Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344

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0:01:37 It is the easiest time to start a business,
0:01:39 but that doesn’t mean it’s easy.
0:01:42 If your only purpose in business is to make money,
0:01:43 you will not last.
0:01:46 If you help enough people, you don’t have to worry about money.
0:01:48 What are the five different stages of a business?
0:01:49 Well, the first one is treadmill.
0:01:50 Everything depends on you.
0:01:52 And then the second thing is you start.
0:01:53 And then when you’ve done that,
0:01:56 you’ll level up and you go into the Pathfinder stage.
0:01:58 And then we move into Trailblazer.
0:01:59 The next one is a sweet spot.
0:02:00 Peak Performer.
0:02:04 Oh, you’re making so much money.
0:02:07 Everything’s going so good that you forget to break it,
0:02:09 but you better break it before it breaks.
0:02:10 And then once you do that,
0:02:12 you will naturally roll into the last one,
0:02:12 which is…
0:02:15 What advice would you give to an entrepreneur right now
0:02:18 who wants to start their own media business?
0:02:19 Do it.
0:02:37 Young Improfitters, welcome back to the show.
0:02:40 And what if I told you that you could have a roadmap
0:02:43 to building a business that you love?
0:02:46 Well, that’s exactly what we’re going to be uncovering today
0:02:48 with our guest, Dave Ramsey.
0:02:51 Now, Dave Ramsey is an incredibly successful entrepreneur.
0:02:54 He’s got a media empire behind him,
0:02:56 and he’s helped millions of people
0:02:59 unlock financial freedom over 30 years.
0:03:00 But he’s not only an entrepreneur,
0:03:02 he’s a creator entrepreneur.
0:03:03 He’s a content creator.
0:03:05 He creates content every single day
0:03:07 while also running a business.
0:03:09 So in today’s episode,
0:03:11 we’re going to uncover how he manages that all.
0:03:13 And we’re going to learn his formula
0:03:15 for creating a business that you love,
0:03:18 including the six drivers of a business
0:03:19 and the five stages of business
0:03:21 that we need to be aware of
0:03:22 and how they interact.
0:03:23 Dave has a new book called
0:03:25 Build a Business That You Love,
0:03:27 and we’re going to really dive deep
0:03:28 on that topic today.
0:03:31 So I can’t wait to uncover this conversation.
0:03:32 We’re going to talk about everything
0:03:34 from people to leadership
0:03:35 to hiring and firing.
0:03:37 And you’re just going to learn so much.
0:03:41 It has jam-packed with gems for us entrepreneurs,
0:03:42 so I can’t wait for you guys to hear it
0:03:43 without further delay.
0:03:45 Here’s my conversation with Dave Ramsey.
0:03:48 Dave, welcome to Young and Profiting Podcast.
0:03:50 Well, thank you for having me.
0:03:51 I’m honored to be with you.
0:03:54 I’m so excited for today’s conversation.
0:03:56 I’m really looking forward to talking about business
0:03:58 and not just financial advice,
0:04:01 because I know that you have so much advice
0:04:02 out there for people to look into,
0:04:04 but we don’t really hear too much
0:04:06 about the business side from you.
0:04:08 And to warm us up, I was thinking,
0:04:10 can you give us your core principle
0:04:13 for financial freedom?
0:04:14 You talk about so many different things,
0:04:16 but just so everybody knows what you stand for,
0:04:19 what is one of your core philosophies
0:04:20 when it comes to financial freedom?
0:04:23 You know, we’ve been teaching this stuff
0:04:25 for, gosh, almost 40 years now.
0:04:27 And I think the thing we’ve discovered
0:04:30 more than anything else is if I can get folks
0:04:32 or if we can get folks to just be intentional
0:04:36 and just think about, look at what they’re doing
0:04:39 instead of just impulsing every single thing
0:04:41 in the financial arena
0:04:45 and not considering the unintended consequences,
0:04:46 not considering the downsides.
0:04:47 When you’re intentional,
0:04:49 you automatically consider the downsides.
0:04:51 And when you’re intentional,
0:04:53 that’s going to lead you to being on a budget.
0:04:54 That’s going to lead you to avoiding debt.
0:04:57 That’s going to lead you to investing
0:04:58 because no one says,
0:05:01 hey, I want to work my whole life and have no money.
0:05:03 That’s not an intentional thing, right?
0:05:05 I want to be broken deeply in debt
0:05:07 and hundreds of thousands of dollars
0:05:08 of student loan debt and car debt,
0:05:09 and I can’t breathe.
0:05:11 No one sets out for that to be their goal.
0:05:13 They fall backwards into it
0:05:15 from a lack of intentionality.
0:05:18 And so you have been preaching financial advice
0:05:19 for so long,
0:05:22 but I found out that you actually started your career
0:05:23 with a radio show,
0:05:25 a really small radio show.
0:05:26 And it all started
0:05:28 because you kind of hit rock bottom
0:05:31 and this was your way out of that,
0:05:32 getting this radio show.
0:05:34 So talk to us about financial ruin
0:05:35 and what happened there
0:05:36 and then how you started
0:05:37 with your first radio show.
0:05:39 Well, when I got out of college,
0:05:40 I got married
0:05:42 and Sharon and I were broke.
0:05:43 We had no money.
0:05:45 And I went through a couple of jobs
0:05:46 and then I started buying
0:05:47 and selling houses,
0:05:48 doing flips.
0:05:50 and that’s before there was cable TV
0:05:52 and before Chip and Joanna were born.
0:05:54 So this is way back there
0:05:55 in the early 80s.
0:05:56 I was good at it.
0:05:57 I grew up in a real estate household
0:06:00 and I was doing a lot of flips
0:06:01 and making profit,
0:06:04 but I borrowed a lot of money to do that.
0:06:06 And I continued to borrow short-term notes
0:06:07 to do the flips
0:06:09 because we weren’t holding the property.
0:06:09 We were flipping it.
0:06:11 The largest bank we were dealing with
0:06:12 got sold
0:06:13 and they looked down
0:06:13 and said,
0:06:14 there’s a kid,
0:06:15 26 years old,
0:06:16 owes us a million too.
0:06:17 This is scary.
0:06:19 Million two in 1982
0:06:20 was some money.
0:06:22 And so they called our notes
0:06:24 and then another lender
0:06:25 heard we were in trouble
0:06:26 because we were in trouble.
0:06:27 And so we had to come up
0:06:30 with all of the $3 million
0:06:31 worth of debt
0:06:31 that we were in
0:06:33 in like six months
0:06:34 and that was impossible
0:06:35 in the real estate business.
0:06:37 So it started a crash
0:06:38 of foreclosures
0:06:38 and lawsuits
0:06:40 and stress
0:06:40 that lasted
0:06:41 two and a half years.
0:06:42 and finally
0:06:43 with a brand new baby
0:06:44 and a toddler
0:06:45 and our marriage
0:06:46 hanging on by a thread
0:06:47 we hit bottom
0:06:48 after two and a half years.
0:06:49 I made $250,000
0:06:50 one year.
0:06:50 The next year
0:06:51 I made $6,000
0:06:53 because I spent the whole year
0:06:53 selling everything
0:06:55 trying to pay the bill.
0:06:57 So at 28 years old
0:06:58 I got the opportunity
0:07:00 to start over.
0:07:01 I went to
0:07:02 buying and selling
0:07:03 real estate again
0:07:04 but this time
0:07:05 I was just doing it
0:07:06 as a wholesaler
0:07:07 just pitching it
0:07:07 to other people
0:07:08 that I in the business
0:07:09 because I had no credit
0:07:09 and I had no money
0:07:10 to eat
0:07:11 to feed the kids.
0:07:13 And then gradually
0:07:14 I started learning
0:07:15 common sense
0:07:17 financial principles
0:07:18 from old people
0:07:19 that were rich
0:07:20 and from the Bible
0:07:21 as a Christian
0:07:23 and started telling people
0:07:24 to live on less than you make
0:07:25 and be on a budget
0:07:26 and get out of debt
0:07:28 and that’s what
0:07:28 Sharon and I were doing
0:07:29 to recover,
0:07:29 to heal.
