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This business coaching lesson teaches about building a credible business.

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

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Clay Clark:
    -Jose Miranda
    (Host & Content Creator, Thrive15.com)
  • “I need to know what legal documents I need to have in place to have my business taken more seriously.”
    -- Michael
  • Break It Down:
  • Notable Quotable: “Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind. But brand is simply a collective impression some have about a product.”
    -Elon Musk
    (South African-born Canadian-American business magnate, engineer and inventor. He is the founder, CEO and CTO of SpaceX; co-founder, CEO and product architect of Tesla Motors.)
  • Notable Quotable: “Ideas are easy. Implementation is hard.”
    -Guy Kawasaki
    (One of the Apple employees originally responsible for marketing their Macintosh computer line in 1984. He is a successful venture capitalist in Silicon Valley.)
  • Truth Cannon:
  • Boom:
  • Action Step: 1. Define your why.
  • EF-5 TORNADO IN OKLAHOMA :
  • Lesson Nugget: The F-5's of Life: 1. Faith 2. Family 3. Finances 4. Fitness 5. Friendships
  • Action Steps: 2. Define your profit per customer.
  • Ask Yourself: How much money will you make per sale/customer?
  • Action Step: 3. Define how many customers you need to achieve your why.
  • Action Step: 4. Define your daily KPIs (Key Performance Indicators).
  • Ask Yourself: What activities do you need to do on a daily basis to produce the amount of customers that you need to fund the achievement of your why?
  • Notable Quotable: “Ideas are easy. Implementation is hard.”
    -Guy Kawasaki
  • Action Step: 5. Attempt to sell it.
  • Truth Cannon:
  • Story Time:
  • Core Issues:
  • Lesson Nugget: If you cannot sell your product, your business will not go well.
  • Action Step: 6. Measure the results and rejections you get.
  • The Famous Van:
  • Story Time:
  • Editor's Note: http://luckyorange.com
  • Boom:
  • Notable Quotable: "I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance."
    -Steve Jobs
    (He was an American information technology entrepreneur and inventor. He was the co-founder, chairman, and chief executive officer of Apple Inc.)
  • Action Step: 7. Refine your system.
  • Editor's Note: Kevin Mitchell
    (Kevin Darnell Mitchell is an American former Major League Baseball left fielder. A two-time All-Star and the 1989 NL MVP.)
  • Notable Quotable: “People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things.”
    -Steve Jobs
    (He was an American information technology entrepreneur and inventor. He was the co-founder, chairman, and chief executive officer of Apple Inc.)
  • Action Step: 8. Don’t worry about legal documents until you can sell something.
  • Editor's Note: Email us any questions to: info@thrive15.com We are here to see YOU succeed!
  • Lesson Nugget: Legal Documents Needed: 1. Form a corporation 2. Operating Agreement 3. Business license 4. Business Insurance
  • Boom:

- Alright Clay so we have a driver that is emailing his mailback question. His name is Michael. And the topic of what legal documents do I need to have in place to have my business taken seriously? This is a really heartfelt question. He says this, he's asking us, I need to know what legal documents I need to have in place in order for my business to be taken seriously. Obviously, he wants some practical advice. - Yeah well let's get into that real quick. Again that question, let's make sure you get it. I need to know what legal documents I need to have in place to have my business taken seriously. So I would ask you the question, what legal documents does Southwest Airlines have in place that make you take them seriously? What legal documents does McDonald's have in place that makes you take them seriously? I'll say this, none. - Right. - So no amount of legal documentation will allow you to take a company seriously. Furthermore customers don't even know about it. I'm going to say some stuff that's going to absolutely be totally 100%, now, I believe Michael that you want me to answer this question sincerely so I'm just going to ask for permission is it okay to give it a real talk or a real answer or should we kind of give you the... I know you want the real answer so I'm going to give you the real answer, so here we go. Okay so here we go. It's one, I'm going to give you this notable quotable from Elon Musk, who's Elon Musk? That's the guy who launched Paypal, a little company called Tesla, SpaceX, Solar City, you know he's done some things. Anyway, as he says, brand is just a perception and perception will match reality over time. Sometimes it will be ahead, other times it will be behind, but brand is simply a collective impression some have about a product. So now let me keep going real quick here. Another notable quotable from Guy Kawasaki, that's the one of the guys that's one of the original marketing teams that helped introduce the world to Apple, cool. He says this, ideas are easy, implementation is hard. So what am I talking about? Well what you're gonna have to do here my friend