WEBVTT - BUSINESS LESSONS THAT AREN'T TAUGHT IN SCHOOL

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>When you talk about the franchise business that you had

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<v Speaker 3>a little bit because you had it's called super Weave Express,

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<v Speaker 3>Yeah super so what what was the so? All right,

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<v Speaker 3>super Weave Expressed. I'm assuming it was weaves.

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<v Speaker 4>Hair extensions, hairstention of full service of.

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<v Speaker 2>The business man.

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<v Speaker 3>So that's a billion dollar business. Right. We talked about

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<v Speaker 3>the hair business, but not really in depth. But what

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<v Speaker 3>made you want to go into as a man? What

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<v Speaker 3>made you want to go into a woman's industry?

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<v Speaker 4>Man? You know?

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<v Speaker 5>I mean it's it's it's a supplying demand thing, right,

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<v Speaker 5>So as entrepreneur, you know, you got a supply a

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<v Speaker 5>product and if there's a demand for it and there's

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<v Speaker 5>a spread, then you can make a profit.

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<v Speaker 4>And that's the only reason why I looked at it.

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<v Speaker 5>Actually, the founders of that company are actually from my hometown,

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<v Speaker 5>port art To, Texas, and they had several locations and

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<v Speaker 5>I sat down with them and they showed me the

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<v Speaker 5>revenue numbers and their store was doing like half a

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<v Speaker 5>million dollars a year, and I was like, man, I

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<v Speaker 5>had no idea the weaves.

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<v Speaker 3>Yeah, it was a physical brick and mortar store.

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<v Speaker 5>Brick and mortar store they had, they had a stylist there,

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<v Speaker 5>and they it was a commission based salon, so they

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<v Speaker 5>got a percentage of the commission. But they did all

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<v Speaker 5>the marketing, they did all that advertising, and then they

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<v Speaker 5>assigned clients to the customers that they came in, and

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<v Speaker 5>they also supplied the hair, so they bought it at

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<v Speaker 5>the wholesale price sold it that retail.

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<v Speaker 2>So you bought a franchise correct, Yeah, brought franchi. What's

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<v Speaker 2>that process like? Because I think we spoke about that

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<v Speaker 2>in one of our early episodes about being a franchise e.

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<v Speaker 2>What's that process like? And how'd you get involved?

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<v Speaker 5>So the whole franchise model is basically, instead of you

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<v Speaker 5>starting a business from scratch, you are identifying somebody that

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<v Speaker 5>already has a business that appears to be successful, and

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<v Speaker 5>you're paying them to use their branding, to use their

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<v Speaker 5>their business model, you know, their business plan, and in exchange,

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<v Speaker 5>you're going to pay them up front, you know, as

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<v Speaker 5>a as a fee to get in, and then monthly

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<v Speaker 5>they're going to take a percentage of your revenue, you

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<v Speaker 5>know what I mean.

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<v Speaker 4>And so that's that's what your franchise fee is. And

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<v Speaker 4>the thing.

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<v Speaker 5>That most people don't realize is that the average business

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<v Speaker 5>is only profitable within the fifteen to twenty percent margin range. Right,

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<v Speaker 5>So then when you're a franchise e, if that franchise

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<v Speaker 5>says their royalty is what it's called if it's forty

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<v Speaker 5>eight percent, that's for eight percent of your gross So

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<v Speaker 5>they are a top line expense. They don't wait to

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<v Speaker 5>see if you're profitable or not on the back end.

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<v Speaker 5>So franchises, they can be good because it takes a

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<v Speaker 5>lot of the risk out of what you're doing, but

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<v Speaker 5>your profitability goes down.

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<v Speaker 4>You said that's the trade off.

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<v Speaker 3>Can you can you explain that when you said the

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<v Speaker 3>average business is profitable fifteen to twenty percent in the

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<v Speaker 3>profit market, can you explain that, like what that means

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<v Speaker 3>to the average person that may not understand that.

