Entrepreneur | Part 1 – Setting up Your Business Insurance

Audio Transcription

Get ready to enter the Thrivetime Show! We started from the bottom, now we’re here. We started from the bottom and we’ll show you how to get here. We started from the bottom, now we’re here. We started from the bottom, now we’re here. We started from the bottom, now we’re on the top. Teaching you the systems to get what we got. Cullen Dixon’s on the hooks, I’ve written the books. He’s bringing some wisdom and the good looks. As the father of five, that’s where I’mma dive. So if you see my wife and kids, please tell them hi. It’s C and Z up on your radio. And now, three, two, one, here we go. We started from the bottom, now we’re here. We started from the bottom, and that’s what we gotta do. Hello, my name is Eric Chubb, and I’m joined in studio by Clay Clark. And we are so glad that you are here, and we are ready to help you out. We’re going to dive into the complicated issue of business insurance. Oh, yes. So, Clay, why don’t you, let’s just dive in. Why don’t you go ahead and tell us why business insurance is so important. Well, it’s insurance, it’s very important because you might get sued for playing an incredible, incredible instrumental track like this. But anyway, no, seriously, it’s, it’s great because this is a topic we need to know because if you’re, if you are going to own a business, at some point you are going to be sued. And when you are sued, you want to make sure that you’re protected. Right? So we’re going to hop into it here. And so the big idea here is why is business insurance important? It’s really you have five main ideas I want to clarify with you, okay? So first off is you cannot predict the future. You cannot predict the future. So Chup, previous to working with us here at Thrive, you were a part of a small business, is that right? Yes, sir. So your mom and dad owned a construction company? Yeah, a concrete construction company. Do you recall were they ever sued or at any point, do you remember them being sued at all or not so much? People tried to sue us every year but we had checklists and systems in place to make sure we were covered in those situations but yes. I mean almost all the time you’re being, so I’m just going to give you some statistics here that will blow your mind, some mystic statistics, okay? Let’s hear it. So you know, think about this, okay? This is why this stuff matters. Ask yourself what percentage do you think of civil lawsuits are going against small businesses? What percentage of Civil lawsuits are going against the small business owners. Would you would you want to speculate? All 30 40 percent maybe but very very close. It is 52 percent So I’m gonna give you a little bit of a Gallagher Well, let me let me get to get that look at that mojo go once that you get that going See, this is right here. I’m just working on my skills. You can make it my skills. I’ll fine-tune. Let me hit that. Oh, there it is. Nice, nice. See, if I was more professional, I would have had that ready to go. Let me try that again. So, all right, almost. So, 52 percent, 52 percent of civil lawsuits are involving small businesses. And so, that research comes just from our good friends at the Klim Analysis Group. That’s the SBA research group, okay? So, they basically do research for the SBA, okay? Now, the next big idea is you need to protect your employees. Okay? Next big idea, you need to protect your employees. So, Chup, you obviously worked in small business before. In your mind, I mean, because you’ve seen it a little bit, why in your mind do you feel like that people, you know, would want to protect their employees from lawsuits, hypothetically? Accidents happen. Okay, and you worked in construction. Did you ever see an accident? A lot. Did you ever see a guy chop his leg off with a saw of some kind? Not quite that bad. I watched my dad almost cut his finger off once, which was pretty horrific. Did he sue himself? He tried. No, he didn’t. But people fall down, people slip. Anything can happen. Like you said a minute ago, you can’t predict the future. If something happens with your employees, you need to have an avenue to take care of them and protect them. So I’m going to walk you through this here, Air Thrivers. This is a big concept I want to make sure you’re getting here. Murphy has this law. Who’s Murphy? Do you know who Murphy was? I know the law. I don’t know who he was. Well, see, no one knows who the guy was. I’m going to give you that knowledge, that deeper core knowledge. Knowledge bomb. Yeah, knowledge bomb. So let me give it to you. Knowledge bomb, by the way. Oh, sick. Okay, so here we go. Score for America. Okay, so here we go. Knowledge bomb here. Edward Murphy, this is the guy that Murphy’s law is named after. He was an American aerospace engineer. Basically, his job was to make sure that the crew could get out of planes, aircraft, when they would crash. Because they did crash, right? The last thing he worked on was the Apache. You ever heard of the Apache helicopter? It’s like, how would a helicopter sound? It’s like a, yeah. I was kind of making a different sound, like an aardvark or something. That’s right, a little more manly than both. That’s it. That was it. That was it. Okay, so anyway, so his job was when they’re going, and eventually they go, and they go, I don’t hear the anymore. And someone says, apparently we no longer are flying. You know, his job was to go, how the heck do we get out of this thing? I mean, that was his job. Okay, so he came up with this law and his law said that anything that can go wrong, will go wrong. That’s his law. So all I’m saying to you is that if you have a business or you want to start a business, you are for one for sure going to get sued, okay? Because you cannot predict the future. Second big idea is you need to protect your employees because they’re going to be flying around on Apache and then all of a sudden they’re going, we’re no longer, we’re out of gas over, and then you got to get out of that thing. So Murphy’s going, hey, you got to think about all the worst possible scenarios. Now the third one, Chuck, can you read the third big read? This is huge stuff. Number three, because insurance allows you to concentrate on what matters. Okay, so like if you have a bagel business, you have a bagel business and you’re a boy from Boston. So you’re a boy from Boston. Bagel boy from Boston. Yeah, you’re the bagel boy from Boston and you have a bagel business. And you’re trying to sell bagels. You know what you need to be focusing on? Selling bagels, making some money, delivering quality products and services. If you’re spending your whole day stuck in litigation, you’re not going to have much success. So it’s important you have the insurance in place so that you don’t spend your whole day looking at lawsuits. I’m just telling you, one of my very, very good friends just on Thursday got entangled in yet another lawsuit on Thursday. He currently is in three that I can think of. I don’t recall the last time he wasn’t in a lawsuit. And if you own a business, just frankly, you’re going to have ongoing litigation. You’re going to get sued. It’s just going to happen. And, Chup, why are you going to get sued, in your mind? Again, one thing is accidents happen. People are coming after your money. If they find out you’re successful, there’s many reasons. But those are two that come to my mind. Well, I’m going to just beat you up on ideas here one. I