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This episode is a business coaching course that explains what entrepreneurship is.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Editor's Note: Mahatmas Gandhi was the primary leader of India's independence movement and also the architect of a form of civil disobedience that would influence the world. - biography.com
  • Action Step: If you are having doubts about accomplishing your goals, acknowledge your doubts, directly look at your doubts, and determine how you can conquer them.
  • Lesson Nugget: Freedom is one of the benefits to entrepreneurship by giving you the ability to accept or decline opportunities.
  • Lesson Nugget: As an entrepreneur and business owner establishing values and standards for your organization can help protect the best interest of your business.

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[THEME MUSIC]

-Well, there's one thing that you're hitting on and I'm paraphrasing and-- and it's dangerous to do that. But Gandhi talks about, if you're going to become successful, first, it starts with the belief, which it sounds like you have.

-Right, absolutely.

-And then, once you have a belief, it starts to affect the words you say. And once it affects the words you say, then it begins to affect the actions you take. And then, it goes from those actions into those habits and from those habits into those results and into the values. And then, that's how you get there. And it sounds like-- every entrepreneur that we've had the pleasure of interviewing on Thrive15, all of them have this core belief. I think that's something that-- what would you say to somebody right now who has a little bit of doubt for whatever reason? They want to do something big, but they have a little bit of doubt, you know, a little bit of doubt. What would you say to them?

-I would say, bring your doubts out to the front, face them squarely, and see how you can conquer them. I've had the pleasure of mentoring a few people who I was instrumental in putting on a completely different track. One guy was a wonderful entertainer. He is now a media consultant for one of--

CLAY CLARK: that's amazing--

-great, great, and very busy and never been better off financially and happy as can be. And they never thought he could be if he wasn't sitting behind a piano and singing to an audience. But he's training 14 of our congresspeople--

CLAY CLARK: wow--

-how to testify in Congress and I think that's pretty good.

-Hopefully, he can train all the congresspeople, too, just kind of fix that whole-- that whole thing while he's there. Is that something you're going to do, as well, just fix that whole--

-you're right not to try to fix something that's unfixable.

-OK.

-As a matter of fact, you can't tell what route the fixer's going to take. It's today. It's today. I have no idea. I consider myself as expert business as anybody, but the turns and twists that this-- that our world is going at stake. And the business world is ideal for people who train themselves and are equipped to-- are good entrepreneurs.

-What are some of the free-- you mentioned it briefly, but what are some of the fringe benefits of being an entrepreneur, some of those things where you're an entrepreneur-- for somebody who's never been an entrepreneur and they're kind of going, well, what are the perks here? I'm kind of looking around. I think I might want to be an entrepreneur. What are some of the perks that go with being an entrepreneur, some of the little fringe benefits?

-The first one is freedom, free to do what you want. You're not answerable to anybody else. And if someone said to me, people are not going to like what you say-- what you say, I say, I'm not running for mayor. It's OK. I don't-- that's not my-- not my problem. That's their problem, isn't it? I'm doing what's best for you, for me and my family and my company. And incidentally, one of the things that I did consider always that my company was part of my extended family, that I was not one person going to work and another person going home. You got the same guy whether you like him a lot or not, whether it was flying to some crazy destination or just enjoying a relaxing evening.

-Freedom's a big thing, though.

JACK NADEL: Freedom to-- freedom to say yes, freedom to say no, freedom to resist what you don't want-- very frankly, there are certain kinds of businesses that people tried to persuade me to go into. I wouldn't do it. I wouldn't do it not because it couldn't be profitable, but it just was not something I would enjoy it. I would not do it. And something-- and I believe in the I think it's the number two oath of Hippocrates, which is "do no harm."

-So you like to have the freedom to say, this doesn't align with my values. I don't want to do it. This doesn't align with my schedule. This-- this might harm somebody. I don't want to do it.

-It's not my responsibility to correct it.

-OK.

-I had a guy work for me, a wonderful person, intelligent, almost brilliant, but he had a drinking problem. And we couldn't have lunch before he had three martinis. I said, you can't operate this way. He says-- well, you can, but not with me. It doesn't work because I can't count on what I'm saying being executed. And finally, we came to a very friendly parting of the ways, because I was not going to live with that, nor did I expect him to live to my standards.

