Episode 062 – 4 Building Blocks of a Successful Business

In Episode 062, Jack has described the 4 building blocks he has learned from all his guests in Season 1 to build a successful business.  Jack is also "seeding" what he is planning  to do for Season 2 where the first episode will be uploaded in January 2019. 

This will be the last episode for Season 1 of Cracking the Entrepreneur Code Podcast Show.

Let's celebrate!

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Episode 061 – 3 Lessons Jack Wong Has Learned In His Own Podcast Show in 2018

In Episode 061, Jack has shared 3 lessons he has learned in creating his own podcast show in 2018.  He will pull back the curtain to show you from behind the scene how he conducted all the interviews with his guests to ensure that each episode is uploaded on iTunes and other podcast platform on time without any fail. If you want to create your own podcast show, you would not want to miss this episode, would you?

First Lesson - Be Willing to Do Research

The very first lesson I would like to share with you in business is about your willingness to take the heat and do research because there's no point of figuring out something by yourself and eventually you can spend 10 years, 20 years, or even 30 years.Yet there's no guarantee that you are able to figure this out. 

Second Lesson - Implementation is Everything

I learned from one of the podcast hosts from Jamaica in 2017 about how she spent two months doing all the interviews she needs for the entire year.  So I applied this principle and finished all my interviews with my guests in Feb and Mar 2018.  The reason why some people are successful and some people are not when both receive the same information is because the first person decides to implement the ideas and create results.  The other person who received the same information chose not to take any action and go nowhere. 

Third Lesson - Facilitate the Interview with Guest with Energy

I learned as a host when I received 10 questions from the guest and provided that I studied these questions in advance,  I could jump from one question to the other to make the interview more dynamic and more interesting. In essence, my job as the host is to facilitate the interview to enable the guest to share his/her experience, insights and tips easily and effortlessly. 

The Jackism for this Episode 
"Stop Talking About It and Take Action.  Results and Results are the only proof!"


Want to know more about Jack HM Wong? 
Facebook: https://www.facebook.com/jackhmwongoffical
Twitter: https://twitter.com/JackHMWong
Instagram: https://www.instagram.com/realjackwonghm
LinkedIn: https://www.linkedin.com/in/jackhmwong/
YouTube: https://www.youtube.com/jwong139

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Episode 060 – Let Ruth King Explain How Entrepreneurs Can Have the Courage to be Profitable In Their Business (Part II)

In Episode 059, Jack has invited Ms. Ruth King, who is a serial entrepreneur owning or having owned 8 businesses since 1981, to explain how entrepreneurs can have the courage to be profitable in their businesses.  This will be the Part II of the interview. 

Ruth has a passion for helping businesses get and stay profitable utiliSing the latest technology that makes sense to use. Ruth is also the #1 Best selling author of The Courage to be Profitable and three other award winning books.

What else can you tell where the balance sheet is wrong?

"If you're a company that has inventory but you have no inventory on your balance sheet, it is wrong. Because if you've got inventory in your business and you don't have it on your balance sheet, somebody's playing games.  Let's put it this way. They're not creating proper numbers."

Spending 15 minutes a month on your business' profitability assessment

"I quite frankly don't look at return on equity on a month by month basis. Maybe once a year I looked more at what's called current ratio, which is the thing that says can you pay your bills or not? If you take your current assets, which are things that are cash or turned into cash, like cash receivables and inventory basically, and divide that by current liabilities, which are things that you have to pay within a year and you divide those two numbers is called the current ratio. Your current ratio should be increasing, so if this month your current ratio was two and next month it's two point one and the month after that is two point two. That means your profitability is increasing. If you're current ratio ever falls under one,  you have a problem because you have more bills coming in. Then you have assets to pay them. It's not a good thing."

15 ways employees and vendors steal from you and what can you do about it

[Ruth is sharing a personal story here ...]

Ruth 's Most Favourite Quote
"When tough things happen, pick yourself up, dust yourself off, and keep going." 


Want to know more about Samuel? 
Facebook: https://www.facebook.com/ruthking1650
Twitter: https://twitter.com/ruthking
LinkedIN: https://www.linkedin.com/in/ruthking1
Email: rking@ontheribbon.com
Website: http://www.thecouragetobeprofitable.com/

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Episode 059 – Let Ruth King Explain How Entrepreneurs Can Have the Courage to be Profitable In Their Business (Part I)

In Episode 059, Jack has invited Ms. Ruth King, who is a serial entrepreneur owning or having owned 8 businesses since 1981, to explain how entrepreneurs can have the courage to be profitable in their businesses.  This will be the Part I of the interview. 

