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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: A great idea is not enough to start a successful company and leave your day job. You also need a carefully planned strategy.
  • Notable Quotable: "Luck is when preparation meets opportunity." Seneca, Roman Philosopher
  • Business Model Principles: 1. All In to Win
  • Lesson Nugget: If you are truly all in, it will reflect in the amount of time you invest in building your business.
  • Lesson Nugget: Adopt the 6th day principle so you have enough time to work on your business.

understand bloomberg, learn how to start a business

[MUSIC PLAYING]

-My name is Clay Clark, and I'm the CEO of thrive15.com. And I am joined today with myself, and I'm honored to be here with myself to be teaching you specifically about the concept of putting all of your eggs in one basket and the concept of not quitting your day job until you can afford to do. So as you're watching today's episode, make sure that you pay attention, because if you have ever felt like you wanted to take the jump and start your own company, and you didn't know if the timing was just right, this episode's here to help you get the answers to that kind of question. When is the time right to start a business? When's the right time to quit my job and to start my own business?

Today we're going to get really into the specifics about when to know when it's the right time to start that company. Remember at thrive15.com, we all believe that knowledge without application is absolutely meaningless. So watch today's episode, ask yourself, what do you need to do to uniquely apply these principles in your own life and business, and then get moving. Take that action. Otherwise, today's episode may just be more meaningless than trying to decipher the super in-depth plot of the TV show "Lost."

All right. Today we are talking about putting all of your eggs in one basket. We're talking about the concept though of you want to put all our eggs in one basket, but you really don't want to quit your day job until you have to. What are we talking about? Well, perhaps, you are an entrepreneur or an aspiring entrepreneur, and right now, you have a job. And you're thinking about making the jump to starting your own business and to be self-employed.

So you're thinking about taking the leap from here to here, and as you think about making that leap, there's a few things that you want to keep in your mind, because if you don't, it's going to make it very hard for you to be successful, because when you make that jump, and you make that leap without doing the proper research, without preparing yourself, and getting yourself to a point where you can be successful, you're going to fail not because your idea's bad, but because you didn't do the preparation needed to be successful.

Because you didn't put yourself in a situation where you could financially afford to overcome some of the challenges you're going to face, and because you really just didn't do the research needed to set yourself up for success. You had a good idea, and you thought that was enough. But here's the thing. Your idea can only get you from maybe here to here, your idea.

But you have to have preparation that's going to get you from here to there. Now one quote that I'm paraphrasing, and you hear all the time in entrepreneurship is you say, well, what is luck? Luck is when preparation meets opportunity. And so we're going to teach you specifically how to make that jump, but also how to not quit that day job until you absolutely have to.

So principle number one is you must be all in to win. You must be all in to win. What does that mean to be all in? Well, that means that you probably have a job right now where I'm making it up. Let's just say that you're working from 9:00 to 5:00. Well, that means when you get home, you probably need to be working from what? 6:00 until 10:00 on your business. That also means you probably need to be working from like 5:00 AM until 8:00 AM on your business.

Now how much time does this give you here if you spend three hours here and four hours here? Well, 3 plus, and again, I didn't graduate from college, so some of you might have to help me on this, but if you 3 plus 4, that equals 7 hours. Now also, what's amazing about our work week and how the world works here is that we have Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, and Sunday. So some people will call this the sixth day principle.

But the idea is that you have Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, so we can take all of Saturday to work on our business. That's 7 hours a day times 5 days a week, and again, some of you who might have graduated from college might be able to help me on this. So that's 35 hours a week, 35 hours a week plus 12 hours on a Saturday comes out to what? We're talking about 47 hours of you being all in to win.

Now some of you might be saying, you know, hey, I don't know if that's possible. I don't know if that's real. I don't know if that's just you talking to us, because you're at where you're at right now in your life, and I'm at where I'm at right now. Well, let me talk you through my actual path when it came to being all in to win. This is what I did. I worked at a company called Faith Highway. We sold commercials to churches. We sold evangelistic commercials to churches, and we had to be on the phone at 8:30 AM, and then we got to break here.

We were allowed to break at about 11:30, and we had to be back on the phone at noon. And from noon until 5:00, we were expected to work. So at 11:30 every single day, diligently I never took a lunch. I repeat, I never took a lunch. Now the word "never" implies not even one time. That is true. I never took a lunch.

So what did I do during that time? Well, from 11:30 until 12:00, what I did was I checked my DJ Connection voicemails, and I held myself accountable to making 25 calls out to companies or organizations that might be looking for a DJ. Now when did I make those calls? Where did I make those calls? When did I make them? I made them from 11:30 to 12, but where did I make them?

