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This business coaching lesson will deep dive into the franchise owner mindsets.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: Mentoring and coaching your employees is more important than just pure motivation.
  • 5 Mindsets A Successful Franchise Owner Must Have: 3. You must be deadline focused.
  • Notable Quotable: "Vision without execution is hallucination." Thomas Edison
  • Lesson Nugget: The only thing that matters in business is results.
  • 5 Mindsets A Successful Franchise Owner Must Have: 4. You Must be a relentless learner.
  • Notable Quotable: "Deadlines aren't bad. They help you organize your time. They help you set priorities. They make you get going when you might not feel like it." Harvey Mackay
  • Lesson Nugget: Possibly the most important part about achieving big success is being a relentless learner.

[MUSIC PLAYING] business version of netflix

-I have said for years, and maybe some day I'll get proven right to this, but I've always said that I feel that management really comes down to the ability to mentor and motivate team members. And I think that for people, like myself, I'm pretty much a task-orientated, get stuff done sort of person.

I wouldn't compare myself to having the kind of intensity they have in the military. But people, a lot of times, will say, well you're kind of like a military guy. You just get stuff done. But most people aren't that way. And they need a little bit of mentorship and a little bit of motivation when their learning how to start a business. And this is huge, though.

-Yeah. And motivation is something-- there's a lot of motivation out there today. And motivation's a good thing, but it's not really the defining factor. That's why the environment of creating a coaching culture, where you can really mentor and coach your team members to see things that they typically you won't see just from motivation or just from communication.

-Now, Mindset Number 3, here, is that you must be deadline focused. Terry, Thomas Edison once wrote that, "Vision without execution is hallucination." And as a business consult over the years, I often see people to have this great vision, but they are not executing. And they end up having these lives where they're not having a lot of success.

And when you peel it back, and you peel it back, and you really get down to what the problem is, it seems like they're unable to set deadlines to turn their big ideas into these small actions steps. It seems like that's a huge problem. How important is it, in your mind, to be deadline focused if you're going to be of successful franchise owner, really get things done on time?

-In any business, there's only one thing that matters, and that's results. The challenge is that most people come from an environment, a corporate environment, where time and effort is what's really focused on. And they get caught up in time and effort is important.

Look how hard I worked, look how much we did, look how much time we put in, but the results aren't there. So it's really about shifting to a results economy, and having that kind of focus and deadlines or setting goals and deadlines around those are going to be a part of getting results. It's important.

-Now, Harvey Mackay, this is the guy who's a bestselling author, great thought leader. Love the guy. His stuff, he's a syndicated columnist all over the country.

He wrote, "Deadlines aren't bad. They help you organize your time. They help you set priorities. They make you get going when you might not feel like it." Terry, what happens to franchise owners that are not good at being results-oriented or good as far as being time managers?

Well, we know in franchising, you could have 200 franchisees, all operating the same model, but have a breakdown of results that typically filed a 20-60-20. And when you're not good at results, you're going to likely-- or defining actions that'll get you to that-- you're going to fall below your targets for your business, and you're going to consistently fall short of the target you're setting. So you're not going to be satisfied with the results of the business.

-Can you clarify what the 20-60-20 rule, in case I haven't heard about this before, I know what it means.

-In a franchise organization, once they grow beyond 100 units, they have a breakdown of 20% are in the top of that realm, as far as results. 60%, which is a wide range, is in the middle, and then 20% are at the bottom. Now, the good news is 20% at the bottom, many of those are just getting started, so that's where everybody starts, at the building a foundation.

But some of them are still getting ready to get ready, coming out of training. Some of them have not been following the system, they haven't spared their brilliance, they want to change the system before they learn the system, and they kind of have a 20% at lower end. The 60% and the top 20% all have satisfaction level of what they're doing. If you're not intentional about these types of things, and you're not really focused on those, you're going to fall into that 20%.

-Terry, now we're moving onto Mindset Number 4. This is one that I'm a huge fan of. And I think I cannot understate how important this mindset is, here. But it's a mindset, Number 4 is, you must be a relentless learner.

And Terry, as I've traveled around the world, meeting more and more successful entrepreneurs each week-- millionaires and everyday success stories-- it seems as though they're all relentless learners in their own way. Some great books, some take people out to lunch and pick their brains, some people study the environment around them, some listen to audio books. I mean, everyone has their own way they do it. But in your mind, how important is it for every entrepreneur, who wants to achieve big success, to become a relentless learner?