is you are going to have to right now believe that your business should be taken seriously. - [Host] There you go. - You need to believe your business should be taken seriously. You. I'm going to walk you through the specific steps, but you need to believe that your business should be taken seriously. What legal documents do people have in place that make you take them seriously? I have zero legal documents in place I believe... whoa. It's kinda like a yeah yeah yeah yeah yeah. - It's threatening to get away from you. - But it's kind of a deal where like I don't have legal documents in place that allow people to take me seriously I believe that I take myself seriously and therefore I command, demand, and get the respect that I need from the people I need respect from. - Do you think he's trying to make it, is he asking what do I need in order to make my business be more legit? - You probably went to college to long is probably what happened. You went to college and they told you in college you need to have all these legal documents, you need to have all these in place before you start a business. And I'm gonna destroy all that, I'm going to break all that. Let me get my bomb sound here, I'm just gonna blow up that whole... Oh super loud, there it is! Boom. I'm making it hard for the guys to edit cause it comes in so loud there but boom, there it is. The super, I'm just gonna break all the B.S. you've been taught and just destroy it. So here we go. One, action item number one. You need to define your why. Go ahead and define it on paper, do it on Thrive 15 we have that available. You can do it as part of our system but define your why. Why do you want to grow this business? Why do you want to start this business? Why are you getting up today? Why, why, why? Figure out your why. I call it the F five, the tornado of awesome. The tornado of life, F five. F five that's the strongest tornado. We live in Oklahoma, tornado alley. The strongest tornado in the world the level is called an F five. - Yes. - F Five, Faith, Family, Finance, Fitness, Friendships. Define that. Faith, family, finances, fitness, friendships. Faith, family, finance, fitness, friendships, okay? Get those five, define those why's, get those five. We'll put them on the screen again so you guys can marinate on that, but marinate. Once you define your why, then what you want to do is you want to define the profit per customer. You want to define your profit per customer. So you want to go ahead and figure out how much profit do you make per customer. How much money could you make per customer? You maybe don't know right now but you need to ask yourself, if you do sell this product or service, how much money will you make per sale? Per customer? A lot of people don't know that. Figure it out. So example, if you have a food truck and you sell food to people, maybe your average ticket is nine dollars or seven dollars and you make an average of a dollar fifty per customer, write that down. So define your why, then write down your profit per customer. The third is define how many customers you need to achieve your why. Aww. My goals are all spiritual I don't have any... All my goals don't cost money. Really? What planet are you on? So if you have faith, I mean you want to go to church, you have to drive to get there, or your synagogue, or your mosque or whatever right? Your family you probably have to feed your family, that probably costs some money right? And your finances, I mean you probably have to have some money. The word finance actually refers to money. - I use a flying rug for my house. - Beautiful! And that's the thing I mean friendships, if you're going to take a friend out for a glass of wine or to a movie or just talk to them, it probably costs money to fly there or make the call or pay for your cell phone bill or something. - [Host] Unless you roller blade. - Exactly, and faith, family, finance, friendships, right, and fitness probably costs money for a gym membership or to buy some running shoes, I mean just figure out what it costs. Okay so step one define your why. Two, define your profit per customer. Three, define how many customers you need to achieve your why. Then four, you want to define your daily KPIs, which are your daily Key Performance Indicators. It's what you are committed to doing every day. What activity do you need to do every day to generate-- Okay let's try this again. What activities do you need to do on a daily basis, on a daily basis, to produce the amount of customers that you need to fund the achievement of your why. What activities do you need to do on a daily basis to generate the amount of customers that you need to fund the achievement of your why? - I feel like it's Groundhog Day. The thing is so many times people don't want to think about that. - It's hard work. - Yeah because Guy Kawasaki our main man said, remember what he said? He said, oh what did he say? He says, this is what Guy Kawasaki says, he says ideas are easy, it's the implementation that's hard. Ideas are easy, it just got very dark in here, very negative. - Yeah that light went out. - That's beautiful that's okay. - It's like the Fourth of July, I thought it was