Ruth has a passion for helping businesses get and stay profitable utiliSing the latest technology that makes sense to use. Ruth is also the #1 Best selling author of The Courage to be Profitable and three other award winning books.

What is profitability and why is it important?

"The key is really and truly understanding that yes, you've got to have profitable sales. If you sell something for a dollar, you have to have it cost less than a dollar. And you have a little bit left on the bottom line,  but you also have to collect for that sale. So you can have tremendous profits and no money in the bank or you can have a loss in one month and have a lot of money in the bank. Now, multiple months losses caused problems obviously, but one month or something like that is ok."

Which is more important, the balance sheet or the profit & loss statement?

"The balance sheet is more important than the profit and loss statement because the balance sheet tells you about long-term profitability.  You're going to say, wait a minute. my profit & loss statement tells me about profitability too but it does only for a month or only for a specific period of time.

Your balance sheet actually talks about the history of your business from the time you started your business or through the time you dispose of it or closes its doors through what is called retained earnings or that amount of profit that you keep in the business. As long as retained earnings keep going up, your profitability will keep going up as a general rule. So the balance sheet tells you whether you can pay your bills on time. Your balance sheet tells you whether you're taking on too much debt. for those of the listeners in your audience who have inventory, it tells them whether there's, they're building up too much inventory.  So those are the types of things that the balance sheet actually tells you every month. And you think, wow, am I able to pay my bills or not?  You know, and that's, I think just as important as whether I have profit or not."

You can tell whether a balance sheet is wrong in about 30 seconds!

"If the balance sheet doesn't balance, there is something wrong. If you have negative cash on the balance sheet, there is something wrong because you can never ever have negative cash in your business. If you have negative loan payments or anything that's negative on the liability side of the balance sheet, there is something wrong. 

As a general rule, somebody is either cooking the books I eat, not doing things right or stealing from you or they are just don't know what they're talking about. And if you have a bookkeeper who is incompetent, get rid of him or her."


Ruth 's Most Favourite Quote
"When tough things happen, pick yourself up, dust yourself off, and keep going." 


Want to know more about Samuel? 
Facebook: https://www.facebook.com/ruthking1650
Twitter: https://twitter.com/ruthking
LinkedIN: https://www.linkedin.com/in/ruthking1
Email: rking@ontheribbon.com
Website: http://www.thecouragetobeprofitable.com/

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Episode 058 – How Does Jill Lublin Help Entrepreneurs Implement Low Cost Effective Publicity Techniques

In Episode 058, Jack has invited  Ms. Jill Lublin, an international speaker on the topics of Radical Influence, Publicity, Networking, Kindness, and Referrals, to share her proven secrets to understanding what the media wants. In this interview, Jill provides you with short-term, doable tactics that boost visibility for you and your brand. 

Jill is the author of 4 bestselling books including Get Noticed...Get Referrals, Guerrilla Publicity, Networking Magic and her latest, The Profit of Kindness. She is a master strategist on how to position your business for more profitability and more visibility in the marketplace. She is CEO of a strategic consulting firm and has over 20 years’ experience working with over 100,000 people plus national and international media. Jill teaches Publicity Crash Courses as both live events and live webinars as well as consults and speaks all over the world.

Why did Jill focus on helping entrepreneurs to gain more publicity?

"I have actually been working with people for 24 years and I just love it. And one of the things that, particularly for entrepreneurs that I decided was really important because a lot of them couldn't afford my publicity agency fees.  So I started teaching what I call Publicity Crash Course and I do them as live zoom events so I can work with people all over the world on zoom and as well as live events. I really get to serve people all over the world. I'm a very international spirit and, and for me that's important."

What is publicity and why is this important to entrepreneurs?

"You must get your message right and part of getting your message right, it's expanding who you are.  It's really all about your message and as a message provider in the marketplace, it's important that you take a step and create visibility without spending a fortune. So when I work with entrepreneurs, their issues is around getting a message right. We create the solution to the problem. I'd like to ask you "what is the problem today? and not "What do you do?" See, that's the distinction. It's about what's the problem out there because when your clients understand what the issue is and your prospects, then we can go somewhere.

Then the next step is that you provide solutions and you give real solutions to people, things that they can do simply, easily and quickly. So that publicity gets happening and and that's a great first start. That's really important for building a powerful publicity and is the thing I want people to understand about the power of publicity, how much it really helps people to focus on building credibility, building visibility, building exposure in the marketplace, building what I like to call the 'I've heard of him somewhere syndrome'. I'm building the trust and basically it creates prospects and connects you to clients in ways that are far more frankly accessible and easy without spending a fortune."

