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This episode is a business coaching course that shares the process of funding a business.

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

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Notable Quotable: " I have not failed 10,000 times- I've successfully found 10,000 ways that will not work." - Thomas Edison (Held more than a 1,000 patents for his inventions)
  • Recommended Reading: Steve Jobs; Biography of Steve Jobs based on more than 140 interviews with Jobs, friends, and family members. - Walter Isaacson
  • Lesson Nugget: Be persistent and continuous in your efforts toward your goals. Look at failures as a step closer to success.
  • You Must Chop Down The Oak One Swing At A Time: " Henceforth, I will consider each day's effort as but one blow of my blade against a mighty oak. The first blow may cause not a tremor in the wood, nor the second, nor the third. Each blow, of itself, may be trifling, and seem of no consequence. Yet from childish swipes the oak will eventually tumble. So it will be with my efforts of today I will be liken to the rain drop which washes away the mountain; the ant who devours a tiger; the star which brightens the earth; the slave who builds a pyramid. I will build my castle one brick at a time for I know that small attempts, repeated, will complete any undertaking. I will persist until I succeed."

[MUSIC PLAYING]

Now onto the next principle. "You must chop down the oak, one swing at a time." Can you read this quote here?

[READING QUOTE]

So if you start a business, persist until you succeed, OK. Persist until you succeed. Not if you succeed but until. OK. So persist until you succeed. So let's just get a visual. Have you done any tree chopping in your lifetime? Have you ever chopped a tree?

Yeah, a little bit.

I mean, are oaks pretty thick trees? I mean, are they pretty big?

Yeah.

OK.

So an oak tree is a pretty big-- big deal there? So if you and I are up here and we're going to take a whack at that tree, right. We're going to hit it with that axe, how many times do you think you have to hit it to get through? I mean, if you're going to, you know, hit a little here, hit a little here, hit a little here, hit a little here, keep doing this. I mean, how long until you knock it over?

Well a lot.

From a mature tree, I mean 100? 10? 20?

100.

100. Now I'm going to give you some stats that just blow my mind, and I'll have Marshall put some of the stats up on the screen here. But one is Thomas Edison. We've all read that story. He had 10,000 field experiments logged, over 10,000, so maybe 11,000 failed experiments logged before they finally came up with the first working light bulb. That is crazy. Have you ever thought about how that would feel if you failed that much? Right. Now think about this. Again, that's just a light bulb.

But think about Steve Jobs, and how many attempts he had to try to get funding before he funded Apple. The story is, is that he went to all of the venture capital firms in Silicon Valley one time. And it's documented in the movie about his life and his book by Walter Isaacson. But he basically went to go for funding and they said no. So then he went back again. And he went back again. Apparently on the third time through he was able to get one guy to meet him in his house.

But how many attempts was that? It looks as though-- and again, the numbers are kind of fuzzy because at that age of his life he wasn't like, journaling every single thing. But it's estimated he's did 300 pitches before he was able to get any funding. 300! So I throw that back to you for a second. To get funding for your business, what if you could just commit to getting two presentations every week? You know?

That would be awesome. Yeah.

But how long would it take you? Think about Steve Jobs. He was able to get funding after 300 rejections. Now what I didn't tell you is he got those rejections in a period of less than two years. So if you wanted to fail 300 times this year, how many times do you have to fail a week? Like six? Right?

Right.

So if we're going to fail-- let's say we have two years to fund this baby. Then you need to have three rejections a week. You see what I mean? So I would encourage you to begin to-- it's kind of like, the visual here. Getting funding is like chopping down a tree. This is how funding is. Funding is not-- I think a lot of people feel like funding is this.

People feel like funding is like, well, you know those little baby trees that they have at the nurseries. There's like a poll that has to hold them. There's like a poll that has to kind of hold them up. You know what I'm saying? They're little baby trees, and they're super thin. And they have like a poll at the nursery that hold them up because the tree's maybe like, you know, five inches round or three inches around.

A lot of people feel like, we'll they'll just going to walk up and take a one swing of an axe, because they have the perfect idea. They're going to find the perfect idea axe, and just and knock it down. Well if you do knock down a perfect tree-- if you knock down a tree in one axe swipe, I promise you it's probably one of those little twig trees that has to be held up and supported. So anybody who's willing to invest in you, who has a sound mind, who doesn't put up some resistance, is probably not financially solvent enough to really fund your

idea.