0:07:32 And so that started
0:07:33 as just a little
0:07:34 Sunday school class
0:07:35 at my church
0:07:36 and then we went
0:07:37 on a broke radio station
0:07:38 as you said
0:07:38 it was talk radio
0:07:39 it was huge
0:07:39 in those
0:07:40 or it was just beginning
0:07:41 in those days actually
0:07:42 Rush Limbaugh
0:07:43 was just coming
0:07:43 on the scene
0:07:44 that kind of thing
0:07:46 and we went on
0:07:47 as just a lark
0:07:48 just for fun
0:07:49 we weren’t paid
0:07:50 there was no money
0:07:51 it was just to help people
0:07:53 and we were horrible
0:07:54 we were awful at it
0:07:55 the accents
0:07:56 were super thick
0:07:57 and the country fried
0:07:58 and hillbilly
0:08:00 and if you heard
0:08:00 those tapes
0:08:01 you would really get
0:08:02 a good Saturday
0:08:03 night live skit laugh
0:08:05 but that’s how we started
0:08:07 and people got helped
0:08:08 and they kept calling
0:08:08 because they kept
0:08:09 getting helped
0:08:10 and that was
0:08:11 34 years ago
0:08:13 it’s incredible
0:08:14 what you’ve built
0:08:14 with it
0:08:15 it’s turned into
0:08:16 this whole big empire
0:08:17 so was there any
0:08:18 like pivotal moments
0:08:19 where you’re like
0:08:20 wow this is going
0:08:21 to be way more
0:08:22 than just a radio show
0:08:23 like what were some
0:08:24 of the key moments
0:08:25 that you remember
0:08:26 like you
0:08:26 I’m an entrepreneur
0:08:27 at heart
0:08:29 and so we see
0:08:30 a need and fill it
0:08:31 and I’m looking around
0:08:32 getting people
0:08:33 out of debt
0:08:34 this is not exactly
0:08:35 a niche market
0:08:36 this is huge
0:08:37 it’s mammoth
0:08:38 and we always laugh
0:08:39 and say me and Jenny Craig
0:08:40 got a big job
0:08:42 it’s crazy out there
0:08:43 so we knew
0:08:45 it could be huge
0:08:46 based on the need
0:08:47 but what I didn’t know
0:08:49 at 33 years old
0:08:49 when I started
0:08:51 32 when I turned
0:08:52 on a microphone
0:08:53 that I had no idea
0:08:54 how much work
0:08:54 it was going to be
0:08:56 to monetize it
0:08:57 to scale it
0:08:59 to build business models
0:08:59 and systems
0:09:00 and products
0:09:01 that would
0:09:02 insert themselves
0:09:03 at volume
0:09:04 into people’s lives
0:09:05 I had no idea
0:09:05 how much work
0:09:06 and I had no idea
0:09:07 what I didn’t know
0:09:07 I didn’t know
0:09:08 what I didn’t know
0:09:08 I probably wouldn’t
0:09:09 have done it
0:09:09 if I hadn’t known
0:09:10 how hard it was going to be
0:09:12 but it’s a lot of work
0:09:13 we’ve worked our tails off
0:09:14 for a long long time
0:09:15 but it’s fun
0:09:16 and we’ve helped
0:09:17 a lot of folks
0:09:18 and it’s turned into
0:09:19 a wonderful wonderful life
0:09:21 and now you’ve learned
0:09:22 so many principles
0:09:23 that you’re teaching
0:09:24 other to help
0:09:25 build a business
0:09:26 not only just
0:09:27 gain financial freedom
0:09:29 so you started
0:09:30 this show
0:09:31 this first radio show
0:09:32 in the 90s
0:09:33 and so much
0:09:34 has changed
0:09:35 over the past
0:09:36 30 plus years
0:09:37 in terms of
0:09:38 how people consume
0:09:38 content
0:09:39 and when I think
0:09:40 about your brand
0:09:41 I think of you
0:09:42 as one of the pioneers
0:09:43 of creator entrepreneurship
0:09:44 nowadays
0:09:46 everybody’s a creator entrepreneur
0:09:48 they’re on social media
0:09:48 they’ve got their own
0:09:49 personal brand
0:09:50 and maybe they have
0:09:51 a company
0:09:52 but you are one
0:09:52 of the first people
0:09:53 to really be
0:09:54 a creator entrepreneur
0:09:55 in this way
0:09:56 being the face
0:09:56 of a company
0:09:58 and running a company
0:09:59 having your own show
0:10:00 and things like that
0:10:01 so my first question
0:10:02 to you related to this
0:10:04 is how have you
0:10:05 approached the way
0:10:06 that content
0:10:07 is consumed
0:10:08 over the years
0:10:10 you know it’s really
0:10:11 insightful for you
0:10:12 to notice that
0:10:13 most people don’t
0:10:14 I have to explain
0:10:14 it to them
0:10:15 so thank you
0:10:16 that’s impressive
0:10:17 because we’re not
0:10:18 talk radio people
0:10:19 and we’re not
0:10:19 podcasters
0:10:20 and we’re not
0:10:20 youtubers
0:10:21 and we’re not
0:10:22 best-selling authors
0:10:22 and we’re not
0:10:24 a live events company
0:10:24 and we’re not
0:10:26 a curriculum company
0:10:27 we are content
0:10:28 creators
0:10:29 what that means
0:10:30 is we have a message
0:10:31 that helps people
0:10:32 that we believe in
0:10:33 and that we’re
0:10:34 effective at teaching
0:10:35 and once you say
0:10:37 that then the answer
0:10:38 is we’re platform
0:10:38 agnostic
0:10:40 I don’t give a crud
0:10:41 I personally
0:10:43 I’m a boomer
0:10:44 I personally
0:10:45 detest TikTok
0:10:47 I make fun of it
0:10:48 but aside from
0:10:49 my personal flavor
0:10:52 we utilize that medium
0:10:53 because we’re able
0:10:53 to reach a lot
0:10:54 of teens
0:10:54 we’re able
0:10:55 to reach
0:10:55 a lot
0:10:56 of early 20s
0:10:57 Gen Zers
0:10:58 that are kicking off
0:10:58 and so
0:10:59 we’re wearing
0:11:00 TikTok out
0:11:02 my social media team
0:11:03 aside from
0:11:03 my personal
0:11:04 taste of it
0:11:05 I actually
0:11:06 don’t consume
0:11:06 any personal
0:11:07 media personally
0:11:08 anymore
0:11:09 I check
0:11:09 my Instagram
0:11:10 a little bit
0:11:12 but that’s about it
0:11:12 I have never
0:11:13 been personally
0:11:14 on Facebook
0:11:15 when Twitter
0:11:15 started
0:11:16 I got on it
0:11:17 big time
0:11:17 because it was
0:11:18 a lot of fun
0:11:19 way back
0:11:19 before it got
0:11:20 taken over
0:11:21 by the trolls
0:11:22 and I’ve not
0:11:22 been on it
0:11:23 since it’s X
0:11:24 I’m on it
0:11:25 but I’m not
0:11:25 on it
0:11:26 so anyway
0:11:26 we’re platform
0:11:27 agnostic
0:11:28 so talk radio
0:11:28 and then
0:11:29 the first thing
0:11:30 that happened
0:11:31 was in the 90s
0:11:32 two satellite
0:11:33 companies put up
0:11:34 satellites
0:11:35 one called Sirius
0:11:36 and one called XM
0:11:38 and talk radio
0:11:38 people were freaking
0:11:39 out like
0:11:39 oh that’s going
0:11:40 to be the end
0:11:40 of talk radio
0:11:41 it’s going to
0:11:42 take over
0:11:42 everything
0:11:43 and then we’re
0:11:44 like nah
0:11:45 probably not
0:11:46 but that’s
0:11:46 kind of fun
0:11:47 and so we
0:11:48 did a deal
0:11:48 and got on
0:11:49 both of them
0:11:50 well they both
0:11:51 financially struggled
0:11:52 and then ended up
0:11:52 combining
0:11:54 and so today
0:11:54 I have a whole
0:11:56 channel on Sirius XM
0:11:57 but I was one of the
0:11:58 first people on there
0:11:58 because I’m platform
0:11:59 agnostic
0:12:00 and we kept doing
0:12:00 talk radio
0:12:02 and then Mark Cuban
0:12:03 sells broadcast.com
0:12:04 for 11 billion
0:12:05 because broadband
0:12:06 was actually starting
0:12:07 to get some
0:12:07 penetration
0:12:08 of course when I
0:12:09 started on talk radio
0:12:10 there wasn’t an
0:12:10 internet
0:12:12 so when we come
0:12:13 along past that
0:12:13 now this thing
0:12:14 pops up called
0:12:16 the wild wild west
0:12:19 www.daveramsey.com
0:12:20 and we used to say
0:12:21 that you know
0:12:21 it’s crazy
0:12:23 so the broadband
0:12:23 where you could
0:12:25 actually get something
0:12:26 that was streaming
0:12:26 and it was clean
0:12:27 like you and I
0:12:28 are doing right now
0:12:29 and that kind of thing
0:12:30 and so a guy
0:12:31 walked into my office
0:12:31 one of my team
0:12:32 and he goes
0:12:32 we need a podcast
0:12:33 and I’m like
0:12:33 what the flips
0:12:34 a podcast
0:12:36 and we were
0:12:36 one of the first
0:12:37 people in the
0:12:38 podcast space
0:12:38 we were there
0:12:39 very very early
0:12:40 we didn’t shift
0:12:41 the whole business
0:12:42 model to that
0:12:43 because we don’t
0:12:43 really care
0:12:44 what it’s on
0:12:45 as long as
0:12:45 we can help
0:12:46 somebody with it
0:12:47 and we’re not
0:12:47 going to abandon
0:12:48 all the others
0:12:49 we’re not radio
0:12:50 people so we don’t
0:12:51 have to worry
0:12:51 about radio
0:12:52 we’re not podcasters
0:12:53 we don’t have to
0:12:54 worry about podcasting
0:12:55 and if one of them
0:12:56 gets mad at us
0:12:56 or the other
0:12:57 that’s their problem
0:12:57 we’re going to be
0:12:58 on everything
0:12:59 I love that approach
0:13:00 I love how you guys
0:13:01 have been just
0:13:02 platform agnostic
0:13:03 it’s all about
0:13:03 the message
0:13:04 just a different
0:13:05 megaphone
0:13:06 so I think
0:13:07 that’s really great
0:13:08 so a question
0:13:09 that I have for you
0:13:10 is when it comes
0:13:11 to becoming a
0:13:12 creator entrepreneur
0:13:13 which a lot
0:13:14 of entrepreneurs
0:13:15 are now content
0:13:16 based entrepreneurs
0:13:18 and that’s a major
0:13:18 focus of their
0:13:19 business
0:13:20 it’s very different
0:13:21 from being just
0:13:21 like a traditional
0:13:22 CEO
0:13:22 right
0:13:23 and I find myself
0:13:25 wearing so many hats
0:13:25 two days a week
0:13:27 I’m recording all day
0:13:28 recording my podcast
0:13:29 recording commercials
0:13:30 and it’s very hard
0:13:31 to balance it all
0:13:32 so what has been
0:13:33 your secret
0:13:35 of being the face
0:13:36 of your company
0:13:36 and having to
0:13:37 produce content
0:13:38 not only just
0:13:39 being the face
0:13:39 once in a while
0:13:40 and doing speeches
0:13:41 and things like
0:13:41 this but actually
0:13:42 having to produce
0:13:43 content every day
0:13:44 and also managing
0:13:45 your business
0:13:45 how do you
0:13:46 juggle it all
0:13:47 you’re right
0:13:48 we do three hours
0:13:49 a day of talk
0:13:50 radio that turns
0:13:51 into a podcast
0:13:52 and also turns
0:13:53 into a YouTube
0:13:54 show that’s
0:13:55 much less than
0:13:55 that because
0:13:56 there’s so stinking
0:13:57 many commercials
0:13:57 and radio
0:13:58 so by the time
0:13:59 we extract those
0:13:59 with the algorithm
0:14:00 put it back on
0:14:01 but we’re sitting
0:14:02 in this seat
0:14:02 every day doing
0:14:03 a three hour show
0:14:04 and have
0:14:05 430 plus years
0:14:07 so you’re right
0:14:07 I’m both
0:14:08 the product
0:14:09 and I am
0:14:10 the CEO
0:14:12 and so what
0:14:12 do I do
0:14:13 well I’ve got
0:14:14 to be able
0:14:15 to and master
0:14:16 the task
0:14:17 of shutting off
0:14:17 one and turning
0:14:18 on the other
0:14:19 so while I’m
0:14:20 on stage
0:14:20 talking to
0:14:21 4000 people
0:14:22 in an auditorium
0:14:23 I can’t be up
0:14:24 there thinking
0:14:25 about business
0:14:25 strategy
0:14:27 I need to be
0:14:28 the best product
0:14:29 and when I’m
0:14:30 not up there
0:14:30 and I’m doing
0:14:31 something else
0:14:31 I can’t be
0:14:32 thinking about
0:14:33 that stage
0:14:33 I’ve got
0:14:34 to be
0:14:35 the best CEO
0:14:37 to compartmentalize
0:14:38 and to say
0:14:39 okay once I get
0:14:40 off the radio show
0:14:41 this is what
0:14:41 we’re doing
0:14:42 or once I get
0:14:43 off the microphone
0:14:43 this is what
0:14:44 we’re doing
0:14:44 we’re gonna sit
0:14:45 down I go
0:14:45 straight into
0:14:46 that meeting
0:14:46 and so
0:14:47 today I’ve
0:14:48 done two
0:14:48 podcasts
0:14:49 and I’ll do
0:14:50 hours as a
0:14:50 guest
0:14:51 and I’ll do
0:14:52 hours so I’ve
0:14:52 been the product
0:14:53 a lot today
0:14:54 but I had an
0:14:55 early morning
0:14:55 meeting over
0:14:56 coffee with one
0:14:57 of our team
0:14:58 leaders on some
0:14:58 stuff we were
0:14:59 dealing with as
0:14:59 the CEO
0:15:00 and I’ll have
0:15:01 another meeting
0:15:01 after I get
0:15:02 off the air
0:15:02 today
0:15:03 and so
0:15:03 it’s just
0:15:04 switch on
0:15:04 switch off
0:15:05 is what it
0:15:05 amounts to
0:15:06 and what that
0:15:07 means is
0:15:07 is that my
0:15:08 calendar has
0:15:09 become very
0:15:10 very important
0:15:12 we are very
0:15:13 selective and
0:15:14 intentional about
0:15:14 what I’m going
0:15:15 to spend my
0:15:15 time on
0:15:17 whether it’s
0:15:17 being the
0:15:18 product
0:15:18 and so I
0:15:19 can’t go
0:15:19 speak to a
0:15:20 group of
0:15:20 35 people
0:15:21 I don’t have
0:15:22 the bandwidth
0:15:22 to do that
0:15:23 and still run
0:15:23 the company
0:15:24 I have to
0:15:24 turn that
0:15:25 one down
0:15:26 I’d love
0:15:26 to I like
0:15:27 the people
0:15:27 I’m not
0:15:28 arrogant about
0:15:29 it I just
0:15:29 have to be
0:15:30 doing the
0:15:30 other stuff
0:15:31 and so my
0:15:32 calendar is
0:15:33 15 minute
0:15:34 blocks is
0:15:35 100% full
0:15:37 from 8 a.m.
