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-What's up, guys? Daniel McKenna here, and today I will be sitting down with the incredible Terry Powell talking about possibilities, options, and dreams, learning about PODs. Don't know who Terry Powell is? He founded Entrepreneur Source, which has helped over 100,000 entrepreneurs invest in franchises and learn how to start a business throughout his 30 year career. TES has placed thousands of people in franchises representing over $400 million in investments.
Today you will learn about possibilities, options, and dreams, and how franchising fits in with these three areas. This is going to be of huge value to you when you figure out how franchising can get you to your possibilities, options, and dreams. Here's a possibility for you-- hot air balloons. That's it. That's all I had.
All right, guys, today we are here in sunny, and breezy, and beautiful Fort Lauderdale, Florida. We are here with Terry Powell. He's better known as the best dressed man east of the Mississippi. So Terry, how are you doing?
-Hey, great. Good to be here.
-Hey, great being here with you, man. Hey, we've been out at this great conference. Sun everywhere, beach everywhere. How's the conference going so far?
-It's going fantastic. This is our 15th annual conference, and we managed to raise the bar every year. And we've knocked it out of the park once again.
-That's awesome. That's great. Well, today we are talking about PODs, the concept of PODs, or possibilities, options, and--
-And dreams. There you go.
-My favorite subject.
-So let's talk about that. What is this concept? How did you discover it?
-Well, back 30 some years ago when I discovered the idea of what really people were looking for and kept reaching out-- we call them seekers. 75% of the adult population has a strong to very strong desire to be self-sufficient, and only 5% are really ready to talk about self-employment. The rest are concerned or afraid of that shift. So I realized that there was a need to help them understand how to explore that, and I found that, when I interviewed, some 300 or 400 individuals about why they kept reaching out, it really had to do with their possibilities, options, and dreams. They were looking to have an education and awareness process. So that was the foundation when I launched the company, the Entrepreneur Source, 30 years ago. It was all based on possibilities, options, and dreams, because that was the why of the seeker.
-Now, you've helped thousands of people get financially independent through finding franchising is a best vehicle for them, right?
TERRY POWELL: Absolutely.
-OK, so when you sit down with these people, how do you explain the concept of the possibilities, and options, and dreams?
-Well, we work with them from a standpoint of goals, needs, and expectations and a concept called hill I.L.W.E, income, lifestyle, wealth, and equity. So it's really about creating a customized possibilities profile for each individual client that our coaches take them through that really fine tunes what it has to look like for them to be self-sufficient and have the right income, lifestyle, wealth, and equity. And we help them understand that the franchise isn't the dream. It's just the vehicle to the I.L.W.E., which is quite a shift of their mindset.
-OK, so as far as we're talking about mindsets here, New York Times article entitled "Harder for Americans to Rise From Lower Rungs." There's been other studies out there talking about how Americans don't believe that the American dream is possible. Well, do you believe it's still possible? And if so, why do you believe it's possible?
-Well, it's not only still possible, it's even more possible today than ever. But understandably, people are battered by what's been happening in the career, the conventional career, and because they've been programmed that that's the only option they have, they're frustrated and confused. They've actually lost their primary aim in life. And that was focused on going to college, getting on the escalator of career, and that's been disrupted. So the battered career, battered investor syndrome has them sort of aimlessly walking around like deer in the headlights. They don't feel confident that you can do that, but it's never been a better time to actually achieve the American dream.
-Now, part of the reason they're probably battered and feeling that way is limitations financially, I would assume.
-Well, it's because of the fact that their career that they invested in all these years is no longer the path. So they need to take a different path, and that creates some fear and anxiety for them. So they're feeling like there's not leadership that I can go to in our society to help me have a relationship that takes me to new opportunities, which is where The Entrepreneur Source comes in.
-OK, and then with The Entrepreneur Source you help them discover some of those options--
TERRY POWELL: Absolutely.
- --that maybe would take off some of those career path or financial limitation sort of thing. So what kind of options are there out there for franchising that maybe is a good fit for people?
-Well, there's literally thousands and thousands of options, and it's a matter of looking at that possibilities profile and their goals needs and expectations, and helping them understand that the business is just the vehicle and that it's not a matter of falling in love with the product or service. It's a matter of really looking at using that business as a vehicle to go from you 1.0 to you 2.0 in their next career and move from employment to empowerment.
-Now, that's what Thrive is all about. We go all over the country interviewing mentors, trying to help people get from where they are to where they want to be. That's basically what you do as well, right?