would definitely say it’s because because accidents happen but two There are this just in this just said let me get my let me give it. Oh nice nice This just in There are jerks out there There are people who wake up every day with a burning desire to sue people so people say you shouldn’t judge people most people aren’t good I I Most people aren’t good. I don’t know. So I’m just going to say, there are people who just sue people. They look at your success and they want it, but rather than putting in the work, they’re just going to sue you. That’s going to happen, right? So also, third, governments. So right now, who is suing Airbnb? Who’s saying Airbnb? Who’s suing them? Who’s trying to shut down Airbnb? The government. That’s right. So you have like the city of New York, they’re going, you can’t just take part of your house and rent it out to other people, even though people want to do that, because you need like a hotel license. And people are going, are you aware of how expensive it is to live in Manhattan? You know what, I’m going to take one room in my house, and I’m going to rent it out, and I’m going to go on Airbnb to do it, because that’s how I’m going to afford to live here. San Francisco. Have you ever been to San Francisco? Yes, I have. It is expensive, Broseph. Yes. And you know what? People are saying, I want to rent out part of my house. And guess who’s trying to stop Airbnb in San Francisco? The government. The government, right. The local city council. And in 1971, fun fact for you, in 1971, this is just a fun, I don’t know if that, I don’t know if this gets you excited the way I do, but 1971 these guys are going, we’re going to start this airline called Southwest Airlines. It’s gonna be awesome. It’s gonna be affordable airlines, and it’s gonna be great. We’re gonna fly from here to there, from there to here. We’re gonna do it at a low cost. It’s gonna be great. We’re gonna call it Southwest Airlines. And in 1972, who decided to sue Southwest Airlines? The government. The government! Yes! So the city of Dallas and the city of Fort Worth were like, yeah, you can’t do that and they end up winning like 30 years later and why did they sue them? Because they wouldn’t move to the airport that was more expensive. Oh, so I’m going to say this. One, we talked about it, one accident happened. Two, people just are not all the people who are not good people. Three, the government could sue you. I mean, so that this is all stuff. Let’s let’s move on to number four. All right. You want me to read that one off again? Yeah, just read off number four. Okay, number four. Yeah, here we go. Because having insurance means you can take more chances. Okay. So the thing is, when you’re an entrepreneur, what you’re doing is you’re saying, I’m exchanging guaranteed for something that could be great. I’m exchanging guaranteed good for something that could be great. So as an example, and again, I pick on you because you’re real examples, real people. You came from a family that owned their own business. Why in your mind would somebody want to own their own business and not just go work somewhere else? Because, by the way, there’s a great reason in my mind to go work for somebody else. But if you’re somebody who says, I want to start my own business, why would you do this? A big picture to make more money. Okay, and I’ll tell you the big three. I see it all the time. I work with entrepreneurs all over the world. One is they say, you know, I really don’t, I’m not what you would call employable. I’m not somebody that can hold a job. People are around you and they talk, like your former bosses, you know, they’ll say, so what was it like to work with Clay? because, we’ll just say he was highly motivated, not really employable. So some people, they’re just not employable. And second, some people really, really, really want to do something great, grandiose, right? They want to do something huge, right? Third, third, this just in, they have to. Oh, that’s a big one. So they have to so like for me I have five kids right and I don’t want to live under a bridge even though that song was a great song You remember that song well chili peppers sometimes. I feel like I don’t have a partner Yes, that song was great. Take me to the place. I love Remind me of flea. Oh really take me all the way. I don’t ever want that look up under the bridge by red hot Chili peppers, that’s a great song, but not the place you want to live. So if you don’t want to live in a van down by the river, or you don’t want to live under a bridge, some people, they just have certain goals or certain obligations, and they need to be self-employed. So these are the reasons why people start a business. So really, really, really important here, we make sure you get this, is it allows you to take more chances. If you don’t have insurance and you have five kids, you’re just being stupid. I mean, you know, you can pay a stupid tax, which is called a lawsuit that you’re not ready for, so moving on. Let’s read off the next one here, Joe. All right, number five. This is our last one. Number five, because it will make your business seem more trustworthy to potential clients. Yeah, and see, that’s the thing. Somebody will be like, are you insured? Are you insured? I remember back in the day with my old DJ company, you know, we started the DJ company. Let me get my music going here, because I feel like I need that to kind of… There we go. Yeah, so back in the day, I started this DJ company out of my dorm room. I thought it was pretty special. I brought the Eons. You know, the Eons are now a new kind of speaker that JBL makes. Back in the day, though, we had the TR-225s. Oh, the TR-225s, yeah. Yeah, and they were nice speakers. And so I bought some of those. Had a Shure SM58 microphone. Had that mic. It’s indestructible. I’ve got two different dual deck CD players going on. I can beat match. I had the deal. So like I was the dude. And so I would go out there and DJ at the Yucatan liquor stand and people would go, oh, ladies and gentlemen, welcome to the Yucatan liquor stand. I am your biggest fan. I am Clay Clark. I’m the man sent here to make your evening incredible. If you’re looking for a dollar long necks, we have them. You’re looking for margaritas. We have them. You’re looking for an incredible dance floor. We’ve got it. You’re looking for an empty dance floor, we don’t have it. So, ladies and gentlemen, I would do that every week and people would kind of come to the parties and it would grow and grow. And then I thought, you know what I’m going to do? I am going to do something awesome. I’m going to do something incredible. I’m going to start DJing weddings. So I go to the hotel and the guy says, now do you have proof of insurance? And I said, yes. Now I did not have insurance. Car insurance. Yeah, well I didn’t have business insurance. So you know what I did? Do you want to speculate? You told him that you did? And went on with the job? Well, I did what Steve Jobs did. Okay. Now, Steve Jobs, let’s review. Where did Steve Jobs start Apple? In his garage. Is that legal? Probably not. Wait a minute. He didn’t open up an office? And he started his business out of his what? Garage. In Spanish that’s a garage. El garage. Yeah anyway so let me read this to you okay. He founded, Steve Jobs founded Apple in a garage at 2066. We’re gonna pull up the image of it. 2066 Crist Drive Los Altos, California. 