0:15:38 to 5 p.m.
0:15:38 when I’m
0:15:39 working and
0:15:40 it’s probably
0:15:40 out through
0:15:42 about August
0:15:42 right now
0:15:43 that way
0:15:44 and so if
0:15:45 something gets
0:15:46 on there that
0:15:46 means something
0:15:47 else got bumped
0:15:49 off right now
0:15:50 between now and
0:15:50 then and that
0:15:50 will happen
0:15:51 periodically my
0:15:52 personal assistant
0:15:52 has been with
0:15:53 me 23 years
0:15:54 she helps me
0:15:55 manage that so
0:15:55 that I don’t
0:15:56 get all fatigued
0:15:57 and stressed
0:15:58 out and
0:15:58 become a
0:15:58 jerk
0:16:00 or too
0:16:01 much caffeine
0:16:02 and become
0:16:02 a jerk
0:16:03 but yeah
0:16:03 we just
0:16:04 got to
0:16:05 navigate our
0:16:05 way through
0:16:05 that and
0:16:06 manage those
0:16:07 time blocks
0:16:07 so I’m
0:16:08 hearing time
0:16:08 blocking
0:16:10 I’m hearing
0:16:11 saying no
0:16:11 even though
0:16:12 you want to
0:16:13 help people
0:16:13 but sometimes
0:16:14 you just got
0:16:14 to say no
0:16:15 if it’s not
0:16:16 going to be
0:16:17 aligned with
0:16:17 your priorities
0:16:19 so you’ve
0:16:19 got this new
0:16:20 book and
0:16:20 it’s called
0:16:21 build a
0:16:21 business that
0:16:21 you love
0:16:22 by the time
0:16:22 this comes
0:16:23 out the
0:16:23 book will
0:16:24 be out
0:16:25 and in
0:16:26 the beginning
0:16:26 of your
0:16:27 book you
0:16:27 mentioned an
0:16:28 analogy about
0:16:29 golf and
0:16:30 red lights
0:16:31 can you share
0:16:31 that story
0:16:32 with us
0:16:33 yeah I
0:16:33 went to
0:16:34 Scotland
0:16:35 recently and
0:16:35 played golf
0:16:36 I’m not a
0:16:36 good golfer
0:16:37 but I had a
0:16:37 lot of fun
0:16:38 because it’s
0:16:39 the home of
0:16:39 golf and
0:16:40 Scotland is
0:16:41 famous for
0:16:41 it’s horrible
0:16:42 weather when
0:16:43 you’re playing
0:16:43 golf among
0:16:44 the horrible
0:16:44 weather is
0:16:46 fog and so
0:16:46 we played
0:16:47 one course
0:16:47 one day my
0:16:48 wife and I
0:16:48 and it was
0:16:49 super super
0:16:50 foggy and
0:16:51 you couldn’t
0:16:51 see
0:16:52 40 feet
0:16:53 in front
0:16:53 of you
0:16:54 and so
0:16:54 we had a
0:16:55 caddy and
0:16:55 he would say
0:16:56 just aim it
0:16:57 that way and
0:16:57 you’re just
0:16:58 hitting a ball
0:16:59 off into
0:16:59 oblivion you
0:17:00 have no
0:17:01 idea where
0:17:02 it’s going
0:17:03 none whatsoever
0:17:04 and it was
0:17:05 really really
0:17:05 really a
0:17:06 frustrating
0:17:08 experience and
0:17:09 then we went
0:17:09 about three days
0:17:10 later it was
0:17:11 foggy again and
0:17:11 we went to a
0:17:12 different one and
0:17:13 these people had
0:17:14 taken bicycle
0:17:16 seat lights that
0:17:17 were strobes and
0:17:18 put them on
0:17:19 little posts about
0:17:21 every 50 yards
0:17:21 out through the
0:17:23 fog and so
0:17:24 you couldn’t
0:17:24 see the hole
0:17:25 where you were
0:17:26 hitting to and
0:17:27 you couldn’t see
0:17:28 really a lot of
0:17:29 the nuance of
0:17:30 the terrain that
0:17:30 you were hitting
0:17:31 into but you
0:17:32 could see one
0:17:33 light blinking in
0:17:35 the fog and
0:17:35 so if you could
0:17:36 hit the ball
0:17:36 towards that
0:17:37 light you knew
0:17:37 you were going
0:17:38 to be okay and
0:17:39 that changed the
0:17:40 whole experience
0:17:42 exact same
0:17:43 weather but
0:17:44 it was nowhere
0:17:44 near the
0:17:45 frustration even
0:17:46 though it wasn’t
0:17:47 as enjoyable as
0:17:47 being able to
0:17:48 see the whole
0:17:49 thing and place
0:17:50 the ball where
0:17:50 you wanted to
0:17:51 place it but
0:17:51 at least we
0:17:53 had the sense
0:17:53 that what we
0:17:54 were doing was
0:17:55 getting traction
0:17:55 and it wasn’t
0:17:57 just a random
0:17:58 freaking chaotic
0:17:59 thing and so
0:18:00 you land out
0:18:00 there and then
0:18:01 you could see
0:18:02 the next light
0:18:03 and get up
0:18:03 onto the green
0:18:04 and then you
0:18:05 got a whole
0:18:05 different process
0:18:06 so the point
0:18:07 of that is that
0:18:08 having a clear
0:18:11 path in anything
0:18:13 gives you huge
0:18:15 hope and energy
0:18:16 and belief to
0:18:17 move forward
0:18:18 it’s very
0:18:19 difficult to
0:18:19 move forward
0:18:20 when you’re
0:18:20 in the fall
0:18:21 when you can’t
0:18:22 see and you
0:18:22 don’t know what
0:18:23 you don’t know
0:18:24 not only do you
0:18:24 have all the
0:18:25 frustration and
0:18:26 the angst of
0:18:27 being in business
0:18:28 and working your
0:18:28 butt off and
0:18:29 not knowing but
0:18:30 you can’t see
0:18:30 where you’re
0:18:31 going so one
0:18:32 of the things
0:18:32 we attempted to
0:18:33 do is to lay
0:18:34 out a clear
0:18:36 path through
0:18:37 the process of
0:18:37 business that
0:18:38 we’ve observed
0:18:38 in our business
0:18:40 and back in
0:18:40 about the year
0:18:41 2000 we
0:18:41 started coaching
0:18:42 small businesses
0:18:43 and we’ve now
0:18:43 coached about
0:18:44 10,000 of them
0:18:45 and as we’ve
0:18:46 coached them
0:18:46 we’ve watched
0:18:47 them go through
0:18:49 the same five
0:18:50 stages of business
0:18:51 and that’s the
0:18:51 clear path
0:18:52 that’s the light
0:18:53 in the fog
0:18:54 and I can’t wait
0:18:55 to go over those
0:18:56 five stages
0:18:56 and the six
0:18:57 drivers it was
0:18:57 really interesting
0:18:58 to learn about
0:18:59 that but first
0:19:00 I want to ask
0:19:00 you why you
0:19:01 think this book
0:19:01 is so important
0:19:02 right now because
0:19:04 I’ve heard from
0:19:04 other entrepreneurs
0:19:05 that have been on
0:19:05 this show that
0:19:06 it’s the easiest
0:19:07 time to be an
0:19:08 entrepreneur and
0:19:09 a business owner
0:19:09 and then other
0:19:10 people come on
0:19:10 the show and
0:19:11 they say it’s a
0:19:12 very difficult time
0:19:13 so what is your
0:19:13 opinion on that
0:19:15 it is the
0:19:16 easiest time
0:19:16 but that doesn’t
0:19:17 mean it’s easy
0:19:18 ease of entry
0:19:20 into the world
0:19:21 of content creation
0:19:21 as an example
0:19:22 you can just
0:19:23 decide one morning
0:19:24 and you have a
0:19:25 YouTube channel
0:19:25 you only have
0:19:26 two people watching
0:19:27 it but you can
0:19:28 decide and start
0:19:28 you can start
0:19:29 a podcast
0:19:30 you can start
0:19:31 and print a book
0:19:32 today very easily
0:19:33 you can become
0:19:34 an author very
0:19:34 easily
0:19:35 the ease of
0:19:36 entry into
0:19:37 for instance
0:19:38 your world
0:19:38 my world
0:19:39 is amazingly
0:19:41 easy in terms
0:19:41 of the actual
0:19:42 tactical things
0:19:44 but starting
0:19:45 and running
0:19:45 a business
0:19:46 is hard
0:19:48 as soon as
0:19:48 you become
0:19:49 self-employed
0:19:49 you realize
0:19:50 you have a
0:19:51 jerk slave driver
0:19:51 for a boss
0:19:53 your boss
0:19:53 will work you
0:19:54 to death
0:19:54 when you’re
0:19:55 self-employed
0:19:55 because they
0:19:56 think about it
0:19:57 all the time
0:19:58 and they think
0:19:58 about what you
0:19:59 should be doing
0:20:00 all the time
0:20:01 and you’re just
0:20:02 consumed with it
0:20:03 and you do
0:20:03 stupid stuff
0:20:04 and it hurts
0:20:05 and you make
0:20:06 mistakes
0:20:08 lots of them
0:20:08 and you have to
0:20:09 survive them
0:20:10 so ease
0:20:11 easiest time
0:20:12 to start
0:20:13 a business
0:20:14 that’s the
0:20:15 tactical thing
0:20:15 and all that
0:20:16 but it’s still
0:20:17 hard because
0:20:18 the first
0:20:19 prototype you
0:20:19 come up with
0:20:20 is your sweet
0:20:21 little baby
0:20:21 and then you
0:20:22 figure out
0:20:23 your baby’s
0:20:23 ugly
0:20:24 and it’s never
0:20:24 even going to
0:20:25 make it to
0:20:25 market
0:20:26 we’ve got to
0:20:26 iterate this
0:20:27 ugly baby
0:20:27 and get it
0:20:28 because it
0:20:28 just sucks
0:20:29 it’s awful
0:20:30 and we do
0:20:31 that at Ramsey
0:20:31 to this day
0:20:32 we’re messing
0:20:33 with products
0:20:33 we’re putting
0:20:34 them out
0:20:35 for tests
0:20:35 we’re doing
0:20:36 beta with them
0:20:36 we’re doing
0:20:36 all kinds of
0:20:37 stuff
0:20:38 we’ll test
0:20:38 stuff on a
0:20:39 reel
0:20:39 and throw it
0:20:40 out there
0:20:40 and if the
0:20:40 reel goes
0:20:41 crazy
0:20:41 we ask
0:20:41 ourselves
0:20:42 why
0:20:42 and does
0:20:42 that
0:20:43 indicate
0:20:43 we should
0:20:43 be in a
0:20:44 product lane
0:20:45 and all
0:20:45 that
0:20:46 no it’s
0:20:47 not easy
0:20:48 but it is
0:20:49 easiest to
0:20:49 start
0:20:50 that it’s
0:20:50 ever been
0:20:51 so you
0:20:51 ought to
0:20:51 do it
0:20:52 the other
0:20:52 thing that’s
0:20:53 happening
0:20:53 right now
0:20:54 too that’s
0:20:55 super exciting
0:20:55 I’ve got
0:20:56 1100 people
0:20:56 on our team
0:20:57 right now
0:20:58 and somewhere
0:20:59 around
0:21:01 650
0:21:02 700
0:21:03 of them
0:21:04 are millennials
0:21:05 and Gen Z
0:21:07 most of them
0:21:07 are millennials
0:21:08 and Gen Z
0:21:08 in other
0:21:08 words
0:21:10 and those
0:21:11 two generations
0:21:13 are the most
0:21:13 exciting
0:21:15 entrepreneurs
0:21:16 I’ve ever seen
0:21:16 in my life
0:21:17 they are
0:21:18 amazing
0:21:19 entrepreneurs
0:21:20 they don’t
0:21:21 trust the
0:21:22 standard way
0:21:22 of doing
0:21:22 things
0:21:23 and they
0:21:24 color outside
0:21:24 the lines
0:21:26 and they’ve
0:21:26 grown up
0:21:27 with a magic
0:21:27 wand in their
0:21:28 hand that if
0:21:28 they push a
0:21:29 button stuff
0:21:29 happens
0:21:30 and you can
0:21:31 get the answer
0:21:32 to anything
0:21:33 and so they
0:21:33 believe anything’s
0:21:34 possible
0:21:34 they have an
0:21:35 abundance mentality
0:21:36 not a scarcity
0:21:37 mentality
0:21:38 they distrust
0:21:39 traditional
0:21:40 processes
0:21:40 and bureaucrats
0:21:41 which is what
0:21:42 every entrepreneur
0:21:43 should do
0:21:44 and so these
0:21:44 two generations
0:21:45 the ones that
0:21:46 you work with
0:21:46 a lot
0:21:47 and I work
0:21:47 with a lot
0:21:48 I’m a huge
0:21:49 fan
0:21:50 especially from
0:21:51 an entrepreneur
0:21:51 standpoint
0:21:52 so you’re
0:21:53 uniquely suited
0:21:55 for this moment
0:21:55 in time
0:21:57 let’s hold
0:21:57 that thought
0:21:57 and take a
0:21:58 quick break
