Cash doesn’t mean ‘crash’. Saving is an evergreen philosophy that businesses should have noted since they started. Entrepreneurs should put aside some savings to be ready for the rainy days.
In this episode of The Business Mentor Podcast, Jay invites Patrick Bet-David to talk about what entrepreneurs could do during the coronavirus outbreak and what cash savings can do during this hard time. Patrick advises creating more content and making more phone calls to increase your sales. He also gives a no BS take on how China handled (or mishandled) the coronavirus outbreak. Tune in to learn more.
- The COVID-19, or coronavirus, won’t go away unless we find a solution. And that is what’s scary; we still haven’t found the vaccine yet. According to Patrick, it will help if scientists and entrepreneurs team up together to solve this global pandemic.
- Each country has a unique approach on how to contain the virus. This vitally depends on their healthcare system. If their hospitals cannot accommodate the projected number of cases, then it’s best to be strict with how the lockdown or quarantine will be.
- With these kinds of problems, it’s the data you should always trust. The Chinese government have kept the news about Wuhan coronavirus from international health agencies and other countries. China knew what the virus could do. It wasn’t until it started to spread to its other cities that people were informed.
- Opposing opinions are needed and should not be shut down. This proves that people think critically, and that they don’t just follow orders from the authorities. If China listened to the coronavirus whistle-blower from the start, this outbreak could’ve been reduced.
- Businesses need to keep some cash. This is to ensure you are always ready when things don’t go as planned (i.e. the global pandemic effect). The 2008 recession has taught Jay so much. He always aims to keep 50% of net worth (or savings) in cash.
- How will your business survive this outbreak? Patrick’s advice: Think of what’s the most important thing today? Examples are learning how to make sales through phone calls and online, to communication through web apps and creating higher quality content.
- “The longer people live, the lower the mathematical cost is. You shouldn’t be paying more for your insurance than you did 20 years ago.”
- “I don’t trust China on any data they give since they don’t have any free press, any free speech.”
- “Everyone wants to be called an entrepreneur but some people just need not to be entrepreneurs.”
- “Be patient. Everyone’s going to find the leaks to everyone elses philosophies.”
- Listen to the Patrick Bet-David episode of The Business Mentor Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/031-interview-entrepreneur-patrick-bet-david-founder/id1370793386?i=1000424401063
- Read the article about the Wuhan coronavirus whistleblower doctor on BBC (https://www.bbc.com/news/world-asia-china-51403795).
- Pre-order Patrick Bet-David’s book Your Next Five Moves: Master the Art of Business Strategy on Amazon: https://www.amazon.com/Your-Next-Five-Moves-Business/dp/1982154802
ABOUT THE GUEST
Patrick is a successful start-up entrepreneur, CEO of PHP Agency, Inc., emerging author and Creator of Valuetainment on YouTube. As a natural critical thinker, Patrick takes complex leadership, management and entrepreneurial ideas and converts them into simple life lessons for today and tomorrow’s entrepreneurs.
Patrick is passionate about shaping the next generation of leaders by teaching thought provoking perspectives on entrepreneurship and disrupting the traditional approach to a career.
- Follow Patrick on Twitter: https://twitter.com/patrickbetdavid
- Follow Patrick on Instagram: https://www.instagram.com/patrickbetdavid/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age 33 Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.