9-4. Can we go there? Okay, we’re going to. And we’re going to go there. As we go there, we’re going to do, go on to maps. Okay, I’m just going to go to maps. I got to go to maps. Can you click on the map? Yeah, and then, yeah, there. Oh, that is where Apple started, homies. Look around. Can you look around? Can you kind of roll around and kind of scroll around? Look at that, he’s got neighbors. But that, right there, that’s the garage. There it is. That’s the garage. There it is. That’s the garage where Steve Jobs started Apple. And he started it there without, somebody say it with me now, insurance. Insurance. Because you have to do an action step that’s going to freak some people out. You have to. I want everybody to write this down. This is huge. I’m giving you an action step right now. Action step. You don’t get this kind of knowledge anywhere else. This is the action step, okay? You need to do this, alright? You need to one, test if your idea is viable, meaning can you sell it? Because if you can’t sell, your business will go to, don’t fill in the blank, if you can’t sell, your business will go to, it rhymes with if you can’t sell, your business will go to, but once you can sell, you need to go ahead and buy insurance. Are you feeling me? So you test your idea, then you buy insurance. So I said to the guy, yes, I have insurance. Now I’m not advocating being dishonest. I just was. But what happens is, is you go out there and you, I made a copy of the insurance that a friend that Mike, Mike actually made a copy of my car insurance and I changed the words. So it said business insurance and I gave it to him. He didn’t look at it. I didn’t look at it. I hope you didn’t look at it. And I DJ’d. And you know what I did after I booked my first seven or eight parties? Got insurance. That’s right. Because at that point, I realized I needed it, and I didn’t want to get sued. And so Apple today, guess what they have? Insurance. People who have a business model that works have? Insurance. Right. So if you don’t, I mean, you’re sort of dumb, but I think you really I mean I don’t think I know is a fact you everybody here needs the test to make sure that their idea is Viable as in will people buy it will people exchange their monetary earnings for you the goods and services that you’re offering Right mm-hmm at a price that you need to charge to make a profit And if that answer is yes, then you need to buy insurance you feel me yes, sir But if you have this wonderful idea for your snow cone stand or your DJ service or your building company, I mean Now the sec the second big step. I want to make sure we do here action steps. Okay second one very very important Ask yourself. How much are you prepared to lose? Because you’re somebody watching this and let’s say that you’re like a second generation guy Like you’re you’re not a complete yuppie, but you’re kind of a yuppie, you know Where you like I mean, you’re not feeding your of a yuppie. You know, where you, like, I mean, you’re not feeding your, okay, you have a purebred dog and that purebred dog that you have, you have hired a full-time man who feeds that dog lobster because you’re too busy. If that’s you, you probably want to buy insurance first, right? Because you know, so you have to ask yourself, okay, this is the action step. Ask yourself, how much money am I prepared to lose? So if you’re a college student with a net worth of zero dollars, maybe you’re even a negative $69,000 because you borrowed money, I would recommend you open up in your garage and start that business. Now let’s do this. Look up the Hewlett Packard Garage. Hewlett Packard Garage. This is the famous garage mahal where the good folks at Hewlett Packard, oh yeah, look at that. Oh, there it is. Oh, nice. Look at that. Oh, click on that. That’s the garage where Hewlett Packard was founded, right there, folks. So, does it look like that one of the largest tech companies in the world had insurance at that point? I would think not. See, these are the things that… Can we look this up? you know it’s a good yahoo and say jerry yang yang and input uh… you know uh… where he founded yahoo you know i mean i was looking at the weekend find a picture of it it’s it’s it’s going images was invited come on baby come on baby a year a year now okay well we’re a lot of with a lot of well i think it’s a it’s a man is a glory days but you know what happens is uh… okay okay here go here is an example samples Here’s another example, Zappos, Zappos, let’s see if we can find this picture. Type in Zappos, okay, and Tony Hsieh, he has a weird spelling, don’t worry about it, and then put apartment, you know, yeah, and then founding, you know, there you go. All right, and then just kind of go to images, you know, it’s, yeah, you know, so anyway, homie, when he was building Zappos, he didn’t have the money needed to go out there and have an awesome office, so he built it out of his apartment. You know what I’m saying? We’ll see, we’ll find the image, we’ll add it in the editing. So you know what I’m saying though? Yeah. The main thing we gotta get here is that, let’s review. Zappos started in an apartment. Was that legal? Did they have insurance? Could you have a commercial business in your apartment? No. No. Could you, could Apple start in their garage? No. Could Jerry Yang start, you look it up, it’s crazy. He was kind of working in some sort of shack. No. Could Hewlett Packard start in a garage? No. Did they all start there? Yes. So, what I’m just saying to you is you’ve got to start somewhere. Start with the tools you have. Don’t get overwhelmed, but get out there and test the viability of your idea first. If your idea is viable, then buy some insurance. If you have a ton of money to lose, then it’s very, very important that you make sure that you then mitigate your risk, you then minimize your risk to start, so you don’t lose everything. Am I missing out on something? I don’t think so. It sounds pretty good. So, all right, well, those are the reasons why it is important for your business to have insurance. So, thank you for joining in, and we’ll have some more coming up for you. All right, I am joined in studio with Clay Clark, and we’re here to talk about types of business insurance. Things like what are the different types of small business insurance and most common. So, I’m going to read off some and add some definitions and I’m going to kick it over to you to explain it a little further. Okay, so we are again, I just want to make sure you guys are pumped up and ready to go. We are talking about that thing that people wake up in the morning going, I want to know about this. You know. Super exciting. People are excited about this. These are the types of business insurance. All right. All right. So here we go. Get mentally prepared. Here we go. Dropping it. All right. First one we’re going to talk about is general slash product liability. So the definition, general liability insurance is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury, and others that can arise from your business operations. Clay, do you have anything you want to say about that? I do. I’m just going to say this again. I’m going to keep giving you this action step because this is what has to happen. Action step number one, you need to test to make sure that your business idea is viable. Will people pay you for your idea? Will they give you monetary compensation in exchange for the goods and services that you’re offering? And if they will, then you need to buy as much insurance as you can possibly