Success 2.0

“I think it’s fun to have work that you can relate to, that you can feel like is meaningful” – Joan Cusack

Summary:

My guest on this week’s episode is Peter Dunn, or better known as Pete the Planner.

Peter, has authored over 11 books, contributes to USA Today as a weekly columnist, hosts his own podcast show, “Ask Pete the Planner”, and recently launched his digital course “Fix Your Finances: Four Ways to Change Spending Behavior”.

Do you feel like you could provide a better product or service to people than what they are currently receiving in the marketplace?

Pete explores what it was like going from a beginner in the financial services industry to being a successful financial advisor but working each week for the weekend. He discusses the issue he continuously ran into where people who were incredibly intelligent and successful were terrible with handling money.

Pete discusses breaking away from the career being a financial advisor, why he did it, and what he means when he says that he’s “all in” with his business.

In this episode, you’ll learn about the biggest problem facing the financial services industry today, advice that Pete can offer to people who are just getting started on their own business, and how to handle criticism from people viewing your work. Pete even offers a trick that he uses when he’s having a bad day at work.

People Mentioned:

Pete the Planner | Blog, Podcast

Michael Gerber E-Myth

CJ’s Book Review of “E-Myth”

What Your Dad Never Taught You About Budgeting – Pete the Planner

Show Notes:

Pete tells his journey from working as a financial advisor to owning a practice and then selling it! [5:00]

Pete’s epiphany after meeting the “perfect client” [7:00]

Being “all in” with your goal [11:00]

The biggest problem facing the financial services industry right now [12:45]

Advice for people just getting started on their own business [17:22]

Pete’s tips for getting over adversity, criticism, and other challenges [20:13]

Pete’s trick to overcoming the most challenging part of business [21:45]

New tech has allowed us to gain access to almost all areas of our work. Thus, with new advancements we are making our jobs quicker and more efficient than ever. However, is our ability to readily access our workspace remotely always a good thing?

Episode Quote: “The extent to which I use my unique abilities, to strengthen meaningful relationships, and enjoy the journey”

Summary:

Most of us fall into the trap of looking at our neighbor and making a comparison between their situation and ours. We make snap judgements on how much better their achievements appear to be than our own, and consequently, start to become critical of ourselves. This happens almost to the point where we forget about all of the good things we’ve done in our lives.

We call this phenomenon “The Comparison Game”.

In the Comparison Game, a known practice that very likely stemmed from early years of our education, we practice this habit by looking at clothing, toys, or friends’ houses and thinking “Why can’t I have that? I want that.”

Fast forward to today where the stakes are much higher. People all around you are accomplishing their goals, buying newer cars, living in bigger houses, making more money, sitting on more boards, working in a better job, or sending their kids to the most prestigious schools available, yet, we are still making the same comparisons between another person’s life and our own.

In today’s episode, CJ discusses times in his career where his clients continuously did a side-by-side comparison to a friend or competitor and how that made them feel. Did it lead to more productivity? Did it make them feel better when they finally reach their milestone? CJ also discusses times where he’s compared himself to others and the strategies he implemented to reduce this way of thinking.

Show Notes:

CJ is openly honest about something he used to do almost every time he met someone new [1:35]

Why it makes no sense for you to compare yourself to others [4:21]

“I’ll stop comparing myself to others when I….” [7:50]

Strategies to keep yourself from participating in the comparison game [9:35]

“I ran into someone who was killing it in my industry, and I became envious every time. This is what I did  to stop that behavior” [13:50]

Redefining your personal definition of success [15:20]

“The point of theatre is transformation: to make an extraordinary event out of ordinary material right in front of an audience's eyes. Where the germ of the idea came from is pretty much irrelevant. What matters to every theatre maker I know is speaking clearly to the audience 'right now.'” – Lee Hall

Show Notes:

For most, getting in front of a big room to speak can be terrifying. This fear is better known as- glossophobia. Glossophobia affects hundreds of thousands of people; however, it can be overcome with a few simple techniques.

In order to be an effective speaker and own the room during a speech, you’ll want to know what the pros are doing and how they do it. Here’s a hint, many people who are great, effective public speakers are still afraid whenever they go on stage. Sometimes that fear of public speaking never really goes away, but instead, it can be quieted with practice, persistence, and feedback. In this episode, CJ discusses how a professional can give an effective presentation and wow their audience.

