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This episode is a business coaching course that talks about creating value.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Today's Topic: CEOs Creating Value For Shareholders And Economy
  • Editor's Note: On today’s program, we are going to be DEEP DIVING into an economic hot topic - the value entrepreneurs create.
  • My name is Ronald and I just want to know what your perspective is on the level of compensation that CEOs and founders are making versus their employees?
    -Ronald- Houston, TX
  • Lesson Nugget: If you are going through the fire, keep going and don't stop!
  • Definition Magician: A way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government.
  • Editor's Note: The Parable of the Talents is found in the Bible. For more information read Matthew 25:14-30
  • Lesson Nugget: Don't be average. Go out produce and multiply your skills and talents.

Broadcast from the center of the universe. Featuring optometrist-turned entrepreneur, Dr. Robert Zoellner and U.S.S.B.A. Entrepreneur of the Year, Clay Clark. Because a great show, it all comes down to, "You're fired, get out of here." It's okay for you to encourage them to move on if you don't like them, because they probably don't like you either. Yeah. They probably have a, there's probably another job out there they will like. Welcome to the Thrive Time podcast. Thrivers, welcome back. We are here on the Thrive Time podcast with Clay Clark and Dr. Robert Zoellner. We are pumped to be bringing you some awesome content in this episode today. Clay, you know, thanks for joining us. I'm excited to talk about today's topic because we have a thriver who took the time out of their schedule, to write in and ask a question. I mean, this is called the Thrive Time. This is thriving, we're not talking about surviving. This is not the "how to eke out barely enough money to make it and just--" This isn't the survive podcast. This is the thrive time. Your time to learn how to thrive, and we have a thriver who I can just sense that he's wanting to do something big with his life and he's got a question and Marshall, go ahead and just share that question with us. Okay, so if you are listening to the Thrive Time podcast or you're on the site at thrive15.com, feel free to reach out to us. You can reach out to us by clicking "ask the mentor." This next one comes from Ronald, okay? Ronald is in Houston, and this is what Ronald writes. My name is Ronald, and I just want to know what your perspective is on the level of compensation that CEOs and founders are making versus their employees. So Clay, can you begin to get into this as, you know, there's that disparity between the people at the top and maybe the employees working in the business. I'm going to kind of do a weird thing where I'm going to chime in, but I'm going to tee it up, it's like a softball where you put the ball on the tee, and you let the next guy smash it, so I'm going to tee it up here. I'm just going to give you an example. When I started DJ Connection, that was my first company, DJ Connection, I didn't start DJ Connection because I wanted to DJ. I started it because-- Really? Well, I kind of enjoyed DJing, but I did it because I grew up without the financial resources to do what I thought was just decent and normal. Yeah. I didn't want every part of my life to be dictated by how much money I had or didn't have. And I went through a personal hell, and if you're watching this and you're still going through hell, don't stop. Keep going. Keep going. But I'm saying I went through a personal hell. I was DJing at the Yucatan liquor stand, just so we're clear, I'm sure you can't tell by me, but I don't like going out to clubs, I'm not a big club-goer. I DJed there-- You don't like the whole (beat-boxing noise). I didn't, it wasn't my scene. I've DJed at every wedding, I've DJed outside, in Oklahoma weddings and it's a 100 and something degrees, I've worked for free at all these venues, I've pulled all-nighters, I've done, and it's probably nothing harder than what you do every day. You're watching this, you're a thriver. You're a hard-worker, you're in that top one percent of our population when it comes to work ethic. You're working, and I went through hell, and so I'm actually am very very happy with the disparity in income between people who've worked really hard and they've gone through hell to get there, and the people who are just showing up. Because I've worked at jobs where I was just punching the clock. I remember working at Target, and I just basically, I literally had this game, Z, where I would go, how can I minimize the amount of work that I'm doing while I'm here. Little games. (Robert laughing) You know what I mean? Where you're just trying to act busy and stuff. The boss walks by and you're like, oh sorry, sorry, I was just fixing the inline, you know? So Z, I want to hear your perspective though, man. What is your perspective here? Well, mine's the same perspective. I mean, the opposite spectrum of that is quite frankly, a word that's probably not really understood that well, but communism, in the sense that everybody's going to work, and