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This business coaching episode explains how to add value in order to get more money.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Definition Magician: Gross Revenue - The grand total of all sale transactions reported in a period, without any deductions included.
  • Ask Yourself: What skills can I develop to increase the value of my work?

add value video like udacity, businss edcuation

[MUSIC PLAYING]

-Hey, this is Daniel McKenna. And today, we are here with Caleb Taylor and Clay Clark talking about You Get Paid for the Value You Add, Not the Amount of Hours You Work. If we learn to have the mindset of adding value and gaining profit, rather than putting in hours and labor in exchange for money, then you can position yourself for success in your job and life. Now let's get tothe business education training .

[MUSIC PLAYING]

-Clay Clark, I have a question for you here. I know you're a big fan of the New England Patriots football group. And both you and the Patriots have achieved a lot of success. And the Patriots, I know, they've got the Spygate, you've got the Deflategate and stuff like that. Have you ever used performance enhancing drugs or things like that to achieve success? I guess, cheating, like the New England Patriots have?

-Let's just assert a few things. One is, there's a thing called gamesmanship. And what you do is, if you believe in gamesmanship, is you say, the players start to say, I'm going to make my jersey tighter, so people can't grab it. I'm going to begin to put sticky stuff on my hands so I can catch the ball. I'm going to begin to invent gloves that now all receivers wear. I'm going to put those spikes on my shoes called cleats. I'm going to watch game film that now everyone does, right? The Patriots, what they're doing is they're doing an entrepreneurial mindset called innovation.

-So you have used performance enhancing drugs

-I have deflated many footballs to make this great content for you. I do it every week. Every week, I deflate a football for you.

-Listen, this is great. Because today we are talking about getting paid for the value you add, not the amount of hours you work, which I think has a lot to do with what we just discussed somehow. And you'll have to kind of figure it out on your own.

-It's a haiku.

-Yeah. You'll figure it out on your own. But if we're really getting into this, you get paid for the value you add, not the amount of hours you work. Why is this a concept that's new for most people?

-Well, I'm going to just show you something that makes me crazy. But it's true. We've got a guy in my office named Ted. Then you have over here, you have, let's go with Clay. So I'm going to compare Ted at age 22 and Clay at age 22, back in the day, old school.

-Old school Clay.

-He would win. Why? Because I would work 10 hours. And in 10 hours-- I guess I'm going to go to like age-- because I had a head start, because I started my own business, and so things were a little bit skewed. Let's say age 20. At age 20, I worked 10 hours. And what I do is I served 10 customers at Applebee's. Well, customers at Applebee's are paying, on average, about $35 a ticket back in the day. And there's 10 of them. So they're only bringing in $350 of gross revenue during my 10 hours I'm at work.

Ted is able to solve million dollar problems. So he gets paid more. Both of us worked, let's say, a 10-hour day. I guess more realistic for the average person would be like an 8-hour day. But we at Thrive don't even believe--

-Special forces.

-Yeah, we're special forces. We don't believe in that 8-hour crap. The point is, the deal is, in 8 hours, he generates a lot more value than I did. So if you're watching this and you are not a super coder named Ted X., then what you need to do is you need to start to develop skills so you can add more value per hour.

So what do you do? You say-- if you're me, you do a self-assessment. You say, I don't have a lot of skills. So in my case, I'm like, I'm going to have to learn sales, because I don't have any sales skill and I don't have the ability to code, or I'm not a chemical engineer, or I'm not a dentist. But I can tell you what. You can out earn a dentist if you develop a certain set of skills and you start to add more value per hour than a dentist does.

That's how a high school dropout, or a college dropout-- like Rockefeller dropped out of high school. Or Thomas Edison dropped out of high school. Or Bill Gates dropped out of college, or Steve Jobs dropped out of college. Or Richard Branson dropped out of high school. That's how these people are able to out earn people who are professionals.

