Full transcript
0:00Money is made where problems are solved.
0:02You're wondering what does that mean?
0:04What that means to us is when you're
0:06looking for opportunity, you got to find
0:09an area of need or demand. If there is a
0:12demand for something like in our
0:14community, if we're looking to for an
0:16opportunity out there, a lot of times
0:17we're looking for demand and we we say
0:19the demand is the problem and we got to
0:22come up with a solution. And where you
0:23can solve that problem, there's money to
0:26be made. Mike did it in his furniture
0:27stores right out of the gate. It was
0:29before the '08 recession. Our town was
0:32boom town. They were building houses
0:34faster than they could get the wood for
0:36them. So, I was looking at building
0:38fences. I was going to do plumbing. I
0:39looked at roofing. I was just looking
0:41for an opportunity where I could have my
0:43edge. I already had the millionaire
0:45mindset. I was just had eyes for
0:47opportunity and I was looking. I looked
0:49around and realized, guess what? There
0:51was no mattress only store. I was
0:54already in retail. This is easy. So, I
0:56got the Celely brand to say, "Yes, we'll
0:58give you that brand." So, I had the
1:00number one brand in the country and I
1:02had all these homes being built with
1:03three bedrooms. Each one of them needed
1:05needed a furniture, needed mattresses.
1:07So, I opened it up and we killed it.
1:10There was a demand. I recognized the
1:11demand and made a lot of money doing it.
1:13>> I kind of did the same thing. I was in
1:15the the swimming pool industry. We we
1:17talked right during that time whenever
1:18all that was happening. And and we were
1:20we were constantly looking for
1:21opportunities into our neighborhoods in
1:23our local community. the furniture
1:25thing. It was it was a a layown. I mean,
1:27it was one of those things where you're
1:29building a bunch of homes. You got to
1:30furnish them. So, for me, I got into the
1:33pool business. There's a bunch of homes,
1:35people coming to our area.
1:37>> It's in the desert. It's hotter than
1:38hell.
1:38>> Yeah. So, why not build swimming pools?
1:40So, we just honed in on that opportunity
1:43and we decided, hey, there's a problem.
1:44There's not enough furniture. There's
1:46not enough uh swimming pool contractors.
1:48So, we jumped on the bandwagon and we
1:51saw that opportunity with a problem. the
1:54problem was they didn't have those
1:55things. We solved that problem. We we
1:57brought those things to the market and
1:59we made a lot of money doing it. So
2:01that's what we say whenever we're
2:02saying, "Hey, where there's a problem
2:04solved, there's money made." Even
2:05creating a demand. And that goes back to
2:07something like Steve Jobs. Nobody knew
2:10that they needed a computer in their
2:12pocket before he came out with the
2:13iPhone. Guess what? He came out with the
2:15iPhone, created his own demand.
2:18Obviously, one of the best business
2:19ideas in the world, but he created his
2:21demand. So looking for business
2:23opportunities, you look for a demand.
2:25You look for an opportunity. You have to
2:27have a mindset to be doing it
2:29>> and put it to work. What are your skills
2:31too? Like what are you good at? I mean,
2:33even in your career, if you're really
2:35good at something, you're working for
2:36someone, Mike's really good about it.