Learn how to start a business with mentors like Clay Clark

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Jargonization Translation: 'Cook the Books' describes fraudulent activities performed by corporations in order to falsify their financial statements.
  • Notable Quotable: "I've got a great business idea."
  • Notable Quotable: "The more difficult something is, the more rewarding it is in the end." - Ewan Mcgregor ( Two-time Golden Globe Award Nominee)
  • Action Step: Write down how many rejections you need every week to succeed.
  • Lesson Nugget: Do not dwell on rejections; quickly move on.
  • Pig-Headed Discipline Is Needed / Daily Metrics Needed for Momentum: “The missing ingredient for nearly all of the 1,000-plus clients I have worked with directly to improve their businesses is pigheaded discipline and determination. We all get good ideas at seminars and from books, radio talk shows and business-building gurus. The problem is that most companies do not know how to identify and adapt the best ideas to their businesses. Implementation, not ideas, is the key to real success.”

[MUSIC PLAYING]

-There is, that shows your determination again, when it's failures. But if you're already been pitching, it shows your determination, as opposed if you did it the first time.

-Well, absolutely. And I want to show this to you real quick, though. A tree, over time, the winds are going to push it this way, right? The winds are going to push it that way. Winds are going to push it this way, going to push it that way. Over time, the winds are pushing the tree and so the trees that get to maturity begin to be very strong. I mean, oak trees are very, very strong, right?

So it's the same thing with investors. These investors, they have seen so many pitches. They have seen every scam, con, bad idea, good idea. They've seen every game, someone kind of fakes the numbers, they've seen where someone cooks the books. They've seen every trick, every scam, every twist and turn pitch, every little scheme, you know what I'm saying?

They've seen it all. And so they are a hardened tree. So very few people I are like, yeah, good idea, Larry. Let me just give you a bunch of money, unless they're just really weird, flimsy trees, just kind of-- You want to go for those big ones, so you've got to have that mentality though, that you are literally, visually, I don't know if this is going to help you.

I've done crazy stuff in my office, the guys know in my office, we have a hatchet up there. Gary, why do you have a hatchet in your office? I mean, sometimes you need these visuals. I'm just telling you, when I was starting my first businesses, man, you need a hatchet.

I remember when I decided that I was going to grow. I had a DJ business and I was going to then start a party rental business. I remember when I wanted to start that party rental business, I remember just I had to get to that white hot level of like, oh man, I've got a no from every banker in town, but now I know all the reasons why they say no. Oh, I'm going back. You see what I'm saying?

But you have to have that sort of delirium. You've got to be just one step from crazy. It's got to be this unbelievable persistence or you're not going to make it. It can't be this mentality that I'm just going to take one swing of the ax and knock it down.

You really do have to persist until you succeed. That quote from Og Mandino's fabulous. I mean, it's unbelievable. Does that make sense to you?

-Yeah.

-I mean, does it? So this week is an action item for you. I would encourage you and anybody watching to write down how many rejections you can handle this week. Like how many rejections you want to get every week to get there. And I would say, for you, I would submit to about three a week is what I would do. At least.

I know it sounds crazy. And hey, nothing feels worse, by the way, then getting rejected. So as soon as I get rejected, I immediately go, OK that was something. I'm moving on. I don't spend a lot of time marinating on my rejections. I just try to plow right through it. Make sense?

-Yeah.

-All right. Fourth point here, OK? The fourth mindset is you need to have pig headed discipline, you need pig headed discipline and daily metrics to sustain momentum. Can you read the quote there?

-The missing ingredient for nearly all of the 1,000 plus clients I have worked with directly to improve their business is pig headed discipline and determination. We all get good ideas at seminars and from books, radio talk shows, and business building gurus. The problem is that most companies do not know how to identify and adapt the best ideas to their businesses. Implementation, not ideas, is the key to real success.

-Lot there.

-Yeah.

-But pig headed discipline. Pig headed discipline, right? Now, he talks about a lot of things but the big thing he talks about is, its implementation, not ideas.

