Advice On Starting Your Own Business

Audio Transcription

Are you wanting to start your own business? If you have the burning white hot desire to be your own boss then tune in to this segment of the Thrivetime Show as Clay Clark breaks down the idea of owning a business.

What is your advice to someone who is wanting to start their own business?

1. 1. Don’t start unless you are ok with working for a minimum of 60 months without pay or praise.
   2. Don’t quit your day job.
   3. Put your bias and budget on branding, marketing and selling 15 somethings as soon as possible.
   4. FUN FACT –  
      1. Tesla – 10 years to profit
      2. Amazon – 9 years to profit
      3. Federal Express – Over 10 years to profit
      4. ESPN – Over 10 years to profit
      5. Walt Disney – Over 10 years to profit
      6. Thomas Edison – Over 10,000 failed experiments

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Alright Thrive nation! Welcome back to the best business coach thrive time show when your podcast download and a lot of people a lot of people have discovered how to download the podcast and for the people out there that are like myself, who I really can’t operate a smartphone and i. We have people on my team that do that I just i. Just it stresses me out. This is what we do chep. Can you explain the song he wants to subscribe to the podcast? They want to attend the conference I’d like to get a free ticket they just want for once and for all. They want to know the staff. What do I do to get a free ticket? How do I subscribe? The freaking podcast I want you, but I can’t figure it out. Okay, not it. It can’t be built on nothing, but it’s not that. Yeah. It sounded that way. All you got to do is go to google and search for thrive. Time show in the word. Itunes got it and there’s going to be a link that has itunes on it right itunes on drivetime show you click I’m down, buddy I got to do it. You click on that thing and then it’s going to pop up and say open in itunes, open that itunes on its spiritual, spiritual, open at itunes. Then click subscribe button under the profile photo mug subscribe and then you’re able to rate and review so objective review. Let us know what you think about the best business coach show screenshot that thing to info at thrive time, show.Com with your contact info and what are we? What are we doing for these people to give you two free tickets to our april workshop? Each ticket is $2 and fifty bucks a piece so I got $500 of value. Then you also get the two copies of the boom book all for just subscribe it on itunes, leave it as an objective review and email as your contact information for at drivetime. Joe. I mean. Are you crazy? If you don’t want 500 bucks shut up radio voice, all three wheeled my way to success? What is the questionnaire? The question is:what is your advice to someone who is wanting to start their own business? Okay, I have three tips for you:i, don’t like for android the last week. Questions about this or chat, maybe fill in the gaps of anything when you go okay.

What do you mean by that one? Don’t start the business unless you’re, okay, with working for a minimum of 60 months without pay 60 months, I I want to make sure you had to be for a 60 like a 6.0. Man, like he managed 6.0 months in 5 years, meant nothing like a long time. Ii, don’t quit your day, job or bitch about your day job until you have the money to quit your day job, don’t quit your day job or complain about your day job until you can quit if your day job don’t quit your day job until you have the money to do something, and even then don’t complain about your day job, because, if you’re working somewhere working on this, if you are working somewhere, work, work, work, work, work, you’re working for somewhere and you do then decide to quit right work with me on this. You probably would need the reference. So what would happen is then somebody’s looking to invest in the company they say. So. Where did you work out the last two years and you said, or did you work at the last 2 years I like the business idea like what you been doing I want to know. Where have you been working the last 2 years, I get some references or you know when that I actually just told him to shove it put your bias and budget on branding marketing and selling 15 somethings as soon as possible. So you think about the little fun pack toy tesla didn’t make a profit for 10 years amazon.Com to make a best business coach profit for nine years. Federal express should look this up, so we should not trust me. Just look this up espn to continue to make profit. He took over 10 years to make a problem. Thomas edison over 10000 bill experiments to figure out that light bulb game, so chop help me break it down what it, what am i, what am I skipping over you’re, not skipping anything. The main thing that was like a speaking of thomas edison and the light bulb was a lightbulb moment. For me. He has the first time in a few years ago, I heard you tell somebody who had this question for you to sell something. First, like maybe you don’t even have your you got a widget and you don’t even have your manufacturing lined out totally or you don’t have everything done to where you can produce that the service that you’re trying to sell but freaking get out there and sell something and prove that the part market wants it before you invest all of your time and your dreams and your money in it. If nobody buys from you, then you need to rethink your strategy before you get all the way into the deep end. What I’m going to die? I agree with that. I agree with that. I think it’s it’s! If you don’t put your bias on trying to sell something, I see a lot of that are really I mean and I mean this tribe, nation I’m not trying to I’m trying to help you but I coach. You up not not talk down to you. There’s a guy! Recently I talked to him. He’s got a believable product, we’re talking like great great process, great manufacturing, great patent, trademark just great, but he hasn’t sold any at all and we’re going on my gear v break anytime that are like selling even one unit.