0:21:58 with our
0:21:59 sponsors
0:22:01 yeah fam
0:22:01 when I first
0:22:02 started this
0:22:02 podcast
0:22:03 believe it or
0:22:03 not
0:22:04 I had an
0:22:05 all-volunteer
0:22:05 team to help
0:22:06 me out
0:22:06 but as my
0:22:07 business took
0:22:08 off
0:22:08 I needed to
0:22:09 hire a lot
0:22:09 of new
0:22:09 people
0:22:10 and fast
0:22:11 it soon
0:22:12 became pretty
0:22:12 overwhelming
0:22:13 because I
0:22:14 had to sort
0:22:14 through piles
0:22:15 and piles
0:22:15 of resumes
0:22:16 conduct
0:22:16 countless
0:22:17 interviews
0:22:18 and you
0:22:18 know how
0:22:18 it goes
0:22:19 hiring is a
0:22:20 pain
0:22:20 but then I
0:22:21 discovered
0:22:21 the easiest
0:22:22 way to hire
0:22:22 the right
0:22:23 people quickly
0:22:24 I found
0:22:25 Indeed
0:22:25 when it
0:22:26 comes to
0:22:26 hiring
0:22:26 Indeed
0:22:27 is all
0:22:27 you need
0:22:28 stop
0:22:28 struggling
0:22:29 to get
0:22:29 your job
0:22:30 post seen
0:22:30 on other
0:22:31 job sites
0:22:32 Indeed
0:22:32 sponsored
0:22:33 jobs
0:22:33 helps you
0:22:34 stand out
0:22:34 and hire
0:22:35 fast
0:22:35 with
0:22:36 sponsored
0:22:36 jobs
0:22:37 your post
0:22:37 jumps
0:22:38 to the top
0:22:38 of the
0:22:38 page
0:22:38 for your
0:22:39 relevant
0:22:39 candidates
0:22:40 so you
0:22:40 can reach
0:22:41 the people
0:22:41 you want
0:22:42 faster
0:22:43 it makes
0:22:43 a huge
0:22:44 difference
0:22:44 according
0:22:45 to Indeed
0:22:45 data
0:22:46 sponsored
0:22:46 jobs
0:22:46 posted
0:22:47 directly
0:22:47 on
0:22:47 Indeed
0:22:48 have
0:22:49 45%
0:22:49 more
0:22:50 applications
0:22:50 than
0:22:51 non-sponsored
0:22:51 jobs
0:22:52 plus
0:22:52 with
0:22:52 Indeed
0:22:53 sponsored
0:22:53 jobs
0:22:53 there’s
0:22:54 no
0:22:54 monthly
0:22:54 subscriptions
0:22:55 no
0:22:55 long-term
0:22:56 contracts
0:22:56 and you
0:22:57 only pay
0:22:58 for results
0:22:59 how fast
0:22:59 is Indeed
0:23:00 you ask
0:23:00 in the
0:23:01 minute
0:23:01 I’ve been
0:23:01 talking
0:23:02 to you
0:23:02 23
0:23:03 hires
0:23:03 were made
0:23:04 on Indeed
0:23:04 according
0:23:05 to Indeed
0:23:05 data
0:23:05 worldwide
0:23:07 there’s
0:23:07 no need
0:23:07 to wait
0:23:08 any longer
0:23:08 speed up
0:23:09 your hiring
0:23:10 right now
0:23:10 with Indeed
0:23:11 and listeners
0:23:12 of this
0:23:12 show will
0:23:12 get a
0:23:13 $75
0:23:13 sponsored
0:23:14 job
0:23:14 credit
0:23:14 to get
0:23:14 your
0:23:15 jobs
0:23:15 more
0:23:15 visibility
0:23:16 at
0:23:16 Indeed
0:23:17 dot com
0:23:17 slash
0:23:18 profiting
0:23:18 just go
0:23:19 to
0:23:19 Indeed
0:23:19 dot com
0:23:20 slash
0:23:20 profiting
0:23:21 right now
0:23:21 and support
0:23:22 our show
0:23:22 by saying
0:23:23 you heard
0:23:23 about
0:23:23 Indeed
0:23:24 on this
0:23:24 podcast
0:23:25 Indeed
0:23:26 dot com
0:23:26 slash
0:23:26 profiting
0:23:27 terms
0:23:27 and conditions
0:23:28 apply
0:23:29 hiring
0:23:29 Indeed
0:23:30 is all
0:23:31 you need
0:23:32 yep
0:23:32 bam
0:23:32 it’s
0:23:33 2025
0:23:33 and a
0:23:34 new
0:23:34 year
0:23:34 means
0:23:35 new
0:23:35 opportunities
0:23:36 for a lot
0:23:37 of you
0:23:37 out there
0:23:37 I know
0:23:38 you’ve
0:23:38 been
0:23:38 thinking
0:23:38 about
0:23:39 one
0:23:39 thing
0:23:39 over
0:23:39 the
0:23:40 holidays
0:23:40 and
0:23:40 that’s
0:23:41 starting
0:23:41 your own
0:23:42 business
0:23:42 or side
0:23:43 hustle
0:23:44 but of course
0:23:44 you’ve got
0:23:44 so many
0:23:45 questions
0:23:46 how do
0:23:46 I get
0:23:46 started
0:23:47 how do
0:23:47 I come
0:23:47 up with
0:23:48 a brand
0:23:48 how am
0:23:49 I actually
0:23:50 gonna sell
0:23:50 things to
0:23:50 people
0:23:51 well yeah
0:23:52 fam I want
0:23:53 you to take
0:23:53 a deep
0:23:54 breath
0:23:54 because
0:23:55 Shopify’s
0:23:55 got you
0:23:56 how do
0:23:56 how do
0:23:56 I know
0:23:57 because
0:23:57 I had
0:23:57 the same
0:23:58 questions
0:23:58 when I
0:23:59 first
0:23:59 started
0:23:59 selling
0:24:00 online
0:24:00 but
0:24:00 the
0:24:01 best
0:24:01 time
0:24:01 to
0:24:01 start
0:24:02 your
0:24:02 new
0:24:02 business
0:24:02 is
0:24:03 right
0:24:03 now
0:24:04 because
0:24:04 Shopify
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0:24:40 didn’t
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0:24:41 action
0:24:41 now
0:24:42 it’s
0:24:42 the
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0:24:43 that
0:24:43 add
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0:24:49 so
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0:25:07 slash
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0:25:12 start
0:25:13 selling
0:25:13 on
0:25:13 Shopify
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0:25:15 shopify.com
0:25:16 slash
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0:25:21 myself
0:25:21 with
0:25:22 no
0:25:22 time
0:25:23 I’m
0:25:23 juggling
0:25:23 work
0:25:24 dating
0:25:25 everything
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0:25:26 throws
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0:25:33 up
0:25:33 after
0:25:34 cooking
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0:25:36 end
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0:25:42 cook
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0:25:44 change
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0:25:45 recently
0:25:46 discovered
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0:25:56 in
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0:25:56 two
0:25:56 minutes
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0:26:11 every
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0:26:14 meal
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0:26:19 feel
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0:28:04 what
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0:28:09 business
0:28:09 person
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0:28:10 entrepreneur
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0:28:11 got
0:28:11 this
0:28:11 great
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0:28:14 working
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0:28:16 get
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0:28:19 version
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0:28:22 version
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0:28:22 app
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0:28:24 getting
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0:28:28 before
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0:28:30 number
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0:28:31 personal
0:28:32 the
0:28:32 person
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0:28:34 John
0:28:34 Maxwell
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0:28:35 friend
0:28:35 one
0:28:35 of
0:28:35 the
0:28:36 top
0:28:36 leadership
0:28:37 gurus
0:28:37 in
0:28:37 America
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0:28:39 books
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0:28:43 21
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0:28:44 laws
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0:28:47 of
0:28:47 the
0:28:47 lid
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0:28:54 character
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0:29:00 to
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0:29:01 person
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0:29:05 job
0:29:05 at
0:29:05 Ramsey
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0:29:10 here
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0:29:13 guy
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0:29:15 a lot
0:29:16 from
0:29:16 experiences
0:29:17 books
0:29:18 friends
0:29:19 mentors
0:29:20 events
0:29:21 taking
0:29:22 notes
0:29:22 learning
0:29:23 learning
0:29:23 learning
0:29:24 learning
0:29:24 learning
0:29:24 learning
0:29:24 learning
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0:29:27 business
0:29:27 is in
0:29:27 my
0:29:28 mirror
0:29:28 that’s
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0:29:28 bad
0:29:29 news
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0:29:30 solution
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0:29:32 mirror
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0:29:34 controllable
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0:29:35 control
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0:29:36 can
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0:29:40 faster
0:29:42 wiser
0:29:42 all of
0:29:43 those
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0:29:44 the
0:29:44 second
0:29:45 one
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0:29:47 only
0:29:47 purpose
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0:29:48 business
0:29:48 is
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0:29:49 money
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0:29:52 it’s
0:29:52 too
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0:29:54 there’s
0:29:54 too
0:29:54 many
0:29:55 emotional
0:29:55 ups
0:29:55 and
0:29:56 downs
0:29:56 you
0:29:57 work
0:29:57 too
0:29:57 freaking
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0:30:09 profit
0:30:09 I’m
0:30:09 a
0:30:10 capitalist
0:30:10 pig
0:30:10 I
0:30:11 love
0:30:11 it
0:30:11 and
0:30:12 so
0:30:12 I
0:30:12 want
0:30:12 you
0:30:12 to
0:30:12 go
0:30:13 do
0:30:13 that
0:30:13 but
0:30:13 it
0:30:14 does
0:30:14 not
0:30:14 get
0:30:14 you
0:30:15 there
0:30:15 it
0:30:16 doesn’t
0:30:16 fulfill
0:30:16 you
0:30:17 spiritually
0:30:18 psychologically
0:30:19 anything
0:30:19 else
0:30:19 and
0:30:19 we
0:30:20 always
0:30:20 just
0:30:20 say
0:30:20 when
0:30:20 I
0:30:21 was
0:30:21 a
0:30:21 little
0:30:21 kid
0:30:21 I
0:30:22 never
0:30:22 had
0:30:23 lobster
0:30:23 until
0:30:23 I
0:30:23 was
0:30:24 14
0:30:24 years
0:30:24 old
0:30:24 because
0:30:24 I
0:30:25 grew
0:30:25 up
0:30:25 in
0:30:25 a
0:30:25 red
0:30:25 neck
0:30:26 neighborhood
0:30:27 and
0:30:27 red
0:30:27 lobster
0:30:28 came
0:30:28 to
0:30:28 town
0:30:28 that
0:30:29 was
0:30:29 the
0:30:29 first
0:30:29 lobster
0:30:30 I
0:30:30 ever
0:30:30 got
0:30:30 but
0:30:30 I
0:30:31 loved
0:30:31 it
0:30:31 it