So I know a ton of people, a ton of people. I'm going to go with north of hundred of people who've said I want to start a restaurant. But there's one gentleman I met the other day from Iran who has two successful businesses. And he, though, sat down and made the checklist of all the ingredients. For this item, this goes in it. For this item, this goes in it. For this item, this goes in it.

The decor, it's going to look like this, this, this, this, this, this. Here's how the music's going to be. Here's how I'm going to pay my staff. Here's my operations manual. Here's my systems.

Making those systems requires a ton of work. I talked to the guy and I said, well, you know, how long did it take you before you got from here to there? He says, well, I started off as a dishwasher. How many guys are willing to work as a dishwasher for three years to get in the business, to then work their way up to that management level, to then test their ideas, to then save up just enough money to start their own business? And the kind of people who do that kind of thing have pig headed discipline.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Lesson Nugget: It takes discipline to accomplish your goals. Figure out how long it will take to invest in your priorities and do what it takes to achieve them.
  • Ask Yourself: What steps do I need to take to ensure that I meet my daily metrics that I set for myself?
  • Action Step: Make a list of likely and potential clients/investors and then make time every day to contact them.

[MUSIC PLAYING]

And it's not a fun-- the word "discipline" is not a fun word. It's not like, oh, yeah. Entrepreneurship's sort of like a-- I think a lot of people take it to be sort of a loosey-goosey, like, yeah, I'm an entrepreneur. And I like ultimate frisbee. I like ultimate frisbee. Let's go play some ultimate frisbee. I got a frisbee, I got you, got me, let's just--

[WHOOSH]

But entrepreneurship, I mean, if you're going to be a successful entrepreneur, you have to be a disciplined dude. So let's play a little trivia game here, OK? What time do you think I woke up today?

-hmm, 4:30?

-2:00. The only reason I woke up at 2:00 this morning though, is because I have a huge opportunity that's going to happen tomorrow. And I have to prepare for that. So to do that, I mean, I still have a life. Yesterday, I had family time. So I have to-- every Sunday, we do family day. And so from 5:00 to 7:00, we're doing family, right? So I had to decide. Well, I need to get up at 2:00.

Well, let's do the math. If I go to-- if my family leaves at 7:00, what time do I have to go to bed if I'm going to wake-up at 2:00 and sleep at least five hours? Well, I think I have to bed at 9:00. So I probably wanted to watch a game or wanted to-- but I went to bed at 9:00. And I woke up at 2:00. Why? Because the human body needs five hours of sleep. That's what I need.

So went to sleep, woke up at 5:00. That required discipline though, to tell family and say, hey, guys. I'm going to bed. All right? And then I had to get up at 2:00. No one encourages me. No one calls me and says,

[WHOOP]

You did it! Our program observer and I, for some reason, exchange emails at 2:00 in the morning most days which is a bizarre thing. But most entrepreneurs that I know who are successful are either burning the midnight oil or they're getting up crazy early. But they're sacrificing to get there. So I just want to ask you, in your business-- to get where you want to go-- you need these daily metrics.

So what are the things that you need to do every single day. If we're going to get three rejections a week, what do you need do? If our goal is three rejections per week, right? Chopping down the oak tree-- three rejections a week's going to get us to our funding. If we're going to get three rejections a week, what do we need to do every day?

-Well, be identifying potential rejections or potential pitches. And it'll be more than three, because I've got to get in front someone. I've got to, I've got to have more opportunities.

-Here's what I'm going to say to you, is I believe you're going to have to every single day call on 10 investors. Now, I believe if you do that, it's going to take about 45 minutes a day to do that. All right? Every single day. And then, you're going to have to have a list to call. And so, to get a list of high net worth people, you're going to have to invest in a list of people that have net worth in excess of a million dollars or whatever that threshold is you're looking for.

So you have to make a list. Now, my team-- and I'm not exaggerating this-- my team spent well over 40 hours. So my assistant and I, we spent well over a whole week, I mean, a whole week of time for her research all the investors that we then pitch to for Thrive. You see what I'm saying? So 40 hours went into making the list. And then, every day took like, 45 minutes a day to call and do that.

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