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<v Speaker 5>So the biggest issue that I see with a lot

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<v Speaker 5>of us, a lot of the biggest thing that we

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<v Speaker 5>have a lack of exposure to when we start businesses.

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<v Speaker 5>We listen to what somebody clots is their revenue, right,

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<v Speaker 5>and that's the growth. So that's every dollar you've taken in.

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<v Speaker 5>But that doesn't include what your what your rent cost is,

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<v Speaker 5>what your labor cost is, Yeah, your what your what

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<v Speaker 5>your product cost is. You know, even when you bring

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<v Speaker 5>in money, if you're in a business that has a

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<v Speaker 5>lot of merchandise and products, even if you have profit,

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<v Speaker 5>usually if your business is grown, you got to take

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<v Speaker 5>all of that revenue and put it right back in

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<v Speaker 5>the business to re up on your inventory and probably

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<v Speaker 5>buy more inventory to keep up with your demand. So

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<v Speaker 5>there's a lot of money you can't really pull out

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<v Speaker 5>that pipe. Then you got like utilities, you got taxes,

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<v Speaker 5>you got all these expenses that come along with running

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<v Speaker 5>a business, and then what's left is profit. So and

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<v Speaker 5>most of the time that's fifteen to twenty percent, especially

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<v Speaker 5>if you're brick and mortar.

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<v Speaker 2>You said that was one of your business mistakes, is

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<v Speaker 2>getting into a business based on that revenue and not

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<v Speaker 2>their net profit.

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<v Speaker 4>That's it.

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<v Speaker 2>How did that come about? How did you realize, like,

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<v Speaker 2>this was a mistake that I made.

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<v Speaker 5>Well, this business specifically, so when we opened, we hit

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<v Speaker 5>a home run. You know, the first year we did

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<v Speaker 5>four hundred and fifty thousand revenue. It's like sixty percent

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<v Speaker 5>from the retail side and forty percent from the services side,

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<v Speaker 5>which is a hairslon. But the expenses were so high

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<v Speaker 5>and we had to keep so much money tied up

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<v Speaker 5>in it that at the end of the year, what

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<v Speaker 5>was left on the table was about sixty thousand dollars.

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<v Speaker 2>Wow.

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<v Speaker 5>And then I had a partner, so now you're splitting

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<v Speaker 5>two ways. So now for all that work, you make

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<v Speaker 5>thirty thousand dollars a year.

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<v Speaker 3>Oh that's crazy? Can you can you just go into that.

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<v Speaker 3>You said that your your net was six hundred thousand,

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<v Speaker 3>four hundred and you you netted sixty thirty. Yeah all right,

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<v Speaker 3>yeah thirty? How did that happen? Okay?

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<v Speaker 5>So number one, we went We wanted to be in

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<v Speaker 5>the prime area, so we went and got a retail

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<v Speaker 5>space in a shopping center. We were like between a

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<v Speaker 5>salad beauty supply and the SAMs, and so that was

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<v Speaker 5>like five grand a month right there off the top. Then,

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<v Speaker 5>since neither he nor I were stylists or we know

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<v Speaker 5>how to run us along, we had to hire a

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<v Speaker 5>manager and we had to have an assistant. So that's

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<v Speaker 5>seventy grand right there. And then you know the revenue

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<v Speaker 5>for the hair extensions, you know, only about thirty thirty

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<v Speaker 5>five percent that's profit.

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<v Speaker 4>So we spent two hundred thousand on that.

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<v Speaker 3>So you know.

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<v Speaker 5>That that river new looks like it's really high, but

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<v Speaker 5>when you look at all those fences, it gets really

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<v Speaker 5>gets smaller. Then you got utilities, you got product, you

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<v Speaker 5>gotta keep in us loan for the stylus to be

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<v Speaker 5>able to use. You got marketing and advertising. We were

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<v Speaker 5>spending like five grand a month to stay on the

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<v Speaker 5>radio to keep people walking through the door.

