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This business coaching episode explains ways to generate financial success.

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

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Action Step: Schedule time to learn and refine skills that will create an added value.
  • Lesson Nugget: Success doesn't come before work, you have to put in time and energy first, then you will see success.
  • Lesson Nugget: Forget about the amount of hours you are working and focus on creating results. Spend as much time as you need to develop skills and add value.

-Again, we're talking about adding value. Not just-- it's not about your hours that you put in. So, talk to the person that has, their whole life, their whole career, felt like they should get paid for their potential, or their ideas, or not necessarily tied to the value.

-All right. Well, first off, I'm going to go to fire them off real quick here. Bill Gates, Oprah, Steve Jobs, Michael Dell, Mark Cuban, Denzel Washington, Martin Luther King, Ronald Reagan, JFK, Michael Jordan, these are all people I've read their biographies or autobiographies. Thomas Edison, Russell Simmons, Jay Z. They all, guess what, how many hours did they work a week? How many hours? How many hours--

CALEB: Well, it couldn't be more than 40.

-Well, it certainly-- well, FDR, with the Fair Labor Act, made it against the law to work 44 or more hours a week. But the point is these guys all worked no less than s- s- s- s- seven hours? No. S- s- s- s- seventeen hours? No. S- s- s- s- s- there's a sale at Kohl's? No.

These guys are working 60 hours a week, minimum. Minimum? Minimum. That just broke my brain. No, 60 hours minimum. Minimum, homes. Minimum.

So if you want to become successful, don't be the first person in the history of the planet who did it in 44 hours a week. There's never been somebody. Maybe it's you. Maybe you'll invent something awesome by just sort of working an extra hour when you get home every week.

CALEB: Right.

-Because that would be a total of 49 hours.

CALEB: Right.

-No. Just bust it. Forget about the clock. Focus on the results, baby. Focus on the value. This whole ridiculousness of, well, it's Saturday and I want to go home. Just do what you need to do to get to add value. Learn the skills to pay the bills, but learn the skills to get rich.

-So what's the action item here? What's the action step? If we're watching this, what do you say to the Thriver right now?

-Recalibrate your mind and begin to realize that you're going to have to work 60-something hours a week, plus.

-OK.

-You might work at the job for 44 hours a week, but you got to go home on the weekends and spend 16 hours learning. Why? Because you can't be the first person in the history of the planet-- I mean, if I came to you right now and I said, here's the deal. Here's the deal, Caleb.

I don't have a large-- I got into high school I could dunk a girls basketball. I could jump up. I felt like I was in the air for like at least a tenth of a second. Shh- poof. Girls basketball. I'm working out all the time. My senior year, I got up with two hands, I could do it.

CALEB: Oh, wow.

-But that's me working out all the time.

CALEB: Right.

-If I were to say, well, I have decided that I'm going to start dunking. Well, one, you would go--

CALEB: I'd like to see that.

-Not possible. Yes. But then if I said, and I'm not going to work out and I no longer believe in gravity. The Earth's gravitational pull, gravitational pull, gravitational schmull. No, I don't need to worry about that. Everything else, everything else has a pull on it. Not me, though. I have an upward push. The Earth is upwardly pushes me up.

CALEB: As long as you believe it.

-Because I believe it.

CALEB: Right.

-That's bogus. That's what it's saying when you say, I want to have success before work.

-OK.

-And just-- you've got to believe in gravity. That's a real deal. And to overcome gravity, you've got to work out. And I'm being honest with you, I saw a guy little over a year ago who's shorter than me. He's like 5'9'' maybe. 5'9". Unbelievably jacked. He's just, grr, like the Incredible Hulk. He's like 45. I'm up there at Lifetime Fitness, and he just, boom, dunk--

CALEB: Nice.

- --all day. Why? Because he's jacked.

CALEB: Yeah.

-If you're going to jump that high and you're a 44-year-old white guy, which he was, you'd better have a lot going for you.

CALEB: Yeah, you're working hard for it.

-Working hard for it.

CALEB: I love it. All right.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Lesson Nugget: Having an entrepreneurial mindset and being able to solve problems for your company will help you stand out as an employee.
  • Success Principles: 3. Decide to Have the Entrepreneurial Mindset versus the Employee Mindset

[MUSIC PLAYING]

-That's the second principle. Now, let's go into the third principle.