2:38like drawing that out of people, finding
2:40out what they're good at and then trying
2:43to monetize it. You know, honing in on
2:45your skill set, figuring out what that
2:47skill set is and figure out how to
2:49monetize it, how to make money with your
2:51skill set. If you're already good on the
2:52computer, maybe it is affiliate
2:54marketing, maybe it's something to do
2:56with computers. If you're in the
2:57plumbing business, if you're a
2:58tradesman, there are huge business
3:00opportunities. You have to have the
3:02millionaire mindset. Again, you got to
3:03be looking for eyes with opportunity,
3:05and you always have to be looking. When
3:07I was young, I used to be able to come
3:08up with business ideas like that and
3:09open so many businesses. I was once on a
3:12vacation. I'm in a marina and I don't
3:14they were teasing me a little bit, but
3:16my buddies said, "All right, you think
3:17you come up with businesses? Come up
3:18with one right now." I stood up in the
3:20boat. I looked around and I seen a
3:22little fish feeder and people were
3:24putting money in it and feeding the
3:25catfish or the carp in the water. I live
3:27on the Colorado River. I told those
3:29guys, I go, "See that? That's a business
3:31opportunity. I'll take it and do it." I
3:32went back to Laughlin, Nevada. I got
3:35contracts with all the casinos up and
3:36down the river and for seven or eight
3:39years did between $4,000 and $13,000 a
3:43month in quarters by people putting
3:45money in little fish feeders that I'd
3:47put up and down the river. That idea
3:49just came from someone saying, "Hey,
3:51come up with a business idea." My point
3:52of telling you this, business ideas are
3:55everywhere. You just have to implement
3:57them, see a demand. We created the
3:59demand for the fish feeders and it
4:01worked. It made a lot of money for a lot
4:03of years. Think about it is there's so
4:04many opportunities out there. But the
4:06thing uh you've got to do is you got to
4:08be communicating and you got to be
4:10talking to people about them. You got to
4:11be pulling information from other people
4:14because just you by yourself trying to
4:15put together ideas. You don't know if
4:17it's going to work, if it's not going to
4:19work. And you might know that somebody
4:20may have the idea, but they're never
4:22going to implement or they're never
4:23going to do anything with it. How many
4:24times you hear that story of, "Oh,
4:26grandma's salsa's so good. We we should
4:28market it or whatever." There's a lot of
4:30people with a lot of good ideas that
4:31they're never going to do anything with
4:33it. The other thing is if you've got
4:34some good ideas, it's running them by
4:36people. Hey, what do you think of this?
4:38How would that work? Tell me an
4:39opposition. Tell me why that's not going
4:41to work. And that's that's what I do is
4:43when I come up with a business idea,
4:45people boohoo on someone, you know,
4:47haters not liking their idea. I love
4:49that. Perfect. When I come up with an
4:51idea, I try to go people to people that
4:54I trust that I tell them. I go, "Hey, I
4:56just invented a time machine. Tell me
4:58why this is a terrible idea. Of course,
5:00that's not a terrible idea, but I start
5:01there. And if they can't talk me out of
5:03it, then I know it's a great idea.
5:05Another thing is people use excuses for
5:08not opening businesses, buying
5:10decisions. My first businesses were all
5:12done with none of my money. When I tell
5:14you about my video stores, I 19 years
5:17old, opened my first video store, made a
5:19lot of mistakes along the way, turned it
5:21into a chain of video stores, but I did
5:23it with none of my own money. Also, when
5:25I opened my laundromat, same thing. My
5:28wash machine had broken down. Took a vow
5:30not to fix my wash machine until I owned
5:32a laundromat. And I did not fix that
5:35wash machine until I owned a laundromat.
5:37I opened it with zero dollars of my own.
5:39I put together a business plan after I
5:41realized the demand in our in our area.
5:44And I wanted to practice my pitch for
5:46this business idea. So, I went to my dad
5:49totally just pitching him on a on a way
5:52on my idea of pitching some of the
5:54people in town that I knew had money
5:56>> just to see if he'd give you push back
5:57or he'd tell you.
5:58>> And so, when I pitched him the idea, I'd
6:00already done all my research. He just
6:02told me, he goes, "I'll take half of
6:03it." All right. I was not expecting
6:05that. I went to my brother and I said,
6:07"Hey, let me pitch you an idea. This is
6:09what I'm going to be doing going to the
6:10rich people around town." When I got
6:12done pitching him, he said, "I'll take
6:14the other half." and I had no intentions
6:16on them being my partners. So, I opened
6:18up that laundromat with none of my own
6:21money and turned it into a chain of
6:23laundromats. I expanded into all the
6:25apartment complexes around. I expanded
6:27into all the RV parks around and then
6:30sold that company years later.
6:31>> Think about it is like the point of of
6:33that is like I think about some of the
6:35things that we're doing today and it's
6:36not going to relate to someone, you
6:38know, like yourself, but it is you start
6:41small.
6:42>> You know what I mean? You start small.