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Lesson Nugget: Set specific goals for yourself to ensure you are using your time wisely.
  • Lesson Nugget: 40 hours a week will let you get by. You must do more than 40 hours a week to get ahead.
  • Business Model Principles: 2.You Must Be Able to Afford...
  • Business Model Principles: 2.You Must Be Able to Afford... The Success Formula
  • Four Step Success Formula: 1. Define
  • Four Step Success Formula: 2. Act
  • Four Step Success Formula: 3. Measure
  • Four Step Success Formula: 4. Refine

[MUSIC PLAYING]

-I physically would go into my vehicle, which is a super sweet Mazda MPV van, which I bought used, having 180,000 miles on this vehicle. I would go into the van, I would make calls from 11:30 to 12:00. Then at 5:00, as soon as the work day was done, from 5:00 until 7:00, I was making calls. And I held myself accountable to making 40 calls.

So I had 5:00 to 7:00, I had 11:30 to 12:00. How many hours a day is that? Well, that's two hours, right here-- somebody help me. That's two hours right here, right? Then right here, this is a half hour, right here. This is a half hour.

And I realized it wasn't enough. I simply did not have enough time to get everything done. Then I discovered that the 40 hour work week is not something that was divinely created.

The 40 hour work week is not how the Pilgrims created this country. The 40 hour work week is not how Steve Jobs started his company. The 40 hour work week is not how Bill Gates started his company. The 40 hour work week is not the confines with which Walt Disney started his company. The 40 hour work week is not the confines of which the Beatles became experts in music.

The 40 hour work week is nothing-- the 40 hour work week is nothing other than what? It's just something that President FDR came up with, during his presidency. So I was like, you know what? I need to work more than this, because I'm never going to get ahead.

So then I started working here from 5:30 in the morning until about 8:00 in the morning, and that gave me another 2.5 hours. Then I took the whole Saturday. My entire Saturday was spent working. My entire Saturday, I spent working. So my Saturday, I was able to get up on Saturday and work from like 7:00 AM until about 5:00, usually-- just marketing, making the calls, that kind of think. Well, that's-- right here, that's 7:00 to 12:00, that's five hours, right? That's more or less 10 hours.

So let's do the math. I had two-- right, two hours? I had two and a half, that's four and a half, that's five-- five hours. Somebody help me, five hours times five days a week is 25 hours. 25 hours a week plus 10 hours equals-- I worked 35 hours a week on my business, part time. I'm only working five hours less every week on my part time business than I was working on my full time business.

Now, some of you are looking at this, going, you mean you worked 75 hours a week? Yes. But that's what it takes, if you're going to be successful. Because you want to be all in, to win. You actually want to-- and how do you know when you need to make the jump? How do you know when it's time to make the jump? Great question, that's we're moving on to, point number two. But point number one, you have to be all in to win.

Some of us are looking for some pot of gold. Were saying, man, if I just had $30,000, I could make that jump. And I'm telling you, most successful entrepreneurs that I know did not just make a jump. They didn't have a massive amount of cash in the bank, that they could just make that jump. They had to be all in to win, and work that part time job, that business job, that moonlighting job--

[MUSIC PLAYING]

--that new business job. They had to work 35 hours a week over here, plus 40 hours a week at their full time job.

So the next principle here is you must be able to afford. Now, you must be able to afford. When I say must be able to afford what? The success formula, OK? You must be able to afford the success formula.

Now, I'm hoping as you're watching this that you might be asking, well, what is the success formula? I mean, I don't need to afford the success formula, but what is it? What is the success formula? Well, I'll tell you what the success formula is, but I don't know if you're ready yet. OK, here we go. I'm going to give it to you.

So one, what you want to do is-- this is how entrepreneurs work, by the way. This is how all successful entrepreneurs, this is our formula. Some of us have talked about it, some of us don't, but we do it, all right? So one is we define what we believed to be the right business plan. Second is we act. We define, we act. Point three, we measure. And point number four, we refine.

So now, if you don't believe in this system, you might want to look up a little company by the name of LinkedIn, and a CEO by the name of Reid Hoffman. But this is the system that we do. We define, we act, we measure, we refine.

Well, would we have to even-- would we have to refine, if our business plan worked perfectly? No. No, that's why we define it, then we take action, then we measure whether it's working or not, and then we refine it and we do it again.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Lesson Nugget: Refine the way you talk to clients by measuring your success in your first attempts and try new techniques for what isn't working.
  • Business Model Principles: 3. Learn While You Earn
  • Lesson Nugget: If you are an employee, typically your employer knows more about business than you. Intentionally learn from them while you earn a paycheck.
  • Lesson Nugget: If you are starting a new venture without another job, make sure you have the finances to act, fail, refine, and restart.
  • All In To Win: Make sure you are committed to your business by working on it while having a job.
  • Lesson Nugget: Make a list of topics that you need to learn from your employer.
  • Learn While We Earn: While you are at your current job, make sure to learn everything you can. So when you leave, you'll be able to run your own business.
  • Lesson Nugget: When you create a list to learn, your job becomes more exciting because your are learning principles you can use in your business.
  • Success Formula: You must have enough money to pay for the success formula. You must have the cushion for revising your plan.

