Patrick Bet-David Gives Great Advice To New Insurance Agents!

Cody Askins
9 Aug 202108:55
EducationalLearning
32 Likes 10 Comments

TLDRIn this motivational transcript, Patrick Bet-David addresses the challenges faced by insurance agents, urging them to persevere through tough times rather than quitting prematurely. He compares the struggle to a marriage, suggesting a trial period before leaving the industry. Bet-David emphasizes the importance of building a system for success and shares his personal experiences of going the extra mile, like making additional calls and appointments, to achieve the '8 percent' mentality of outworking others. His story serves as a testament to the potential rewards of dedication and hard work in the insurance industry.

Takeaways
  • 🤔 Perseverance is crucial for success in the insurance industry, as it can be challenging for the first five years, but with dedication, one can achieve great rewards.
  • 💡 The importance of patience and not giving up easily is highlighted, with the analogy of a marriage to emphasize the need for commitment before considering a change.
  • 📈 Success in business often requires building a team and replicating one's efforts, as individual efforts are limited compared to the potential of a collective.
  • 🔑 The necessity of having a system in place for recruitment and business operations is underscored, as it is essential for scaling and managing a large number of agents.
  • 🚀 The speaker emphasizes the value of going the extra mile, like making more calls and appointments, as a distinguishing factor for those in the top 8% of performers.
  • 💼 The story of a successful individual in the insurance industry who made millions by building a team, illustrating the power of team building and development.
  • 🎯 The concept that hard work and dedication can lead to achieving one's wildest dreams, including financial success and personal fulfillment.
  • 📊 The speaker shares personal anecdotes about the sacrifices made for success, such as skipping social events to make more business calls and appointments.
  • 💰 A cautionary tale about the pitfalls of spending large sales commissions unwisely, such as buying luxury items instead of investing in business growth.
  • 🌐 The various methods of acquiring clients, such as through social media platforms like Facebook, LinkedIn, and Instagram, are mentioned, showing the diversity in business strategies.
  • 📝 The importance of writing and selling skills in addition to recruitment, as shared by a top earner at Morgan Stanley, who attributed his success to building a team of advisors.
Q & A

  • What percentage of people might fail in their industry according to the speaker?

    -The speaker mentions that a struggling agent might end up being part of the 92 percent who fail in their industry.

  • What advice does Patrick Bet David give to someone considering leaving their industry due to difficulties?

    -He advises them to stay in the industry for at least five years, giving their best effort, and if after that time they still want to leave, then they should consider moving to a different industry.

  • What is the speaker's perspective on the importance of patience in business?

    -The speaker emphasizes the importance of patience, suggesting that if one stays patient and works hard, they can achieve their wildest dreams in business.

  • What is the story of the pizza shop owners who considered leaving their business?

    -The pizza shop owners, a husband and wife team, were considering leaving their business due to the impact of 'kovit' (likely a reference to COVID-19) and were thinking of moving to a different industry. They were challenged by the speaker to be honest about their reasons for wanting to leave.

  • What analogy does Patrick Bet David use to explain his point about staying in a business for a certain period before considering leaving?

    -He uses the analogy of a marriage, suggesting that just like a marriage should be given a fair chance with therapy and consideration before divorce, one should also give their business a fair chance for at least five years before deciding to leave.

  • What does Patrick Bet David suggest is the key to making a significant amount of money in business?

    -He suggests that the key to making a lot of money is to learn how to recruit and develop other advisors or team members, essentially building a team that can replicate and duplicate your efforts.

  • What is the significance of the '8 percent' mentioned by Patrick Bet David?

    -The '8 percent' refers to the small percentage of people who are willing to do what others are not, such as making additional calls or appointments, which can lead to significant success in business.

  • How does Patrick Bet David describe his early commitment to his work ethic?

    -He describes his early commitment as making 40 more calls even on a Saturday night when others were going out, showing his dedication to going the extra mile in his work.

  • What is the importance of having a system in place for recruiting a large number of insurance agents, according to the speaker?

    -According to Patrick Bet David, having a system in place is crucial for recruiting a large number of insurance agents because without it, it's mathematically impossible to manage and replicate the process effectively.

  • What is the speaker's view on the role of hard work and sacrifice in achieving success?

    -The speaker believes that hard work and sacrifice, such as giving up social activities to make more calls or appointments, are essential for achieving success in business.

  • What does Patrick Bet David suggest is the mindset of successful people?

    -He suggests that successful people have a mindset of being willing to do what others are not, such as making the additional effort and sacrifices that lead to achieving their goals.

Outlines
00:00
🤔 Encouragement for Struggling Agents

The speaker addresses a struggling insurance agent considering quitting by sharing a personal story about a restaurant owner couple who faced challenges due to the pandemic. The speaker challenges their desire to switch industries, comparing it to a marriage where divorce is considered only after trying therapy. He suggests that if the agent is still dissatisfied after five years of hard work, then it might be time to consider a change. The speaker emphasizes the potential for success in the insurance industry, urging patience and perseverance, and highlights the stories of successful individuals who almost gave up.

