Business Coach : Learning From The Best
-Now according to Warren Buffett’s partner, Charlie Munger– says Berkshire’s record would have been terrible if Warren didn’t keep learning. Let me try that again. Berkshire’s record would have been terrible if Warren didn’t keep learning. Berkshire Hathaway, for anybody watching this who’s not aware, Berkshire Hathaway is the investment fund that Warren Buffett is the majority shareholder of. It’s the most successful year to year return investment out there for years running.
TIM REDMOND: Since the 1960s, yeah.
-It’s unbelievable. But he was saying the company, the rate of their growth, it would’ve been terrible if Warren hadn’t kept the learning through all these years. Time, you business coach clients all over the world. You coach specific. You coach executives, small business owners. I know you do a lot of work in that mid to large business range there. Why don’t more business owners keep learning? Why do you meet these guys who have a $20 million business that they either took over or that they started, and they’re just drifting. What’s going on?
-It’s is back to that disease called comfort. Now, I was just in Brazil. I was talking to a judge, a high up guy from Argentina. And he knew this guy that I studied, an economist from Argentina, Mariano Brandana. And he did an analysis of rich nations versus poor nations. He said the poor nations, they work enough to get their needs met. And once their needs are met, they stop working. They pull back on that. And then the rich nations, what they do is, they find a cause greater than themselves that they’re serving that keeps them pushing, that keeps going on this.
-I want to clarify this, because I think somebody watching this business coach training this maybe is getting kind of confused here. There’s a difference between greed and trying to make enough money to meet a need greater than yourself. And so I want to give an example. If you’re an entrepreneur watching this and you say, I already have all the money I need, and I already have a nice house and a nice car. I just want to keep earning money for just the accumulation of wealth.
Because we live in a great country– if you’re watching this America– you could keep doing that. And I would even say that you’re probably not greedy, because by you just creating wealth, it creates jobs and more people get paid. And I have no issue with it. But what you’re talking about is actually focusing on a need greater than yourself that is so big that you could never possibly finish it, maybe?
-There are so– I would say almost every business I’ve ever coached, there is huge growth– even in tough times– there’s huge growth and huge opportunities right under their nose. When we diversify, when I work with clients, we diversify. We diversify within their business. There’s so many opportunities within what industry they go after, a related product, a core competency that they can do this along with doing that. And what I see that business owners do is they get comfortable. They don’t allow the fire of desire to get really clear on the–
-The fire of desire?
[FLAME CRACKLING]
-The fire of desire.
-Sorry.
-I’m going to get my harmonica out here. Popping. So anyway, but we’ve got to get this fire of desire that’s going to feed this cause, this part of us that’s desperately wanting to be fed. That is to serve other people, to serve a cause greater than me. There have been studies done by this. There’s a most popular class at Harvard University that talks about this. The driving human desires. The need to tribute to other people. And so what happens, when we get comfortable with where we’re at. All of our needs are met. We don’t feed our fire of desire, so we sit down and say, look what I’ve done. I’m just going to relax now. There’s no need to grow. But a business coach will help you to continue growing.
-I’m going to share a little mystical statistical here for you. This is from Dave Ramsey in a website called richhabitsinstitute.com. It says, “88% of wealthy people read 30 minutes or more each day for education or career reasons, versus 2% of poor people.” Tim, I know that you’re super busy. I have five kids. I have the different businesses I run. I am a business coach. You have a wonderful wife. You have kids. There’s a lot going on. You coach clients. When do you typically try to get your daily reading time in?
-I love doing it first thing in the morning. My brain’s awake. It’s fresh. It’s ready to rock and roll. So I do meditations and visualizations and decorations and I walk. But I also get back to make sure I do some reading.
-If you’re watching this right now, an action step you can take is ask yourself what is a time you can schedule where you block off time– and I know there’s a lot of people watching this. I met one lady this year. She lives in New York City. And she was explaining to me that, because of all the sounds, and because of all the distraction, and because she has roommates, that it’s not possible for her to really learn or to read anything, except in the morning time. Some of you, it might be night time. But you’ve got to find that
time.
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