Gifts from Jill - Publicity Crash Course

"Enter the code Superduper" at http://www.publicitycrashcourse.com and you will get this course for USD497 instead of USD1,297.

You can work with Jill on her publicity course and it's on zoom so it doesn't matter where you live in the world. We are going to work on the templates that you will have forever in the course of Your Business for publicity and actually you're going to have Jill's brain on your actual documents that will prepare you for the media, including your message, your bio, and an announcement and we're going to do all of those.'

Jill's Most Favourite Quote
"It's not who you know, it's who knows you."

Want to know more about Samuel? 
Facebook: https://www.facebook.com/publicitycrashcourse/
Twitter: https://twitter.com/JillLublin
LinkedIN: https://www.linkedin.com/in/jilllublin/
Email: Jennifer@JillLublin.com
Website: http://publicitycrashcourse.com/freegift and http://jilllublin.com/

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Episode 057 – Effective Strategies for breaking Fear and Self-Doubt by Linda Binns

I was raised not to succeed but ...

"I always say I was raised not to succeed. I had really no encouragement growing up and I really grew up believing that I wasn't good enough and I really didn't have anything to offer the world.  But when I started to question that belief, I guess when I first started to work because my bosses would always comment on how good my work was. They would promote me. I would just receive a lot of great feedback. And initially there was a part of me that was afraid that any moment now they'd find out that wasn't true and I really didn't know what I was doing. But there was another small part of me that started to question the belief and to think maybe they're seeing something in me that I'm not seeing."

"I think that was my very first introduction to the thought that things could be different. I could be different and that perhaps this belief wasn't true. And that belief because it's a core belief and many people have. It has shown up many ways in my life. And I would say certainly when you start your own business, if you have a sense in any way that you're not good enough, that will come up and you will have to face it ... What I've learned is that if you can deal with it with these things as they come up, if you can deal with every incidence that showing you or reflecting to you that belief, then you work through it. And on the other side of that is all tremendous breakthroughs and that's, that leads to the success that you want"

Fear Entrepreneurs are facing - Success, Failure, Getting Thing Wrong

"So many entrepreneurs are afraid of the fear of success, but there's also fear of failure. So we have those two things going on. But another thing that I find is that there are so many ideas and so many possibilities that people are afraid of getting it wrong.  Fear of choosing the wrong.  And then that creates this analysis paralysis type thing. There were so many possibilities and you don't know what to do, so you you ended up not doing anything. So fear of getting things wrong. I think all missing out on something it. It's actually a big affair that one might think."

"What if" game ...

If just changing the thought is difficult, then one of the phrases I like to use, I call it the what if game, because we all very good at saying, what if I don't make it? What if I can't do it? What if they don't like me?

So I like to encourage people to to turn that around and say, well, okay, but what if I can do it? What would that be like? What if people do like me? What if I could be successful and just play with that I think can lead you to starting to feel differently, which can then lead to you being able to change your thinking.

If you're having difficulty believing that you can change the thoughts or even changing the sorts will do anything for you, then I would encourage you to start with what if, well, what if it did work, but what if it did? Yeah, it's a starting point."

Linda's Most Favourite Quote
​"If we all did the things we are capable of doing, we would literally astound ourselves." 
- Thomas Edison

Want to know more about Linda? 
Facebook: https://www.facebook.com/lindabinnsenergyexpert
Twitter: https://twitter.com/lindabinns
​LinkedIN: http://linkedin.com/in/lindabinns
Email: linda@lindabinns.com
Website: http://www.lindabinns.com/

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Episode 056 – How to Hire A-Team Player Using Proven Method by Mario Pecoraro

In Episode 056, Jack has invited Mr. Mario Pecoraro, the president and CEO of Alliance Worldwide Investigative Group, a company that provides pre- and post- employment background screenings and investigative surveillance services. He grew up working in his parents' investigation company and his passion led him to publish a book called, "The Claim Game: Twenty Best Practices when Managing and Investigating Workers' Comp Claims." 

He's been also featured in Bloomberg Businessweek and Your World with Neil Cavuto. Mario is a thought leader who conducts accredited webinars and speaking engagements around the country. He has received the coveted "40 under 40" nomination by the Albany Business Review where he was honored by his peers as an "outstanding business person" and his company has twice been named a "Best Places to Work."

In Episode 056, Jack has invited Mario Pecoraro, the author of "The Claim Game" to discuss why background investigations can eliminate risks associated with a bad hire.

