The following features a transcript of U.S. SBA Entrepreneur of the Year Clay Clark discussing Andrew Carnegie's belief of why putting all your eggs in one basket when looking to start or grow a business. If you are looking for one of the top business schools in Florida, you've found it.
Clay Clark: 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 my own business? When's the right time to quit my job and to start my own business.
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 your eggs in one basket but you really don't want to quit your day job until you have to. What are we talking about. Perhaps you are an entrepreneur or an aspiring entrepreneur and right now you have a job. You're thinking about making the jump to starting your own business and to be self employed.
You're thinking the leap from here to here. 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. 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.
You didn't put yourself in a situation where you could financially afford to overcome some of the challenges you're going to face. 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. You have to have preparation that's going to get you from here to there.
One quote that I'm paraphrasing, you hear all the time in entrepreneurship. You say, "What is luck?" Luck is when preparation meets opportunity. 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. 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? 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. That means when you get home, you probably need to be working from 6:00 until 10:00 on your business. That also means you probably need to be working from 5:00am until 8:00am on your business.
How much time does this give you here, if you spend 3 hours here and 4 hours here. Well, 3 plus ... and again, I didn't graduate from college so some of you might have to help me on this. If you do 3 plus 4 that equals 7 hours. 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.
Some people will call this the 6th day principle. The idea is that you have Monday, Tuesday, Wednesday, Thursday, Friday, Saturday. We can take all of Saturday. We can take all of Saturday to work on our business. That's 7 hours a day times 5 days a week. Again, some of you who might have graduated from college might be able to help me on this, but 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.
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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. Let me walk 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. We had to be on the phone at 8:30 am. Then we got to break here. We were allowed to break at about 11:30. Then we had to be back on the phone at noon. From noon until 5:00 we were expected to work.
At 11:30 every single day, diligently, I never took a lunch. I repeat, I never took a lunch. The word never implies not even one time. That is true. I never took a lunch. What did I do during that time? From 11:30 until 12:00, what I did was I checked my DJ Connection voice mails and I held myself accountable to making 25 calls out to companies or organizations that might be looking for a DJ.
When did I make those calls? Where did I make those calls? When did I make them? I made them from 11:30 to 12:00, but where did I make them?