Day 2 of Thrive Time Show Business Workshop Highlights
Audio Transcription
If you are a business owner or entrepreneur who wants to start or grow a business, you have to make it out to a Thrive Time Show Business Podcast conference. In day 2 of the conference, business coach Clay Clark dives into sales, hiring and firing, creating financial awareness and more.
Day 2 of Thrive Time Show Business Workshop Highlights
During today’s broadcast of The Thrive Time Business Coach Radio Show, Clay Clark breaks down audio clips from this past 2-day intensive business workshop. During today’s show they cover the following subjects and more: Tracking Lead Sources, the Startup Process, Determining How Many Customers You Need to Achieve Financial Freedom, the Difference Between Busyness and Business, the Tradeoffs of Being a Low Cost Provider, How to Build Systems and much, much, more…
NOTABLE QUOTABLE: “You can’t build a reputation on what you are going to do.” – Henry Ford (The founder of the Ford Motor Company)
NOTABLE QUOTABLE: “Vision without execution is hallucination.” – Thomas Edison (The inventor of recorded audio, recorded video, the modern light bulb, etc…)
TRACKING YOUR LEAD SOURCE
Use www.LuckyOrange.com to track your website traffic
THE STARTUP ENTREPRENEURIAL PROCESS
- 1. DEFINE
- 2. ACT
- 3. MEASURE
- 4. REFINE
AUDIO INTERVIEW FEATURING RYAN (the founder of TIP TOP K9 http://tiptopk9.com/)
ESTABLISH THE NUMBER OF CUSTOMERS NEEDED TO ACHIEVE FINANCIAL FREEDOM
NOTABLE QUOTABLE – “Education is what remains after one has forgotten what one has learned in school.” – Albert Einstein (Einstein developed the theory of relativity, one of the two pillars of modern physics (alongside quantum mechanics).Einstein’s work is also known for its influence on the philosophy of science.)
THE DIFFERENCE BETWEEN BUSINESS AND BUSYNESS
BUSYNESS – Staying perpetually busy doing tasks that don’t need to be done
BUSINESS – Engaging in productive actively that helps you get close to the achievement of your goals
NOTABLE QUOTABLE – “A friendship founded on business is better than a business founded on friendship.” – John D. Rockefeller (The world’s wealthiest man who began working at the age of 16 to support his mother and family)
ACTION ITEMS:
ACTION ITEM #1 – Write down all of your expenses
ACTION ITEM #2 – Write down all of the variable expenses
ACTION ITEM #3 – Add on a 25% profit margin for all services / products that you provide
ENTREPRENEURS WORK MUCH MORE THAN THE AVERAGE EMPLOYEE
FUN FACT:
“The average entrepreneur works 63% more than the average employee.” – https://www.inc.com/john-rampton/what-hours-should-i-work-everyday-as-an-entrepreneur.html
YOU MUST CHARGE MORE IF YOU PLAN ON OFFERING A PREMIUM EXPERIENCE
YOU MUST HAVE A TANGIBLE WAY TO KEEP TRACK OF YOUR LEADS
THE TWO MINDSETS EVERY ENTREPRENEUR MUST HAVE
- The Alpha “Get It Done” Mindset
- The Meta “Strategic Planning” Mindset
DEFINITION of ALPHA – 1st letter in the Greek alphabet. Something that is first.
DEFINITION of META – Situated behind or beyond, from the Greek more META which means beyond.
NOTABLE QUOTABLE – There is a creeping tendency to use made up acronyms at SpaceX. Excessive use of made up acronyms is a significant impediment to communication and keeping communication good as we grow is incredibly important. Individually, a few acronyms here and there may not seem so bad, but if a thousand people are making these up, over time the result will be a huge glossary that we have to issue to new employees. No one can actually remember all these acronyms and people don’t want to seem dumb in a meeting, so they just sit there in ignorance. This is particularly tough on new employees.
That needs to stop immediately or I will take drastic action—I have given enough warnings over the years. Unless an acronym is approved by me, it should not enter the SpaceX glossary. If there is an existing acronym that cannot reasonably be justified, it should be eliminated, as I have requested in the past.
For example, there should be no “HTS” [horizontal test stand] or “VTS” [vertical test stand] designations for test stands. Those are particularly dumb, as they contain unnecessary words. A “stand” at our test site is obviously a test stand. VTS-3 is four syllables compared with “Tripod,” which is two, so the bloody acronym version actually takes longer to say than the name!
The key test for an acronym is to ask whether it helps or hurts communication. An acronym that most engineers outside of SpaceX already know, such as GUI, is fine to use. It is also ok to make up a few acronyms/contractions every now and again, assuming I have approved them, eg MVac and M9 instead of Merlin 1C-Vacuum or Merlin 1C-Sea Level, but those need to be kept to a minimum.” – Elon Musk (The man behind Tesla, PayPal and SpaceX)
LEARN HOW TO TRAIN PEOPLE
Tell Them
Show Them
Have Them Demonstrate Mastery
Featured Songs:
Major Lazer & DJ Snake – Lean On
Chris Martin – Hymn For The Weekend
OMI – Cheerleader
Calvin Harris – Blame (feat. John Newman)
The Beatnuts – Watch Out Now
Jay-Z – 30 Something
2pac – Me Against The World