That's how Sara Blakely, who could not get into law school, made the first-- she's the fastest, basically the youngest woman to ever achieve a billion dollar status, Sara Blakely of Spanx. She did that, not because she passed her law exam. Actually, she couldn't get into law school. But because she invented a product that sold billions of dollars of value into the marketplace. So you paid for the value you add, not for the hours that you work.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Mystic Statistic: "41% of employees feel stuck in their organization." - American Psychological Association
  • Mystic Statistic: "More than 50% of employees say they aren't paid adequately." -American Psychological Association
  • Lesson Nugget: Be proactive about getting better and find ways to increase and refine your skills. Remember, the more value you bring, the more you will get paid.

[THEME MUSIC PLAYING]

-A large number of people right now believe they're underpaid.

-Oh, yeah. [INAUDIBLE] a stat. The American Psychological Association--

-A group that I have never been allowed entrance into, I want to add.

-Fascinating. Fascinating. They say "More than 50% of employees say they aren't paid adequately." And then later on in that same survey, 41% of employees feel stuck in their organization.

CLAY CLARK: OK, let's get crazy. Let's get crazy. Here we go.

-So people feel like they're not getting paid enough and they can't improve their situation at all.

-Let's go over to-- let's say that you and I got on this mystical trip called we own a fast food restaurant.

-Interesting.

-So we go to the fast food restaurant. We're going there together. For some reason, we're eating our own food at the restaurant.

-I like it.

-We go to this restaurant. We go, hey-- I'm going to call it-- and it's a bad brand. You wouldn't want to go there but I'm just making it up. This is called Nacho Steve's.

-Nacho Steve's.

-So you go in Nacho Steve's. Kind of a heart-shaped logo. People, you know, love it. They are used to it. They go in there.

They see this thing on the outside of the building. It's got this thing called a menu, right? You know? A menu. You go through the drive-through. You're going through the drive through.

You're going, OK. They have the prices up on the menu. You've got the guy he's talking, actually kind of squawking at you from the drive-through thing. He's saying, hey, what do you want to order here?

Nacho Steve's. What do you want to order here? And you go well, I'll go ahead and take a taco-- we don't have that. OK, well what do you have? We have nachos.

We have nachos that Steve's endorsed. OK, I'll take nachos. And then I'll go with-- and they say, OK, that bill's going to be a $97. And you're, like, $97? How is it $97?

Well, we pay everyone what they think they're worth regardless of the value they add. We just pay everyone what they think they're worth. So we've done a survey. We've asked our employees. All of them think they're worth $22 an hour. And they all basically have very limited skills.

So it's $97. Well, I don't want to pay $97. That's what America's doing. That's what the world does. If we had to pay $15 for nachos, it wouldn't go.

So this ridiculous, stupid, idiot, ridiculous mind-blowing, mind-numbing concept that you can pay everybody $30 an hour because they're trying hard. It's stupid. You get paid for the value you add. And so I can get as Matt as I want, but the reality is as a speaker-- for the first time a few months ago, a guy says, you were as good as Tony Robbins.

I've never heard that before. I need to hear that, like don't know, a million times before I can charge more than Tony Robbins. So instead of getting upset going, well, all speakers should be paid more. We need to hold up a picket sign and get all-- look. Speakers should be paid more.

All the speak-- heck no. I won't go because speakers should be paid more. Our wages aren't too low. Heck, no. I won't go. Speakers should be paid more.

Stupid. Instead, I can start watching game film, watching tape, looking at other speakers and asking myself, how can I get better? And I can tell you once I increase the value that I add to each event, I shall get paid more. And every year as a speaker, I've been paid more and more and more because I get better and better and better. That's how it works.

-I just think it's so interesting thought because most people-- it's like you're thinking of yourself as a business. You've got this mentality that you can add value and most people have the kind of mindset that's very fixed. I can only do eight hours of work a day.

-You just said something that blew my mind but I'm going to write it up here. Says I'm not a business-- notice the space-- man. I'm not a businessman. I am a business-- notice the comma-- man. And the jig a man is the one who said it.