buy, right, while still making copious amounts of profit. Don’t buy so much insurance you can’t make any money, but you’ve got to test your idea. If it’s viable, then you need to go out there and start buying that insurance to make sure that you are protected. Okay? Now, I’m going to give you a fun factoid. Is it true that Airbnb is currently being sued by San Francisco and New York? Ding, ding, ding. True. Awesome. Gallagher, big points. The thing about it is that every big business that you can think of is being sued. Every business. I’m going to fire them off. Airbnb being sued. Uber. Uber is being sued right now by drivers in multiple states. These homies are being sued for hundreds of millions. YouTube. You ever heard of YouTube? YouTube definitely being sued. Southwest Airlines was sued when they opened up in 1972. Facebook right now being sued for the facial recognition software. It’s a violation of my rights! I mean, everybody who starts a business. I mean, YouTube. YouTube. Viacom. You know, the homies who started Nickelodeon and MTV and such. Guess what? Guess who they sued? YouTube. Can you, I mean, can we think of any disruptive, big business idea that’s not being sued? I can’t think of one. The powers that be are gonna try and come in and stop you if you got a new idea, so. Pinterest? Being sued. Ding ding ding. Everybody’s being sued. Sue you, sue me, sue everybody, sue you later. But the main thing is that the general product liability is this is the kind of insurance you have where you go, you know, this coverage is gonna protect me, because I own the business, from being sued by people who said they injured their bodies while on the job, people who, you know, maybe one of our truck drivers ran into them. So true story, I started a disc jockey company, right, DJ company, and one of our DJs, he’s headed down to Dallas to go do a big show. He’s down there to do a big show, en route to said show, he sees a car in front of him, he decides not to slow down, which is really not… That’s nice. Yeah, you don’t want to just keep going when you see the car in front of you, because he’s probably on his phone, or he’s probably checking out the ladies like what’s up ladies what’s up and then all of a sudden boom it was just like a honestly it’s so weak I gotta get that big bomb that there it is Oh yeah so he’s driving down the road and he just now did he stop and exchange information gonna say he was supposed to but let’s see what he didn’t so who got sued Clay Clark that’s right that’s how it works that’s why you have to have insurance because you’re gonna get you’re gonna be sued and I want To go back to our stats 52% folks 52% of all civil lawsuits Okay, target small businesses 52% that’s how it was just over half if you didn’t know this just in so the thing is about is That the where does that step come from? It’s a group called the Clem analysis group. These guys are advocated by the You know the SBA the Small Business Administration. This is who they use to do their research. I’m just telling you, you’re absolutely going to be sued if you’re in business. So let’s move on to the second one. Mr. Chip. All right. So number two is workman’s comp. The definition is, workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence. Break that down. I feel, well I feel like, one, I feel like you feel very, very, um, you can tell you you love that one. No, that’s a good one. You can tell it’s a good one. Here’s the deal, workman’s comp. The main deal about this, homies, is that people who work for you, okay, eventually you’re going to have a guy who works for you who’s going to happen. We actually had a, one of the businesses I own, it’s a men’s grooming lounge, we cut hair and we had an employee who was trying to give a haircut to another employee and he almost cut his ear off. Ouch. This big old, he like snip and it’s like boom, oh your ear just got reshaped bro. I mean I had to adjust my headphones on that one. I mean yeah, it’s not good. All I’m saying is it’s going to happen. Yeah. And so I don’t care how careful you are, it’s going to happen. Let’s do a quick review. I want to make sure we’re getting this. Chuck, what is the action item that we should be doing? Because, again, we talk about this every time. I want to make sure we get it. Check out. You need to test your product, see if it’s viable. So if you have a product, let’s say you have a cleaning company idea right now. You’re watching. You have a cleaning company idea. You have a big gasoline station idea. You’ve got a big, you want to make biodiesel fuel in your backyard. You want to make biodiesel fuel in your backyard. You want to make biodiesel fuel in your backyard. You want to make biodiesel fuel in your backyard. You want to enrich uranium in your neighbor’s garage. It’s an emerging market right there. It’s huge. It’s huge right now in Iran. So anyway, the thing is, if you are in the process of trying to start a business, you want to test to see if the idea is viable first. Will people be willing to buy the products and services that you’re selling at a profit, you know, at an amount that allows you to generate a profit. And if they are, then you should buy how much insurance? As much as you can afford. As much as you can afford to buy while still making a lot of money. Yes. Because the only reason you would be crazy enough to own a business is to make copious amounts of cash. We’ll put up the definition of the word copious here. Copious, large amounts, vast amounts, huge. If you’re not going to make huge amounts of money, why are you doing it? I wouldn’t. I’d just go work at Chick-fil-A and be a manager in that beast, and I would just show up on time and I’d be a genius. But if I’m going to take over the world and work super hard to start this business, I’d better have huge amounts of money, right? Right. Otherwise, it’s not worth it. So I’m going to give you some more factoids here. I want to make sure we’re giving you the data here, folks. Remember, Facebook being sued for facial recognition software, Uber being sued, Pinterest being sued by a Seattle photographer. We’ve got Airbnb being sued by New York. You’ve got being sued by San Francisco. You have Southwest Airlines sued in 1972. I don’t know of a big company that’s not being sued or has not been sued. It just happens. So you’re going to be sued, and when you are sued, you’re going to have how much insurance? As much as you can afford while making a hefty profit. That’s right. That’s the main thing. If you can’t make a profit after all those insurance bills, what is the point of being insured? Now, I’m going to give you a little notable quote. This one will make your brain explode. I’m ready for it. Here we go. This is from Robert Frost, bestselling author. Okay, let’s hear it. I love this one. This is my… By the way, this is how law works. A jury consists of 12 persons chosen to decide who has the better lawyer. I have like a bug just flying. That’s pretty awesome. Let me try that again. A bug is trying to steal my swag. A jury consists of 12 persons chosen to decide who has the better lawyer. Bottom line, folks, if you are going to court, you want to have a very, very good attorney and you want to have a lot of insurance because at the end of the day you might not have a very good attorney and you might lose just because you don’t have a very good attorney. Now other big notable court, I want to make sure you get this, okay, because this is big. Mark Zuckerberg, you