Your Next Five Moves: Master the Art of Business Strategy

 

The goal of Patrick Bet-David's book Your Next Five Moves is to teach business owners and executives how to master the art of business strategy. 

The author, a self-made businessman and the creator of Valuetainment and PHP Agency provides his knowledge and insights from his personal experiences as well as from researching highly successful people from a variety of industries. He contends that in order to thrive in business, one must think strategically, much like a grandmaster at chess. 

He outlines five strategic moves that are essential for any business:

Move 1: Master knowing yourself. 

In order to do this, you must recognize your motivations, ambitions, limitations, and strengths in addition to your deepest wishes, guiding principles, and values. Additionally, you must consider if becoming an entrepreneur is right for you or if being an intrapreneur inside of a corporation would be more advantageous.

Move 2: Master the ability to reason. 

This entails mastering problem-solving techniques, a love of mathematics, and the use of investment time return (ITR) to gauge productivity and effectiveness. The most crucial variable in every circumstance is X, thus you must understand how to solve it.

Move 3: Master building the right team.

The greatest personnel for your vision and goal needs to be found, hired, trained, and retained. Additionally, you need to develop a replacement game plan, which is a strategy for making sure you have backups for all of the key positions in your company. The love language of each person is important to understand since it expresses how they desire to be appreciated and recognized.

Move 4: Master strategy to scale.

Setting definite, measurable goals and objectives for your company's future as well as developing a clear and compelling vision, mission, and purpose are required. Establishing key performance indicators (KPIs), rewards, and penalties will help you hold individuals accountable for growth. Additionally, you need to execute your plans quickly and nimbly, which is known as speed-overdosing.

Move 5: Master power plays.

Understanding how to take advantage of the dynamics of power, influence, and leverage in the corporate world is necessary for this. Finding your blue ocean—an untapped or underdeveloped market sector where you can provide value and differentiate yourself—will help you defeat the Goliaths, or the dominating players in your industry or market.

The book offers useful ideas, examples, and tools that readers can use to apply these maneuvers to their own circumstances. In order to assist readers in learning more about themselves and their ideal paths, it also offers self-assessments, exercises, and quizzes.

Anecdotes, stories, and quotes from diverse sources are incorporated into the book's appealing and conversational writing style. It's intended for CEOs, business executives, and entrepreneurs who want to sharpen their strategic thinking and decision-making abilities.

The book is broken up into five sections that correlate to the five moves. There are multiple chapters in each portion that discuss the ideas and precepts underlying each activity as well as the recommended techniques for carrying them out.

The book was released by Simon & Schuster in August 2020. Both readers and critics have given it favorable reviews, praising its utility, relevancy, and lucidity. Additionally, it has received the support of a number of well-known business leaders, including Ray Dalio, Brian Tracy, Robert Kiyosaki, and Kobe Bryant.

FAQ

The first move is to understand yourself. This involves knowing who you want to be, where you are now, and your ideal path.

Patrick Bet-David is a self-made entrepreneur. He never graduated from college, grew up in a single-parent home, and was told he wouldn’t amount to anything. Yet, he successfully built a YouTube channel (Valuetainment) with >2mil subscribers, advised business-people from startups to CEOs of billion-dollar companies, and founded a financial services marketing firm PHP Agency.

The second move is to solve problems effectively. This involves learning how to process issues rigorously and learning to "Solve for X", i.e., find and address the root causes or underlying issues behind a problem or situation.

The underlying theme of the book is that chess has parallels to business. A chess grandmaster sees several moves ahead from his or her opponent. Author Patrick Bet-David argues that you need to have the same skill in business.

One of Bet-David’s key messages is this: to succeed in business (or virtually any area in life), you need to plan several steps ahead. Specifically for business, he recommends planning 5 moves ahead.

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