6:43You talk about your laundromats and how
6:45you started with the laundromat thing
6:46and no money out of pocket and everybody
6:48thinks, "Oh, well, I can't do it because
6:50of money." Money is not the issue. You
6:52find the idea, you communicate with
6:55people, you network with people, the
6:57money will come. If the idea is good,
7:00the money will come. And so, we were
7:01doing small things like that when we
7:03were first getting started. And then
7:04today, we've got Houston Motorsports
7:07where we've got five different
7:08motorsports locations. Would have never
7:10guessed that we were going to be able to
7:11do that. Whenever you're buying laundry
7:12mats, I'm delivering bread or building
7:14swimming pools or doing those, you know,
7:16the smaller business things that we were
7:18doing, but we were honing our skills.
7:20>> Absolutely.
7:21>> And then when the bigger opportunities
7:22came, that's how we were able to scale.
7:25So, never think that you don't have the
7:27money to do it. If you can find a
7:29problem within your community and you
7:31can solve that problem, there's an
7:32opportunity for money to get made.
7:34>> And there's another story that goes with
7:35that. Houston Motorsports. The partner
7:38that we have, Philip Orange, that runs
7:41that company and is our partner there.
7:43He has a childhood friend who's in the
7:45specialy service business, which in the
7:48Texas is in the oil industry. He comes
7:50to us with a business idea, a team of
7:53people behind him, contacts in the
7:55industry, presents a business idea to
7:58us. We love the idea. He has zero money
8:01to put in, but he has the skill. He has
8:04the contacts. He has the millionaire
8:06mindset. He has the endorsement of
8:08another partner. So, guess what? We put
8:11that business together with him. We're
8:13probably three months into it. As of
8:15right now, today, we're projected to do
8:17probably $30 million in 2000 in 2024.
8:21Guess how much money our partner has
8:23into it? Zero. He had no money to put
8:25into it, but he came to us prepared with
8:28an endorsement, a great business idea, a
8:31great business plan. And so that's how
8:33he got into business with no money down.
8:35So it's so possible. Never use the
8:38excuse that you don't have the money to
8:40open a business. If you don't have a
8:41enough money to open a business, it
8:43means the idea isn't good enough. And
8:45there's opportunities everywhere and
8:47there's money everywhere. So don't let
8:50money use that. Don't use that as an
8:52excuse of why you're not looking for a
8:53business opportunity and why you haven't
8:55opened a business if that's what your
8:57desires are. Buying a business, you can
8:59go on Craigslist, you can go on Rex
9:01Crexy, you can go on Loopnet for
9:03properties, but there's all kinds of
9:05business opportunities out there. Do not
9:07let money stop you from opening a
9:09business or searching for an idea. You
9:12just need the millionaire mindset, a
9:14great attitude, a great business plan,
9:16and get to work.
9:17>> Definitely, it's out there. It you just
9:19got to you got to go after it. That's a
9:21big thing like with this lesson is we
9:22want you to have some good takeaways
9:24with this. And the one the main thing
9:26with this is train your brain to look
9:29for opportunities through your
9:31networking through communicating with
9:33people that are mentors possibly to you
9:35or other people that were are within
9:37your community. And then whenever you
9:39have these ideas, be sure and write them
9:41down. Opportunities are everywhere, but
9:43you got to put in the time. I heard Mike
9:45talking about it the other day just
9:46saying, "Hey, take some time, set it
9:49aside, and then write down some of the
9:51opportunities or some of the business
9:53ideas that you have." Let me let me keep
9:55telling you about a couple millionaire
9:57mindset. I'm my very last job is when I
10:00was 18 years old. I'm working valet at a
10:03casino in Laughlin, Nevada. It's busy
10:06back then. That that casino was packed.
10:09And I go, I'm always looking for a
10:11business opportunity. So, I see that
10:13when I drive up there, everyone's got
10:15the rearview mirror there. And I'm
10:17thinking, "Okay, what if I were to put a
10:19coupon that hangs down like a door
10:21hanger? I put nine perforated coupons on
10:24there." I went to the head of the casino
10:26and said, "Hey, what if you guys put the
10:28name of your buffet here or maybe you
10:30got a fight coming or some kind of
10:32concert coming and then give me the
10:33other side and I'm going to go out in
10:35the community and sell those ads." So,
10:37again, with zero dollars, I developed
10:41that business. CA, cost-effective
10:43advertising. Hired a salesperson. I paid
10:47that person 25% of the gross. I paid my
10:50printer 25% of the gross. I required 50%
10:54down. That left 50% profit for me. So,
10:57I'm working valet. I'm selling them at
11:00$5,000 per increment. So, 5,000 coupons.