ever heard of that guy? I think so. He started a little company called Facebook, which a lot of people are starting to use now. It’s big. It’s catching on. It’s big in Wyoming. Yeah. In Oklahoma, we’re just now in Oklahoma starting to use Facebook. We’re just trying to get on there. Right now we can’t make an account really, you know, because I don’t really know what button to push and such. But I’ll tell you what, soon we’ll be on Facebook. That AOL dial-up internet. Yeah, you guys got that AOL CD? Hey, Chubb, you got that AOL CD? You still got that? Because I want to get on the internets and start Facebooking with all the kids. I’ll snail mail it to you. I’ll tweet you a fax right now. The main thing is, I want you to read this too, this is huge. Mark Zuckerberg says this, he says, the biggest risk is not taking any risk. What? The biggest risk is not taking any risk. In a world that is really changing quickly, the only strategy that is guaranteed to fail is not taking risks. That’s good. That’s huge. Why does my nose itch so much? What’s it all about? Wow. So anyway, the thing is, I just want to make sure that everybody’s getting this. You’re going to have to take some risk to start a business, but you need to test to see if your idea is viable before buying a ton of insurance. Now, if you’re starting this and you have a ton of money, you already have a copious amount of cash, then you want to ask yourself, how much am I prepared to lose and buy enough insurance so that you’re only going to lose that much? Yes. Okay. Moving on. Okay. All right. So that was workman’s comp. Yep. Excuse me, okay, next we are gonna talk about equipment. Okay, if you own your building or have business personal property, including office equipment, computers, inventory or tools, you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage, et cetera. You may also wanna consider business interruption slash loss of earning insurance as a part of a policy to protect your earnings if the business is unable to operate. Okay, I’m going to break that down. I’m going to just give you some real talk. We’re here, Rick, for what? If you know, that was awesome, if you know that you need to buy, if you’re starting to sell your products and services, and you know your idea is viable, how much of your time should you spend in your mind running around trying to buy insurance? As little as humanly possible. Why? So you can focus on making copious amounts of cash. Okay, I’m gonna read this thing. It’s called the Pareto principle Pareto Marie this to you see who’s Pareto. He’s an economist famous economist Marie this to you. He says This law specifies an unequal relationship between inputs and outputs The principle states that for many for many for any okay 20% of their invested input is responsible for 80% of their output. What are we talking about the point is spend your time doing the things that will generate you copious amounts of cash and hire a dude or a lady who that’s what they specialize in so you need to know about these things yes you can check the boxes and buy the kind of insurance you need but you need to hire like somebody who is known as being an insurance specialist and they need to spend their time focusing on what? Making money. That is right. So we do need to know about this, but you don’t need to be spending every waking moment of your day, you know, thinking about insurance. Because if you did, you wouldn’t be making any… Money. This just in. And the only way to avoid ever irritating somebody and ever getting sued, according to my main man Aristotle, perhaps you’ve heard of him? I have heard of Aristotle. In such feature films as… No, he’s a famous philosopher. Bill and Ted’s excellent adventure. He says this, to avoid criticism, say nothing, do nothing, be nothing. To avoid criticism, say nothing, do nothing, be nothing. So I’m saying, heavy. Heavy. So I’m saying to you is if you are starting a business, you at some point are going to irritate a customer, you’re going to make a mistake, there’s going to be an injury, you’re going to be sued, but do not buy insurance unless you have tested your product, it’s viable, and are making copious amounts of cash. If you can make copious amounts of cash, then go for it. Or if you already have a bunch of money, and you don’t want to lose the money, you want to buy insurance. You won’t remember. Insurance is what? It’s a piece of paper and a promise. We should write that down. Insurance is what? It’s nothing but a piece of paper and a promise. Now certain insurance companies have actually gone out of business. What? Do you remember that too big to fail crap? Yes. And so the stock market crashed, right? Yes. Because we had these, your moms and dads, you people, we people, we buy mortgages. It’s like where you get, you buy a house and you get a mortgage and you say, I’m going to buy the house for $400,000 and I’m going to buy it over the next 30 years. I’m making payments. When they get enough mortgages, they take those mortgages and they bundle them up into a thing called a tranch. Everybody with me now? A tranch. And those tranches are then sold into your mutual funds. Right? Your mutual funds. Yes. Now, why were mortgages always a very good investment for mutual funds? Why were they always good? They would be paid off over time. Is that right? Keep going. And that means you would have a continual revenue stream over 30 years. Well, in your financial years deal, I want you to write this down, it’s big. Your financial advisor would say to you, he would say, you want to diversify, right? You want to minimize your risks. So if you buy a mutual fund, it’s safer. And because people had to put 20% of their own money down to buy the house, what kind of crazy person puts down $100,000 or $50,000 of cash and then doesn’t, and then just disappears and flakes out. So the idea with mortgages is if you were required, if you were the kind of person with enough diligence to save enough money to put a down payment down to buy the house, you probably wouldn’t get up and walk away from the investment, which meant that if you’re buying a mutual fund that’s filled with tranches of mortgages, it was probably pretty safe. Now our great genius president, President Clinton, and our great genius president, President Bush, the first and the second, they made this incredible kind of loan called a NINJA loan. What does that stand for? Oh, you’re going to fill me in. No income, no assets, no job. So they couldn’t be, so basically you could get a loan without verifying that you had a job. Maybe that’s a problem. Probably not. If you’re going to watch the movie, The Big Short, it’ll talk to you about it. Or there’s a NINA loan. What’s a NINA loan? How do I know this? I’ve done mortgage consulting. A NINA is a no income, no asset verification. Meaning that you don’t have income, nor do you have any assets, but you’re able to get a loan because if not, it’s, let me hit my button, discriminatory. You can’t ask me if I have a job. That doesn’t seem like a very good practice if you’re trying to have a safe. So what do you speculate would happen if we had millions of mortgages that were all engaged in. People bought houses without putting any money down. Are those pretty safe? It doesn’t sound like it. It’s kind of like a renter almost, right? So people who weren’t diligent enough to save money now had houses. Were they diligent enough to make the payments? I’m going to guess no. No. So then the mortgages, they