[MUSIC PLAYING]

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Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Lesson Nugget: The object of your life should be centered around the big picture, not the tools that get you there.
  • Lesson Nugget: Being an entrepreneur requires a certain temperament in regards to how you handle stress, what motivates you, and how you handle failure.
  • Ask Yourself: Do I have what it takes to be an entrepreneur? Am I willing to step outside of my comfort zone?

[THEME MUSIC]

-If a guy says-- I knew a guy like this-- I love to drink. I'm gonna drink until it takes over, whatever. He was also-- loved to gamble, I'm gonna gamble. Loved to play golf with him, had a wonderful time. He was not my buddy, I never went out with him. I knew my object was never to get drunk. See the thing that people skip is, my object was not to get drunk. If having a drink led to my having a great time, then that's part of the picture. But the object is not drinking, the object is to have fun.

-Let me-- let me ask you this here. This is a tough question. Who should not be an entrepreneur, and who should be an entrepreneur?

-That's really a very good question. And it's a hard discussions sometimes. I've had a number of them. There are certain people that should not be entrepreneurs. Not by talent or intelligence, but by temperament. But they'd like to do. How strong their comfort zone, what is going to motivate them to do things? Some people before, like someone says to me, how do you teach someone how to sell? I said, you take them out and sell. It's the only way.

-Yeah.

-And the guy came back to me and said, I was such a good-- I gave such a good sales pitch today, you should have been there. I said, where's the order? He said, well that's coming. I said, when you get the order, let's talk about how good your sales pitch was. I mean, it's always with a sense of realism. So the whole broad question of being an entrepreneur takes all that in. And says, yes you're going to be disappointed sometimes, yes, this stuff is going to foul up. And as it turned out, I think I learned more, or as much, from the places where I failed, then where I did big successes.

-I don't want to put words your mouth, but I'm going to attempt to extrapolate what you said, and kind of break it down here. Because I think there's two big things you just hit on. Is if I am basically somebody who has a high stress tolerance, and I have a low comfort zone, like I could live under a bridge, or in a van down by the river, or I could live in a mansion, maybe that entrepreneurship is not-- maybe entrepreneurship is for me. If I have a very-- if I have a high stress tolerance, and I don't mind being out of my comfort zone, maybe.

-I think the key in whether you should be an entrepreneur or not, is after I've had some of these sessions, and guys giving all the right answers and very intelligent, I come back and my wife was saying, how's it go? I say, it's not going to happen. He's not going to make it. I suggested that he try, but be tolerant and keep his options open. Because he did not have-- most of the time when you try to sell somebody something, or you try to project a new idea, what your going to do is take a lot of people out of their comfort zone.

-Right.

-Now an entrepreneur who's really an entrepreneur, is used to being out of his comfort zone. Not always comfortable.

-And you're-- you and your wife built the business together, so she was out of her comfort zone too, right?

-Oh sure, sure, sure. But you see, when we together my wife and I are a team.

-Yeah

-And she may say things that I don't agree with, I don;t like, or vice versa.

-Yeah.

-But I respect what she has to say.

-Yeah

-And sometimes I'll say, hey I've never-- I'm never gonna argue about what should go into this pie, or how this should be served, or what kind of decoration to put in it. Because I have no vision, I have no sight, I can't see a thing that's not in front of me. Don't argue with me about what's going to work in the business world. I think I could be wrong, I certainly could be wrong. But I know, and what I'm saying is backed up by years of trial and error.

-Yeah

-Some things do work, and some things don't. Some things work sometimes. It depends on who your audience is.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Recommended Reading: The Evolution of an Entrepreneur - 50 Tips for Surviving and Thriving in Business - Jack Nadel
  • Nadel's Entrepreneur Tips: Self-motivation is the key to success and will achieve powerful results.
  • Lesson Nugget: Staying motivated and diligent to accomplish your goals will help you overcome the skepticism of others.
  • Ask Yourself: What doubt or fear in my life do I need to overcome to accomplish my goals?
  • Jargonization Translation: Trade Off - Technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes.
  • Notable Quotable: "People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents." - Andrew Carnegie (Self-made steel tycoon and one of the wealthiest 19th century U.S. businessmen)
  • Nadel's Entrepreneur Tips: Perceived value is what sells. Real value is what repeats.

