I Got RICH When I Started DOING THIS! (Copy These Billionaire Habits) | Tilman Fertittia

Last updated: Jun 1, 2023

The video is about billionaire Tilman Fertitta sharing his habits and mindset that helped him become successful in business.

The video features an interview with Tilman Fertitta, a successful entrepreneur who went from owning a single restaurant to becoming the world's richest restaurateur with 600 restaurants in 36 states and over 15 countries. Fertitta shares his tips for success, including taking the word "no" out of your vocabulary, focusing on the customer, using the 95/5 rule, and being the best at whatever position you hold. He also talks about his experience during the recession in the late 80s and how he kept punching and found a way to get out of the mess. Fertitta is also an active philanthropist and serves as chairman of several organizations.

  • Remove the word "no" from your vocabulary.
  • Focus on your customers and their needs.
  • Use the 95/5 rule to prioritize your tasks.
  • Separate yourself from others by being the best at what you do.
  • Adopt a mindset of being the "bull" in any position.
  • Started as the owner of a single restaurant in Texas.
  • Now owns 600 restaurants in 36 states and 15 countries.
  • During the recession in the late 80s, Fertitta kept pushing through and finding ways to succeed.
  • Fertitta emphasizes the importance of listening to others in business.
  • Keep punching and take care of your business.
  • Understand what you know and what you don't know.
  • Know more about any situation than anybody else in the room.
  • Look at somebody's resume and say they've never been with the right company.
  • Choosing the wrong company to work for is a big mistake.
  • Tilman Fertitta always wanted to make money and worked various jobs as a kid to do so.
  • Selling is a crucial skill in business.
  • Occupancy cost, lease terms, real estate ownership, and margins are all important factors to consider when evaluating a business deal.

"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia - YouTube

"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 001

Basic Tools for Success

  • Remove the word "no" from your vocabulary.
  • Focus on your customers and their needs.
  • Use the 95/5 rule to prioritize your tasks.
  • Separate yourself from others by being the best at what you do.
  • Adopt a mindset of being the "bull" in any position.
"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 002

Tilman Fertitta's Background and Achievements

  • Started as the owner of a single restaurant in Texas.
  • Now owns 600 restaurants in 36 states and 15 countries.
  • Employs over 60,000 people and serves over 150 million customers annually.
  • Ranks 153 on the Forbes 400 list of wealthiest Americans.
  • Received numerous awards for his business endeavors and philanthropy.
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Keep Punching and Finding a Way to Succeed

  • During the recession in the late 80s, Fertitta kept pushing through and finding ways to succeed.
  • Despite doing business with multiple banks that failed, Fertitta was able to keep his company afloat.
  • He emphasizes the importance of persistence and finding a way to get out of tough situations.
  • Fertitta was able to pay off his debts in full, even with no interest, after a few years of reprieve.
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"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia - YouTube

Shut Up and Listen: The Importance of Listening in Business

  • Fertitta emphasizes the importance of listening to others in business.
  • He believes that listening is the key to understanding what customers want and need.
  • Listening also helps in building relationships and making better business decisions.
  • Fertitta advises people to "shut up and listen" in order to be successful in business.
  • He also believes that listening is a skill that can be developed and improved over time.
"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 006

Section 1: Keep Punching

  • Keep punching and take care of your business.
  • Realize what you can take until they shut you down or lock the doors.
  • Believe it or not, times get good.
  • Remember that bad times will come again.
  • Don't forget that the paddle will get you behind.
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Section 2: Know What You Know

  • Understand what you know and what you don't know.
  • Know how to do due diligence on a deal.
  • Don't worry about making a bad deal because that's what you know.
  • Don't get caught up with who you are because you're worth a few billion dollars.
  • Every day is still a learning process.
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Section 3: Know More Than Anyone Else

  • Know more about any situation than anybody else in the room.
  • Pick apart whatever you have in a meeting.
  • Make sure people know what they're doing.
  • Bring everybody up to another level.
  • Take somebody good and make them better.
"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 010

Section 4: Choose the Right Company

  • Look at somebody's resume and say they've never been with the right company.
  • Some people are not good at choosing the right company.
  • The person interviewing them makes promises that never happen.
  • Choose the right company to work for.
  • Make sure it's worth the risk.
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Choosing the Right Company

  • Choosing the wrong company to work for is a big mistake.
  • Factors to consider when choosing a company include liquidity, product longevity, acquisition potential, and growth opportunities.
  • It's important to ask yourself where you want to be in five years and if the company can offer that growth.
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Early Entrepreneurial Ventures

  • Tilman Fertitta always wanted to make money and worked various jobs as a kid to do so.
  • He started selling candy in junior high and trading on the stock market in high school.
  • He built homes, shopping centers, and hotels in his early 20s.
  • He invested in a restaurant and eventually started opening his own restaurants.
  • He took his restaurant business public and then private again.
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The Art of Selling

  • Selling is a crucial skill in business.
  • Even when raising billions of dollars in debt, Fertitta is still selling himself.
  • It's important to know your business and make yourself appear knowledgeable.
  • Being a sponge and knowing who to listen to and who to ignore is key.
  • Fertitta has always known how to make money and can analyze the numbers of any business to determine margins and potential profitability.
"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 015

Key Factors in Evaluating a Business Deal

  • Occupancy cost, lease terms, real estate ownership, and margins are all important factors to consider when evaluating a business deal.
  • Fertitta is skilled at analyzing the numbers of any business to determine potential profitability.
  • Heavy due diligence is necessary to make the right deal.
"I Got RICH When I Started DOING THIS!" (Copy These Billionaire Habits) | Tilman Fertittia 016

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