-Now, in your book, "Your Career 2.0: a Survival Guide for the Battered Career and Investor's Syndrome--" we talked about that just a second ago-- possibilities, options, and dreams exist, and they are within your grasp. To create the empowerment needed to reach them, you must first transform your mindset.
So what exactly are you talking about here? What do you mean by transforming your mindset?
-Well, all of our lives, we've been programmed to stay within our comfort level or what we know. And we start in a career path and we build upon that, believing that we can continue to grow within that knowledge base and that same set of winning formulas.
And now we've come to the point where that winning formula is no longer going to take us where we need to be. That in itself is disheartening. But now the mindset is I have to put that current winning formula aside and accept and adapt to a new, completely different winning formula, which means it's a whole new set of habits. So the mindset is you have to be willing to embrace change and be temporarily uncomfortable with it. Because anything you're comfortable with today, you didn't know you would until after you've experience it.
-Exactly. And I think I heard you talk about that a little bit yesterday, how anything that you're comfortable with now, originally, you probably weren't comfortable it. So it's transforming that mindset to be able to take on those new things.
-Yeah. Go in with an open mind to experience these new things and embrace them rather than naturally resist them.
-OK. I've got another quote here from your book. "How will you take control of your financial future to get from where you are to where you want to be?" You're asking these people this, right? So you're talking to these people they have the desire to be financially self-sufficient, but first they have to contend with some F words. And maybe not the F words you immediately think of when I say F words. But I'll put on some earmuffs, and I'll describe some F words here that you talk about in the book.
Frustration, fear of failure, financial constraints, friends, even family. Talk to me about some of these F words and why people might be afraid of these things.
-And there's actually one other that's probably on the forefront, the word franchise. A lot of people have misconceptions about franchising itself, so that's an additional F word.
So the frustration part is just the frustration that I've invested my career in a particular education area or discipline only to find that needs to be changed. The frustration is that it's all uncomfortable temporarily, and I really don't know what's the right business to make me successful.
And it's really not about the right business. It's about looking at how to use a business as a vehicle. The family and friends, they're not always going to be in support of you bailing from your career path and going from employment to empowerment. Because still today, many people-- especially family and friends-- feel that the conventional career path is still the safest route, even though it's not.
-So there's people that love and support you that might not think you're doing the right thing, and that my freak you out.
-Yeah, absolutely. And the more you're sharing with them your concerns or fears about the change, the more they're likely to look to keep you from doing it. Because they believe they're going to help you from making a mistake.
So the fact they we're sharing with them that we're frustrated or we're confused or that we're feeling uncomfortable and we have some fear, the more likely they are to convince you that it's not a good idea.
-Is there any other F words you wanted to say while we're on camera recording this?
-Well, the financial piece is always a big one. Everybody has a perception that they don't have the finances and couldn't obtain the financial support in order to be able to become self-sufficient. And again, in America, funding and financing is never the issue. It's when you put that before finding the right vehicle that you can become passionate and empowered by, then the funding piece becomes easy.
Now, we educate them to what the options in funding are so they know about them in advance of finding the opportunity so it doesn't feel like such a big hurdle when they find the right opportunity.
-So you're saying with it just being a business vehicle, they don't have to find the perfect franchise to make their dreams go, right?
-There's no such thing as the perfect franchise.
-There's no such thing. OK. So you're just looking for something that's a business vehicle to plug into your whole dreams, what you want to do.
-Yeah. Franchising has created a model of replication and duplication and consistency and success that allows anyone to be able to select a business model as long as it meet your goals, needs, and expectations and it's something that you can financially support through the assistance of funding. And there's no such thing as a right or wrong franchise. It's just about narrowing it down from a standpoint of goals, needs, and expectations.
-Now, also in your book and what you've talked about, if I'm a struggling small business owner or if I'm stuck in the corporate doldrums-- I'm not enjoying what I'm doing-- you've mapped out a four-step path to help people get from where they are to where they want to be. And I want to go over each step here with you.
Step 1, define your income, lifestyle, wealth, and equity goals. So walk us through that.
-Well, that's kind of odd for people to feel like they should talk about that upfront. Find me the business, and I'll talk about that. But you really need to define what your income, lifestyle, wealth, and equity goals are, and you need to look out into the future of what those look like and then be able to answer the question-- if I were looking back three years from today, what has to have happened for me to be happy with my progress, both professionally and personally, from a standpoint of being in that business?
-So before they set those goals, it's probably going to be hard for them to hit those goals.
-Well, it's a difficult process to think about. Because now they're dreaming about the lifestyle that that business model is going to produce, and so they're talking about the vacation home they've always wanted. They're talking about the college that they've always wanted their children to go to, things that employment hasn't been able to provide them.