everybody's going to get the exact same amount, period, you know? And on the flip side, you have capitalism where it says, hey, the harder you work and the better you set yourself up for that, for success, the more money you can make because money isn't the end all, but it does, like you said, it does create the opportunities. Well, okay, and I'm just going to totally cross every boundary simultaneously here, okay? Okay. Because I hear this all the time. All right. I went out to a speaking event and I was asked to speak at this coffee shop. I'm not going to get into the details, but if you were at the coffee shop, you know what I'm talking about. I'm at the coffee shop and someone puts their hand up, and they said, "I have a question, okay?" "How do you guys, how do you, Clay, I know you're a person of faith, how do you morally justify um, you know, the disparity of income between people like yourself and the average person, when you serve a God, say you serve a God who cares about everyone, how do you morally justify that?" You know, one of those gotcha questions? Yeah. So if that question was asked to you, how would you respond? Well, I mean, they use the moral, they use the whole kind of God, moral thing, and I would just say, it's a biblical principle that the farmer gave, he had, he came and he gave each person a different amount of talents, depending upon what they could do, and he told them to go out and multiply them. And the ones that didn't multiply them, he actually took them from them and gave them to the ones that were better at business. I maybe didn't do the story complete justice, Yeah. It's in the Bible and you can find it, but basically the idea of the story is, is that everybody does have different levels of talents, and that he acknowledged that and gave them different levels of money, and said go out there and produce, and that was about go out there and produce. Don't go out there and just be average, don't go out there, and the one that just buried the money, and said, "Hey, I didn't make any, but I didn't lose it," he took it from them and gave it to the ones that were producing.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Notable Quotable: "Millionaires and billionaires do not pay their fair share," fellow Democratic candidate Bernie Sanders said in a recent speech, claiming the wealthy created a "corrupt" political system and a "rigged" economy.
    -Bernie Sanders - Democratic Presidential Candidate
  • Notable Quotable: "Most wealthy Americans did not get rich because of handouts or a rigged economy."
    -Billionaire Jean Paul DeJoria
    (Founder of Patron Tequila)
  • Mystic Statistic: Successful entrepreneurs realize just 3 percent of the value of what they produce, while consumers reap the rest, either directly through employment or by social benefit.
    ( National Bureau of Economic Research)
  • Lesson Nugget: If you don't reward those that work hard, no one is going to work hard.
  • Lesson Nugget: The Founding Fathers of the United States wanted to guarantee three things: 1. Life 2. Liberty 3. Pursuit of happiness

(scratching music with heavy beat) I have one more question because I know this is what a lot of people ask us all the time, is they go, you know someone's going "I, I just, I don't wanna focus on "It seems that when I focus "on growing my business I start to feel guilty "that I am starting to earn more than the people who work with me." I mean a lot of people say that, they go -- I literally talked to a lady the other day. She owns a dessert company, and she goes "I just feel guilty. I am making now..." This is someone who built her business from nothing. Yeah. And she's making six times more than the average person. Yeah. And she said " I just started to feel guilty. "I started to feel bad." What would you say to someone who says that? I'd probably give her a gentle slap of the face. And go pssh-pssh and say get over it. (both laughing) So there is a recent article on Fox News, okay, and in one of the recent Bernie Sanders' speeches, he said "Millionaires and billionaires, they don't pay "their fair share" claiming that the wealthy created a corrupt political system and rigged economy. And then, in response to that, there is a billionaire, the founder of Patron Tequila. He said that "Most wealthy Americans didn't get rich "because of the rigged economy. They got rich "because they worked hard and they were diligent, "and they practiced 'best practices' and things like that." And then, the National Bureau of Economic Research. They have this incredible mystic statistic for you. (bells ringing and cacophony of dings and dongs) So, they found that ("Hallelujah" chorus) successful entrepreneurs, ("Hallelujah" chorus) they only realize 3% of ("Hallelujah" chorus) the value of what they produce ("Hallelujah" chorus) while consumers reap the rest, ('Hallelujah" chorus) either directly through employment ("Hallelujah" chorus) or social benefit. ("Hallelujah" chorus) Okay. ("Hallelujah" chorus) So, this is like the ("Hallelujah" chorus) national government organization ("Hallelujah" chorus) actually going in and identifying ("Hallelujah" chorus) how much these CEOs ("Hallelujah" chorus) are actually making. ("Hallelujah" chorus) Clay, do you have any commentary on that? Well, I keep talking about this, but the whole Bernie Sanders, the whole 'feel the Bern' movement, I am just excited to get that tattoo done with the words 'Feel the Bern'. Oh, yeah. I've talked to the artist. He's done a drawing. Now, the artist did a poor job, but I paid him a lot for it... because he showed up. Oh. Oh. I went ahead and paid him. The thing of it was I went there to go ahead and get the tattoo, and he was off for a long period of time. Yeah. He actually wasn't there at all. He was on maternity leave. And, I went ahead and just paid him. And then when he came down, he sat down and showed me his portfolio and he had some pretty awful work and I thought... It can't get any worse than this. Whether you do a bad job or not, I am still going to pay you a lot because you showed up. I mean not today, but... At some point. Yeah, and so I met his boss who was a complete jerk because he told the guy to get back to work. And, I was like, I am not going to go back to that company. I'm sensing some sarcasm. No, I don't think that's what that is. I think that was more of just your inner... My inner... Inner distrust for capitalism. I not being politically correct. That's my thing is... Yeah. The thing about is this, is that if you don't reward those that work hard, nobody is going to work hard. (laughing) It's just the way it is. That laugh sponsored by 'evil oil'. (both laughing) And, you know what, there's, when Bernie Sanders, there's a little sliver of truth in that. A little sliver. In that as people get rich, they do try to figure out how to manipulate the tax code; (laughing) is really what they're manipulating. (laughing) To try to keep as much of that money that they earned on the way up. So, there does need to be tax reform. There does need to be tax reform. And, a lot of that, there is some manipulation of the tax code. I mean I see stuff. Every time you have a tax code... you've got to get six boxes to put it all in. It's crazy. It's crazy. It's crazy. It's stupid. The big thing I have a concern on with the tax code, I just want to give this, any time that you can involuntarily break the law, it's so complex, you don't even know. Yeah. That's when I start to have problems. The idea that when our founding fathers, they, and to be politically-correct, the founding fathers and their incredible wives who actually mentored them through life, but the thing is, is that when they started this great country, they did it because they wanted to guarantee just three things. Not thirty things, but three. The right to pursue life, like your health. Like you can actually live and not be killed. Life. Liberty, the freedom. And the pursuit of happiness. They didn't guarantee happiness. They didn't say "You can have happiness." They didn't say "You're going to live forever." They didn't say... It's the right to pursue happiness. I just want to make sure we're getting that concept, because someone watching this right now, I'm just being real. There's a thriver watching this right now and your business is in the toilet. Ooph. Because I have been there before. Yeah. And the business sucks because your team collectively sucks and your product collectively sucks. And, I'm just telling this, my DJ service, I used to have a DJ company, the 'DJ Connection', DJConnection.com and I paid all my DJs the same. Hmm. And, we were awful. We screwed up so many big events, I honestly felt awful. There was a girl who just recently stopped working at the 'Barnes & Noble' in Tulsa, and I would go in, and I'm like "Son-of, she's gonna be here and I'm going to have to look her in the eye." 'Cause I'm not kidding. Our DJs were so poorly trained and I was the one who did it. There's no one to blame. Nowhere to hide. I screwed up her wedding by poorly-training my people. And, you know what? Customers ran away from me. They were like "Don't use them." This was before social media. "Don't use them." (wave ripple)

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Recommended Reading: The service–profit chain is the central concept in a theory of business management which links employee satisfaction to customer loyalty and profitability.
    - J. Heskett, W. E. Sasser Jr. and L. Schlesinger
  • Lesson Nugget: In order to move up the pay ranks, you must learn new skills and remain teachable.
  • Ask Yourself: Am I willing to sacrifice and make some trade off's in order to become successful in my business?
  • Notable Quotable: “Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then even if you’re doing the same thing you know that… you will achieve in 4 months what it takes them a year to achieve.”
    -Elon Musk
    ( South African-born Canadian-American business magnate, engineer, inventor and investor. Wikipedia)
  • Notable Quotable: "And God saw everything that he had made and that it was very good. There was evening, then morning-the sixth day."
    -Genesis 1:31
    (The Holy Bible)
  • Editor's Note: As a reminder, this segment of our program is not in anyway sponsored by the good people at the Nebraska Cattlemen’s Association.