a firework. - We press on. So here's the thing, you have to define your why, right? The why has to be motivational enough for you to do it, then you have to define your profit per customer, then you have to define how many customers you need to achieve your why. Then you have to define your daily KPIs. Then, step number five, you have to attempt to sell it. You have to attempt to sell it. What legal documents do you need? - You need to be taken seriously. - You don't need legal documents. What kind of insurance do I need? You don't need insurance. What kind of logo, no. Listen, try to sell it. So make your website good enough. Make your logo good enough. Make your promotional materials good enough. Spend all your money right there and try to convince the word to sell it. Because if you can't sell your business will go to Hades. So the main thing is you have to sell it otherwise it's not going to work. All your dreams and visions will die if you cannot sell it. You have to learn to sell. If you can't sell it, blow it up, don't even worry about the legal documents. Don't even worry about the insurance. Don't worry about renting an office space because it won't matter. - [Host] You just broke it down. - You have to figure out how to sell it. So if you can't sell it, it's gonna go to... Remember, if you can't sell, your business will go to... - That's like a truth cannon going brrrrrm. - Remember as a kid you were always, every kid in the world somehow got this notification. Here's what I think happened, God sent out like a thought to everyone, maybe it's an audible voice. He did it to you too, check it out. Where were you born? - Puerto Rico. - Okay so, the work, I bet you got notification from God. - Yes. - Children of the world, this is God. What, God? Children of the world, this is God. What, God your voice is deeper than I thought. Fine, children of the world this is God. That doesn't sound quite deep enough. Children of the world this is God. We're going to play a game called, the Lava Game. And you do not want to step on a crack because if you do it is hot lava. Hot lava. God are you on a CB, are you communicating on a CB? No, niner. God is that you or is that you uncle Greg. Uncle Greg, sorry. But the thing is that every kid got the notification right? The lava game, remember the lava game? If you step on a crack you're in lava. You ever done that before? You ever done that, no? Jose's daughter's here. Every kid in the world is like I don't want to step on a crack, you step on the crack you step in lava. - You're done. - As an entrepreneur, if you can't sell you're business will absolutely not go well. It will go to-- you gotta sell. Don't worry about all that legal document crap, just try to sell it first. Moving on. The next thing is after you get rejected, after you're rejected? I though we were gonna sell stuff? After you get rejected, after you get rejected you want to measure your results and rejections you get. You mean you're gonna learn from your rejections? I literally talked to a lady this week, sweet lady, wonderful lady, a pastor's wife. True story. She has this vision to start a company. And she builds the website and she has the beautiful products and nothing's selling. Nothing is selling. She is not selling anything. Do you know what it feels like to spend thousands of dollars and you're not selling anything? I'll tell you what it feels like. It's difficult. But what happens is, unless you want to end up in a van down by the river listening to this song with your uncle Greg, you need to sell something. Why would you listen to that song with your uncle Greg? I don't know but the point is you need to be out there selling. And the only way to figure out if it will sell is to attempt to sell it. And when you attempt to sell it, you will get rejected. And when you get rejected, you want to measure it and you want to document it and you want to improve. So check it out. As God as my witness, this is a true story. - [Host] Say it. - Yesterday, I get a text message from guess who? The lady who's been trying to sell something for 60 days. And you know what she made changes-- - [Host] On her website? - Everyday she makes changes, she launches the site, she measures the feedback. There's a great tool, you can put it on the screen it's called Lucky Orange. Lucky Orange, you should put that. - Lucky Orange? - Yeah it's a tool you can use to analyze your website traffic, it's crazy. So she uses Lucky Orange she's seeing where people are clicking, where they're not clicking. What they're doing, what they're not doing. And you know what we fixed it for four months bro. Four months she's been fixing it. She's out $6,000 so far just on her website, trying to fix it. And you know what happened yesterday? She sold seven things in an hour. - [Host] Wow. - Boom, true story. - [Host] That deserves a horn. - I'll tell you where the horn is. The horn's right there. Pretty soon the capitalism and entrepreneurship books start to be released when you get to a point where you say I'm not going to stop. As long as you say I am not going to stop, there's a Steve Jobs quote, I want you to put it on the screen. Steve Jobs talks about he's