Timeline:

CPA Presentation Example [3:25]

The number 1 presentation blunder that killed this presentation [5:00]

Why speaking is the best way to communicate your message? [8:25]

What does an audience assume about most speakers? [11:28]

Knowing the material vs. reading the material [13:20]

How to structure your introduction to the audience [16:50]

CJ talks about setting the tone and gives a tip with how you can keep the audience engaged [19:10]

The formula to structure your content when speaking in front of an audience [20:30]

The one question to ask yourself after you’re done presenting [25:00]

When most entrepreneurs set out to market their product or service, usually their first instinct is to create something that EVERYONE will find useful. It’s almost human nature, especially at the beginning stages of entrepreneurship, to do this. Usually, the goal is to create something that everyone can find value in and will gain widespread notoriety; however, in today’s podcast, we talk about why having a focused “customer persona” and niching your product can be the best move you can make in setting yourself up for success.

In this broadcast, CJ provides some easy-to-follow steps on how to identify the loyal audience that you can best serve and have the most engagement with.

The critical error I made in my first couple years of business – [1:35]

The “AHA” moment that made me realize that I should quit networking – [3:20]

One problem that $100 million dollar companies and small “Mom & Pop” run into all the time [4:58]

Facebook had their most profitable quarter ever by getting to know you, personally - [7:15]

Finding your niche doesn’t mean you’re saying no to other business – [9:45]

“The Store for Everything” – [11:05]

How mobile is your business? – [17:25]

One question to ask yourself before you spend a single dollar – [19:05]

Two critical Items to complete when understanding your audience [24:30]

People Mentioned:

Michael Dubin – Dollar Shave Club

Kiel James Patrick – KJP.com

Jeff Bezos - Amazon

Imagine this situation. You’ve been scratching and clawing at an idea for 2 years. You’re already deep in debt and having cash flow problems. By this time, your co-founder has left the company and you’re left with a handful of employees and twice as many part-time workers. You’re paying rent from your own checkbook and you’ve now resulted to asking your employees to defer their salaries. Consider the belief that these people had not only in the concept of Pandora being significantly successful despite the odds and having been in a 3rd iteration of a business model, but Tim Westergren was the guy to do it.

By most accounts, Tim Westergren is considered to be a pioneer for the music industry. Chances are that if you’ve never heard of him before, you’ve probably used the app that he created. Having built one of the most successful digital radio companies in the world, it’s easy to look at him and consider him another millionaire entrepreneur from Silicon Valley who was bright enough and ambitious enough to create a revolutionary service that has affected millions. While sure, all of that is true. But as you probably know, the devil is in the details.

"To live this life. To live it with wholeness and gratitude and trust. In the pain and the glory. In the mess and the grace. In the sacred and the desperation. This is the stuff of which real superheros are born."

-Jeannette LeBlanc

The chances are that if you find an entrepreneur on the street and ask his or her advice on what is the most important thing to have in order to be successful, chances are this person will return your question with some form of the word “resilience”. Whether you’re venturing on a tech start-up from your garage, operating a construction business, or work in some form of consulting, the odds are that things won’t go smoothly for you-that’s where the true entrepreneurs are born.

Resilience or “grit” as it’s referred to by some, is the ability to look past the misfortunes and mistakes that come along with building a business. It’s the insight to keep moving when life punches you in the chin. It’s resilience that keeps someone from giving up on their idea because that person has so much conviction to be successful that absolutely nothing can stop them from reaching their goal. If things start to get tough, and they will, resilience will be the saving grace that moves the company past the dark-age and into success.

When considering the meaning of the word “resilience” and its application to entrepreneurship, I couldn’t help but to be blown away by the two examples mentioned in this week’s episode.

Oprah Winfrey, by many accounts, is the most powerful woman in show business. She’s amassed a fortune worth billions of dollars with countless products mentioning her name. Her influence on pop culture is so large that the media has created a craze called “The Oprah Effect” which basically turns and book, product, or service that she mentions into an immediate best seller. However, things weren’t always so glamourous for the television legend. Her journey into stardom was riddled with obstacles and circumstances that would have forced many others to give up had they been in her shoes. In this episode, we deconstruct the journey that led Oprah from a rural town in Mississippi into being one of the most influential women the world has ever seen.

Our second story reflects on another amazingly impressive individual-Rose Blumkin.

While not being a television star or a pop icon, “Mrs. B”, as referenced by Warren Buffett, was quite an example of resilience.

Her trip from Minsk, Belarus into America was difficult and ill-timed. Shortly after arriving into America, this 4’11” businesswoman was faced with the harsh realities of The Great Depression. While many would say that having little money, almost no ability to speak English, and living in a broken economy would be cause to hold off with starting a business, Mrs. B saw otherwise.

Both personalities mentioned in today’s episode are truly inspiring figures that point out that despite unforgiving circumstances, one can be successful. All that’s required is a little bit of resilience.