0:30:31 it
0:30:31 was
0:30:32 my
0:30:32 favorite
0:30:32 I
0:30:32 thought
0:30:33 man
0:30:33 if I
0:30:33 ever get
0:30:33 some
0:30:33 money
0:30:34 I’m
0:30:34 gonna
0:30:34 eat
0:30:34 lobster
0:30:35 every
0:30:35 day
0:30:35 no
0:30:36 you
0:30:36 won’t
0:30:36 if
0:30:36 you
0:30:36 eat
0:30:37 enough
0:30:37 lobster
0:30:37 it
0:30:37 tastes
0:30:37 like
0:30:38 soap
0:30:38 if
0:30:39 you
0:30:39 get
0:30:39 enough
0:30:39 cars
0:30:40 they’re
0:30:40 just
0:30:40 a
0:30:40 stupid
0:30:40 car
0:30:41 if
0:30:41 you
0:30:41 get
0:30:41 enough
0:30:42 jets
0:30:42 it’s
0:30:42 just
0:30:42 a
0:30:43 stupid
0:30:43 jet
0:30:43 I
0:30:43 mean
0:30:43 you
0:30:44 cannot
0:30:44 get
0:30:44 enough
0:30:45 money
0:30:45 for
0:30:45 the
0:30:46 stuff
0:30:46 to
0:30:46 give
0:30:47 you
0:30:47 fulfillment
0:30:48 your
0:30:48 spirit
0:30:49 is
0:30:49 not
0:30:49 built
0:30:49 that
0:30:49 way
0:30:50 so
0:30:50 you
0:30:50 need
0:30:50 a
0:30:51 bigger
0:30:51 purpose
0:30:51 a
0:30:51 reason
0:30:52 for
0:30:52 doing
0:30:52 it
0:30:52 at
0:30:53 Ramsey
0:30:53 it’s
0:30:53 we
0:30:54 provide
0:30:54 hope
0:30:55 and
0:30:55 we
0:30:55 get
0:30:55 great
0:30:56 fulfillment
0:30:57 from
0:30:57 giving
0:30:57 people
0:30:58 instruction
0:30:58 and a
0:30:58 clear
0:30:59 path
0:30:59 in
0:30:59 this
0:31:00 book
0:31:00 or
0:31:00 in
0:31:01 the
0:31:01 total
0:31:01 money
0:31:01 makeover
0:31:02 on
0:31:03 finances
0:31:03 or
0:31:04 whatever
0:31:04 we
0:31:05 get
0:31:05 great
0:31:06 psychological
0:31:07 income
0:31:08 spiritual
0:31:08 income
0:31:10 fulfillment
0:31:10 from
0:31:11 meeting
0:31:12 someone
0:31:12 and go
0:31:12 hey
0:31:13 our
0:31:13 business
0:31:13 was
0:31:14 doing
0:31:14 two
0:31:14 million
0:31:14 a
0:31:14 year
0:31:15 we
0:31:15 came
0:31:15 through
0:31:15 one
0:31:15 of
0:31:16 your
0:31:16 entree
0:31:16 leadership
0:31:17 programs
0:31:17 and
0:31:18 we’re
0:31:18 doing
0:31:18 25
0:31:18 million
0:31:19 a
0:31:19 year
0:31:19 that
0:31:20 just
0:31:20 makes
0:31:20 me
0:31:20 high
0:31:21 I
0:31:21 love
0:31:21 that
0:31:22 because
0:31:22 that
0:31:22 means
0:31:23 the
0:31:23 small
0:31:23 business
0:31:24 gal
0:31:24 who’s
0:31:24 one
0:31:24 of
0:31:24 my
0:31:25 great
0:31:25 loves
0:31:25 in
0:31:26 life
0:31:26 is
0:31:27 succeeding
0:31:27 and I
0:31:27 was
0:31:28 able
0:31:28 to
0:31:28 be
0:31:28 a
0:31:28 helper
0:31:29 I
0:31:29 want
0:31:29 to
0:31:30 help
0:31:30 them
0:31:30 hope
0:31:31 and
0:31:31 I
0:31:31 want
0:31:31 to
0:31:31 give
0:31:31 them
0:31:31 a
0:31:31 process
0:31:32 so
0:31:32 that’s
0:31:33 purpose
0:31:34 and
0:31:34 then
0:31:34 that
0:31:34 leads
0:31:34 you
0:31:34 to
0:31:35 people
0:31:35 where
0:31:35 you
0:31:35 start
0:31:35 adding
0:31:36 people
0:31:36 to
0:31:36 your
0:31:36 team
0:31:37 oh
0:31:39 that’s
0:31:39 so
0:31:40 fun
0:31:40 I
0:31:41 love
0:31:42 my
0:31:43 team
0:31:44 and
0:31:44 there
0:31:44 are
0:31:44 days
0:31:45 they
0:31:45 drive
0:31:45 me
0:31:45 nuts
0:31:46 hiring
0:31:47 and
0:31:47 firing
0:31:48 is
0:31:48 probably
0:31:49 the
0:31:49 hardest
0:31:50 thing
0:31:50 a
0:31:50 small
0:31:50 business
0:31:51 person
0:31:51 does
0:31:52 and
0:31:52 you
0:31:52 get
0:31:53 better
0:31:53 at
0:31:53 it
0:31:53 and
0:31:53 better
0:31:54 at
0:31:54 it
0:31:54 but
0:31:55 you
0:31:55 never
0:31:55 really
0:31:55 arrive
0:31:56 and
0:31:57 building
0:31:57 culture
0:31:58 inside
0:31:58 the
0:31:58 team
0:31:58 building
0:31:59 unity
0:31:59 and
0:32:00 loyalty
0:32:00 and
0:32:00 high
0:32:00 levels
0:32:01 of
0:32:01 communication
0:32:02 and
0:32:03 conformity
0:32:03 to a
0:32:03 set
0:32:03 of
0:32:04 values
0:32:04 that
0:32:04 we
0:32:04 call
0:32:05 core
0:32:05 values
0:32:06 and
0:32:06 if
0:32:06 you’re
0:32:06 not
0:32:06 doing
0:32:07 those
0:32:07 you’re
0:32:07 not
0:32:07 a
0:32:07 we
0:32:07 and
0:32:08 you
0:32:08 can’t
0:32:08 stay
0:32:08 if
0:32:08 you’re
0:32:08 not
0:32:09 a
0:32:09 we
0:32:09 because
0:32:09 this
0:32:09 is
0:32:09 who
0:32:10 we
0:32:10 are
0:32:11 and
0:32:11 so
0:32:12 we’re
0:32:12 working
0:32:12 and
0:32:13 working
0:32:13 on
0:32:13 the
0:32:13 hiring
0:32:14 and
0:32:14 firing
0:32:14 piece
0:32:15 and
0:32:15 so
0:32:15 we
0:32:15 just
0:32:16 go
0:32:16 all
0:32:16 the
0:32:25 something
0:32:25 against
0:32:26 the
0:32:26 wall
0:32:26 see
0:32:26 if
0:32:26 it
0:32:26 sticks
0:32:27 and
0:32:27 then
0:32:28 product
0:32:28 comes
0:32:29 up
0:32:29 and
0:32:29 then
0:32:30 profit
0:32:31 product
0:32:31 should
0:32:32 be
0:32:32 a
0:32:33 byproduct
0:32:33 of
0:32:33 having
0:32:34 that
0:32:34 purpose
0:32:35 of
0:32:35 who
0:32:35 you
0:32:36 are
0:32:36 growing
0:32:36 as
0:32:36 a
0:32:37 person
0:32:37 of
0:32:37 the
0:32:38 quality
0:32:38 of
0:32:38 your
0:32:39 team
0:32:39 is
0:32:39 gathering
0:32:40 around
0:32:40 and
0:32:40 in
0:32:40 collaboration
0:32:41 we
0:32:41 create
0:32:41 this
0:32:42 product
0:32:42 we
0:32:43 develop
0:32:43 a
0:32:43 plan
0:32:43 and
0:32:44 out
0:32:44 of
0:32:44 that
0:32:44 a
0:32:44 product
0:32:45 comes
0:32:45 but
0:32:45 we
0:32:46 often
0:32:46 start
0:32:46 with
0:32:47 product
0:32:47 and
0:32:47 skip
0:32:47 over
0:32:48 those
0:32:48 others
0:32:49 you’ll
0:32:49 get to
0:32:49 do
0:32:49 them
0:32:49 again
0:32:50 if
0:32:50 you
0:32:50 do
0:32:50 skip
0:32:50 over
0:32:50 them
0:32:51 you
0:32:51 don’t
0:32:51 really
0:32:52 get
0:32:52 to
0:32:52 skip
0:32:52 them
0:32:53 and
0:32:53 then
0:32:53 the
0:32:53 last
0:32:54 one
0:32:54 is
0:32:54 if
0:32:54 you
0:32:55 help
0:32:55 enough
0:32:55 people
0:32:56 you
0:32:56 don’t
0:32:56 have
0:32:56 to
0:32:56 worry
0:32:56 about
0:32:57 money
0:32:57 if
0:32:58 you
0:32:58 put
0:32:58 out
0:32:58 a
0:32:58 really
0:32:59 good
0:32:59 product
0:32:59 or
0:33:00 service
0:33:01 people
0:33:01 will
0:33:01 give
0:33:01 you
0:33:02 certificates
0:33:02 of
0:33:03 appreciation
0:33:03 with
0:33:04 president’s
0:33:04 faces
0:33:04 on
0:33:04 them
0:33:05 profit
0:33:05 is
0:33:06 the
0:33:06 by
0:33:07 product
0:33:08 of
0:33:09 serving
0:33:09 well
0:33:09 it’s
0:33:09 the
0:33:10 applause
0:33:10 your
0:33:11 customers
0:33:11 give
0:33:11 you
0:33:11 Ken
0:33:12 Blanchard
0:33:12 says
0:33:13 and
0:33:13 you
0:33:14 mentioned
0:33:14 that
0:33:15 these
0:33:15 drivers
0:33:16 they’re
0:33:16 not
0:33:16 a
0:33:16 checklist
0:33:17 right
0:33:17 they
0:33:17 kind
0:33:17 of
0:33:18 pour
0:33:18 into
0:33:18 each
0:33:19 other
0:33:19 and
0:33:20 have
0:33:20 a
0:33:21 flywheel
0:33:21 effect
0:33:21 so
0:33:21 can
0:33:21 you
0:33:22 explain
0:33:22 that
0:33:22 I
0:33:22 know
0:33:22 you
0:33:22 were
0:33:23 kind
0:33:23 of
0:33:23 alluding
0:33:23 to
0:33:23 that
0:33:24 before
0:33:24 but
0:33:24 now
0:33:24 that
0:33:24 you
0:33:25 broke
0:33:25 it
0:33:25 all
0:33:25 down
0:33:25 can
0:33:25 you
0:33:26 explain
0:33:26 how
0:33:26 it’s
0:33:26 not
0:33:27 really
0:33:27 just
0:33:27 a
0:33:27 checklist
0:33:28 that
0:33:28 you
0:33:28 go
0:33:28 through
0:33:29 because
0:33:29 you
0:33:29 get
0:33:29 to
0:33:30 do
0:33:30 it
0:33:30 again
0:33:30 and
0:33:30 it
0:33:31 does
0:33:31 flywheel
0:33:31 and
0:33:32 pour
0:33:32 into
0:33:32 each
0:33:32 other
0:33:32 you’re
0:33:33 exactly
0:33:33 right
0:33:33 so
0:33:34 for
0:33:34 instance
0:33:35 once
0:33:35 we
0:33:35 get
0:33:36 around
0:33:36 the
0:33:36 wheel
0:33:37 of
0:33:37 the
0:33:37 six
0:33:38 drivers
0:33:38 you’re
0:33:38 sitting
0:33:39 on
0:33:39 that
0:33:39 profit
0:33:39 one
0:33:40 okay
0:33:40 and
0:33:40 you’re
0:33:41 making
0:33:41 some
0:33:41 money
0:33:42 well
0:33:42 you’re
0:33:42 going
0:33:42 to
0:33:42 grow
0:33:43 and
0:33:44 in
0:33:44 order
0:33:44 to
0:33:44 grow
0:33:44 we
0:33:44 go
0:33:45 back
0:33:45 to
0:33:45 personal
0:33:46 and
0:33:46 the
0:33:47 person
0:33:47 has
0:33:47 to
0:33:47 get
0:33:47 bigger
0:33:48 to
0:33:48 grow
0:33:49 and
0:33:49 so
0:33:49 if
0:33:49 you
0:33:50 haven’t
0:33:50 changed
0:33:50 since
0:33:51 you
0:33:51 left
0:33:51 the
0:33:51 thing
0:33:52 and
0:33:52 came
0:33:52 around
0:33:53 it’s
0:33:53 going
0:33:53 to
0:33:53 stall
0:33:54 out
0:33:54 you’ve
0:33:55 got
0:33:55 to
0:33:55 get
0:33:55 better
0:33:56 and
0:33:56 then
0:33:57 you’ve
0:33:57 got
0:33:57 to
0:33:57 drive
0:33:57 the
0:33:58 purpose
0:33:58 deeper
0:33:58 into
0:33:59 the
0:33:59 team
0:34:00 and
0:34:00 deeper
0:34:00 into
0:34:00 the
0:34:01 client
0:34:01 base
0:34:01 and
0:34:01 deeper
0:34:02 into
0:34:02 the
0:34:02 vendor
0:34:02 base
0:34:03 than
0:34:03 it
0:34:03 was
0:34:04 before
0:34:04 or
0:34:04 it
0:34:04 won’t
0:34:05 spill
0:34:05 over
0:34:05 and
0:34:06 go
0:34:06 to
0:34:06 the
0:34:06 next
0:34:07 and
0:34:07 now
0:34:07 we’re
0:34:07 going
0:34:07 to
0:34:07 get
0:34:08 better
0:34:08 at
0:34:09 hiring
0:34:09 and
0:34:09 we’re
0:34:09 going
0:34:09 to
0:34:10 start
0:34:10 developing
0:34:11 our
0:34:12 second
0:34:12 layer
0:34:12 of
0:34:13 leadership
0:34:14 a
0:34:14 higher
0:34:14 level
0:34:14 of
0:34:15 competence
0:34:15 because
0:34:16 we’re
0:34:16 able
0:34:16 to
0:34:16 hire
0:34:16 more
0:34:17 people
0:34:17 and
0:34:18 or
0:34:18 better
0:34:19 quality
0:34:19 people
0:34:20 people
0:34:20 that
0:34:20 are
0:34:20 smarter
0:34:20 because
0:34:21 now
0:34:21 we’ve
0:34:21 got
0:34:21 a little
0:34:21 more
0:34:21 money
0:34:22 but
0:34:22 it
0:34:22 brings
0:34:23 with it
0:34:23 a whole
0:34:23 other
0:34:23 set
0:34:23 of
0:34:24 problems
0:34:25 as well
0:34:25 as
0:34:25 opportunities
0:34:25 and
0:34:26 so
0:34:26 again
0:34:26 they
0:34:27 just
0:34:27 keep
0:34:27 pouring
0:34:27 around
0:34:28 and
0:34:28 then
0:34:28 by
0:34:28 the
0:34:29 time
0:34:29 you
0:34:29 make
0:34:29 a
0:34:29 little
0:34:29 more
0:34:30 money
0:34:30 and
0:34:30 you
0:34:30 come
0:34:30 around
0:34:31 now
0:34:31 you’ve
0:34:40 like
0:34:41 once
0:34:41 per
0:34:42 stage
0:34:42 you
0:34:43 know
0:34:43 sometimes
0:34:43 you
0:34:43 might
0:34:44 turn
0:34:44 all
0:34:44 the
0:34:44 way
0:34:44 around
0:34:44 that
0:34:44 three
0:34:45 or
0:34:45 four
0:34:45 times
0:34:45 in
0:34:45 a
0:34:46 stage
0:34:46 that’s
0:34:46 very
0:34:47 possible
0:34:47 I know
0:34:47 we have
0:34:48 at
0:34:48 Ramsey
0:34:48 as we’ve
0:34:49 looked at
0:34:49 it
0:34:50 it makes
0:34:50 me think