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<v Speaker 4>You got insurance earners.

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<v Speaker 3>What's up?

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<v Speaker 2>You ever walk into a small business and everything just

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<v Speaker 2>works like the checkout is fast, or seats are digital,

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<v Speaker 2>tipping is a breeze, and you're out the door before

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<v Speaker 6>You just realized your business needed to hire someone yesterday.

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<v Speaker 4>So it's a lot of expense that's tied to that business.

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<v Speaker 2>And this is what this is twenty seventeen.

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<v Speaker 4>This was two thousand and fourteen, twenty fifteen.

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<v Speaker 3>Okay, yeah, I'm glad you said that because a lot

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<v Speaker 3>of times people don't fully understand a reason why most

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<v Speaker 3>businesses fail, right financial issues. You don't fully understand what

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<v Speaker 3>goes into making a business. So even if you make

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<v Speaker 3>almost in your case, almost a half a million dollars

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<v Speaker 3>a year, you still might be broke. You end up

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<v Speaker 3>making thirty thousand dollars just like you could have worked

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<v Speaker 3>a part time job really and now, but that business

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<v Speaker 3>is probably taking like ten hours a day for you

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<v Speaker 3>to actually run maybe even.

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<v Speaker 5>More exactly right. And we were open seven days a week,

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<v Speaker 5>so there was no days off, you know. W Yeah,

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<v Speaker 5>so even though you have a manager, and manager still

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<v Speaker 5>looks to the owner and make final decisions.

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<v Speaker 4>On things, so you're on call all the time. You know.

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<v Speaker 5>I tell people a lot of times what you said

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<v Speaker 5>is exactly right. You may leave the comfort of a

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<v Speaker 5>job to start a business not really realize that you

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<v Speaker 5>just created another job for yourself with less benefits, with

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<v Speaker 5>nothing to fall back on, you know. So it it's

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<v Speaker 5>got to be the right decision. You got to really

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<v Speaker 5>understand the business you're getting into.

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<v Speaker 3>Now that's a fact. So what would you what would

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<v Speaker 3>your suggestion be as far as an entrepreneur, an inspiring

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<v Speaker 3>entrepreneur that is going out there, would you say that,

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<v Speaker 3>you know, looking at expenses is just as important as

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<v Speaker 3>looking at what they could potentially make.

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<v Speaker 4>Much more important, much more important, much more important.

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<v Speaker 5>Yeah, And you know, and I highly advocate getting a

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<v Speaker 5>mentor somebody that's doing it.

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<v Speaker 4>And you know, because it's.

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<v Speaker 5>Hardly a business you're gonna find where somebody else isn't

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<v Speaker 5>already running a business like it. And I encourage people

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<v Speaker 5>to try to find somebody in a different market that's

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<v Speaker 5>doing the same thing so that they're more open and

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<v Speaker 5>willing to talk to you about the ins and outs.

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<v Speaker 5>The nasty part that people don't talk about, you know

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<v Speaker 5>what I mean, because they won't feel they're creating their competition.

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<v Speaker 5>But a lot of times, a lot of them just

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<v Speaker 5>want to vent and they want to talk about, you know,

0:10:46.880 --> 0:10:49.120
<v Speaker 5>the real issues, and they don't want to confide in

0:10:49.160 --> 0:10:52.600
<v Speaker 5>their friends that their immediate circle because everybody looks up

0:10:52.600 --> 0:10:54.560
<v Speaker 5>at them puts them on a pedestal for having this business.

0:10:54.920 --> 0:10:56.959
<v Speaker 5>But so it kind of gives you an opportunity to

0:10:56.960 --> 0:10:59.400
<v Speaker 5>be a sounding board and really learn the business.

0:11:01.080 --> 0:11:04.800
<v Speaker 3>And also, experience is always the best teacher as well.