Show Notes:

What one trait do all entrepreneurs need in order to be successful? [3:20]

Oprah Winfrey- A TV Icon is born [3:45]

Our first personality was born in the 1950’s to a teenage mother in rural Mississippi [4:00]

Early experiences in life helped Oprah develop empathy for others [4:40]

“You don’t have an ability or personality to be on television” [6:15]

People are Talking with Richard Sheer [8:15]

Learning what she didn’t want to do in TV was important in shaping later career choices [8:43]

 “The Oprah Winfrey Effect” [10:05]

VIDEO -Rose Blumkin – The Entrepreneur behind “The Nebraska Furniture Mart” [12:15]

“I would put her up against the top graduates and chief executives of Fortune 500” [13:50]

Bribing a Russian guard with a bottle of vodka [14:30]

Rose Blumkin’s $5 suit business launches just before The Great Depression [15:00]

The Nebraska Furniture Mart – “Sell cheap and tell the truth” [15:35]

Working 70 hour work weeks into her 90s [17:15]

“I come home to eat and sleep-that’s it.” [18:20]

Warren Buffett admits it was a mistake to not make her sign a “Non-Compete” [18:45]

Looking at successful people, see that these individuals had the biggest setbacks in most cases [20:00]

Other interesting facts we missed [23:00]

People Mentioned:

Oprah Winfrey

Rose Blumkin

Episode Quote: “An employee’s motivation is a direct sum of interactions with his or her manager” – Bob Nelson

Summary:

At what point does asking for more hours out of your staff start to work against you?

Studies show that too many hours past 55 hours a week is the breaking point where your employees’ productivity starts to dwindle. To a certain extent, making your employees work longer hours can be extremely effective, but at what cost?

In this episode, CJ provides 6 tangible lessons on how you can not only set crystal clear expectations but also maximize your employees’ loyalty to the goal you are all trying to achieve.

Weekly Exercise: Put together a simple 1 page spreadsheet of goals to review weekly

Selected Links from Episode:

Patrick Lencioni “The Advantage”

Show Notes:

At what point does productivity start to drop with an employee? [3:00]

If you do this with your team, you’ll get more productivity every single time [6:25]

Discretionary effort and how to get the other 50% of effort from your team [7:20]

Why asking your employee about his/her career objectives is important [9:25]

Are you choosing the carrot or the stick to motivate? [10:30]

Measure what you’re doing and start by measuring too much-then narrow your focus [16:00]

Most entrepreneurs don’t review employee performance, and it’s not a lack of time [20:10]

When reviewing your team, do this one thing [21:25]

One simple exercise to practice with your team [24:09]

One of the first steps involved in being more productive is creating a clearly defined set of goals to focus on throughout your journey. Staying with our topic on productivity in the workplace, this episode focuses on what actionable items you can start doing today that will have a positive impact on your future.

Once you accept the notion that there will probably never be a time where you’ve completed all of your projects, your perspective on the workplace changes remarkably. Being more able than ever to access information, we’ll be expected to keep producing even when we’ve check all of the boxes on that “to-do” list. That’s why it’s important to focus on the things that matter most to your role rather than other tasks that maybe don’t directly increase your productivity. We’re all wired to seek short-term gratification. When you present a solution to a problem, it provides an adrenaline rush and reaffirms your contribution to the project; however, this can become a disaster as you look to the end of the week and see that you’re major tasks weren’t accomplished.

Using these 5 keys, you’ll be able to formulate an extremely clear focus on what it is you need to do so that you never reach the end of the week and feel like your time has been wasted.

Key #1 – Start with creating a 3 year vision and answer these questions

Key #2 – Keep your goal simple

Key #3 – On a daily basis, visualize the emotion of reaching your goal

Key #4 – Focus on the daily tactics & habits – Remember the old saying on how to eat an elephant

Key #5 – Share your goal with someone

People Mentioned/Selected Links:

Timeline:

Story of goal-focused client increasing their profit by 350% in one year –1:45

The illusion of “what feels right” – 11:15

The power of creating a vision – 14:50

5 fundamental keys to developing your vision –16:15

One thing you can do TODAY that will immediately make an impact on your life – 29:10

How to Double Productivity by Reducing Distractions in the Office

“A mind too active is no mind at all” – Henri-Frederic Amiel

There are 2 GIGANTIC reasons why being distracted, even momentarily, is a big deal.

First, when you are working on a task that requires concentration, you can’t do something else at the same time without screwing something up. In other words, you can’t multitask when each activity requires your attention. Apply this same concept to texting while driving. It’s more dangerous than driving while intoxicated.

Second, when you’re distracted in the office, even momentarily, your concentration is broken and it will take a minimum of 7 minutes to get back into the work you were just completing.

Big Three Distractions (And how to stop them)

TIMELINE-

WIP (Work In Progress) Meeting Experiment – 2:30

Multitasking is a myth – 7:00

Why are Saturdays so productive? – 10:30

3 Most critical distractions crushing your productivity – 11:30

125 Emails daily…15 emails an hour… -- 19:30

How many computer monitors do you have? – 21:30

Email challenge to try TODAY – 24:30