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This business coaching episode will teach viewers ways to live within their means and how to become debt free.

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

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: Be willing to accept and seek out critical feedback in the areas that you want to improve.
  • Lesson Nugget: It is not the obstacle that makes us stronger, it is the response to that obstacle that makes us stronger.
  • Ask Yourself: What is your biggest limiting factor? What are you not good at?

[MUSIC PLAYING] amazing.com for mindset, business education

-I see a lot of salespeople who are like, I'm awesome. I'm awesome. These leads are bad leads. These are bad leads. So you'll see a guy who will graduate or he's new to the job, he comes in from college or new from some other job.

One of the businesses I worked with recently, and I won't mention the guy. I'm going to change the guy's name. We'll call him like, Eddie. OK? But Eddie took a job at this staffing company and he starts telling the boss, I know sales.

And I'm thinking, well, if Eddie knows sales so much, why is Eddie so close to poverty here? But anyway, Eddie decides to take his bad system, because his other company wasn't nice or wasn't fair. So he quit that job. Now he's working at this new company.

BRAXTON FEARS: Right.

-And he's bringing his bad system to a new job and he's terrible.

BRAXTON FEARS: Yeah.

-Not setting any appointments, not closing any deals, not making any money. And instead of realizing that he's a bad salesperson and he needs to get better, he begins to say, well, this is a bad industry. The economy's horrible. These leads, we need better leads.

And he literally in the meeting is going, these leads are terrible. And we're like, uh. And the owner says, well, I started my career by calling through the phone book and you have qualified leads.

So how are you able to stay self aware? Because you are very critical of yourself, I've heard you do it where you're like, well, I just need to get better in this area.

BRAXTON FEARS: Yeah.

-Have you taught yourself to do this? What is your process? Because I think that's not very common for people to be self aware and not blame somebody else.

-I guess I don't know exactly where that comes from. I just know that if I'm not honest with myself, I'm going to keep doing the same thing over and over again and I'm going to get the same results. It's like playing a video game and doing the same thing and getting killed by the obstacle or whatever.

We've got obstacles in whatever we do, and it's not the obstacle itself that makes us stronger, but it's the response to the obstacle. So it's our response that matters.

So for you and I, it's like, how can we make this calling script better? I've been calling-- like, you listened to me whenever I would call commercial real estate people and then we would refine it. And it didn't hurt my feelings. It's like, well, we're getting better.

For me now, I speak every week to 500 people and I film myself and then I will show people, even people that are not in the industry of public speaking. I just say, be honest with me. And at first people are, oh, I don't want to hurt your feelings. And I have to make a culture around myself of, hey, I don't get my feelings hurt. If you just tell me the truth, I will value it greatly.

And so people will say, oh, well, when you said that, it sounded a little funny. Great. That's like gold to me. How can I write that down and make that better for next time? And so being willing to have some thick skin so that the value of getting better is there.

-So if you're watching this business education training right now, what I want you to do is I want you to take a sheet of paper out or type it on the screen here. What is your biggest limiting factor? What is your biggest limiting factor? What are you terrible at right now? What is the thing that you, right now, are not good at?

Are you not good at making cold calls? Are you mortified about asking people to invest in your business idea? Are you just scared beyond belief to start your own business? Are you terrible at accounting?

Or even if you're pretty good, and you're not terrible, but you're pretty good, you can get stuck in a rut of being pretty good and mediocre. Why not just keep on-- you don't want to trust everyone's opinion. You don't ask your poor Uncle Vinny about how to make money. But there are people that you can figure out a way to evaluate whatever you're doing so that it goes from mediocre to excellent, or from bad to better.

-Because great, I've heard it often said that great is the enemy of average. So we want to just, if you're average, what you're saying is you want to-- now you want to contrast where you are versus where the greatest are. And you want to get into that top 10% of your career.

-Might as well keep getting better.

-Now you're a great learner. Also you're a great teacher though. And rumor has it that you actually taught-- now this could be a rumor. I want to get the rumor out in the real world. Did you actually teach him , the Grammy-winning songwriter artist, the lead guy , did you actually teach him how to play the guitar in college? Fact or fiction?

-I'm still waiting for the royalty checks for that, but it is a fact that he and I were roommates our freshman year in college. And I brought my guitar and I taught him his first five or six chords.

And within two weeks, he was better than I was, and I had been playing guitar for five or six years, and I knew the basic chords and I showed him where to put his fingers and he'd never played guitar before. It was incredible.

-So full disclosure, he was classically trained, or he was trained on the piano.

BRAXTON FEARS: On the piano.

-So he was very good on the piano.

BRAXTON FEARS: Yeah.

-And he can sing really well.

BRAXTON FEARS: Yeah.

