The real estate investor and motivational speaker discusses taking over the new season of "Undercover Billionaire".
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When Discovery asked Grant Cardone to give up his money, contacts, and resources and try to build a $ 1 million business in 90 days, he turned it down. He said he would start a $ 10 million company instead.
The motivational speaker, real estate investor, author and entrepreneur is one of three participants in the new season of Undercover Billionaire, all of whom are fighting for seven numbers. His opponents are Elaine Culotti, real estate developer, interior designer, builder and founder of House of Rock, and Monique Idlett-Mosley, founder and CEO of the technology fund Reign Ventures. We caught up with Cardone to see how he rose to this challenge and how or not his strategy deviated from his usual plan of attack.
Did you have a plan, a great vision of what you became when you started?
Yes, I had a great vision … instead of building a $ 1 million business in 90 days, I wanted to build a $ 10 million business in 90 days! 10X goals solve all problems. If the goal is big enough, you will figure out the strategy.
See Also: & # 39; Undercover Billionaire & # 39 ;: The 3 Questions You Should Be Asking Yourself Every Day
Is that how you approach all projects?
I believe and experience that most people miss their goals and then stop because the payoff isn't big enough. 10X is a business strategy and a best practice for solving scaling problems. Most companies fail because they are too small, they think too small, their reach is too small and their income is too small. Building a 10-fold business is pure math. Follow the math. Follow the money. Do the work. I don't follow my passions or what I like to do or what I'm good at – I follow the goal.
In your opinion, what was decisive for this success?
Courage, creativity, commitment, conviction, consistency and trust. I know how to grow and scale while I'm broke because I know it doesn't take money to make money. This idea is a myth. When Discovery gave me $ 100 the first thing I did was put it in the bank so I couldn't touch it. I don't need money to start a business. I need people, not dead presidents. Money is made when you connect with the right people who want to make money.
What do you always advise people who are just starting out?
What do you look for when people refer you to invest?
I look at the person in front of the idea, concept or suggestion. How do you work? How do you spend your money? Do you own a house, a car, a Gucci belt? How do they communicate? What is the deal? Do you think big or small? I measure the operator more than the investment.
If you were really starting from scratch, would you go the same way?
I wouldn't go to college if there wasn't a billion dollar payday. I would only look at industries that pay off massively, and I would ignore my passions and what I love to do and instead figure out how to get into a space with massive volumes and margins.
Entrepreneurs always talk about accepting failures and learning from them. Do you agree? And does that make it a little harder when you have a camera in your face?
I don't try to learn from my own mistakes, I try to learn from the mistakes others make. That doesn't mean that I don't make mistakes. I do a lot, but that's not how I learn. But when I start a business or buy real estate, I can't afford to make mistakes. I have to make it work. If I had cameras with me during this show, it just put more pressure on me. Nobody wants to fail, but nobody wants to fail when millions of people are watching.