So it really frees them up to think about abundance from a standpoint of using a business vehicle to drive that income, lifestyle, wealth, and equity. Plus the concept of income, lifestyle, wealth, and equity is foreign. Because in a job, you rarely have other than income and sometimes lifestyle.
-So knowing those goals, though, probably helps you find your business vehicle. Because you know, OK, that helps me hit those goals. That does. Maybe this one doesn't, but this one does.
-Actually, ILWE is actually what I refer to as our stealth weapon. Because that really is the basis for why people are successful at any business. When you're able to get up every morning and understand that you've got a plan laid out for income lifestyle wealth and equity and that business is the vehicle to that, you're going to be much more consistent and persistent, much more energized and passionate. And it's going to go from being a career or even a job to being a passion or a calling for you. And that's what motivates business owners get up every day is that ILWE plan.
-I love it. I love it.
Step 2 here, map out your course and know how you are going to get there.
-Yeah. It's really about understanding what does it take to get there. And one of the questions we always ask individuals is-- when you talk about ideas of business models, the first thing they do is reject them, their perception of this or perception of that. So we always ask the question, so how will you know when you are in front of the right business? And we give them a time to think about that. And most frequently, they'll say, I'll know it when I see it. So they really think it's like falling in love, which is very dangerous.
So our whole process of coaching helps them outline what the steps and processes are going to be. So it really helps them be able to take and eat the elephant one bite at a time.
-And maybe takes emotion out of the decision as well.
-Some, but not all.
-There's always going to be the sweaty palms syndrome, and that's just natural.
Step 3, surround yourself with a knowledgeable team of coaches, mentors, and other successful people who will help you find clarity along the way.
-Absolutely. The whole concept of coaching, our methodology that we launched 30 years ago, is the idea of helping people see beyond their blind spots. Now, all of us have them, myself included. We all have blind spots. But the idea of helping empower people to see those and look at things differently opens up our whole new arena for them of possibilities and options to take them to their dreams that they hadn't thought were even in existence. So really opening themselves up to that and being able to think about it from that perspective is the key.
-OK. And then step 4 here on this path, explore your options.
-So talk about that a little bit.
-That's the key. Instead of jumping to make a decision, which is what most of us want to do, give yourself the opportunity to explore some options in a safe space where you're not looking to invest anything, no one is looking for you to make an ultimate decision.
And we take them through a process of validating and looking at three options simultaneously so they can compare and contrast without deciding whether they want to own that business or not, which is a difficult process. Because most of us get into the process of looking to eliminate it, to prove that it won't work rather than it will.
So it takes a lot of coaching to give them-- we actually go through an exercise where we ask them to take their decision making cap off, give it to the coach, and they'll lock it up. And we're going to keep the key until we're at a point of discovery and clarity for you that you can then pull that out and it's time to make a choice, not a decision.
-And that's what helps them eat that elephant one bite at a time?
-Exactly. And takes some of the anxiety and fear about making the wrong decision. Because when most of us think about a decision, we don't think about all the right decisions we made. We have the fear of making the wrong decision or a bad decision.
So it's really about making a choice and having a process that allows you to choose and compare, and then going to work to make that choice the right decision.
-Now, if I am listening to this and I'm pumped about the concept of franchising-- I'm like, I've got to at least look into this, see what it's all about-- what are some websites I can go to to help me along this path?
-We have a couple different paths you can go. The first one is entrepreneurssource.com. Its entrepreneurs with an S, and the word "source" all together, dot com. And that's an opportunity go through a virtual coaching process so you can really experience what it's like to go through with our coaches and understand that in the comfort of your own home or office without having to be face to face or on a phone conversation with a coach.
-So step 1, the entrepreneursource.com.
-It's actually entrepreneurssource. And then we have Franchise Match, which is something you can have some fun with. You can login to Franchise Match and actually go through a process of answering some questions about the business model and having it narrow some things down for you to start to look at with your coach right away.
And then every other month, we host the world's largest virtual franchise expo online that is startabusinessweekend.com. So you can register for that, attend, have 80, 90, 100 different franchise concepts that you can go around in this virtual expo from the comfort of your own home and computer or office and be able to interact and explore. And we have coaches there to assist you.
-Now, what about the secret website that you won't tell anybody about-- where you get your dress shirts from?
-Well, that is pretty much a big secret.
-OK. Well, Terry, thanks so much for your time here. Thanks for having us out here. Great having you.
-Yeah. Thank you.
-All right. Take care.
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