0:34:51 now that I have
0:34:57 problems I can be like well is this people is this product what is the actual problem is it me
0:34:58 what’s stalling the flywheel
0:34:59 yeah
0:35:02 it is one of those buckets is stopped up
0:35:06 when it comes to personal I know a lot of entrepreneurs start out being really tactical
0:35:09 right we’ve just got to be scrappy we’re wearing so many different hats
0:35:27 and then as you grow for example now I have 60 people who work at yap all around the world I have to become more strategic but I was programmed that I do well or good things happen when I’m tactical so it’s sometimes really hard for me to just be strategic so what did
0:35:30 advice do you have for moving from tactical to strategic as an entrepreneur
0:35:33 when I started I couldn’t spell strategic
0:35:41 all I was was tactical I’m an old salesman and so get up leave the cave kill something drag it
0:35:45 home I mean that’s about as tactical as it gets right and so push something if nothing
0:35:51 shoved nothing happens so push something shove something kick something go go go go
0:35:56 go go lack of activity will kill you and that’s how we start and you should start
0:36:01 that way and you need to maintain that energy all the time because you should have folks on
0:36:05 your team at all times that are doing very tactical things and they need to feel the
0:36:10 energy and the importance of that tactical behavior because if all we have is an organization that
0:36:16 plans that’s called a dreamer and dreamers live in their parents basement we don’t want to be a dreamer we
0:36:22 want to be somebody executes dreams and so you move through the tactical the tactical has to be there
0:36:28 but I was beating my head against the wall at the treadmill stage and even up into the second stage
0:36:35 of pathfinder and so because there’s only so much tactical will move because it’s very inefficient
0:36:40 once you start putting some scale to it if it’s not the execution of a plan you know it’s kind of like
0:36:46 getting in the car and slamming on the gas and saying I’m going to Florida oh wait where’s Florida
0:36:52 I don’t have a plan I don’t have a map and you could end up driving in circles you could end up
0:36:56 driving the wrong direction it might be a good party we might have a lot of fun on the road trip
0:37:01 but we really are not very efficient about getting to Florida if you want to get to Florida you get the
0:37:07 map out and one of the map apps tells us the most efficient way and then we begin to execute
0:37:14 tactically on that strategic plan and so what happened with me was people kept talking to me
0:37:20 about this and I wasn’t very good at it and I’ve learned in the personal to be good at it but it
0:37:28 wasn’t my natural and I started hiring we ended up with some people with MBAs on our team and 100%
0:37:35 of the MBA programs in America masters in business teach strategic thought if you get an MBA it’s one of
0:37:39 the things you’re going to get out of getting an MBA I don’t have an MBA but I have observed this
0:37:44 and talked to a lot of MBAs that work for me or have worked for me over the years and strategic
0:37:49 thought is one of the things drilled into an MBA’s head and so they came on board and they’re like
0:37:53 Dave you’re missing this you need to do strategic thought and I’m like I don’t want to do it I want
0:37:58 to get work done and they’re like no your work will be more efficient and I’m like if you get above
0:38:03 it get a 30,000 foot view you can actually walk around the barrier instead of running through it
0:38:06 but you just have to know there’s a path around it and you can’t see it while you’re looking at it you got
0:38:12 to get above it okay okay okay okay so we always laugh at Ramsey and make fun of me and say well the
0:38:19 MBAs that we hired taught me strategic thought and I adopted it and I taught them how to work
0:38:27 I love that I love that now I know you’ve been teasing the stages so just so everybody’s on the
0:38:31 same page and understands all the different stages and then we can talk through drivers and stages some
0:38:37 more but what are the five different stages of a business well the first one is treadmill that’s
0:38:43 where we all start and you work your butt off and it’s very chaotic and everything depends on you you set
0:38:48 up the microphone you set up the chairs you set up the screen you set up the printing you create the
0:38:53 revenue and you create the product that creates the revenue and if you’re not at work nothing happens
0:38:58 you don’t really actually own a business when you’re at the treadmill stage you actually own your own job
0:39:02 because if you don’t come to work you don’t get paid a business if you don’t come to work you get paid
0:39:07 because it keeps running without you so you really don’t own a business yet and I didn’t either
0:39:13 you’re just working your tail off it’s exhausting it’s 16 hour days I would get home I would flop on
0:39:18 the couch and my wife would say what’d you do today I said I have no idea but I did a lot of it
0:39:22 you’re just working and running and running and running you don’t feel like you’re getting traction
0:39:25 that’s why we call it treadmill you don’t feel like you’re ever going to get out and if you don’t
0:39:31 begin to see a way out of that you will burn up more than burn out you’ll just burn up you’ll fry
0:39:37 the hours are crazy the stress is crazy the weight on your shoulders the whole thing depends on you
0:39:43 the dream is going to die if I take a minute off I can’t let it die I got to get this done
0:39:49 it’s a lot of fun you’re very important because you are very important that’s kind of nice and you can
0:39:56 really see the short-term feedback loop you get real quick results and real quick answers to your
0:40:02 questions because you’re it and that’s very rewarding but it’s not sustainable and so the way
0:40:08 you level up to the pathfinder stage the next stage is you work on a couple of things one is you work on
0:40:15 time management and you start with the idea of I have got to do some things that I have to think past
0:40:22 Friday I can’t quit I have to quit thinking short-term only and I’ve got to start time blocking and I’ve
0:40:27 got to say all right I have to block out time to be the product and I have to block out time to make
0:40:31 sure the accounting is done and I have to block out time to make sure the SEO people are doing their job
0:40:37 with the all the social media launches and reels and shorts and tick tock drops and whatever we’re
0:40:42 doing I got to watch over their shoulder as the leader and make sure they’re getting that done and
0:40:46 I have to block time for that it doesn’t happen unless I block time and I look at it and make sure it
0:40:51 happens so time management is one of the things you do to level up very careful time management time
0:40:56 away from the treadmill and then the second thing is you start making your first hires here
0:41:03 to where all the production of the actual unit of service or good is not dependent on you as a matter
0:41:09 of fact you quit doing it they do it you might be the product like you and I are but the video the
0:41:14 editing the placement uh the chopping up and sawdusting out of the actual piece of content in the case of
0:41:19 content people is not dependent on you you’re going to do your thing in front of the microphone then
0:41:23 somebody else is going to do all that so we start to put people in place which is where you are right
0:41:29 now you’ve done that in your case you usually have 10 to 50 or 60 people at this stage that would be
0:41:34 typical it’s not necessary to be at the stage but that’s about where you are so you start to delegate
0:41:40 the creation of the product and the creation of the revenue and now you’re starting to own a business
0:41:45 and then when you’ve done that along with time management you’ll level up and you go into
0:41:51 the pathfinder stage and at pathfinder is where you discover you’ve really got to lean into
0:41:56 your values and your people that you’re starting to hire have to be able to complete your sentences
0:42:04 what would dave do in this situation what would dave say in this situation and if they can complete your
0:42:09 sentences you’ve got a delegatable environment but if they don’t know what you would do then they’re
0:42:14 frozen every time a decision comes in front of them and so they haven’t been trained yet on the values and
0:42:19 they haven’t been trained on the decision making paradigms and so forth and so we train them we start
0:42:25 to build that level of delegatable people and then we move into trailblazer and trailblazer is the
0:42:31 biggest thing that holds you back in trailblazer is the middle it’s the middle one it is really frenetic
0:42:39 there’s a lot going on it’s so fabulous a lot of chaos and the thing holding you back now is what got
0:42:45 you here won’t get you there and so you’ve got to implement systems that are more sophisticated than
0:42:52 you’ve ever done processes that are more sophisticated than you’ve ever done technologies picking up the
0:42:56 weight of things that people have been doing on paper you’ve been killing two dadgum many trees
0:43:00 we’ve got to get this digitized we’ve got to get this accounting system where it’s efficient
0:43:05 and automated not where we have to pull 17 spreadsheets together to make a basic accounting
0:43:11 system work that’s ridiculous but it got us here but it won’t get us there it’s not taking you out
0:43:13 it’s not going to keep you but it’s going to keep you from moving forward and getting bigger
0:43:20 and so you really start working on systems and processes i resisted this stage a lot because i
0:43:25 didn’t want to be corporate america i didn’t want a bunch of rules i didn’t want a bunch of freaking
0:43:30 policies policy manuals and people saying well accounting said we can’t do this or legal said
0:43:36 we can’t do this bullcrap we got to get this done and i didn’t want that and so i resist processes
0:43:42 because i like the chaos of entrepreneurism but it won’t get you there you’ve got to increase your