But then once I got it together, people turned it around. I heard, there's a book called The Service Profit Chain, it's a Harvard case study, and I heard this merit based pay system. Where basically you pay people based on their customer reviews, and not based on the actual hours they work. Oh, wow. And so QuikTrip, gas stations, convenience stores, they use this model. Southwest Airlines uses it. Disney uses it. And so I started doing surveys, and I would survey the bride, and say based on, how would you rate the DJ who performed at your wedding on a scale of 1 to 10. And I told the bride going into it, before the wedding, before they even decided to book with us, hey at the end of the wedding we're going to ask you to review, when you get home from your honeymoon, ask us to review the DJ. And your DJ gets paid based upon your review. So the brides would write, uh 8.2. He showed up late, but did a very good job, and he didn't dress professionally. And you're like, okay. So the guy made less. And we gave bonuses for anyone who got a 9 or a 10. And it was unbelievable how the turning point, but Z I would have, we would have... But wait a second. You're tellling me that two guys show up, work the same amount of time, do the same thing, the same thing, and you pay them different amounts. How can that be fair? I literally had in a discussion the other day with someone who wanted to work here, who didn't work here, and if you're the one, if you're this guy, you know who you are. I'm not going to mention anything about you, but you know who you are. He says it just seems like there's a lot of income disparity in your offices. One of your coders is making like a couple thousand a week, and you're only offering me like $10 an hour. And I'm like, just being real, you're 31, you don't have a jobby job, and you don't have a discernible skill yet. Now the good news is that the guy who started in this entry level job, he would be your boss. And he now makes a little over $1,200 a week. So you could go from making $400 a week to $1,200 a week, but you're going to have to learn search engine optimization. Ooh. But he couldn't fathom that. He literally wanted to argue with me in the car. He's in the Hummer of love. It's my big SUV there. Oh yeah. It's also a sign of, it's like a chariot to trumpet the income disparity. But the thing is, so I'm in my golden chariot, called the Hummer. I'm in the Hummer and the guy's just like, I just don't understand it, like look at, I mean, don't you feel bad? I mean how many miles a gallon does this car get? We just had this whole, like I'm just going, you probably should not come back here. This literally happened. Yeah. I couldn't be more passionate about just telling you, if you're the one asking this question, or you're thinking these kind of thoughts. If there was not massive income disparity, what would be the point? If there wasn't an end zone, I love it when athletes celebrate in the end zone. Because do you have any idea how hard it is to get into the end zone in a National Football League game? Yeah I'm afraid. I'm watching the game, and I'm going that hurt, I'm wanting to hug these men, like I'm so sorry they hit you so hard. (laughing) I mean, you know, if they win and they want to show off, I mean say what you want, but if a guy gets in the end zone, let him dance a little bit. Let him have his 7 seconds of glory for goodness sake, c'mon, really, really? And that's what it is, is entrepreneurship, it's just dancing in the end zone, it's celebrating, work hard play hard. Dancing in the end zone. And the thing about it, there's always those extremes out there, and you know the Bernie Sanders, and that mindset of hey, these guys are making too much money, you know. Well, that's what drives, that's what makes America great, is that passion and drive that people know, hey I can, why can't I be the next Bill Gates? Why can't I be the next Warren Buffet? Well, why can't I? It comes down to work ethic. And are you willing to sacrifice, and do some trade-offs. When you started your business, you were working seven days a week. I was working seven days a week. Elon Musk, let's not get religious, although I do want to get a little religious here, Elon Musk, we're going to put his quote up on the screen. He says you just have to work 60 to 80 hours a week as a founder to make your company grow. Yeah. 60 to 80. I would 100% agree with him. Also to get religious with you. If you look up the book of Genesis, which I know is a controversial book, and the thing called the Bible, which is like blasphemous and terrible, but the Bible, God created the earth in six days. We'll put the verse up there, according to that legend. Or Elon Musk over here, he says 60 or 80 hours. So if you want to go religious, or you want to go non-religious, either way. The reason why God created the earth in six days, is because they're trying to show you something. You've got to work the sixth day. You've go to put the extra oomph in the tank. You've go to, you know, and that's the whole thing. That's crazy talk. It is crazy talk. And I'd tell you what, I've never been more offended that the questions you're asking us today Marshall. I'm tired of it. (laughing) So I want to make sure, because I'm still operating at that third grade mindset, okay. And so I'm hoping that Z, you can help me understand it with some farm logic here, okay. You can help me understand this concept of income disparity. And I just want all the Thrivers to know, that this farm logic segment is not sponsored by the Nebraska Cattleman's Association, in any way, shape or form.

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