05:02
💼 The Importance of Building a System for Recruiting

The speaker recounts an experience from his time at Morgan Stanley, where he learned the value of building a team from a top earner who made millions by recruiting and developing other advisors. The speaker emphasizes that to achieve significant success, one must learn to replicate and duplicate their efforts, which is only possible with a well-established system. He shares his own journey of building a large agency and stresses the necessity of having a system in place that allows for growth and replication without constant personal intervention.

Mindmap
Keywords
💡Struggling Agent
A 'struggling agent' refers to an individual in the insurance or sales industry who is facing difficulties and considering quitting their job. In the video's theme, this concept is used to highlight the challenges one might face in their career and the importance of perseverance. The script mentions an agent contemplating leaving the industry due to hardships, illustrating the real struggles faced in the business.
💡92 Percent
The term '92 percent' is used metaphorically in the script to represent the large majority of people who may fail or give up on their endeavors. It is related to the theme of persistence and success, suggesting that only a small percentage of people make it through tough times to achieve their goals. The script implies that the agent might end up being part of this majority if they quit.
💡Persistence
Persistence is the continued effort despite facing obstacles or difficulties. It is a central theme in the video, emphasizing the importance of not giving up. The script uses the example of an insurance agent who is encouraged to endure the tough initial years to potentially reap significant rewards later on.
💡Industry Transition
Industry transition refers to the act of moving from one industry or business sector to another. In the script, a pizza shop owner couple is considering leaving their current industry due to the impact of 'kovit' (likely a colloquialism for COVID-19) and seeking opportunities elsewhere. This concept is tied to the broader message of the video about making calculated decisions before changing paths.
💡Therapy
Therapy, in this context, is a form of professional help aimed at resolving personal issues or improving mental well-being. The script uses the analogy of marriage therapy to discuss the decision-making process when considering leaving a business, suggesting that just as in a marriage, all options should be explored before making a final decision.
💡Recruitment
Recruitment is the process of attracting, screening, and hiring new employees or team members. The video discusses the importance of recruitment in building a successful business model, as illustrated by the story of a top earner at Morgan Stanley who built his wealth by developing a team of advisors.
💡Business Model
A business model describes the rationale of how a business creates, delivers, and captures value. The script emphasizes the need for a systematized approach to business, suggesting that without a solid business model, scaling up or achieving significant success is not feasible.
💡Lead Generation
Lead generation is the process of finding and nurturing potential sales prospects for a business. The script mentions various methods of lead generation, such as buying leads, using Facebook ads, LinkedIn, and Instagram, highlighting the diversity of strategies that can be employed in the industry.
💡Eight Percent
In the script, 'eight percent' symbolizes the small group of people who are willing to go the extra mile, work harder, and do what is necessary to achieve success. It is used to illustrate the concept of exceptional effort and dedication, as the speaker shares personal anecdotes about working late and making additional calls to secure more business.
💡System
A system, in the context of the video, refers to a set of interconnected rules and processes that form the structure of an organization or business. The script stresses the importance of having a system in place to ensure that a business can operate efficiently and effectively, allowing for scalability and replication.
💡Commitment
Commitment is the demonstration of dedication and loyalty to a cause, task, or individual. The video uses the concept of commitment to describe the speaker's personal experiences and the level of dedication required to succeed in business, such as making additional calls and sacrificing personal time for professional growth.
Highlights

The importance of perseverance for struggling agents, with a comparison to the 92 percent who quit and the potential for success if they push through.

The story of 'Hunter' as an example of personal growth and overcoming shyness in the business environment.

The impact of 'Kovit' (likely COVID-19) on the restaurant industry, specifically a pizza shop owned by a husband and wife team.

The dilemma faced by the pizza shop owners considering leaving their business for a new industry due to hardships.

A metaphorical comparison of business struggles to a marriage, suggesting therapy and reflection before making drastic decisions.

The concept of 'divorce' in business, implying leaving an industry only after thorough evaluation and attempts at improvement.

The speaker's challenge to agents to endure five years of difficulty before considering a change in career.

The potential for significant financial success in the insurance industry despite initial struggles.

The strategy of building a team in the insurance industry as a means of multiplying one's efforts and earnings.

The importance of having a system for recruiting and developing insurance agents, as highlighted by the story of a top earner at Morgan Stanley.

The necessity of personal sacrifice and dedication, exemplified by working late and making additional calls to achieve success.

The '8 percent' concept, representing the small percentage of people willing to go the extra mile for success.

The anecdote about making 40 more calls on a Saturday night as an example of the '8 percent' mentality.

The power of persistence and the willingness to outwork others as a key to success in any field.

The speaker's personal story of prioritizing work over social life in his early 20s to achieve his goals.

The idea that success often comes to those who are willing to make the additional effort when others are not.

Transcripts

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PerseveranceIndustry ChallengesRecruitment StrategiesInsurance AgentsEntrepreneurshipBusiness GrowthMotivational SpeechSuccess MindsetCareer TransitionPerformance Excellence