Brief Summary
This YouTube video from School of Hard Knocks features interviews with wealthy individuals in Beverly Hills, including Robert Herjavec from Shark Tank, to uncover their secrets to success and wealth. The video emphasizes the importance of taking risks, continuous learning, and maintaining health, while also highlighting the significance of adapting to market changes and leveraging opportunities. Key takeaways include the necessity of obsession, building a strong brand, and focusing on providing joy and value to others.
- Take risks and learn from both wins and losses.
- Health is paramount and should not be neglected in the pursuit of wealth.
- Obsession and continuous learning are crucial for sustained success.
Introduction
The video starts with the interviewer in Beverly Hills, aiming to uncover the secrets to wealth by interviewing people with luxury cars like Rolls-Royces. The goal is to provide viewers with actionable insights on how to achieve financial success by learning from those who have already achieved it. The interviewer emphasizes that he will be meeting with Robert Herjavec from Shark Tank to get his insights on building wealth.
First Interview: Fitness and Health Entrepreneur
The first interview is with a 67-year-old entrepreneur in the fitness and health industry, who has been in business since he was 18. He emphasizes the importance of taking risks and having a supportive life partner. He sold a television network to News Corp for over $10 million. He advises that one should pursue their ideas to avoid regret later in life and highlights that "no" is halfway to "yes," encouraging persistence. He stresses that true wealth is not just about money but also about one's character and what they are made of.
Second Interview: Higher Education Investor
The second interview features an investor in higher education who owns a college specializing in early education in Carlsbad, California. He looks for people, processes, and profitability when making investments. He made $17 million in a single year during the pandemic by doubling down and helping other companies. He learned from billionaires the importance of surrounding oneself with smart people and valuing everyone's opinion. He emphasizes the importance of staying true to one's vision despite doubts from others, even family.
Third Interview: Health Business Promoter
The third interview is with a promoter in the health business who created the first herbal Viagra, which became a top seller for GNC. He advises keeping eyes open, reading a lot, talking to people, and networking to find a winning product. He recommends "Think and Grow Rich" and Dan Kennedy's "Ultimate Sales Letter" as essential reads for entrepreneurs. He made hundreds of millions of dollars in his best year. He highlights the importance of finding something different and unique in a competitive market, as he did with the herbal Viagra. He advises to keep hustling, think big, and never quit.
Interview with Robert Herjavec
The final interview is with Robert Herjavec from Shark Tank, who is a major figure in cyber security and AI. He emphasizes that wealth comes from creating trends, not just following them. He came from a humble background, motivating him to avoid poverty. His most profitable year involved selling a business, resulting in $500 million, though his highest income in a year was $18 million. He shares an experience of being stolen from by his sales manager and learned to quickly recover from setbacks.
Herjavec's Advice on Business and Wealth
Herjavec advises against excessive wallowing in misery and emphasizes the importance of quickly getting back to work after facing challenges. He highlights the value of real estate, advising to never sell a house if you want to become rich. He stresses that sales is about understanding the customer's needs before pitching a product. He believes that what you know is more important than who you know, and that building a strong personal brand attracts opportunities.
Key Traits and Industries According to Herjavec
Herjavec identifies obsession as a key trait among highly successful people and emphasizes the importance of loving what you do. He advises those starting with capital to invest in areas with high barriers to entry, such as commercial buildings and data centers. For those without capital, he suggests e-commerce, emphasizing that building a brand is easier today. He values investing in people over ideas, believing a great person can make any idea successful.
Herjavec on AI and Final Advice
Herjavec would start an AI company if he lost everything, focusing on the data infrastructure aspect. He uses AI in all his businesses and suggests training AI models to work like you. His ultimate advice is to "sell joy," emphasizing the importance of making people feel good. He shares a quote about finding nothing as fascinating as another human being and stresses the importance of faith.