-With all these principles, at any point are we going to have a secretary, or assistant principal, or all the things I would normally expect within a school environment?

-No, no, I know that you aren't huge fans of huge crowds of people in here. So we're just sticking with the-- you also might be slightly confused with the principle of principle.

-Is there a nurse?

-No.

-OK.

-Thank you, those were great questions. Principle number three, though, is decide to have the entrepreneurial mindset versus the employee mindset. Now, Clay, what are you saying here? First of all, if we're doing a general overview of this principle and I'm an employee, I say I am an employee. What are you talking about, don't have an employee mindset? So what are you saying?

-I'm going to walk you through this. There's a guy named David Glass. There is Jack Welch. These or just two guys. I'll give you countless ones. I'll give you these two. David Glass ended up becoming the CEO of Walmart-o. OK, even if you hate Walmart, just work with me.

You don't have to be going, I hate Walmart. I picketed them yesterday. Cool, just don't buy from. Vote with your dollars. They'll go out of business. It'll course correct. OK, now, Jack Welch-- this is the guy who used to be the CEO of GE, OK?

Both these guys started in the company and work your way up. So what they did is they started here at the bottom. They found a problem. They found a problem-- found something that was an issue.

They jump from here to here by solving the problem, before they got promoted. Then they looked up above, they found another problem. Then they solved the problem. They jumped up ahead by solving the problem. And they kept doing this, and that's how they got up to the top. That's how they became the CEO.

So they worked at a company, and they solved problems. An entrepreneurial mindset is nothing more than this. I solve problems, and then I ultimately charge people for the solutions I provide.

So if you're the guy who invented the GoPro, you thought, people who like extreme sports-- surfing, skydiving, whatever-- would like the way to share those experiences with other people via video. So he came up with a way to do it. You strap that beast on your helmet. You strap the camera on there, boom.

All of a sudden, people can share that experience. That was a problem he solved. He charged people for it. Now it's a $1 billion dollar company.

So Steve Jobs stole a few ideas from Xerox. But he basically took the computer, and he made it something that could fit on your desk. Albeit, back in the day-- remember that monitor? That monitor used to be so thick. That monitor used to weight like, I want to say it weighed like, 80 pounds, right?

So the monitor was super thick. It fit on your desk. You had your big PC here. So what happens is then another guy comes up and says, hey, this is a big PC. It's huge. This is a monitor that weighs 80 pounds. This is not an acceptable monitor-- this weighs 80 pounds.

This computer is a massive. And I've got a floppy disk. This floppy disk goes into this whole. And I have a CD-ROM-- remember the CD-ROM? CD-ROM goes into this hole. Someone else goes, you know what? That's stupid.

I don't like the CD-ROM. I don't like this. I don't like this. Somebody comes up with a flat screen.

CALEB TAYLOR: Fix the problem.

-Fixes the problem. Somebody comes up with a USB drive, fixes a problem. And guess what? Many of the people who fixed these problems worked within the company. They didn't-- so that's how it works.

So yes, there was one guy-- Thomas Watson, who at the head of IBM. Yes, Steve Jobs was at the head of Apple. But many people worked within the company and solve problems while they were there. And that's why they were getting paid more. That is how it works, boom.

-And that's the whole purpose of this, again, is to make it so that you get paid for the value you add, not the hours you work. Because then, there's no limit.

-And very few people add value at all to the workplace. When you do, you're going to stand out. You'll get promoted. It's awesome.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Recommended Reading: The Education of Millionaires: Everything You Don't Learn In College about How to Be Successful - Michael Ellsberg
  • The Education of Millionaires: 2. Focus on outcome versus focusing on output.
  • The Education of Millionaires: 1. Focus on contribution versus entitlement.
  • The Education of Millionaires: 3. Sort for what's needed versus sort for what's requested.
  • Action Step: Build or improve the systems and checklists for everything you do at your job.
  • Action Step: When you are given a problem, look for ways to create a better solution for the company.
  • The Education of Millionaires: 4. Work yourself out of a job versus work to protect your job.