-Well, you have this book here that I have, called The Evolution of an Entrepreneur, which is just a phenomenal read. And one of the great joys of the book is you put your 50 best tips. And I really think, if we're being honest, you probably have 5,000 tips, and it was probably impossible to choose 50. So you probably had to whittle it down. But this is awesome. And what I want to do is kind of a lightning round. I want to hit on some of the tips that really jumped out to me. Now all of-- just for the record, all of them have jumped out to me. But just for the sake of time and space and just-- I want to ask some of these big ones here. So tip number one, you say self-motivation is the key to success and will achieve powerful results. Again-- again, you say, tip number one, self-motivation is the key to success and will achieve powerful results. -Right. -What do you mean, my friend? -I mean-- I mean that when you are self-motivated, and you are going to get that job done, and you have all the encouragement in your own mind and in your own psyche to do it, and if you can keep that high going, despite-- there's no new idea that you're going to state that people won't give you a hundred reasons why it won't work. And that's okay. That's valid. Listen to them. However, you overcome most of them. And-- and, motivating yourself to do it is really-- some things are difficult for people. And they need this strong, powerful motivation. People hate to make sales calls. They get nervous. Just like, I know, I've met great actors who get sick every time before they go on. Physically get sick. But they overcome that. -I think that entrepreneurs really do understand trade-offs. As an example, my wife and I, we start our first business. At Walmart, they have the gourmet section. It's called the budget gourmet. Which is kind of an oxymoron, but it's the food that was under $1, so $0.97 chicken panini. And I remember every week, buying, like, 21 of those things, and literally eating it every single meal. And then, you know, having no air conditioning, and then working all the time, and being happy as could be. Because, I knew we were going somewhere. I knew we were going to get there. I didn't know how long it was going to take. But we were-- we were able to kind of make that trade-off. And you've done that countless times. But I think, if you're motivated, let's say, but you can't understand that concept of trade-offs-- because you just said, people are going to tell you 50 reasons why you can't do it. And the trade-off would be with entrepreneurs, you have to deal with 50 people saying you can't do it. -That's great. -Or you have to maybe cut a budget. -And I've had a number of heart to heart talks, where I genuinely felt I was being-- doing a person a disservice to tell them to keep punching in there. You'll make it. Some people just don't have that. -Well, you know, Andrew Carnegie, the-- he was the guy who made tons of money in the steel business, obviously-- -Yes. -But he talks about, in his book, The Gospel of Wealth, he says that people who cannot motivate themselves beyond mediocrit-- or, beyond-- basically, self-motivate themselves, basically must accept mediocrity is the paraphrase. But the idea is that you cannot motivate yourself, you have to accept mediocrity. Would you agree with that? -Very much. -Okay. Just want to make sure. Now, tip number 17. This tip is phenomenal. And again, the other tips before are great, too. I'm just trying to hit on some highlights. But tip number 17, it says, perceived value is what sells. Real value is what repeats. That blows my mind. I'm going to repeat it one more time. Here we go. Perceived value is what sells. Real value is what repeats. Go. -I-- I could just explain that in the form of something very common. If you feel like steak, someone comes to you with a steak on a sizzling platter. And that odor is coming up. And that perception of that steak is fantastic. -Oh, yeah. -And-- and, you dig into it. But when you dig into it, maybe the meat is not quite that-- they're mealy, or what have you. The real value is to have the sizzle, to have that wonderful presentation, but underneath it, you need a good steak. -So, it kind of sounds like my experience with politics. The candidate-- you think the candidate's going to be the guy. And then, you-- the sizzle-- you take a bite into it, and you go "Ow." -I've-- I have been too realistic for that, although I have met a number of politicians, and I think that the-- some of the tragedies that have happened with-- it's this great anticipation. It's a great loss to the country. I think certain people are beyond duplication.

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