-But you taught him the guitar, which really, when you think about, was kind of like-- was he a Grammy-winning artist before you taught him the guitar? No. Was he afterward?

-Yes.

-So really, we believe that you are single-handedly responsible for his career, and we're just going to take ownership of that right now.

[APPLAUSE]

-We're just waiting for the royalty checks. Just 1%, that's all I'm asking. I don't think it's too much to ask. 1%, come on, Ryan.

-1%, it's not tough. That's all we're asking. Ryan, come on. OK, so now he's moving on. He's writing songs for Beyonce and Adele and that kind of thing.

-You're throwing yourself in that mix, just because you're sitting here with me. You're like 1%, that's all we're asking.

-Oh, I did say that. I assumed-- that's the entrepreneur in me. I'm an opportunist. I saw an opportunity to say we, but I'm going to go ahead and just be self aware and say, we, as in everyone on the set, if you can just film just around the room real quick.

This guy, Tyler. Yeah, Spence. The little kids, look at the children. Look at the children. You've got Lee. The children. Look at the children, Ryan. They all deserve 1%. That's all we're asking for. And as a total, we're only asking for like, 9%, 1% for each of us. That's all we're talking

about.

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Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Lesson Nugget: When facing a difficult decision, break it down to its simplest form in order to make your decision easier.
  • Lesson Nugget: Reduce the "maybes" to a minimum. They reduce your energy and cloud your mind when trying to make a decision.
  • "Decisiveness is a characteristic of high performing men and women. Almost any decision is better than no decision at all." - Brian Tracy

[MUSIC PLAYING]

-We're moving on here. Point number four-- create momentum through making decisions quickly. Making up your mind decisively is a key trait for people that are wealthy. Now, we talked about it a little bit, but just real quick, kind of distill it here. What is your philosophy to approaching the best way to make a big decision?

If I am contemplating leaving my job to start my own business, or I am thinking about buying a franchise. I'm thinking about hiring a key member of my staff-- every entrepreneur faces decisions. You've got to make those decisions quickly. What is your move?

-Bring it down to the simplest form. Just take that complicated system as all of these different factors and just make it as simple as possible. And that might mean you write down and just keep simplifying it.

If it's a matter of taking a job-- will I like it better? Is it, a simple form and if it gets-- if it's a matter of buying a property, if it's sketchy, and not simple, and you cannot make it simple, then avoid that yes decision. If it's simple, and it's like, is this a good deal? Or is it not a good deal? All the closing costs, all that stuff-- gather the facts and then simplify it. Will I make money?

-You know, in Thrive it's interesting, but we have now, as we picked up the momentum and we've had a lot of neat people join the team. We've had big producers in New York want to be on the team now. We've had big venture capital investors. Neat stuff is happening-- massive momentum.

I now-- when someone's to put in money, I'm thinking, well, if someone wants to invest money, I'm going to offer them the certain terms. And it gets kind of complicated.

Because they'll say, well I would like to put it $2 million, but I'd also like to be able to have executive decision over this. And I have to decide is it worth giving up this decision-making power for this income? And, frankly, I'm saying, no, it's not. It's not worth it. But sometimes, I think, when you have a complicated decision, if you could just make a little chart of all the pros and all the cons, and sort of evaluate it, its big. But--

-This works really well in sales too-- I know just a little bit of a deviation. But if you're helping someone make a decision-- I was doing a real estate transaction the other day. And it was like, you have a right to terminate for this much penalty at this month-- 24 months, and 36 months, and 48 months. And it was all these different rights to terminate a lease.

And, ultimately, we decided, you know what? We'll pay a little bit more penalty just for one right-- and 90 days to terminate the lease. And it was simple. It was one line rather than 10. And everybody got behind it just because it was a simple solution.

-Now, Brian Tracy, the famous success author, he famously wrote, "Decisiveness is a character of high performing men and women. Almost any decision is better than no decision at all." What does that whole thing mean? Because I see entrepreneurs that get stuck. And their staff-- by the way, if you're an entrepreneur and you can't make a decision-- your staff will get frustrated with you. And they'll quickly lose interest in you if you can't make a decision. Why is it better to make some decision-- even if it's wrong-- than no decision at all?

-Because maybes dilute focus. And you can very easily have a lot of maybes just in the pipeline. And it actually drains your energy.

So if you say yes to something, you're moving somewhere. If you say no, you're getting rid of it. But a bunch of maybes-- maybe I'll do that, maybe I won't do that. And they can pile up very easy.

A lot of people say maybe to a lot of things. And in one way or another, they say maybe. And there's always these maybes that are just floating around in their head. And try to keep as many maybes out of your head as possible.

-Keep the maybes out. Keep the maybes out. Now, we're going to get into this process here. We're going to really get into it. I want to help some people with this. So let's look at this process here.