In the reason, why is because he believes falsity needs to keep adding features to it. Then that might be true, but you got to sell something you have to put a bias now. I think it got caught, dress that to another best business coach thriver they’re working with who has a company called winegard victoria works at them as in like right, that’s right, yeah and they went to the oklahoma. I was a boat shower and they went out to that. That boat show and they stoled a lot of product and it’s a great product. The thing is:when you sell a product that you start getting feedback on customers to have loved, to hear something. If you had this I’d buy more or do you also carry this or did we got to focus on selling something right now quit your day, job I see this and i. Don’t know i, don’t know, i, don’t have a statistic for you on this I can’t say that objectively, 80% of small businesses fail according to forbes i, can’t tell you what percentage fail. Cuz I run out of money, but I can just tell you anecdotally. Most of the people that I know have a really good idea, grounded and logic and reason, but they fail because they don’t have the income coming in to offset their new expenses. So we come back for the break I’m at tell you about the three jobs I worked at the same time and what my schedule used to look like, because I used to have a schedule that was awesome.. I was working at applebee’s, target and directv at the same time and I had a phone that was missing a 9, so I had a cell phone with limited minutes, a singular he rolled over. That’s a good. Remember that stuff and roll over. They had like a geographical map of covered., if you’re out of that area and phone rang, but I do do do do do do I pick it up. Thank you for going dj connection and then you’d call and hang up on you immediately right. That was my move. Is a weirdo because I’ll be out at zone and I’ll get back into the zone I’d pick it up or just weird or I’d call you and hang up. So you can call me cuz i, be unlimited with the idea of not quitting your day job before you get your business to take off, presenting the world’s only business school without the bs and I’ll be the sea. Did you get the skill all right, drive nation. Welcome! Back to the conversation we had a question was emailed from a thriver and they said this is the question.

They said. What advice would you give to somebody who’s wanting to start their own business and a quick recap? Those three tips, one is don’t start something unless you’re, okay, with working for a minimum of 60 months without pay, I would also add in or praise I think a lot of times. People want to hear positive feedback all the time, because you went to a school system that falsely led you to believe that the world owes you a compliment or did the world even cares? Don’t quit your day. Job right, third, is put your bias and budget branding marketing and selling 15 sub box as soon as possible. So now I’m going to go back to the idea of not quitting your day job so I hear so many entrepreneurs. Oh my gosh I work, I work at one job and it’s like so stressful, get look at look at blasty blast time. Machine will take you back to circa year 1999, so that anymore, all roberts university, the school year’s over and I decided that I’m going to earn enough money to buy the dj equipment. Now, if it’s a summer in college at 12 weeks off for something to happen, if no i-don’t even remember it’s been so long. I-think it was like 12 weeks so I took the 28000 buckley need any I need $25,000 and I divided that by I think it was 12 11 13 weeks, but anyway, 1920 $3 a week. Some like that. They thought about. Okay, my skill level is one where i, probably if I’m the man can make a maximum of $15 an hour. Okay, so I need to work a hundred $20 a week. I divide that by the seven days a week, I work 18 hours a day. Now the job that I worked at was for a company called lund construction. My boss, peter, was the first person I’ve ever worked for, who taught me inspirational leadership. He got the construction crew to operate efficiently and be profitably and he had sort of gallows humor where he would joke a lot and you go alright guys it’s best business coach 5 a.M. I know many of you are excited to pour concrete and guess what we’re going to do and he would just play music. We had a fun time. We pour concrete, he would just run around with its like it joy. He would say stuff like no guys guess what now it’s noon, which means that we only have it standing. Five more hours of the thing is I’m. Sorry, I don’t have more work to do today, but tomorrow at 4 a.M. We can do it again, and he would just do this over and over I work for this guy and it was like I get home from the concrete jefferson we get. We met at the gas station. The gas station called sin x c. I n e x. We can meet there, use at 4 a.M. With kid in these big f-250 truck and we drive to the job site and I can’t remove the laws. If you weren’t allowed to start pouring concrete or doing any construction till like maybe 5 or 530, we got paid to drive there, you get there get your truck.

