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/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

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

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

Episode 052 – Why Aren’t Entrepreneurs Great Investors and How Can They Do Change That?

In Episode 052, Jack has interviewed Mr. Damion Lupo, best Selling Author in personal finance and money thinking, host of the Transformation Nation podcast, owner of 30+ companies and founder of his own martial art - Yokido ®. Damion outrightly rejects regret and speaks to it as the ultimate life failure. He has a unique approach to living a full-filled life by breaking rules and making more mistakes, faster, than the competition - his key to success. Playing by a different set of rules, he even bought his first rental house with a VISA, a move that snowballed into owning 150 rental houses in 7 states in less than 5 years. In 2008 he lost the entire $20 million but recreated his wealth and reinvented his life over 4 transformational years.Today he leads 3 global companies with one unified mission - to Free People from Money Bondage.  

In this interview, Jack has asked Damion his concept of financial freedom and why entrepreneurs are not great investors.

How did Damion get started and created USD20 million for doing everything wrong?

"I started off with really no idea with a whole bunch of ambition and excitement and I went out and started listening to people like, Robert Kiyosaki, I just did what people said. I didn't challenge them and I really didn't argue with people. I just said I'm going to go do it. And so I did everything wrong and that's how I created $20,000,000 over about six years by doing everything wrong and a few things right.  It's the opposite of the educational system. They say, do everything right or you're a loser. And I say you're a loser if you do everything right. So, that was how I started. And, ultimately because I was so obsessed with just making the money, the universe gave me feedback. 

It ran over me with a train and the $20 million went away. That was part of the reinvention process. And it helped me to understand something that we can see in the back on there. The whole sop fact is a great way to keep score, but money is the feedback on what you're doing and if it's sustainable, if it's long term, it means that what you're doing, your purpose, the action you're taking is what the universe wants, that the universe is going to continue you to conspire with you and if it goes away.  What I learned was that the universe didn't like what I was doing, I had to change me inside out and that was the whole process of reinventing and and really learning what I teach. Now that has changed everything."

Why was Damion fascinated with martial art?

It's fascinating to me because the martial arts was part of the reinvention process after I lost the money.  I asked myself, what's true? That was the main question. And it's a powerful question for all of us to ask what is true and then ask it over and over and go deeper and deeper. And then what? What do I really care about based on who am I? And what I realised was I'm a teacher and the martial arts that had been studying for about 10 years at that point became an obsession. And what I realised is the martial arts was the same as the business world. It was the same as the real. And so I started doing things in the Dojo with my students and realising that they're everything that worked there. These principles were the same principles that worked in business.  A primary one is relationship. If you can really focus on the relationship and make it all about being present in the relationship, then all of the conflict starts to go away and you start to understand someone and there's no, there's no threat anymore because it all dissolves. It's the exact same thing with business. When you start to understand someone and you're focusing on the relationship and not a transaction, then the conflict starts to go away and you start to work together for something and that changes. You Go away from conflict into into peace and harmony, so they work together."

What is the first question you should ask a financial advisor?

"Well, the first question I always ask a financial advisor or I suggest people asking is make sure you know what your financial advisor is making money in and how they're creating wealth.

The sad reality is that most financial advisors make their money by getting commission or they make money by selling things. If somebody is trying to sell you life insurance, they're making money on commission. They're not creating wealth because of what their returns are with a life insurance, but they're telling you to do that. So I want to make sure that somebody is eating their own cookie. I don't want them to be selling me something and not doing. That's an integrity issue. So financial advisors, there's a great book I'm reading right now called Skin in the Game. Really when people have skin in the game, when they're selling something that they're doing, it's very different than somebody that just sells you a really good story."

Damion's Most Favourite Quote
​"Mistakes are gifts from the God!"

Want to know more about Damion? 
Email: damion.lupo@gmail.com
Website: https://damionlupo.com/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

Episode 051 – What Did Patricia Iyer Learn From Her Entrepreneurial Journey?

In Episode 051, Jack has interviewed Ms. Patricia Iyer, a successful nurse entrepreneur since 1987 when she started consulting with attorneys who handle cases with medical issues. Pat built a large and very successful legal nurse consulting business that billed over 1 million dollars a year for the last 5 years she owned it before selling it 3 years ago.  Since then, Pat has turned her experiences into a successful coaching program for legal nurse consultants. She now also helps people with expertise turn their knowledge into online courses and books. She serves as a freelance ghostwriter and editor. She knows what it is like to be pregnant and face losing everything, and what it is like to be a millionaire. She understands the burning desire to be in business. After successfully selling her business in 2015, she serves as an editor and ghostwriter.  