-So when I started my DJ company I had the hypothesis-- I had the guess, the intelligent educated guess-- that if I made cold calls to schools. I figured out if I made cold calls to schools then it would produce prompts. So I took action. Check. I took my action. Then I measured my results and I found that 0% of all of the people I called actually bought something.

Well then I refined. I listened to my script, I recorded my calls, I took my script, and I refined my script. Then I went back and I did it again. And you know what? The second time through the system, I got about 5% of the people to book. I actually cold call and was able to book the Sapulpa High School prom. That's Sapulpa, that's a school in Oklahoma.

I booked those guys through cold calling. But if I didn't have enough money in the bank to afford the success formula, imagine that I had actually just quit my job and jumped in and started my business. Well one, I would have still made the calls, I would've still have taken the action, I would have still not had any success. However, I wouldn't have been able to refine it because I would have been out of money. Right? I mean, try putting zero dollars in your bank for one month and see what happens. Try putting zero dollars in there. That sort of messes with the business model. Does that makes sense?

So we want to be able to afford the success formula. This is the success formula. The success formula is not this, guys. The success formula is not about you just define something and then all of a sudden you just go ahead and measure how much money you make. That's not how it works. I don't know about you, but if you start a company-- I'll tell you that it is an educated guess that you take massive action on, and then over time you have to refine it.

Now we're moving on to principle number three. This is the third principle and I want to make sure that you really, really get this one inside of your head here. OK. We have to learn while we earn.

So if we are thinking about taking the jump over here from our job to over here to being self-employed, we need to prioritize learning. Learning what? Learning. Learning. Learn. Learn. Learn what? Well as a general rule, this person over here who's paying you-- this is a bar graph-- this person who's paying you probably knows about this much about business. And we probably know this much about business.

I mean, if we're working for somebody, the chances are the person providing the job makes a little bit more money than we do. How many people do you know that hire people that do not have any money? As a general rule, the employer employs employees, which is why he's the employer. Right? So to employ somebody, that means at least you have to know what you're doing well enough to go from me to we. You have to have at least a core understanding enough about business to make enough money to support other employees.

So you want to make it your goal to learn while you earn. So how do you do that? This is what I did specifically when I worked at Faith Highway. This is what I would encourage you to do. This is what Andrew Carnegie did, the world's wealthiest man during his time. This is what we need to do.

We want to make a list of all the things that our employer knows that we need to know. So let's make a list here. We're going to say, well-- hiring and firing. I want to know how to do that, HR. Well, the boss seems to be pretty, pretty good at banking. I want to learn banking. OK. He knows how to do customer service database, so customer service management, he knows how to do that. All right? He also seems to be very, very good at building systems, and the boss seems to really know how to save money or manage money here. He also knows how to deal with lawsuits and legal issues. He also seems to know how to build a call center. And then he also seems to know how to--

And you go and make a list of all the things that you want to learn while you earn. And if you do that, every day at work becomes exciting. Because you're going to the boss and you're saying, I would love to get here early today so I could learn a little bit more about HR. Hey, hey boss. I want to learn a little bit more about banking. Boss, I want to learn a little bit more about customer service management. Boss, I'd like to pick your brain about legal issues.

All of a sudden you're working. You're trying to learn while you earn. So if this makes sense, just kind of recapping this whole concept for you here, is that one-- OK.

One, we need to make sure that before we make that jump that we're all in to win. That we're working at least 35 hours a week part time in our start up business before we leave that full time job. Otherwise, we can't afford to do it.

Second, we absolutely have to be able to afford the success formula. We have to have saved enough money to afford the success formula. We have to have enough money, enough of a cushion so that when we fall, we don't break our leg.

And the third, is we have to learn while we earn. We have to make sure that we prioritize learning what we need to learn from the boss that we currently work for while we earn. So that way when we leave, we're not stupid. Because if we're stupid it's kind of hard to be successful when we don't know what we're doing.

So again, this is the principal of putting all your eggs in one basket and the concept again of you really don't want to quit your day job until you have to. If you're watching today, you've always wanted to start a business, I know you can do it. I've done it, you can do it. We are here for you at Thrive.

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