all started to explode. The tranches started to, people started missing their payments and one by one the tranches fell apart therefore your mutual funds are losing value and when your mutual fund loses value what do you do insurance no lose money people take their money out yes yes right they take their money out of their mutual fund correct yes I mean if you saw your mutual fund get cut in half you’re like well I gotta get my money out now I want it still has some value yes they want everyone takes their money out of the market what happens? Bad things, market crash. That’s right. JT, do you know what time it is? 4.10. It’s TiVo time in Tulsa, Oklahoma baby. Tim TiVo is coming to Tulsa, Oklahoma June 27th and 28th. We’ve been doing business conferences here since 2005. I’ve been hosting business conferences since 2005. What year were you born? 1995. Dude, I’ve been hosting business conferences since you were 10 years old, but I’ve never had the two-time Heisman Award winning Tim Tebow come present. And a lot of people, you know, have followed Tim Tebow’s football career on the field and off the field. And off the field, the guy’s been just as successful as he has been on the field. Now, the big question is, JT, how does he do it? Well, they’re going to have to come and find out, because I don’t know. Well, I’m just saying, Tim Tebow is going to teach us how he organizes his day, how he organizes his life, how he’s proactive with his faith, his family, his finances. He’s going to walk us through his mindset that he brings into the gym, into business. It is going to be a blasty blast in Tulsa, Russia. Also, this is the first Thrive Time Show event that we’ve had where we’re going to have a man who has built a $100 million net worth. Wow. Now, we’ve had a couple of presenters that have had a billion dollar net worth in some like a real estate sort of things. Yeah. But this is the first time we’ve had a guy who’s built a service business and he’s built over a $100 million net worth in the service business. It’s the yacht driving, multi-state living guru of franchising. Peter Taunton will be in the house. This is the founder of Snap Fitness, the guy behind Nine Round Boxing. He’s going to be here in Tulsa, Russel, Oklahoma, June 27th and 28th. JT, why should everybody want to hear what Peter Taunton has to say? Oh, because he’s incredible. He’s just a fountain of knowledge. He is awesome. He has inspired me listening to him talk. And not only that, he also has, he practices what he teaches. So he’s a real teacher. He’s not a fake teacher like business school teachers so you got to come learn from him. Also let me tell you this folks I don’t get this wrong because if I get it wrong someone’s gonna say you screwed that up buddy so Michael Levine this is Michael Levine he’s gonna be coming he said who’s Michael Levine I don’t get this wrong this is the PR consultant of choice for Michael Jackson for Prince for Nike for Charlton Heston for Nancy Kerrigan 34 Grammy Award winners 43 New York Times bestselling authors he’s represented, including pretty much everybody you know who’s been a super celebrity. This is Michael Levine, a good friend of mine. He’s going to come and talk to you about personal branding and the mindset needed to be super successful. The lineup will continue to grow. We have hit Christian reporting artist Colton Dixon in the house. Now people say, Colton Dixon’s in the house? Yes, Colton Dixon’s in the house. So if you like top 40 Christian music, Colton Dixon’s gonna be in the house performing. The lineup will continue to grow each and every day. We’re gonna add more and more speakers to this all-star lineup, but I encourage everybody out there today, get those tickets today. Go to thrivetimeshow.com. Again, that’s thrivetimeshow.com. And some people might be saying, well, how do I do it? I don’t know what I do. How does it work? You just go to thrivetimeshow.com. Let’s go there now. We’re feeling the flow. We’re going to Thrivetimeshow.com. Again, you just go to Thrivetimeshow.com, you click on the business conferences button, and you click on the request tickets button right there. The way I do our conferences is we tell people it’s $250 to get a ticket, or whatever price that you can afford. And the reason why I do that is I grew up without money. JT, you’re in the process of building a super successful company. Did you start out with a million dollars in the bank account? No, I did not. Nope, did not get any loans, nothing like that, did not get inheritance from parents or anything like that. I had to work for it and I am super grateful I came to a business conference. That’s actually how I met you, met Peter Taunton, I met all these people. So if you’re out there today and you want to come to our workshop, again, you just gotta go to Thrivetimeshow.com You might say, well, when’s it gonna be? June 27th and 28th. You might say, well, who’s speaking? We already covered that. You might say, where’s it gonna be? It’s gonna be in Tulsa, Russell Oklahoma. I suppose it’s Tulsa Russel. I’m really trying to rebrand Tulsa as Tulsa Russel. I’m sort of like the Jerusalem of America. But if you type in Thrive Time Show and Jinx, you can get a sneak peek or a look at our office facility. This is what it looks like. This is where you’re headed. It’s going to be a blasty blast. You can look inside, see the facility. We’re going to have hundreds of entrepreneurs here. It is going to be packed. Now, for this particular event, folks, the seating is always limited because my facility isn’t a limitless convention center. You’re coming to my actual home office, and so it’s going to be packed. So when? June 27th and 28th. Who? You! You’re going to come! Who? You! I’m talking to you. You can get your tickets right now at Thrivetimeshow.com, and again, you can name your price. We tell people it’s $250 or whatever price you can afford. And we do have some select VIP tickets, which gives you an access to meet some of the speakers and those sorts of things. And those tickets are $500. It’s a two-day interactive business workshop, over 20 hours of business training. We’re going to give you a copy of my newest book, The Millionaire’s Guide to Becoming Sustainably Rich. You’re going to leave with a workbook. You’re going to leave with everything you need to know to start and grow a super successful company. It’s practical. It’s actionable. And it’s TiVo time right here in Tulsa, Russia. Get those tickets today at Thrivetimeshow.com. Again, that’s Thrivetimeshow.com. Hello, I’m Michael Levine and I’m talking to you right now from the center of Hollywood, California, where I have represented over the last 35 years 58 Academy Award winners, 34 Grammy Award winners, 43 New York Times bestsellers. I’ve represented a lot of major stars and I’ve worked with a lot of major companies and I think I’ve learned a few things about what makes them work and what makes them not work. Now, why would a man living in Hollywood, California in the beautiful sunny weather of LA come come to Tulsa because last year I did it and it was damn exciting. Clay Clark has put together an exceptional presentation, really life-changing and I’m looking forward to seeing you then. I’m Michael Levine, I’ll see you in Tulsa. James, did I tell you my good friend John Lee Dumas is also joining us at the in-person two-day interactive Thrive Time Show business workshop. That Tim Tebow in that are Michael will be will be at the have I told you