11:03The casinos having the valet guys do it
11:05because they got their coupon there. I
11:07went down the river. I got three more
11:09casinos. I'm making all kinds of money
11:11while I'm working valet hanging up my
11:13own coupons on the rearview mirror. The
11:15theory is you could have a billboard, no
11:17one see your ad. You could have a radio
11:19ad, no one hears it. But you can't get
11:21in your car and not see that thing
11:24hanging down there. Even if you don't
11:25like it, you still got to look at it,
11:27tear it down, and throw it away. But
11:29again, I was just always looking for
11:32business opportunities. I still am
11:34today. That's what you need to do. You
11:36need to think of the things you're good
11:38at. I don't know if it's computer
11:40skills. I don't know what it would be,
11:42but you need to be looking, writing them
11:44down. Find someone you trust. Don't use
11:46any excuses why you're not going to do
11:48it. Just find the opportunity. As soon
11:50as you have the edge that you know you
11:52can make money, the money will come. And
11:54we'll explain to that later, but it's
11:56not that hard to find money when you
11:58have a great idea. First of all, you can
12:00DM us and we'll help you. So, you just
12:02got to hear some of the business ideas
12:03that Bo and I have come up with over the
12:05years. And the moral of the story is you
12:08need to pause, slow down, look around
12:11your community. If you're into opening a
12:13service business, a retail business, if
12:16you're into computers, you need to look
12:17on the computer, but just look around.
12:20There are endless opportunities still
12:22out there waiting to be discovered. And
12:24you don't have to do much to just make
12:26an idea a little bit better to create
12:28wealth. So, there's huge business
12:30opportunities out there. Slow down, look
12:33around, write down your business ideas,
12:35and take action.
12:36>> Think about it is like the lesson to be
12:38learned from this is business ideas are
12:41like water in the ocean. Those ideas and
12:44opportunities are abundant. They are
12:47everywhere. So, what you just need to do
12:49is you need to go home and you got to
12:51write down your ideas and you got to
12:53have that piece of paper with you. So,
12:54when the minute you have it or the notes
12:56in your phone or whatever it is, but
12:58write down any type of business ideas.
13:00There's no dumb ideas. So, just take
13:03some time out of your day every day and
13:05try and, you know, think up some ideas
13:07or or talk to people that are in your
13:09group or talk to mentors or talk to
13:11people in the community to find out what
13:13opportunities there might be out there.
13:14Okay, guys. Well, with this lesson, what
13:16we really want you to do is we got to
13:18have some good takeaways. So, one of
13:20them is train your brain to look for
13:22opportunities. There are opportunities
13:24everywhere. Yes, you don't I mean, you
13:26try and think about it right now, you're
13:27like, I'm really not sure. But if you
13:29really take some time and dedicate it,
13:31you will find opportunities within your
13:32community. The second takeaway, write
13:35the idea down. Opportunities are
13:38everywhere, but you got to take the time
13:40to write it down. The lesson here,
13:42business ideas and opportunities are
13:45like the water in the ocean. They're
13:46literally everywhere. So, don't stress
13:48on it. Just think about it. Like what
13:50Bose said, write it down. Put them in
13:52your phone. Carry a notebook with you.
13:54Write them down. Opportunities are
13:56everywhere. All right. So, we're going
13:58old school. You got homework. You got to
14:00write it down. The homework is to take
14:03away from this thing is write it down.
14:05I'll tell you what, do this one better.
14:07Write down one idea. Get a notebook.
14:10Write down one idea a day. Don't let
14:12yourself off the hook. One idea a day.
14:15Keep it in that notebook. Keep it in a
14:17safe place. And I guarantee you can make
14:20something happen if you take that
14:21notebook and every day you're diligent
14:24and you're persistent and you write down
14:26a business idea. Doesn't matter how dumb
14:28it is.
14:28>> Write it down.
14:29>> Write it down.
14:30>> If you're a songwriter, you got to write
14:31songs. If you're going to be in
14:32business, you got to write down business
14:33ideas.
14:34>> Definitely make it happen.
14:37[music]