0:43:46 sophistication level and start to do those things and this is also the place where you start doing
0:43:53 your first real serious strategic planning where you really start looking forward not just two weeks
0:43:59 out but a good solid six month and one year plan probably some rolling 18 strat ops are going to go
0:44:04 on where you do strategic operations you do some off sites you sit down you shut everything down get the
0:44:09 best minds in the room where are we going how are we going to get there you convert the strategic plan
0:44:15 into tactical breakouts of defined objectives and you get in gear and push it through and the team
0:44:18 is all bought into it we all know where florida is and we all know how we’re going to get there and we
0:44:23 know george is going to make sure the tires are good and sally’s going to make sure that the car’s got gas
0:44:27 and henry’s going to make sure we got lunch in the back and so on whatever we got to do to get there
0:44:31 what are the defining objectives that keep us from getting there if we don’t do them and get us there if
0:44:38 we do do them when you do that you move up to peak performer the fourth stage that might take you 20
0:44:45 years to do that it’s not going to be 20 months i don’t know how many years it’s not a set number of
0:44:50 years but we have observed that people will move through these things and only to the extent they do
0:44:56 the stuff to level up will they move into that next stage but the next one is a sweet spot peak performer
0:45:08 oh you’re making so much money it’s unbelievable your team is incredible they can finish your sentences
0:45:14 stuff is getting done better than you would have done it because they know stuff you don’t know
0:45:20 they’re taking you places that you couldn’t have thought of they’re teaching you things when you’re
0:45:25 the owner the leader that you didn’t even know and so the six drivers are spinning all throughout this
0:45:31 you can hear them in there as i was doing this almost but there’s only one negative thing about
0:45:38 peak performer it’s so freaking good everything’s going so good that you forget to break it but you
0:45:43 better break it before it breaks you better break it before it’s broken you better continue to iterate
0:45:48 you better send a jolt of energy and lightning ever so off shock the crud out of people ever so often
0:45:54 and stick a cattle prod on the thing and get it moving because you will kick back and ride on how
0:45:59 cool and how great and how profitable you are and you’ll start to believe you’re a big deal and you’re
0:46:05 not you’re just doing good that’s all this one’s real easy to settle in because everything’s going so
0:46:10 good that you can take your hand off the wheel and put your feet up on the dash and run the car in the
0:46:14 ditch don’t do that you’ve got to keep driving you got to keep thinking you got to keep getting better
0:46:19 you got to keep iterating you got to keep killing bad products and inventing new ones you got to keep
0:46:24 going and then once you do that you will naturally roll into the last one which is where ramsey is which
0:46:31 is the legacy stage that’s where we start talking about exit succession planning we start talking about
0:46:38 how this thing survives the individual whether it’s through a sale whether it’s through a succession
0:46:45 plan in our case my children are in their 30s and 40s and they are the owners of ramsey all but one
0:46:51 percent and i own the only voting stock so i’m still in charge but anyway the ownership has already
0:46:58 passed the leadership team can carry this without me we now have multiple other brands other than me
0:47:04 on the stage on the microphone called ramsey personalities and the show is actually gets higher
0:47:09 ratings when they’re on than when i’m on which is distressing to me personally but it was the plan so
0:47:14 it’s kind of insulting but yeah it’s real it means our plan’s working we’ve been working on that for 16
0:47:20 years by the way wow wow while we were riding along in peak performer we’ve been working on how we’re
0:47:24 going to create a succession plan how we’re going to implement it we kept asking ourselves if dave dies this
0:47:30 year how much of this place survives when we started it was three percent would survive 16 years ago because
0:47:36 i was 100 dependent on my being the product even though we were in the peak performer stage but
0:47:42 nowadays it’s 97 would survive without me and so i’ve worked myself out of a job so to speak which
0:47:46 means i’m a fabulous leader but it also hurts my feelings on a personal level
0:47:54 sometimes you got to get ego out of the way right for what’s best for the business yeah so when i was
0:47:59 thinking about this and learning about all these stages i was imagining like our company where we’re
0:48:06 at i think we’re like somewhere between the pathfinder and the trailblazer stage right now and when i was
0:48:13 thinking about being a treadmill entrepreneur i found myself thinking you know i feel like parts of our
0:48:19 business have moved back to treadmill because now it’s way slower to hire the people who used to be
0:48:26 directly working for me are now leading departments and then i find myself again working a lot because we
0:48:31 haven’t hired fast enough because we have all these new fancy processes and i used to just go on linkedin and
0:48:36 poach whoever i wanted and now it might take three months and then that compounds and then suddenly
0:48:43 i’m doing grunt work that i wasn’t even doing two years ago now i’m doing it again right so is it
0:48:50 possible to actually move some of your business back to certain stages anything that’s new or broken
0:48:57 is going to start at treadmill and so you can have a company an organization that’s running all the way up
0:49:02 but pathfinder but when you launch a new product everybody on the brand new product it starts a
0:49:07 treadmill we’re all gutting it until we get the thing up and moving and when that product starts to
0:49:12 monetize or that service starts to monetize you can fill positions to carry it but in the meantime
0:49:18 it’s somebody’s got two jobs i gotta lift this new baby out of nick you so anytime you’re launching it or
0:49:23 if you have something that gets in the ditch we’ve had product lines that got the flu and then they got
0:49:28 pneumonia and they were sick you know and now we have to stop and take care of the ill patient
0:49:34 and then how do you get them going well you paddles clear you know and you’re boom and you get them
0:49:39 going again and that’s like starting a brand new product almost so yeah it’s going to start a treadmill
0:49:45 the good news is those departments or those product launches are recovering areas they’ll blast through
0:49:50 the stages and catch up with the organization pretty quick because the organization is not functioning at
0:49:54 that level we’ll be right back after a quick break from our sponsors
0:50:04 now i know you were talking about this lid on leadership the note that john maxwell says the law
0:50:10 of the lid right and you mentioned some characteristics about leaders like they’re servant leaders they’re
0:50:18 humble they can be godly visionary how can we start to learn how to be a better leader and start to
0:50:24 emulate those characteristics what i did was i read every book i could get my hands on
0:50:31 of successful people i read a lot of biographies of business people that were successful and i started
0:50:37 noticing a trend in the leadership literature and in the biographies that the best leaders in the world
0:50:45 the world-class leaders are other centered they’re serving they care about the outcome of the individual
0:50:51 and of the organization at the same time and even the personal situation of the individual the team
0:50:59 member and so i can love my team and one act of love is not allowing them to work here because
0:51:05 they’re incompetent here which means they must be competent somewhere else and so working with them and
0:51:10 teaching them and lovingly guiding them and then having a difficult conversation or two or six
0:51:16 and saying you know this is not working we probably need to find you something else to do you’re not
0:51:22 fitting here this isn’t working we have 1100 team members we probably have close to 2000 people over 35
0:51:27 years that used to work here and they either left of their own accord because they got married and had kids
0:51:33 or they left because they moved or they left because they got a better job or they left because we let them go
0:51:39 the vast majority we did not let go we don’t have that many firings around here but we are not going to
0:51:46 sanction incompetence or misbehavior or lack of character interacting with each other we don’t have
0:51:50 people messing with each other and that kind of stuff we don’t we don’t do that here and you can’t be a
0:51:56 we if you do that so what it took me a while to figure out was was that i was loving someone well
0:52:03 by not allowing them to sit in the poop if they’re just sitting in the poop it doesn’t work and we’ve
0:52:08 all been in situations where we’re just not good at something and it’s just it’s frustrating for us
0:52:12 oh by the way it’s frustrating for the customer oh by the way it’s frustrating for that person’s leader
0:52:17 oh by the way everybody’s pissed but we’re not admitting it because we don’t want to do anything
0:52:23 about it because it sounds like it’s mean to do conflict it’s not mean it’s mean to not do conflict
0:52:31 we say around ramsey it’s unkind to be unclear we need to be very kind and clear and very blunt
0:52:37 with folks and we don’t have to wait to do annual reviews if we’re in the middle of a project and
0:52:41 something’s not going right because of an individual we pull the individual aside and talk about it right then
0:52:46 then we don’t embarrass them or shame them in front of the rest of the team but we don’t let this stuff
0:52:53 lay around and consequently we have an incredibly productive wonderful culture where people trust
0:52:58 each other and things move at the speed of trust when i was reading your book i saw that you have