this you have not told me that he’s coming all the way from Puerto Rico this is John Lee Dumas the host to be chart topping deal fire dot com podcast he’s absolutely a living legend this guy started a podcast after a wrapping up his service in the United States military and he started recording this podcast daily in his home to the point where he started interviewing big time folks like Gary Vaynerchuk, like Tony Robbins, and he just kept interviewing bigger and bigger names, putting out shows day after day, and now he is the legendary host of the EO Fire podcast, and he’s traveled all the way from Pluto, Rico, to Tulsa, Oklahoma to attend the in-person June 27th and 28th live time show, two-day interactive business workshop. If you’re out there today, folks, you’ve ever wanted to grow a podcast, a broadcast, you want to improve your marketing, if you’ve ever wanted to improve your marketing, your branding, if you’ve ever wanted to increase your sales, you want to come to the Two-Day Interactive June 27th and 28th Thrive Time Show Business Workshop featuring Tim Tebow, Michael Levine, John Lee Dumas, and countless big-time, super successful entrepreneurs. big time super successful entrepreneurs. It’s going to be life changing. Get your tickets right now at Thrivetimeshow.com. James, what website is that? Thrivetimeshow.com. James, one more time with more enthusiasm. Thrivetimeshow.com. I’m not to be played with because it could get dangerous. See, these people I ride with. This moment, we are winning. Thrive Time Show two-day interactive business workshops are the world’s highest rated and most reviewed business workshops because we teach you what you need to know to grow. You can learn the proven 13 point business systems that Dr. Zellner and I have used over and over to start and grow successful companies. When we get into the specifics, the specific steps on what you need to do to optimize your website. We’re going to teach you how to fix your conversion rate. We’re going to teach you how to do a social media marketing campaign that works. How do you raise capital? How do you get a small business loan? We teach you everything you need to know here during a two day, 15 hour workshop. It’s all here for you. You work every day in your business, but for two days you can escape and work on your business and build these proven systems so now you can have a successful company that will produce both the time freedom and the financial freedom that you deserve. You’re going to leave energized, motivated, but you’re also going to leave empowered. The reason why I built these workshops is because as an entrepreneur, I always wish that I had this and because there wasn’t anything like this I would go to these Motivational seminars no money down real estate Ponzi scheme get motivated seminars, and they would never teach me anything It was like you went there, and you paid for the big chocolate Easter Bunny, but inside of it. It was a hollow Nothingness, and I wanted the knowledge you’re like oh But we’ll teach you the knowledge after our next workshop. And the great thing is we have nothing to upsell. At every workshop, we teach you what you need to know. There’s no one in the back of the room trying to sell you some next big get-rich-quick, walk-on-hot-coals product. It’s literally, we teach you the brass tacks, the specific stuff that you need to know to learn how to start and grow a business. I encourage you to not believe what I’m saying, and I want you to Google the Z66 auto auction. I want you to Google elephant in the room. Look at Robert, Zellner and Associates. Look them up and say, are they successful because they’re geniuses or are they successful because they have a proven system? When you do that research, you will discover that the same systems that we use in our own business can be used in your business. Come to Tulsa, book a ticket, and I guarantee you it’s going to be the best business workshop ever and we’re going to give you your money back if you don’t love it. We built this facility for you, and we’re excited to see it. And now you may be thinking, what does it actually cost to attend an in-person, two-day, interactive, Thrive Time Show business workshop? Well, good news. The tickets are $250 or whatever price that you can afford. What? Yes, they’re $250 or whatever price you can afford. I grew up without money, and I know what it’s like to live without money. So if you’re out there today and you want to attend our in-person two-day interactive business workshop, all you gotta do is go to Thrivetimeshow.com to request those tickets. And if you can’t afford $250, we have scholarship pricing available to make it affordable for you. I learned at the Academy at Kings Point in New York, acta non verba. Watch what a person does, not what they say. Good morning, good morning, good morning. Harvard Keosakadu Rich Dad Radio Show. Today I’m broadcasting from Phoenix, Arizona, not Scottsdale, Arizona. They’re close, but they’re completely different worlds. And I have a special guest today. Definition of intelligence is if you agree with me, you’re intelligent. And so this gentleman is very intelligent But then they show before also But very seldom do you find somebody who lines up on all counts as a mr Clay Clark is a friend of a good friend Eric Eric Trump But we’re also talking about money bricks and how screwed up the world can get in a few and a half hour so clay Clark is a very Intelligent man, and there’s so many ways we could take this thing. But I thought since you and Eric are close, Trump, what were you saying about what Donald, who is my age, and I can say or cannot say? First of all, I have to honor you, sir. I want to show you what I did to one of your books here. There’s a guy named Jeremy Thorn, who was my boss at the time, I was 19 years old, working at Faith Highway, I had a job at Applebee’s, Target, and DirecTV, and he said, have you read this book, Rich Dad, Poor Dad, and I said no. And my father, may he rest in peace, he didn’t know these financial principles. So I started reading all of your books and really devouring your books, and I went from being an employee to self-employed to the business owner to the investor, and I owe a lot of that to you, and I just wanted to take a moment to tell you thank you so much for allowing me to achieve success. I’ll tell you all about Eric Trump, but I just want to tell you thank you sir for changing my life. Not only that Clay, thank you, but you’ve become an influencer. More than anything else, you’ve evolved into an influencer where your word has more and more power. That’s why I congratulate you on becoming, because as you know, there’s a lot of fake influencers out there too, or bad influencers. Yeah. So anyway, I’m glad you and I agree so much and thanks for reading my books. Yeah. That’s the greatest thrill for me today. Not a thrill, but recognition is when people, young men especially, come up and say, I read your book, changed my life, I’m doing this, I’m doing this, I’m doing this. I learned at the Academy, at King’s Point in New York. Octa non verba. Watch what a person does, not what they say. Hey, I’m Ryan Wimpey. I’m originally from Tulsa, born and raised here. I went to a small private liberal arts college and got a degree in business, and I didn’t learn anything like they’re teaching here. I didn’t learn linear workflows. I learned stuff that I’m not using and I haven’t been using for the last nine years. So what they’re