convinced the key to success is just being persistent. So what you have to do is you have to go out there and sell it, then you want to measure the results and the rejections that you get, and then when you get those results, you want to refine your systems. So step number one, you define your why. It better be inspirational because when you're going through hell, don't stop. When you're going through hell, don't stop, keep going. Then step number two, is you want to define your profit per customer. How many customers do I need? Then how many customers do I need to achieve my why? So one you define your why. Two you define your profit per customer. Then three, you define how many customers you need to achieve your why. Four, you want to define your daily KPIs because you gotta figure out what you need to do on a daily basis. Then you want to attempt to sell it because when you attempt to sell it you're going to get rejected and when you get rejected it's not going to feel good but because you know your why you're not going to quit are you? No you're not. You're going to keep defining it you're going to measure those results, you're going to measure those rejections you get. You're going to refine your systems, step number seven. Step number seven I want to dedicate that to Kevin Mitchell, I want to put his face on the screen. San Francisco Giants, Kevin Mitchell, number seven. - Hey didn't Steve Jobs also say that he was more, in my own Puerto Rican way, saying he was more thankful for the times he was rejected or was said no to? It's out of the theme but... - Well Steve Jobs says he's more proud of the things he said no to than things he said yes to. He talks about how, there's a quote we'll put on the screen, how you have to focus, focus means saying no to a thousand things, to say yes to, a thousand good things to say yes to the great things. What we're saying here is that you have to commit to one idea. You can't have like 18 business ideas going simultaneously, so you gotta commit to that one idea right? You have to refine your system. Over and over and over like the pressure, a clam, the pressure over time it makes a pearl. The pressure over time, the volcanic rock, the pressure, the tension, it creates diamonds out of coal, yeah irritation. The irritation inside that clam creates that pearl. The pressure from the planet pushing down creates the diamond. And what will happen is when the world finally finds your product, oh. - [Host] They'll take you seriously. - And they're gonna go, oh my gosh this is really good. - Yeah. - So I'm going to tell you this, Thrive 15 is so much better than when we first started. And you know why? Because the pressure. So you do, you gotta push through. Now the final thing is, point number eight. Don't worry about your legal documents until you can sell something. Now that right there is the real and the raw truth about legal documents. So if you are wondering about legal documents, that's the real stuff. - There you go, there you go. And if there's anything that still didn't hit the spot and you still have some questions, we have some answers. We have a team here, some of our coaches, are ready to answer your questions. Don't hesitate to email us at info@thrive15.com. There's a purple button on the right bottom side of your screen you can ask us any questions. We make it available, convenient, and easy for you not to struggle and not to delay on anything, but to press through, but to succeed and I think Clay, I think you've got something else you wanted to share here. - I had a question and I was just thinking that Michael might want this answer. He might have this question or he might want to know. Ann Hill on our website might want to know this or Jen, I talked to Jen this week in Brooklyn. Brooklyn where you at? I talked to her. I talked to Lenny in San Diego, I thought Jennifer might want to know. Atta up there in Toronto might want to know. I think Kevin out there in Australia probably wants to know. Assuming that I am selling something, what legal documents do I need? Oh you're going to play that game? Well let me tell you what you need. You're going to need to have, and we're going to go ahead and put these on the screen here. You're going to need to form a corporation. And guess what we have a template you can use. And we recommend LegalZoom.com or a professional attorney. Wes Carter is who we recommend, awesome guy. Wes Carter. We send his contact information. Or Thrive 15 mentors. You need an actual corporation. You need to have an operating agreement. Or some people call it an operations agreement, it's an agreement for how you're going to operate. Then you're going to have a business license. And then you're going to have to have business insurance. And then you're going to need to have... And we'll have more trainings on that. But if you aren't selling it, don't worry about that. But if you are selling and you say hey listen, screw you buddy I am selling something. Then go ahead, we will record very detailed training, email us all the info at thrive15.com and we will help you. - There you go. - Boom? - Ba-ba-boom bang. Adios.

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