0:53:05 a 90-day period for onboarding we actually do this at yap and i’ve been loving it because within 90 days
0:53:12 if somebody is not able to get up to speed on a job it’s really great that they know and we know that
0:53:18 there’s like a probationary period for them and that they can be let go and there’s no hard feelings it
0:53:23 didn’t work out it’s already pre-planned that they’re going to get evaluated so talk to us about that and
0:53:29 how that’s helped improve your hiring and it works the other way too that for the team member they don’t
0:53:34 have to sit and wring their hands and feel like they let everybody down or everybody’s going to be mad or
0:53:40 whatever it’s this is a probationary period and so we don’t require a two-week notice anyway but you don’t
0:53:44 need a two-week notice you just need to come in and go you know i’m just this isn’t working and we’ve had
0:53:49 some funny ones some weird ones over the years during that time you know we had one guy come to work
0:53:57 here about a year and a half ago and he sat down and we do a three-day in-depth onboarding and after
0:54:03 the three-day in-depth onboarding he sat down at his desk and he had like a panic attack an anxiety
0:54:11 thing and he’s like i just can’t do this and we’re like what he goes i this i what i signed up for i just
0:54:18 and he really even couldn’t verbalize what was wrong but he quit that day four days he’d been here
0:54:25 oh my god that’s better than 40 months of lack of productivity and everybody around him’s
0:54:30 frustrated and he’s angry and he doesn’t even know why he couldn’t even verbalize what the panic was
0:54:36 from but that’s okay i get it i mean hilarious when we hired a kid that owned a landscaping company and
0:54:41 he’d sold it and he was like 22 years old or something and he wanted to work in an office he wanted to
0:54:46 work in a white collar setting instead of pushing a lawnmower and you know we went through the whole
0:54:50 interview process the whole onboarding thing he was going to be in customer sales and he put on the
0:54:56 headset sat down started making calls started taking calls and he was there about two hours and he like
0:55:02 at lunch he ripped the headset off went running out the door we never saw him again oh my god it took two
0:55:08 days to get in touch with him and we said what’s the thing he goes i just can’t work inside what part of
0:55:12 working at a our company did you not think was inside i mean you know how did you miss that part
0:55:19 in the interview it’s like hilarious but i can’t work inside so yeah we we laughed at the uh hr team
0:55:23 and the recruiters we said hey you have to start telling people that we work inside as part of the
0:55:31 onboarding but yeah i mean that’s okay let them go that’s better than the pain of somebody staying in a
0:55:36 job they hate they start to hate themselves they start to hate the boss they start to hate the company
0:55:41 they start to detest the very organization that feeds their family which is betrayal and lack of
0:55:46 loyalty that’s ridiculous and it happens because leaders aren’t strong and aren’t strong enough to
0:55:52 let somebody go during that 90 day period on the flip side there’s a lot of internal promotions that
0:55:57 are going on especially when it comes to the trailblazer stage and you’ve got to really pull people
0:56:01 into leadership so what are you looking for when you’re pulling somebody into a leadership position
0:56:09 well leadership is service again doing a task is one thing leading people doing that task is a whole
0:56:16 different skill set leading people is different than task orientation we’ve got probably 500 people on
0:56:22 our tech team writing code for software engineers platform people architect people so on all the way
0:56:29 through the organization because everything’s digital today of course and a lot of those tech guys our
0:56:35 gals are really really good at the execution of the tech writing the code building the code making the
0:56:41 website do what it’s supposed to do that’s a whole different skill than leading tech people leading tech
0:56:47 people it’s a science unto itself because they’re different most of them are introverted so you’re really
0:56:51 looking at how we’re going to lead how we’re going to love them well how you’re going to serve them
0:56:57 well so in other words a great salesman might not be a great sales manager because sales management
0:57:02 leading sales people is different than making a sale now they can empathize and sympathize with
0:57:07 what’s going on naturally because they’ve been there and the natural path is for them to move into
0:57:12 leadership from having done the task but we just have to identify that the rest of the leaders have
0:57:18 to train the new leader to be a leader not just a salesman not just a tech now Dave I want to be
0:57:25 respectful of your time before we close my last two questions I want to ask you what advice would you
0:57:32 give to an entrepreneur right now who wants to start their own media business do it start it don’t get
0:57:39 married to your first microphone your first set I think I’m sitting in my seventh or eighth studio I’ve
0:57:46 built in 30 years don’t get married to a platform like we said earlier platform agnostic I would be on
0:57:54 everything I wouldn’t just be a youtuber or just be a tick tocker I think that’s a mistake now each of the
0:57:58 platforms we all know watching this or participating in this hey they have different personalities and you
0:58:05 have to put different versions of you in that I know that I’m not saying that at all but you need to
0:58:11 get good enough at all of them and start using all of them and it doesn’t cost anything just go do it
0:58:18 you’ll mess it up well so what I’m convinced about 90 percent of the ideas that we’ve had at Ramsey
0:58:22 including me during the 33 years I’ve done this about 90 percent of them suck
0:58:30 that we survived them we lost money we lost reputation we look back on that stuff and we
0:58:37 look that’s pitiful you were awful those old tapes make me laugh but do it anyway because you don’t
0:58:43 know which 10 percent is going to work quit doing the stuff that doesn’t work obviously and every idea
0:58:47 I have is a good one when I’m out walking in the morning right or having a cup of coffee every idea is
0:58:52 a good one but when it hits the market most of them aren’t so go do it anyway and keep going keep going
0:58:58 don’t stop don’t stop never quit I love the motivation you taught us so much today so I’m
0:59:03 going to end this show with two questions that I ask all of my guests the first one is what is one
0:59:09 actionable thing our young and profiters can do today to become more profitable tomorrow make sure
0:59:16 you’re always wearing your customer shoes quit thinking about how you can make money think about how
0:59:21 how you can make their life better and they’ll give you money I love that and what would you say
0:59:29 your secret to profiting in life is and this can go beyond business well in my case when we went broke
0:59:36 I had met God on the way up I got to know him on the way down my walk with God has changed my entire
0:59:43 life I’m a different man I’m a different dad I’m a different husband I’m a different leader and that faith
0:59:50 journey is woven into any story that is a Dave Ramsey story that might not be true for others
0:59:54 but that’s the answer to my question and where can everybody learn more about you and everything that
1:00:01 you do oh it’s pretty well everywhere I think you can find it but Ramsey solutions.com is the
1:00:05 mothership website and you can find all the stuff going on there I’m sure everybody knows where to
1:00:10 find you Dave thank you so much for joining us on young and profiting podcast honor to be with
1:00:12 you very good job thank you for having me
1:00:21 young and profiters I got to give a huge thank you to Dave Ramsey for joining us if you’re walking
1:00:26 away inspired you’re not alone Dave’s journey is yet another stark reminder that being an entrepreneur
1:00:33 is a long hazardous road and success does not happen overnight and often not after many years of hard
1:00:39 work some of the best in the business like Dave started relatively late and got off to incredibly
1:00:46 rough starts as he joked when he started he couldn’t even spell strategic and the 33 year old version of
1:00:53 himself would have not even been hired at his company today and yet Dave persisted he turned up every day
1:00:59 made a ton of free content most of which he says was not very good and he scratched and clawed his way
1:01:04 forward up the mountain and today he can look back from its peak and recognize some of the key
1:01:10 stages in that journey and whether you’re still on that early treadmill or have moved up onto being a
1:01:16 pathfinder trailblazer or peak performer in your business every single step on your journey is going
1:01:22 to have its own unique challenges and sometimes you may take a few steps back before you can start
1:01:28 forward again no matter what stage you’re at don’t get comfortable like Dave put it don’t get married to
1:01:35 your first microphone don’t limit yourself to just one platform or shy away from chasing ideas yes even the
1:01:43 ones that might turn out to suck failure is a great teacher learn pivot and keep moving forward if you enjoyed
1:01:48 this episode of young and profiting with the legend Dave Ramsey make sure to share it with somebody who’s
1:01:53 ready to take their business and their life to the next level and if you picked up something valuable
1:01:58 today we’d really appreciate it if you left us a comment on youtube or a five-star review on apple
1:02:04 podcast spotify wherever you listen or watch the show and if you prefer to watch your podcast you can
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1:02:15 there and if you want to connect with me you can find me on instagram at yap with hala or linkedin just
1:02:20 search my name it’s hala taha and of course i gotta shout out my incredible yap team it takes a whole
1:02:36 village to put on this show you guys rock this is your host hala taha aka the podcast princess signing off
1:03:09 Thank you.