-Here's what I want to do-- I want to go through some differences between the employee mindset and the entrepreneurial mindset.

-Let's do it.

-And these come from Michael Ellsberg's book. This is The Education Of Millionaires.

-That book is phenomenal, by the way. And it's filled with specific examples of stories and interviews with entrepreneurs who went from here to here. And employees who went from here to here. It's awesome.

-So here we go. One-- focus on contribution versus entitlement.

-So at the end of day, you say, what value did I add? Not, how many hours did I work?

-Number two-- focus on outcome versus focus on output.

-So you say, I worked-- again, I focused. This is what I delivered. This is the value that I added. Very, very similar to the previous thought-- this is the value that I added.

This is my actual number of deals I closed, not the number of calls I've made. This is the number of mufflers I've made-- they were air-free. Versus, this is how many mufflers I've made. Don't focus on just the output number, focus on the quality of the output you're producing.

-Three-- sort for what's needed verses sort for what's requested.

-Typically, you see this a lot in business. A lot of employees or managers say, hey, can you go to the store and buy water for the office. And they say, well, what brand? Buy the yadda-yadda brand.

And so then the employee goes to Sam's and sees that the water's half-off if they buy a different brand. You'd want to have an entrepreneurial mindset, call the boss, and go, hey, boss. They've got water here that's half-off.

So instead of using this brand of spring water, we can use this one. They're both high-quality brands. Can we go ahead and save half? Sure.

The non-entrepreneurial mindset goes to the store and just buys the brand, regardless of whether they can save money or not. This is the employee who-- you see this a lot for executive assistants. My assistant does a very, very good job of looking for the best price and the best hotel. But a lot of people, they just buy-- well, you said to buy American, so I'm going to buy American. You said to buy Southwest, I'll buy-- they don't look for the good deal.

They buy the airplane ticket for the best-- they don't look for the deal. Even though they could come to us and say-- and this is what my executive assistant does-- great. She'll come to me and go, hey, if you leave the night before instead of the next morning, you guys can save $1,000 on your airfare. What do I think? Well, that's somebody who's looking to solve the problem, not just looking to buy tickets on Friday night because that's what I asked for.

-Exactly. I love it. Number four-- work yourself out of a job versus work to protect your job.

-What you want to do is you want to systemize everything you do. So if you're somebody working as a barista and you have a system that you've come up with to-- let's say that you run a Starbucks. And the early Starbucks stores-- now Starbucks, every hour, makes a fresh pot of coffee.

They write your name on the cups. Now they offer a nice, big variety of coffee beans. They offer a variety of those sort of dessert items upfront. Well, if you're the first of barista-- and let's say, at that point, they weren't offering to write your name on the cup, they weren't selling beans, and they weren't selling desserts. But you're out there every day and you're talking to real people.

And a guy comes in and goes, hey, do you guys sell desserts? The entrepreneurial mindset would go, hey, boss, people are asking for desserts. We should probably put that on a checklist and start offering that. Another person comes and says, hey, do you guys have beans? Do you guys sell coffee beans?

He goes to the boss-- hey, boss. I think we should start selling coffee beans. People are asking for it. But what happens is, eventually, once this person makes this checklist-- so once you, as the employee, make this checklist-- in theory, you have now replaced yourself. Because now, even if you're not at work, that checklist is there. So if you move on, the checklist is still there.

Now, if you have a bad attitude, you'll think, well, once I make this system, it'll make me obsolete, so I'm not going to tell people where the passwords are. I see this all the time in the world of business. Literally, I see this in the medical industry a lot. The executive assistant or the manager says, I don't want to tell anyone where the passwords are, because once they know, I know I'm going to get canned. So they run around keeping the secret sauce.

This would be like being Colonel Sanders and not sharing your magical recipe for your KFC chicken with the world. But what you want to do is you want to build the checklist and you want to be able to go to your-- if you're the person who built that checklist, you want to go your boss. And you say, boss, look what I have done. You have given me this position and I have made a checklist that now makes myself replaceable and duplicate-able.

Now you can hire 1,000 people who can all do this job. I was once your first barista. Now you can hire 1,000 more. Well, that's the mindset. Versus the mindset of-- I'm going to hide the passwords.

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