-It's up there in the top one or two areas, as far as continual education, continual improvement to yourself, and being on top of your game is part of being successful. My favorite saying is, it's what you learn after you think know it all that really counts. And that's when the learning really starts to apply. Now, you can put yourself in environments that you are exposed to learning, but if you think you know it all, nothing

changes.'

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Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Lesson Nugget: Learning from mentors rather than mistakes will save you time and money in the long run.
  • Lesson Nugget: Surround yourself with successful people so you can absorb their knowledge.
  • Notable Quotable: "No one lives long enough to learn everything they need to learn starting from scratch. To be successful, we absolutely, positively have to find people who have already paid the price to learn the things that we need to learn to achieve our goals." Brian Tracy

[MUSIC PLAYING]

-Well let's-- a little story time with Terry Powell here. We talked a little bit about this off-camera, but I-- as you know, I named my son after Napoleon Hill. His name's Aubrey Napoleon Hill Clark. And it's because Napoleon Hill wrote "Think And Grow Rich," a book that just changed my life. It was just awesome.

I remember reading it and thinking about how different my life could be as a result of that. Can you tell me about when you first read "Think And Grow Rich" and maybe where you were at in life and kind of how that changed your mind set-- just that one book.

-Yeah, I was a very frustrated employee of a company that hired me from Maryland and moved me to Connecticut to run an operation for them at a very young age-- it was unusual to be in that type of situation at my age-- and quickly became frustrated with that corporate environment and was looking to break out on my own and was fearful of it and was reluctant to do it. And a mentor suggested the book.

And it really changed everything for me because the whole idea of thinking to grow rich really, for me, kind of simplified it. And it was really about our intentions and our thoughts and the way we thought about how we're going to achieve success that was all that mattered. It wasn't all the other things that I blamed it on or felt that were limiting in situations. It wasn't my beliefs that were limiting, it was everything else that was impacting it. And I took control of that.

-And that one book and the mindset that you-- the mindsets and the ideas that you got out of it have probably been worth millions of dollars of gross revenue to you over the years, right?

-Tens of millions of dollars.

-Tens of millions of dollars. That one book. And so I just want to encourage you, if you're watching this and you're like, bah, why do I need to do relentless learning? I just want to make sure that we don't confuse that with-- I remember going to college. And nothing against college, and there's certain-- there's things you can learn there. And I remember having a class-- very in depth class. And I'm always joking about it because it was so frustrating to me.

We were studying the heck out of the Mesopotamia. I knew about the river valley and the Euphrates and the Tigris River and all these things. And I've never made any money as a result of this information. I mean, unless there's Thrivers who are subscribing now because of my vast knowledge of this region.

And so I was-- when I thought of relentless learning, I'm thinking about, you mean I have to study the Mesopotamia? We're talking about practical education, here, right?

-Exactly. Practical and self-development. Constantly-- continual improvement mindset. Realizing that you can't stay stagnant unless you want to continue to get the same results.

-Now, there's a quote here by the bestselling author, top-level business consultant Brian Tracy. This quote just blows my mind every time. It says, "No one lives long enough to learn everything that they need to learn starting from scratch. To be successful, we absolutely, positively have to find people who have already paid the price to learn the things that we need to learn to achieve our goals." To me, nothing applies more to franchising than this quote.

-Every single franchise concept had an entrepreneur who started a business that wasn't franchised. That he decided that by creating the success formula, making the mistakes, that he could then franchise it. And that's how franchisees learn.

-If you're buying a franchise, essentially you're paying a price to not start from scratch. And you're learning the system that works. And you're-- it's replicatable, it's duplicatable, and it allows you to have more success. That's what we're doing. We're basically paying for that relentless learning. So when corporate maybe sends a update via email of something we need to know, or a new thing, we need to read that stuff. We don't need to put the blinders on here.

-That's for sure.

-Now, Terry, from your experience, what types of things do relentless learners do on a daily basis to get that education? Or what kind of things are they typically doing? Is it audio books? Is it reading? Is it-- what kind of things do you do or do you see people do that have become relentless learners?

-Well, I function better in an auditory frame, so I like to listen to things. So that for me is. But there's lots of people that use different ways to accomplish that. But you mentioned about surrounding yourself with those people that you aspire to be or that have the experience and knowledge that you haven't been-- you haven't gotten in your business or your success criteria. And really surrounding yourself. I learn more from those others or at least as much as I do from reading or listening to audio books or going to seminars or education processes.

