Featured Coaching Excerpt - Notes & Transcript, Part 1
All Business Is Personal: "Customers like to do business with people they respect and trust." - Jack Nadel
Notable Quotable: "As I grow older, I pay less attention to what men say. I just watch what they do." - Andrew Carnegie (self-made millionaire who had to begin working at age 15)
Notable Quotable: "There are things in business you have to respect, you have to resolve, but you can't ignore."
-How important is it to change their minds?
-Jack, we are talking about a subject that you wrote about very eloquently in your book, TheEvolutionofanEntrepreneur. And a little commercial I have for your book is, when I read your book, it is one of these books where you just fly through it. You're reading. Next thing you know, you're like, what happened. I'm at the end of this book. I mean, it's that good. It just keeps you pulled in the whole time.
-I thank you. You hear that?
-It's great. It's awesome. Now, here is the quote from your book. You say, "Customers like to do business with people they respect and trust." Break it down. What do you mean by that?
-Well, first of all, before you have an interview with anybody, you almost always ask or someone tells you who that person is. And sometimes you can believe it after you speak to the person, or you don't. I don't enjoy doing business with people who would cheat. And I was warned about somebody. And I've worked through him. And believe me, and years before we finally broke out and found what a really good liar he was.
-So I don't think anybody completely-- it depends on how strongly it interferes with their values.
-The the lesson in Japan was so perfect because we were dealing with a real situation. They wanted us-- part of the pitch to the American delegation was to have patience with and observe our customs. that doesn't seem to be--
-Seems reasonable. We said, fine. They have customs. And we went through it. And I said, the problem is that times are changing very fast. And these customs are going to make it not competitive. And said why. Well, it's simple. They have a system that they wanted to perpetuate. There's the trading company. There's the employee company. There's the distributor. And there's the retailer. The retailer has much stock as he showed in his window. And once he's out of that, he had to go back to the supplier for another set of whatever it was.
Well, when you put a wholesaler in there, which was one of the things we were trying to do was get a Toys "R" Us into a Japanese-- open a store in Japan. They resisted it because by the time you take the other mark-ups, you're not competitive anymore. So this part of the logic in there.
When I went to Japan that trip, I bought a Cannon camera. And when I got to Japan, the same camera was on sale for 50% more. Made in Japan.
-Yeah. So there's certain things that come into business that you have to respect, you have to resolve, but you can't ignore. At that time, American rice was selling for a fraction of Japanese rice. Well, Japanese, was a traditional food. Rice was a basic. The didn't want to import their rice. But here was this rice that was so much cheaper. So these are problems. They're not always solvable. But somewhere in the mix of what you're selling, you want to include the fact that it's a social condition. And you have to satisfy that social condition.
Featured Coaching Excerpt - Notes & Transcript, Part 2
Notable Quotable: "If you want to get ahead, you'll need to develop your own instincts for dealing with people and be the kind of person who inspires confidence." - Jack Nadel
Lesson Nugget: There is no easy way to kill prejudice but it must be done.
Lesson Nugget: Be honest with yourself at all times.
All Business Is Personal: The first step to inspiring confidence is being honest with yourself.
Lesson Nugget: Change your attitude because you can't change the other person.
Lesson Nugget: Always think about what the other person is thinking and how they will react.
-Well, you know, in your book you write, if you want to get ahead you'll need to develop your own instincts for dealing with people and be the kind of person who inspires confidence. I think this is a huge problem. I think there's a lot of people who are very intelligent, who are very smart, who are very honest, who are very kind, who are very every-- check the box. Good people, but they don't inspire confidence. So what does it mean to be the kind of person that inspires confidence, my friend?
-Now you're talking Dale Carnegie stuff. There are, there are various procedures out there in the world where people teach you how to be more forceful, how to impress yourself more, how to get your feelings into the-- into the situation more. It's a very, very big subject to take on.
I'd say, start with who you are. I can't change that. Now, when I deal with people I have to learn to deal with them, and I can't change them either. So therefore, how do I, how do I make my deals?
You know, someone, someone's going to give ground, and someone is going to give up a principle. This is a very hard procedure, but it happens and it works itself out. There's no easy way to do it. There's no easy way to kill prejudice.
It's something that's been fostered on you since your earliest days. It's hard to get rid of. So you've just got to treat it that way.
-Is there a couple of things that most entrepreneurs do that definitely kill competence? I mean, I know that's a big subject to get into, but just as an example. I mean, because you were in business for 70 years on a daily basis.
I mean, you are like the-- you're like a handsome Yoda of business. I mean, you, I mean, you've seen it all. Is there anything that business entrepreneurs right now can go, OK, I need to quit doing that because that is not inspiring confidence?
-Number one. Number one, then number two and number three is being honest with yourself. In other words, do I really have this trait that I'm being accused of? Now, once I've decided that and this is a truism, how do I go about changing it or changing the world to conform with my trait?
Some of the world's geniuses had an idea. Everybody said they went nuts, and people were pilloried. But they had the strength and the conviction, and they spent their lives proving their deal. So it becomes a contest of how strongly you feel about it.
I know one thing, I can't change who you are or anybody else is.
-What I can change is my reaction to you.
-So you have to be honest with yourself. That's a big thing to inspire confidence.
-Number one, be honest with yourself. And it's going to come across to the other people.
-OK. So if you know yourself, then you can be honest with yourself and it comes across to other people that you know what you're all about. You know what you stand for. You know what you believe in, right?
-Otherwise, you kind of fall for anything?
-And then, and then you go in that path. In that path. I was a navigator amongst other things. And when you're a navigator, you plot your course and you go from one point to the next point. And you make sure you not off a degree or off two degrees because that puts you way off course.
-So number one, you have to be convinced that you are doing the thing in keeping with your personality, and you're being honest with yourself. Secondly, if you think it's worthwhile to persuade somebody, then you would use whatever persuasive arguments that went with that deal.
But then if you find that two things in your mind, no, that person's all wrong, I have to change my attitude towards that person. I can't change him.
-And I don't want to even try.
-Yeah. You would struggle trying to change my mind. My mind has so many idiosyncrasies, it's real scary sometimes.
-It's all of us. The thing that we found out in this day is that we're all individuals.
-Yeah. When we used to merchandise, we used to merchandise to a group. People between 15 and 32 are going to do this. Well, they're not going to do it today, because everybody's a different case.
And in our technology, we have found a way to deal with that, to deal with each different case. So each one is sold differently. And that's why there's so much sales on the internet directly because you're appealing to a certain person and to his or her particular needs.
But you can't determine that in front. You have to see who the person is then how important is it to change their mind, which sometimes can be a Herculean job. And how much more important is it to change the deal so that it is accepted by that person's mind? And change your mind, because you can change your attitude. I can't change you.
Not only can't I change you, when I think of what you're doing, I not only have to think how you're going to react to what I say--
-I have to think what you're going to react with your head, not with my head, because I may react entirely differently.
-Right. Well, Jack, I appreciate you sharing and breaking this down, because business is personal. Sometimes it gets kind of confusing how to handle all the different personalities.
-Thank you, my friend, for letting us come to your office here in Santa Barbara. And for anybody who wants to read more about you, I know you have some great articles I've read on the HuffingtonPost. They can go up there.
And you're a contributor, a regular contributor up there. You've got a lot of really good stuff up there. You have some open letters to people, and you've got some great content. And I've thoroughly enjoyed it, my friend. So again, thank you for being here.
-Thank you. Thank you for the really good questions.