0:11:04.960 --> 0:11:06.680
<v Speaker 3>I mean, no matter how much, you're still gonna have

0:11:06.679 --> 0:11:09.560
<v Speaker 3>to make mistakes to learn your own. Yeah, but like

0:11:09.640 --> 0:11:11.439
<v Speaker 3>you said, you kind of curve the learning curve a

0:11:11.480 --> 0:11:13.880
<v Speaker 3>lot if you actually have a mentor or you're working

0:11:13.920 --> 0:11:14.440
<v Speaker 3>under somebody.

0:11:14.440 --> 0:11:17.040
<v Speaker 2>For it's not about what you what you make, it

0:11:17.080 --> 0:11:18.760
<v Speaker 2>is about what you keep now yeah sure.

0:11:18.720 --> 0:11:21.000
<v Speaker 5>Yeah, and your school kind of conditions us to try

0:11:21.040 --> 0:11:22.640
<v Speaker 5>to learn how to get it right on our own first.

0:11:23.240 --> 0:11:24.959
<v Speaker 5>Don't cheat, don't copy off for somebody. But when you

0:11:25.000 --> 0:11:26.840
<v Speaker 5>get in the world of business, your best bet is

0:11:26.880 --> 0:11:27.920
<v Speaker 5>to copy the right cat.

0:11:28.679 --> 0:11:31.040
<v Speaker 3>Try to read. That's you know, that's a good point.

0:11:31.080 --> 0:11:33.360
<v Speaker 3>That was excellent. Now that's actually a really good point.

0:11:33.640 --> 0:11:34.800
<v Speaker 3>Never really thought about it like that.

0:11:35.080 --> 0:11:37.000
<v Speaker 5>Well, I mean, and that's something I teach too, like

0:11:37.040 --> 0:11:39.840
<v Speaker 5>because I mean, so many people in corporate America that

0:11:39.880 --> 0:11:42.120
<v Speaker 5>are trying to get out and I just tell them.

0:11:42.160 --> 0:11:44.319
<v Speaker 5>Number one, you got to retrain the way you think

0:11:44.320 --> 0:11:46.720
<v Speaker 5>about everything because school now only school teach you not

0:11:46.800 --> 0:11:49.840
<v Speaker 5>to cheat. School teaches you that if you're wrong more

0:11:49.880 --> 0:11:51.720
<v Speaker 5>than ten percent of the time, you are not the best.

0:11:52.760 --> 0:11:54.520
<v Speaker 5>All A students got to be writing ninety percent of the

0:11:54.559 --> 0:11:57.680
<v Speaker 5>time or more consistently to stay to stay up up

0:11:57.720 --> 0:11:59.640
<v Speaker 5>on that pedestal, whereas you got a lot of people

0:11:59.679 --> 0:12:04.000
<v Speaker 5>that were and d students failed. They comfortable failing twenty

0:12:04.120 --> 0:12:06.040
<v Speaker 5>thirty percent of the time all the time, and at

0:12:06.040 --> 0:12:07.840
<v Speaker 5>the end they got the same diploma you got.

0:12:07.920 --> 0:12:10.839
<v Speaker 3>You know, Jack mad said something interesting. If anybody that

0:12:10.840 --> 0:12:13.160
<v Speaker 3>doesn't know who that is, that's the head of Ali Baba.

0:12:13.240 --> 0:12:15.000
<v Speaker 3>He's one of the richest people in the world. And

0:12:15.040 --> 0:12:17.360
<v Speaker 3>he said, he told he tells his son that you

0:12:17.360 --> 0:12:20.120
<v Speaker 3>don't have to be an A student. It's okay to

0:12:20.120 --> 0:12:22.400
<v Speaker 3>be a C student because those are the only people

0:12:22.400 --> 0:12:25.480
<v Speaker 3>that have enough time to be well rounded and to

0:12:25.559 --> 0:12:28.360
<v Speaker 3>experience a lot of different things. Because if you've the

0:12:28.360 --> 0:12:31.760
<v Speaker 3>theory is that a lot of times it's like doctors, right,

