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This business coaching lesson dives into the entrepreneurship basics for aspiring entrepreneurs.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • "Genius is 1% inspiration and 99% perspiration." -Thomas Edison
  • Thomas Edison failed 10,000 times trying to create the light bulb before he actually got one to work.
  • Lesson Nugget: Whatever discouragement you face, find a way to turn that into motivation to keep trying.
  • Lesson Nugget: As an entrepreneur you have to be both numb and dumb.

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-And I want to give you this final little definition in this business education training. This is from Thomas Edison, OK? He says, "genius is 1% inspiration and 99% perspiration." Now who is Thomas Edison? Anybody?

STUDENT: The guy who invented the light bulb.

-He invented the light bulb. Is this true? Cool. What else did he do? He invented the--

Oh, man. We're going to have to have some kind of new onboarding process for freshman. OK, what is it? He invented the recorded audio.

SOUND EFFECT: Nice.

-So you know, the fact that you can hear sounds, back music. And he also invented the-- (SOUNDING OUT WORD) video. Video. He was the first guy to video something.

So Thomas Edison is audio, video, and light guy. How different would college be without that guy? Do you have any idea-- somebody take a guess at how many filed experiments he had before the light bulb came to fruition?

STUDENT: 10,000?

-10,000 logged by his team. 10,000. If you were to fail every day-- how many times would you have to fail every day if you wanted to fail 10,000 times in a year. Think about it.

It's a big number. Would it be 33? 33 a day? 33 a day.

It would be like 33 every day. But he didn't do it every day. It took him years.

Could you imagine making 33 cold calls a day and never getting a yes for a year? Could you do it? Because if you did, you still wouldn't have failed as many times as Edison did on an experiment So what I want to encourage you guys is-- now, did he get discouraged?

STUDENT: Yeah.

-So this is what I'm going to tell you guys. It's my gift to you as we get back on the phone here, OK? Think about this. He found a way to, every single time that he got discouraged, he somehow misunderstood the word and he got encouraged.

Like every time that he got discouraged, he somehow found himself getting encouraged. Does that make sense? It almost fired him up and almost fueled him. Does that make sense to you guys?

Every entrepreneur that I've ever met who's successful, there are two things. And you guys have probably met them too. They're either one, extremely dumb. Like crazy dumb, like wow I can't believe they can drive a car dumb.

Or they're numb, where they just don't process rejection. They're like, what? And you're like, bro, you just got told no 900 times. So there's a chance?

That kind of thing. So you're saying there's a chance? So on the campaign tonight, honestly. How many of you have gotten a little bit discouraged so far today because you had some no's early on?

But what if you had Thomas Edison level. What if you just decided that-- where do you get this from? Do you have to buy that kind of mindset? No, you just have to decide, right?

Do you think this college would even exist if Oral Roberts didn't have that same kind of delirium, where he was just crazy and he believed that he was put on the earth for a reason and he was just going to make it happen? Does that make sense?

So we've got to have that sort of contagious enthusiasm on the phone. Does that make sense? Now this is what's happened tonight, and then we'll get back on the phone. I want to make sure you hear this.

Some of you have been rejected-- like how many people have been rejected at least four times tonight? And some of you have got a little quiet. Every time you get a rejection, you get quieter like you're getting hit with a hammer. And you're kind of like, hello, is the amazing John there? And you're starting to get more and more down, the more and more rejections you get, which causes you to be down more. Does that make sense?

So we've got to find a way to misunderstand the word "discouragement" and view it as encouragement. So we're going to get on the phone now, and we're going to call an uninterrupted hour of power. And what I'm looking for is I need to see-- how many donations did you get last hour?

STUDENT: Uh, three?

-Three? OK $25 to somebody who can get five this hour. Five this hour, $25. $25 to the first one to get 5.

You got it? Ms. Herd, you got it? OK, $25. Let's do it, OK? Let's make it happen. Let's get aggressive.

Yes.

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