Let's say that I'm looking at buying a property. And let's say that I'm a business owner watching this, and I need about 1,000 square feet. No, let's say I need 2,000 square feet, OK? 2,000 square feet-- I've said to you I need 2,000 square feet. You're the real estate transactor. I'm the owner. I need 2,000 square feet.

When we say define-- under the context of a real estate transaction-- what are some of the things I should define if I want to go out there and get 2,000 square feet? How would you approach that? As an entrepreneur, how should I approach that? What other things should I be defining before I start taking some action?

-Where?

-Where, OK. So we do the "where?" And this is, by the way, this-- I'm walking you through specifically a real estate transaction, but this is for any thing you do. Pretty much, you have where? I think you have "who"-- like who are you going to work with? Who are you involved with?

BRAXTON FEARS: How much?

-How much? OK, how much?

-You've got what type of space.

-So what type?

-Retail, warehouse, it could be office.

-I think why? I mean this is one thing that's huge to find that. I know just recently I was talking to a venture capital guy. And he says well, I'd put in a million and a half. But I want to make sure that Thrive offers accredited degrees for people.

And I'm going, the whole reason why we've create Thrive is to help people move beyond surviving quickly, not to be a place where we can go to get accredited degrees. So I am not going to create a layer of bureaucracy and formality around our business for the sake of getting money-- as I would have compromised my very reason for even doing it. My "why."

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Lesson Nugget: When you start acting you will run into opportunities you wouldn't have had otherwise.
  • Lesson Nugget: When you decide to act, you are going to have to work through some type of rejection.
  • Lesson Nugget: Expect to deal with rejection. If you can't work through it, you won't get anything done.

-I think when is big. When. And this could be any decision. If you're thinking about hiring somebody right now, when do you need to hire them? Why do you need to hire them? What type of human are you going to hire? How much are you going to pay them? Who? Where? Anything else we should probably be asking here, or is that pretty good for now?

BRAXTON FEARS: It's good for now.

-Say we move on to acting. Acting, meaning we've got to pick up the phone. It doesn't matter what you're doing. If you're hiring a staff person, if you're going to lease space, I have to call you. And there's going to be-- so I have to take action. And it usually starts with a call. So I'm thinking right now, I've got a guy working with Arthur Greeno, and you guys watching this hopefully will happen-- it probably will have happened by the time you've seen this.

But there is a kid in town who has cerebral palsy. And the kid can only use his eyes. He has taught himself to communicate using only his eyes. His name is Keith. And Keith is writing a business plan for his ice cold lemonade stand. "Stand for Something" is the slogan. This kid's like, young kid using his eyes. He's taking action, though, to write a business plan. Not really sure what to do next. But he instinctively is taking action. By taking action, he got in front of Arthur Greeno, who's a very wealthy Tulsa business owner.

And now we're in the process of helping this kid build his own business. But at some point, we have to call somebody, right? And when we call somebody, should we expect some kind of rejection or it's not easy?

BRAXTON FEARS: Yes.

-If you're doing a PR pitch, usually you have to make 10 to 15 outbound calls before you even get one answer.

BRAXTON FEARS: Even when you're looking to be the buyer on something like this-- you're wanting to be a tenant and you're looking for 2,000 square feet-- if you call a person and they may not flat out reject you, but they'll give you a lot of maybes, which is the same as a rejection. They will not take action themselves. So you have to continue. It might take you calling five people just to get somebody who will take your money.

-I always give an example-- you and I have worked on some big, big deals together. And I know recently I had a chance to-- David Robinson is now part of the Thrive team. So it's exciting. We've been reaching out to Dave. I don't know how many calls I made out to people who know David Robinson and/or to David Robinson personally. But I'm going to say it's over 50 for one deal. I know to find this office space that we're in right now, you helped us find this building.

We were probably in a 150 calls, and we were the buyer. But when you decide to act, you are going to have to work through some type of rejection. And it's going to happen. There's just nothing out there, period. Whether you're writing a book, whether you're getting real estate. So we'll kind of stick on the real estate thing. So we start looking for some space. We're getting rejection. Buyers don't want to sell. Buyers don't want to lease. Sellers are busy. Sellers don't want to lease. Sellers, they're unavailable. Sellers have their phone turned off. Whatever the deal is.

But we keep acting. What about when you start to get a little frustrated, do you keep acting then?

-Yeah. Otherwise you're not going to get anything done. You've just got to keep going.

CLAY CLARK: How's that different from the salary guy? The salary guy probably works and when he can't anything done he just stops.

-Well, yeah. The salary guy might make a few calls, just enough to say he made a call, and then he'll finish at the 5 o'clock time.

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