-I just want to encourage, if you're watching this and you say, I really struggle reading. Somebody else maybe really struggles with audio books. Someone else might really struggle. The main thing is to find what works for you and just don't stop. Be relentless about it. And you want to apply this knowledge.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Notable Quotable: "Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit." Napoleon Hill
  • Ask Yourself: How can I turn a frustrating situation into a fascination?
  • An American business magnate, animator, producer, director, screenwriter, philanthropist, and voice actor. Walt Disney
  • Lesson Nugget: Spend less time on being frustrated and more time on creating positive results.

[MUSIC PLAYING]

-You know, whether it's Steve Jobs or it's Walt Disney or its countless success stories, I've noticed that all these entrepreneurs have the mindset and the belief that what Napoleon Hill said where he says, "Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit." Again, "Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit." Basically that through failure you can have learning opportunities. Do you believe this as well?

-Absolutely. I think I've perfected it.

-OK, you've got--

-I've had a lot of failures that I've learned from over the years. And being clear about learning from those. The challenge is a lot of entrepreneurs will not be very good at making mistakes, and they'll beat themselves up when something goes wrong rather than taking the time to learn and grow from that.

-So if I'm an entrepreneur and I have a setback-- let's just say I just ran a TV commercial campaign, and it just bombed. You're saying instead of crying about it and making a list of all the things that we are frustrated about, it's better to take a timeout and say, OK how could I make that script better? Or what station should I have run it on? And try to learn from it.

-Yeah, for me any time I find myself getting frustrated, I have to ask myself how can I turn this into a fascination rather than a frustration?

-Oh, wow, that's good right there! That's a nugget.

-That's really powerful for me, and I've helped a lot of people look at it that standpoint. And once you get into a frustration mode you find yourself going down that tunnel because something didn't work the way you expected it. Nothing good comes from that.

-So there's kind of a Terry Powell notable quotable. You're saying any time you find yourself getting frustrated, you're going to ask yourself how can you turn that frustration into a fascination?

-Fascination. What's fascinating about this experience about this TV commercial that I can utilize to not make the same mistake, but more importantly improve upon, making better choices in the future.

-That is awesome.

-And most important is the least amount of time you spend frustrated the more time you're going to spend creating positive results.

-OK, maybe a little personal question, but I just want to ask you this. I mean, we could talk about something that happened way back. So nothing current here, OK? But what's maybe an example in your career where you had just a bad deal, and you thought phew? And then you had to take that mindset you had and go, OK this is a frustration but I'm turning it into a fascination. What's an example of something like that in your career?

-Probably the one that's most vivid has to do with a transaction I was in the midst of purchasing-- a franchise related portal-- and had worked with the founders of the company for a number of years. We were great friends, and we had negotiated a price. Everything was in place, and we were about to ink the deal. And I got a phone call saying that someone else, another larger company, had come in and paid considerably more for it. And I was really set back by that because that's a lot of plans related to the company about having that resource. And it was a setback.

-Two years of setback almost.

-Yeah, it was. And just shifting that gear and getting into the fascination of, OK there's a reason here. So what we did is we built our own platforms that really revolutionized the whole idea of portals. Because the idea of franchise portals has kind of gone away. So actually they do me a favor by not letting me purchase that.

-If anybody's watching this you're going, well, yeah that's just Terry's life, I want to encourage you to look into the lives of any successful person. Walt Disney's an example. Where here he basically created a rabbit that he was pretty proud about, and some things happen and he went into bankruptcy.

So then he came up with a new-- this is years later-- he comes up with a new design for a mouse. I believe the mouse is called "Mortimer." And his wife's like, Mortimer's not the name you want, and you need to change the shape. And then he came up with this thing, which is his third round of revision, this obscure character called Mickey Mouse.

And now everybody celebrates Mickey Mouse, but it was on his third try. And I think a lot of times people don't realize how many attempts-- that mouse-- that original cartoon that set the foundation for Disney, Disney World, and then all the Disney things we know about today-- that took place over a five and six year window of time. This wasn't in, like, six months. So a two year setback, I mean these are things that are par for the course.

-Absolutely. You can expect them and welcome them. But you know, take a look at Thomas Edison. Look how many times he failed with the light bulb.

-Yeah. I had read about him having like 10,000 logged experiments. And I started doing the math on that. And I was going, well, there's 365 days in a year. I'm not a math guy, but I'm like, well that'd be like uh. I started doing the math and I'm going, it's about three years for even-- because this guy was failing for seven, eight years in a row before he came up with an invention that worked.

I just want to encourage you, if you're going through that sort of desert of success right now, you're really struggling, be encouraged. You're in good company if you're having a little bit of struggles along the way here.

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