-So that first one shouldn't even have a space. Hes saying, I'm not just a businessman.

-Yes.

-I'm not just a businessman. I'm a business, man.

-There it is. There it is. Let's break it down. Let's get crazy. The reason why I'm saying this here is because he's saying I'm not a businessman. I'm not a businessman. I'm not a guy who works in a business, and I'm just a man, but I am a business.

-Man.

-Man. Does that make sense to you?

-Yeah.

-I'm not a business, comma, man. He says I am a business. When you start viewing yourself as a business, you start to have huge changes. This philosophy blows my mind. And Jay-Z is a guy-- there's a book called The Empire State of Mind. It's phenomenal about how he did it. But I'm saying, a guy like Jay-Z realized real quick-- I'm not just a businessman. I'm not just a guy in the world of business who's just doing work. He said I am a business.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Notable Quotable: "We are what we repeatedly do. Excellence, then, is not an act, but a habit." - Aristotle
  • Success Principles: 1. We Are What We Do
  • Lesson Nugget: Your habits can be neutral, valuable, or valueless. Continually working hard, day after day, will eventually turn an act into a habit of excellence and added value.

-So let's jump on in here.

-Jump on it like Apache.

-Jump on in. This is what we're covering today. We've got three different principles.

The first one is, we are what we do. The second one is, success never comes before work. And the third one, decide to have the entrepreneurial mindset versus the employee mindset.

So, here we go. The first one-- we are what we do. I've got a little notable quotable from Aristotle. Aristotle says, "We are what we repeatedly do. Excellence, then, is not an act, but a habit."

He says, excellence is a habit. Why is this important? How does this apply to our overall concept of adding value and not just the time?

-Well, it's a deal of like-- what happens is, a person, over time, you have a habit. You've created a habit. I have a habit, you have a habit. And the habits we have are either value adding or they're just neutral. Or they're actually taking away value.

So I'll give you an example. Back in the day, I used to sit next to a guy at one business I worked at. And he used to go--

[YAWNING]

Well, one-- what's he doing? He's taking away energy from the room, because other people start yawning. Then we had a time in the morning where we had required reading at the workplace. We were required to read these books. So he used to, during the reading time, go-- just be literally at his desk, sleeping.

Then, when they would ask him questions about the book, he would have vague, general statements. He would say, you know, this chapter taught me a lot about life, a lot about just good reflection. And he was taking value away.

-Right.

-Then I had a guy on the other side of me who-- we were required at the job. We got paid $8 an hour plus commission. And you had to, in order to keep your job, you had to generate at least, I think it was like $5,000 a week of sales in order to just pay for the cost of your insurance, your air conditioning for the building, leasing the place, paying all the guys who did the work. You had to generate at least like $5,000 a week of sales to even break even from the company.

So the company would tell us, hey, you all need to sell at least $5,000 hours a week of deals just to pay for yourself. And the guy next to me would generate about $5,000 a week. $4,997, $5,012. He always hit that minimum. Then we had another guy named Ron Hood.

-Ron Hood.

-Ron Hood-- true story-- Ron would be selling five and six times more than the room average. And he got himself in the habit of knowing I have to make about 200 cold calls a day in order to get five appointments that'll produce a certain number of deals. Everybody else was making 50 calls a day. He was making 200.

So he got in the habit, got in the groove. He couldn't get out of there. Once you get in the groove-- cautionary warning. If you've ever listened to R&B before-- if you've never really listened to Marvin Gaye, "Got To Give It Up". He never got into that zone.

You ever started getting into that whole-- once you get into the groove, like if you listen to "Rapper's Delight". Hip, hop, hippy to the hip. If you get into that zone, if you get into that groove, watch out, because you might get stuck. So you get in that habit, that groove.

-You've been warned.

-You get into that groove of success, you start making 200 calls a day. Pretty soon that becomes your normal. And you add 200 calls a day times a week, two weeks, three weeks, four weeks-- bam, big money.

[MUSIC PLAYING]

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