Mario's Entrepreneurship Journey since 2005

"I realised that I couldn't work in the family business anymore. I was getting married that year and I decided I really needed to do something that was more focused on the corporate world, more focused on really something that could create a sustainable career path for me. And so I decided to start this business.  I never went to business school. I joke with folks today and I'm in my 13th year in business so I'm still going to business school my 13 years ... I had no entrepreneurial experience.  I was really pushed by some close friends to do that. And I said, well, how do you start a business? And I said, I've always worked in the industry, I never realised how to start a business. And they said, well, you know, you need to develop a business plan. And I said what's a business plan? And they said, well, it's a plan that articulates what you're going to do with your business. And I said, well, why do I need a plan? I already know what I want to do. I'm going to go out and investigate things for businesses ... And as I looked back, I think that was really the first step or path of entrepreneurship that really taught me a lot about having a direction and having a plan."

Meaning of Freeing Someone's Future and not firing

"As I freed up folks' future, I've learned that the reality is that you have to develop what your organization's core values are. And what we did is we sat down in a room with our senior managers and we identified all of the folks that we felt were a players in the organization, which at the time was about 85 to 90 percent and we said, what are the common threats that all these A-players, assuming we all believed they were a players, what common threads do they share?  And we identified in our organization what we deem to be our core values and our core values stand today as the foundation of the organization. So we identified four key things that stood out and all these a players in the organization - integrity, successful engagement, right attitude, passion for excellence."

Mario's Most Favourite Quote
"We all need to jump outside of our comfort zones."

Want to know more about Samuel? 
Facebook: https://www.facebook.com/Alliance-Worldwide-Investigative-Group-Inc-339133645709
Twitter: https://twitter.com/marioawig
LinkedIN: https://www.linkedin.com/in/mario-pecoraro-749980/
Email: mpecoraro@allianceinvestigative.com
Website: http://allianceinvestigative.com/

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Episode 055 – How Does Ron Carucci Define Successful Leaders In the World?

In Episode 055, Jack has invited Mr. Ron Carucci, the co-founder and managing partner at Navalent, working with CEOs and executives pursuing transformational change for their organisations, leaders, and industries. Ron is the best-selling author of 8 books, including the recent Amazon #1 Rising to Power. He is a regular contributor to HBR and Forbes and has been featured in Fortune, CEO Magazine, BusinessInsider, MSNBC, Business Week, Smart Business, and thought leaders.

In this interview, I will ask Ron questions about leadership as my group has recently studied and discussed what it takes to be a successful leader. So, this topic has come timely.

How Does Ron Describe Leadership?

"There's so many definitions of leadership that are just uninspiring and sickening. But the reality is leadership is hard.  I think one definition of leadership that I love is that it's the ability to disappoint people at a rate they can absorb. You're having to say no. You're making hard choices. You're making trade offs that make some people frustrated. You're creating change. You're disrupting.  It doesn't mean you have to be a jerk about it. I mean you should be kind and gracious but the reality is if you're going to lead, you're going to suffer because it's a very difficult and painful calling and it's not for everybody."

Who are you?

"For entrepreneurs, the greatest difficulty in leadership is they don't have an identity. If I walk into a startup company or a small business and I ask them, tell me about your strategy.  I get the mission statement. I get the value statement. I get the financial statement. I get the last five customer orders. I get some sales goals. I got a bunch of things I don't get the answer to who are you?  Why would people choose you over the competitor? Why would people choose you over anybody else to do what you're doing? Why are you better than anybody else that warrants you the ability to compete in this space? Those are the questions that entrepreneurs fail to answer. They are often under the presumption that if I build it, they will come. If I create it, people will want it and they don't. They spend so much time working in their little business. They don't step out enough to work on their business and make it scalable.

4 Characteristics of Leadership 

1.  Context - Leaders could curiously ask questions about what was happening around them.

2.  Breadth - Leaders could stitch the scenes of a story together.  It means creating cohesion brining the pieces together and forming them into a whole.

3.  Choice - Leaders have the ability to make hard choices. 

4.  Connection - Leaders were the people everybody wanted to be around.

Ron's Most Favourite Quote
"If we want a world where those inclined to abuse their power do it less, it's important to find the courage to use our power to do good."

Want to know more about Ron? 
Twitter: https://twitter.com/roncarucci
LinkedIN: https://www.linkedin.com/in/navalent
Email: ron@navalent.com
Website: http://navalent.com
Free e-Book: http://www.navalent.com/transformation
Ron's TEDx talks: Talk 1 and Talk 2

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  1. Launch Apple's Podcasts app.
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Episode 054 – Overview of Cash Flow Quadrant by Dr. D. Anthony Miles (Part II)

In Episode 054, Jack has invited Dr. D Anthony Miles back to the show to give an overview of the concept of the Cash Flow Quadrant advocated by Robert Kiyosaki. Part I will focus on the implications and ramifications of the right-hand side of the Cash Flow Quadrant (i.e. the Business Owners and the Investors).

