Book Summary: Your Next Five Moves By Patrick Bet-David | Book Reveiw
Hi, I am Wilson Shrestha. I have read this book many times and created a short summary for you awesome readers. This book is about providing knowledge about business and how you can run it properly for future growth. I am also mentioning this book is one of the best books I have ever read. Below are some of the main important points that I have collected from the book Your Next Five Moves book Summary. Hope you will like and enjoy it.
| Book Information | |
| Book Name | Your Next Five Moves |
| Author | Patrick Bet-David |
| Author Background | Entrepreneur, CEO of PHP Inc., Owner of Valuetainment YouTube channel |
| Genre | Business, Strategy & Self-improvement |
| Publication Year | August 18, 2020 |
| Another Book by Author | “Drop Out And Get Schooled” |
| Lesson to Learn | The art of business strategy and how to achieve success in entrepreneurship. |
| Key Concepts |
Self-awareness, problem-solving, team building, strategy, power plays, decision-making, Strategies for scaling and success
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List of 5 Moves from the book.
- Clarity (Master Knowing Yourself): First of all you will have to be clear on what you want and who you want to be.
- Strategy (Make a Clear plan): Develop a plan that will help you to achieve your goal.
- Building the Right Team: Focus on Exponential Growth, not on just linear growth. To do that building the right team with talented peoples is a key aspect of this move. Then you will move to more profitable phase, create momentum and long-term Survival.
- Growth and Scale your business: Before Scaling your Business you must master on your skills, focus and career. Learn to navigate important meetings effectively, understand what motivates team members.
- Power Plays: Learn and master to apply power and leverage people to achieve your goals.
Welcome to the summary of “Your Next Five Moves:
Move one is Master Knowing Yourself: Master the Art of Business Strategy”. Did you ever think “Oh my god how do entrepreneurs do it? How can they work that much, and withstand all the pain that they do?” The simple, but not easy answer is that they know what they want to achieve and why they are doing it. They’ve dug deep and asked themselves the questions of who they want to be, and how will it look exactly, and keep asking it again and again.
Because they think of the vision daily, it helps them keep going. Here are two things that could help you understand yourself better: The first is to take Patrick’s identity quiz and find out if you’re driven by: One – Advancement, Two – Individuality, Three – Madness, or Four – Purpose. Check out yournextfivemoves.com to find it.
The second is to immerse in biographies of the greats, read about or learn from the people who have achieved what you want, and imitate their behavior.
Move two is: Master the Ability to Reason: Once you start researching yourself constantly, it will gradually become easier to make decisions, but that is not enough. To solve your business problem, you’ll also need to take high responsibility, and not blame outside circumstances.
As the Greek stoic philosopher Epictetus says: “We cannot choose our external circumstances, but we can always choose how we respond to them”. Finally, after having those two subjects nailed down, you’ll need a system for deep and rational problem-solving. One such system is Patrick’s “Solve for X” system. It breaks the solution into three parts.
One – Investigate, which contains: The urgency, potential gain or loss, and causes of the issue. Two – Solve, which contains: Whose advice or help is needed? What are the potential solutions? And what are the potential negative consequences of those solutions? Three – Implement: Whose buy-in is needed? Meaning, who may be affected by the problem, and should be prepared for it? Who’s responsible for what? And what are the new protocols to avoid this in the future?
Move three is Master Building the Right Team: After digging into your purpose and learning to deal with circumstances, you can now take other people on the journey with you, and multiply your power. But, why would they want to join? One possible reason is that they clearly understand your set of principles before they join, and it brings them a frame, stability, and purpose.
In other words – They have a reason to wake up in the morning, and they know what they should do to be rewarded. Note: Always keep repeating the principles, including after the hire, so that they’re never forgotten. Another possible reason is: Because of the benefits package you have. Whether that be yearly trips, mentorship, additional courses to help them improve, or another thing.
Invest in your employees first, and in return, they will most likely look to also help you and the company.
Move four is Master Strategy to Scale: Now that we have a clear vision, can address the problems that come our way, and have people with us, it is time to stop thinking about survival, and start thinking about flourishing.
In order to do that let’s first understand the four phases of a business according to Patrick, they are: One – Formulation, Two – Survival, Three – Momentum, and Four – Plateau. We want to move to step three and four because that’s where the money is. Most businesses get stuck on the survival phase, because they only invest in linear growth activities, and not at all in exponential growth activities.
An example of linear growth is building documented processes and improving them. Watch the E-Myth Revisited summary to learn more. An example of exponential growth is making an innovative campaign. For example, Mitsubishi had a campaign in which they offered to pay an entire year for their customer’s fuel. This way, in contrast to linear growth they changed one offer and their bottom line changed dramatically, and not just bit by bit.
If you want your business to grow fast – Invest in exponential growth, but be careful! You still need to have systems and keep your ego in check to stay in control, and not to lose all your progress.
Move five is Master Power Plays: Simply put – This move could be summarized as “How to get to the top and stay there”. Here are three of the tactics Master Patrick mentioned in this part: One – If you want to compete with the best in the industry you’ll need all the power you can gather.
Therefore, cut out all distractions from your life that are not essential for moving ahead. Things like: TV and video games, and yes social media consumerism. Two – At those stages of the process some meetings have a gigantic effect on your business. Therefore, you must learn how to navigate in them like a master, and as Arnold Schwarzenegger says: The best way to master anything is to reps and then some more reps.
Just like in the gym, meticulous preparation and rehearsals of the upcoming meeting will be well worth the investment. Three – It’s fine to be able to gather your power, but imagine how much you’ll multiply it if your people will give all their efforts… In order to get the best out of your people – Know what drives them, (Patrick’s identity quiz could help with that) but better yet keep an organized chart of everybody’s motivations, and always, I mean ALWAYS have their motivations in mind when you talk to them or give them a task.
Conclusion: Checkmate. Baaam, you score! According to Patrick – If we follow those five moves and keep following them, keep learning, and understand that improvement has no end, and basically in other words adopt Carol Dreck’s growth mindset with repeated persistence – We’ll have a high chance for success.