0:12:32.880 --> 0:12:35.320
<v Speaker 3>a lot of times they don't know anything about a

0:12:35.360 --> 0:12:38.640
<v Speaker 3>lot of stuff because they focus so much on medicine

0:12:39.040 --> 0:12:41.360
<v Speaker 3>and passing all the tests. They don't know how to

0:12:41.400 --> 0:12:45.000
<v Speaker 3>write a check. Right. So what you're saying actually makes

0:12:45.000 --> 0:12:46.640
<v Speaker 3>a lot of sense, and it is an issue with

0:12:46.720 --> 0:12:48.160
<v Speaker 3>the school system because even if you look at a

0:12:48.160 --> 0:12:51.400
<v Speaker 3>sport like baseball, you bat three hundred, you got four hundred.

0:12:54.440 --> 0:12:57.000
<v Speaker 3>That's less than fifty percent. Yeah, you expect somebody to

0:12:57.040 --> 0:13:00.400
<v Speaker 3>do eighty ninety percent. Yeah, it's not realistic. In the

0:13:00.440 --> 0:13:03.120
<v Speaker 3>real world, you make mistake. Especially if you're going to

0:13:03.200 --> 0:13:05.439
<v Speaker 3>be broad range and have knowledge on a lot of

0:13:05.440 --> 0:13:09.840
<v Speaker 3>different things. It's hard to just truly master five different subjects.

0:13:10.200 --> 0:13:12.040
<v Speaker 2>That's one of those questions we used to ask ourselves, right,

0:13:12.040 --> 0:13:13.680
<v Speaker 2>It was like, should we know a lot about a

0:13:13.679 --> 0:13:16.240
<v Speaker 2>few things, I'll know a little about a lot of things, right,

0:13:16.240 --> 0:13:18.720
<v Speaker 2>because that makes you more well rounded when you're versed

0:13:18.720 --> 0:13:20.240
<v Speaker 2>in a lot of things. Right, Like I don't have

0:13:20.320 --> 0:13:22.440
<v Speaker 2>a background in business, but I'm willing to learn in

0:13:22.480 --> 0:13:24.760
<v Speaker 2>these areas. Right, I might not know medicine, but I'll

0:13:24.800 --> 0:13:26.600
<v Speaker 2>research on it, you know what I'm saying. So we

0:13:26.679 --> 0:13:28.360
<v Speaker 2>got to keep ourselves well around it. That's why I

0:13:28.360 --> 0:13:31.560
<v Speaker 2>always stressed, like, education doesn't stop in school, right, right.

0:13:31.600 --> 0:13:33.520
<v Speaker 2>It goes beyond the four walls of the or the

0:13:33.520 --> 0:13:36.640
<v Speaker 2>building of school. It goes in the living environment. It

0:13:36.679 --> 0:13:39.240
<v Speaker 2>goes in the home, it goes into communities. It's all over,

0:13:39.240 --> 0:13:40.120
<v Speaker 2>it surrounds us.

0:13:41.360 --> 0:13:43.120
<v Speaker 3>All right. So all right, So that was that was

0:13:43.120 --> 0:13:45.400
<v Speaker 3>actually really good information as far as for anybody that's

0:13:45.400 --> 0:13:46.880
<v Speaker 3>looking to get in the business and business owner. But

0:13:46.920 --> 0:13:48.200
<v Speaker 3>now we're going to go into some more stuff. We're

0:13:48.200 --> 0:13:49.839
<v Speaker 3>going to real estate. We're also going to go into

0:13:50.559 --> 0:13:53.320
<v Speaker 3>your career as an engineer. I think that that's interesting.

0:13:52.920 --> 0:13:54.160
<v Speaker 2>In something I think we've touched on that.

0:13:54.880 --> 0:13:57.280
<v Speaker 3>We haven't really spoke about that, but all right, so

0:13:57.320 --> 0:13:58.480
<v Speaker 3>we're going to that in the next segment.

0:14:23.480 --> 0:14:27.360
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