Your jeans on you got steel toe boots on you’ve got your belt on when you’re carrying your tool belt me up. A massive hammer you’ve got the steel toe boots on. You got a cut-off shirt on or something in regards the temperature, because you got me sweating soon and then you get out of truck and you work. My job is to haul the rebar and to cut the rebar, so I’d break it. 3 bar out of the truck and then I would set it down and then I would take a steel cutter. Sparks I’d cut it then I would pass it to do desmontar job, then the other dude his job would be to auger a hole into the footings and then to put in the north, the third guy whose job is to put the rebar and into the footings vertically and i, had no idea what anyone else did. This just shows you’re my mind was nor was I curious. What anybody did or how it worked, I know curious about the end. No curiosity will apparently I did such a phenomenal job and it cutting the rebar and lifting it everyday that my boss, peter, came to me. So here’s the deal you’re like a hazard to our team and ice it when you’re spraying sparks wildly and i, have a feeling that eventually, that saw blade is going to fly off and kill some I’m not kidding. So I’ve talked to you about maintaining it tightening it. We keep having this best business coach conversation, you’re, not tightening the saw. The circular saw that i, like your attitude, i, like you so I’m, going to move you into europe at the beach you’re going to auger the drill through the footing vertically down to be drilling all day like a jackhammer, was going to do that. But if you don’t hold on just right and dakota between your legs, it will spin in a rip your arm out of socket.

So you need to be serious. He’s like, but I think that the idea of you not getting your armor daily, so I can play motivational for you. She’ll be more accurate thinking, I’m, like oh boy, so that was my summer-was doodling vertical hole through a footing and I’m putting in vertical rebar. So I did that. How do I get back to my house at 5? I took a best business coach shower and I got a job. Working at this home is a home for elderly folks, retirement, home and I will take a shower and I would go immediately that job at work that job from 6 p.M. I work. The night shift. Okay, I work tonight should I usually finish my shift at that job at like 3 a.M. Because when the people at the hunk off to bed I had to just be available and I had that I need to do cpr and again just shows you what a jerk I was I didn’t know how to do cpr, but I kind of bs on some test. If anybody ever did actually have a heart attack, they would have just died, so I need to this day. I’m have taken classes, I can’t figure it out. So that is a guy was just a disaster. You know just wasn’t a good retirement home and they wanted a guy who could call bingo you know and so I’m. Alright, everybody, our new bingo in there we can watch survivor tonight, yes, is that they’ve been working the whole day in concrete had to bring it every day. So I’m going to call out the letter when I called the weather in the number of whoever gets bingo wins, we offer what do it on survivor there’s like 50 old folks there who are you know the youngest is like 70. The oldest is like 90 and every single time. We can’t hear anything you’re saying what is that mike crank up screaming into numbers and letters ever forget a bingo get some good stuff or we can watch survivor. They get to enterprise. It just say it:i can’t cuz. He says he talkin bout, he would always argue. I would always get towards the end and then I would go over there.

Look at your card. I, look at the card, no matter what he had open, i, give him the victory. Yes, so I would do that. Then I would go to sleep, but I need some oatmeal oatmeal ideas of hot water. They had available for coffee, i, put that in instant oatmeal eat. It go to sleep. Wake up at like 3 quickly put on my jeans. Go to the job and I did that for an entire summer sounds fun, but it was actually the thing was that I couldn’t spend any money. Cuz I was never home, savings plan and then sunday I am I called vanessa, who I wanted to marry. I just stayed in touch with her I’d call her on sunday and have those deep conversations like. So what are you doing? I, don’t know what to tell you hang up the phone. What are you wearing? What are you wearing? Okay yeah? So like I grind it, and you know why I’m so glad that I did that because, like today, for instance, on what time you woke up and I woke up at 2:30, you wouldn’t what time you wake up, wake up, 2:15 and you’re. Why we had to wake up cuz? You have a big conference we just had in there. So many people that are wanting to move forward to coaching program, there’s a lot of paperwork in a lot of stuff to do and there’s just a lot of things that much turn on top of a radio show which has to be have the production done for i Don’t advise getting up at 2:30 every day which is why I am the founder of the best business coach program.

I have to work another job and it takes me and it’s a concrete company. My dad went into business with four of his best friends as partners and 3 months into it. The winter hits and they have no work because it’s snowing and guess what chicken butt all that to all of his partners move back to missouri, and he was by himself so I think she made 18000 as a bank teller, but as a family. They brought in 16000 total so that she kept a job before she quit the intended full-time bookkeeping and all that. But the point is he would go out and find other job. When the work wasn’t available to clear snow, we cut woody, do whatever you have to do to put money in the bank and tell him to get his next job and that’s the story of every single entrepreneur, who’s built, something you might have to start, because nobody with a sound mind is going to invest. The money in somebody doesn’t demonstrated the ability to keep it together. Emotionally, when you’re working, two freaking jobs, you’ve got to grind, we come back we’re going to have more focus on this. Other guy gets ass. All the time, I really want to just hammer. It is what is your advice to someone who’s wanting to start their own business? I’ve done it so many times, I’ve helped people do it so many times as the best business coach, I tell me the people who are not willing to keep the day job while they’re starting their their start-up always doesn’t fail. It’s like a unicorn, but what you need to do to start as a set a successful business