Take a look on the "Right" side of the CFQ

"The right side of the CFQ that you want to be is "B" which stands for business owners and "I" which stands for investors.  Your income does not equal time or time does not equal money. Rather that means that you have more passive income as a positive linear income.  When you think of it like someone works for our system is the system.  A business owner owns the system and investor owns a system but in a different way as he invests in a system that works for them."

Bs & Is have multiple streams of income

"When you're a B or an I, you have multiple streams of income.  You're not dependent on one income.  Remember we said that the Bs and the Is do not rely on one revenue stream. When you get laid off, does your revenue dry up so you have no backup.  The Bs and Is know that they invest in different projects and when they invest in different projects, they are business owners."

Three Types of Leverage

"There are three types of leverage - other people's time, other people's money and other people's talent. When you use other people's talent or the people that work for you would use other people's time, that's time that you're not using your own time but  using other people's time and when you use other people's tools and resources, we use other people's talent and resources.  So that's the really strong differences between the Es and the Ss, and the Bs"

Want to know more about D? 
Twitter: https://twitter.com/DAnthonyPhD
LinkedIn: https://www.linkedin.com/in/danthonymiles
Email: dmiles@MDIcorpventures.com
Website: https://www.mdicorpventures.com
Amazon: https://www.amazon.com/D.-Anthony-Miles/e/B006JRNDVQ

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Episode 053 – Overview of Cash Flow Quadrant by Dr. D. Anthony Miles (Part I)

In Episode 053, Jack has invited Dr. D Anthony Miles back to the show to give an overview of the concept of the Cash Flow Quadrant advocated by Robert Kiyosaki. Part I will focus on the implications and ramifications of the left-hand side of the Cash Flow Quadrant (i.e. the Employees and the Self-Employed).

Why did D decide to introduce CFQ in his entrepreneurship program?

"One of the reasons that I decided to implement some of the concepts from the CFQ, is because I have to rebuild it, really be honest with the people that teach entrepreneurship and most college programs either never started their own business, currently didn't have a business or had never been in business for themselves.  So by teaching people to build a business, they can really relate to people because they have never started a business and that's the one of the tragedies of our colleges and universities. There are very few entrepreneurs or actual entrepreneurs that actually teach entrepreneurial concepts and theories.  So take this a consideration when you have someone to tell you about trying to start a business and they never put their head out of the jungle and started a business."

What Do You Value as an Employee?

"When you're an employee, you value to things, you value security and you value minimising risk. If you go to school and get your degree and you're preparing yourself for the workforce, you basically value security and a steady pay check. That was another part of it because based on how you're structured in terms of being an employee, you cannot and will not take a chance on having a business because you need something solid. You need something stable. So they value security over freedom. They stay away from risk and when they look for a job, instead of looking for opportunities, they look for jobs. That's the difference. When you have an employee mindset and here's the ugly truth for you to be successful at anything, you have to recognise that when the industrial revolution went on to, now we're in a digital revolution, so now we have a paradigm shift, so now a college degree is a commodity."

How about Self-Employed?  What are their challenges?

"The S-quadrant are people that are really self employed.  Their mindset is 'I make per hour', I have this contract and that contract and the problem is you're all alone and because you're all alone, there's more risk involved and when there's more risk involved.  You're responsible for the business, so when people come and go, most of the logical progression for people that want to get out of the entrepreneurship project is to go into the S-quadrant. It's like this: you're frustrated with the job and normally just hits you in your forties. I've seen this happen over and over, hits you in your forties. You didn't get that promotion, your career projection and go as you want it so you're frustrated. So, you say, "I'm going to start my own business". So you go on to the S-quadrant and you're not prepared to be an entrepreneur and this is where some people crash and burn. When they go on to the S-quadrant, they said, "I'll be a consultant".  Now another issue that ties into this, like we have a lot of people getting PhDs and leadership.

Well, leadership the ugly step brother of the management side. So now we have people trying to build consulting practices, study studying leadership and helping companies where leadership hasn't planned out because people don't understand that. When you say, I'm a consultant for leadership, this is in the S-quadrant.  So I always tell my friends, don't say you're going to help people with their leadership problems. You tell people you help them with management problems


Want to know more about D? 
Twitter: https://twitter.com/DAnthonyPhD
LinkedIn: https://www.linkedin.com/in/danthonymiles
Email: dmiles@MDIcorpventures.com
Website: https://www.mdicorpventures.com
Amazon: https://www.amazon.com/D.-Anthony-Miles/e/B006JRNDVQ

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