teaching here is actually way better than what I got at business school. And I went what was actually ranked as a very good business school. The linear workflow, the linear workflow for us in getting everything out on paper and documented is really important. Like we have workflows that are kind of all over the place. Having linear workflow and seeing that mapped out on multiple different boards is pretty awesome. That’s really helpful for me. The atmosphere here is awesome. I definitely just stared at the walls figuring out how to make my facility look like this place. This place rocks. It’s invigorating. The walls are super, it’s just very cool. The atmosphere is cool. The people are nice. It’s a pretty cool place to be. Very good learning atmosphere. I literally want to model it and steal everything that’s here at this facility and basically create it just on our business side. Once I saw what they were doing I knew I had to get here at the conference. This is probably the best conference or seminar I’ve ever been to in over 30 years of business. You’re not bored, you’re awake and alive the whole time. It’s not pushy. They don’t try to sell you a bunch of things. I was looking to learn how to just get control of my life, my schedule, and just get control of business. Planning your time, breaking it all down, making time for the F6 in your life, and just really implementing it and sticking with the program. It’s really lively, they’re pretty friendly, helpful, and very welcoming. I attended a conference a couple months back, and it was really the best business conference I’ve ever attended. At the workshop I learned a lot about time management, really prioritizing what’s the most important. The biggest takeaways are you want to take a step-by-step approach to your business. Whether it’s marketing, what are those three marketing tools that you want to use, to human resources. Some of the most successful people and successful businesses in this town, their owners were here today because they wanted to know more from Clay and I found that to be kind of fascinating. The most valuable thing that I’ve learned is diligence. That businesses don’t change overnight. It takes time and effort and you’ve got to go through the ups and downs of getting it to where you want to go. He actually gives you the road map out. I was stuck, didn’t know what to do and he gave me the road map out step by step. We’ve set up systems in the business that make my life much easier, allow me some time freedom. Here you can ask any question you want, they guarantee it will be answered. This conference motivates me and also gives me a lot of knowledge and tools. It’s up to you to do it. Everybody can do these things, there’s stuff that everybody knows, but if you don’t do it, nobody else is going to do it for you. I can see the marketing world cake. And it’s just an approach that makes sense. Probably the most notable thing is just the income increase that we’ve had. Everyone’s super fun and super motivating. I’ve been here before, but I’m back again because it motivated me. Your competition’s going to come eventually or try to pick up these tag teams. So you better, if you don’t, somebody else will. I’m Rachel with Tip Top Key Night, and we just want to give a huge thank you to Clay and Vanessa Clark. Hey guys, I’m Ryan with Tip Top K9. Just want to say a big thank you to Thrive 15. Thank you to Make Your Life Epic. We love you guys, we appreciate you and really just appreciate how far you’ve taken us. This is our old house. This is where we used to live a few years ago. This is our old neighborhood. See? It was nice, right? So this is my old van and our old school marketing, and this is our old team. And by team, I mean it’s me and another guy. This is our new house with our new neighborhood. This is our new van with our new marketing, and this is our new team. We went from four to 14, and I took this beautiful photo. We worked with several different business coaches in the past. And they were all about helping Ryan sell better and just teaching sales, which is awesome. But Ryan is a really great salesman. So we didn’t need that. We needed somebody to help us get everything that was in his head out into systems, into manuals, and scripts, and actually build a team. So now that we have systems in place, we’ve gone from one to 10 locations in only a year. In October 2016, we grossed 13 grand for the whole month. Right now it’s 2018, the month of October. It’s only the 22nd, we’ve already grossed a little over 50 grand for the whole month, and we still have time to go. We’re just thankful for you, thankful for Thrive and your mentorship, and we’re really thankful that you guys have helped us to grow a business that we run now instead of the business running us. Just thank you, thank you, thank you, times a thousand. So we really just want to thank you, Clay, and thank you, Vanessa, for everything you’ve done, everything you’ve helped us with. We love you guys. If you decide to not attend the Thrive Time workshop, you’re missing out on a great opportunity. The atmosphere of Clay’s office is very lively. You can feel the energy as soon as you walk through the door. And it really got me and my team very excited. If you decide not to come, you’re missing out on an opportunity to grow your business, bottom line. Love the environment. I love the way that Clay presents and teaches. It’s a way that not only allows me to comprehend what’s going on, but he explains it in a way to where it just makes sense. The SEO optimization, branding, marketing, I’ve learned more in the last two days than I have the entire four years of college. ♪♪♪ The most valuable thing that I’ve learned, marketing is key, marketing is everything. Making sure that you’re branded accurately and clearly. How to grow our business using Google reviews and then just how to optimize our name through our website also. Helpful with a lot of marketing, search engine optimization, helping us really rank high The biggest thing I needed to learn was how to build my foundation, how to systemize everything and optimize everything, build my SEO. How to become more organized, more efficient. How to make sure the business is really there to serve me, as opposed to me constantly being there for the business. New ways of advertising my business, as well as recruiting new employees. Group interviews, number one. Before we felt like we were held hostage by our employees. Group interviews has completely eliminated that because you’re able to really find the people that would really be the best fit. Hands-on how to hire people, how to deal with human resources, a lot about marketing and overall just how to structure the business, how it works for me and also then how that can translate into working better for my clients. The most valuable thing I’ve learned here is time management. I like the one hour of doing your business. It’s real critical if I’m going to grow and change. Play really teaches you how to navigate through those things and not only find freedom, but find your purpose in your business and find the purposes for all those other people that directly affect your business as well. Everybody. Everybody. Everyone needs to attend the conference because you get an opportunity to see that it’s real. Everyone needs to attend the conference because you get an opportunity to see that it’s real. Everyone needs to attend the conference because you get an opportunity to see that it’s real.