Accountability | Taking responsibility for one’s actions, decisions, or outcomes. | The speaker emphasized the importance of accountability, surrounding oneself with the right people. |
| Faith | A strong belief or trust in a higher power, often guiding one’s decisions or actions. | The speaker stated that faith has been 100% important to their achievements. |
| Abundance mindset | A mindset that focuses on abundance and possibility, rather than scarcity or limitation. | The speaker emphasized the importance of adopting an abundance mindset, investing in consumer and team member experiences. |
Watch The Video
Vocabulary Quiz
1. Which word means ‘to start a business with little or no money’?
A) Frugality
B) Bootstrapping
D) Accountability
2. Which word means ‘to think creatively and come up with new ideas’?
A) Innovator
B) Entrepreneur
C) Salesman
D) Bootstrapper
3. Which word means ‘to give someone or something responsibility for something’?
A) Accountability
B) Respect
C) Faith
D) Perseverance
4. Which word means ‘to continue trying hard and not give up’?
A) Persistence
B) Frugality
C) Innovator
D) Accountability
5. Which word means ‘to have a lot of money and be very successful in business’?
A) Entrepreneur
B) Innovator
C) Financial Prosperity
D) Millionaire
Answer Key:
1. B
2. A
3. A
4. A
5. C
Grammar Focus
Grammar Focus: Using the Present Perfect to Describe Experiences and Achievements
Grammar Quiz:
1. The CEO of Chipotle Mexican Grill ____________________ his financial successes and mistakes.
A) shares
B) has shared
C) shared
D) share
2. The entrepreneur ____________________ a multi-million dollar company from scratch with just $200 on Venice Beach.
A) has built
B) build
D) had built
C) builds
3. The self-made wealthy individual ____________________ financial freedom.
A) has achieved
C) achieve
B) achieves
D) had achieved
4. The former mafia member ____________________ up to $102 million a week by defrauding the government on gasoline tax.
A) has made
B) made
C) had made
D) make
5. The speaker ____________________ the event called Billionaire Day, where three billionaires will be available for a live Zoom call.
A) promotes
B) has promoted
C) had promoted
D) promote
Answer Key:
1. B) has shared
2. A) has built
3. A) has achieved
4. A) has made
5. A) promotes