In this interview, Jack has asked Patricia to share her lessons from her two brushes with near bankruptcy experiences. In addition, how did she build such a large and successful business helping attorneys and what she can advise business owners like you today?

Why did Patricia decide to leave her comfortable job after 7 years?  

"I went to college to become a nurse and I worked in hospital settings which are certainly traditional hierarchical societies where you have to follow the rules ... My role as a owner of a legal nurse consultant business was focusing in large part on medical malpractice cases where the system did not work where people did not follow the rules or they made mistakes or there was a flaw in the system that enables somebody to get hurt. So I'm very aware of the importance of following the rules.  But I broke out of that because I began writing a book with a couple of other people from different hospitals and when the book was published I was at a point where I wanted to explore other options. Quite honestly, it was terrifying for me to leave a hospital environment where I had worked for 7 years where I knew everybody, where I felt comfortable, but I had a conflict with my boss and realised that I needed to leave. It was very clear that because of a dynamic that occurred between the two of us, that I needed to be able to take a fresh look and say, I've got a lot of skills and talents. This is not a good fit for me. Let me find another job.

Be prepared to take risk (Patricia was sharing her story about giving a presentation to a group of people who came from all over the country to attend a conference)

"You're right are uncomfortable when you need to do them the first time, and I have not in my life since I've been in a position where I've had to walk into a similar situation and ask for money because usually the clients were coming to me, but it made me aware of the fact of taking a risk.  [The presentation] went very well and led to more publishing opportunities. They wanted a column on pregnancy in diabetes and that kept my writing career going.

Not knowing the meaning of personal guarantee

"My husband was able to raise the money.  This was an important factor for us is that we had to sign a personal guarantee for a million dollars so that he could buy this welding business and start putting in the equipment that he needed. We didn't really understand the significance of what a personal guarantee was until it was explained to us by the lawyers that if we defaulted on that loan, it meant that any asset that we had could be taken. It was really the only way that they would give my husband the money to sign this guarantee. And of course when you start a business, you're very optimistic and there are many things that are clear in your life. In hindsight, when they realised later on that we were borrowing money in the 1980s when the interest rate was 22 percent and he was paying 24 percent a month interest on that and there was too much debt. That business was not destined to be successful just because of the way that it was financed and for other factors. When he gave us a really good try for three years and then got to the point where he wasn't getting enough customers. There weren't enough sales. So he had to close the business."

I learn I should start a service-based business

"What I learned when I started my business, which was just a couple of years later after this happened, was that I was not going to borrow money from anyone. I didn't want to go to the bank. I didn't want to take out loans. I didn't want to sign another personal guarantee for the rest of my life. If I couldn't afford it, I didn't buy it. So I looked very carefully at how I could start a service based business. I had two filing cabinets and a board to make up a desk in one corner of my family room. That was how I started my business, working with attorneys."

Patricia's Most Favourite Quote
"Proceed as the way opens"

Want to know more about Patricia? 
Facebook: https://www.facebook.com/patriciaiyer
Twitter: https://twitter.com/patiyer
LinkedIn: https://www.linkedin.com/in/patiyer
Email: patriciaiyer@gmail.com
Website: http://www.editingmybook.com

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

Episode 050 – Why Did Dr. D. Anthony Miles Say That All Businesses Are Guilty Until Proven Innocent?

In Episode 050, Jack has interviewed Dr. D. Anthony Miles who is an entrepreneur, award-winning researcher, award-winning professor, statistician, legal expert witness, business expert, and best-selling author. 

 He is the CEO and Founder of Miles Development Industries Corporation®, a consulting practice, and venture capital acquisition firm. He is also a legal expert witness, provides expert testimony on business scams, false advertising claims, and trade dress. He provides expert testimony for local, state and federal cases; both civil and criminal cases. He has presented his research at conferences around the country. We will find out why D. say that all businesses are guilty until proven innocent.

What is exactly "Entrepreneur Risk"?

"It is basically the things that caused are risky business that can cause the business to either fail or lose profitability. I'm not the father of the name and I was doing my doctoral research. I was fascinated that a lot of studies, especially in economics and business and entrepreneurship research but they never talked about entrepreneurial risk. What are some of the risky things that happens when you start a business? When I conducted my research, I did research on 500 plus my businesses in my particular area in the US, and I found certain patterns and I want to see if there are anything that stood out to me. And I basically came up with five categories, the risks that I've seen with business ventures based on my research on small businesses."

What is "market saturation" and why is this important?

"It will come up on or the market climate risk. And when you consider starting your business, you have to consider the market. You have to consider the climate. So the market climate has about four components that you need to be worried about in terms of market saturation. You have to worry about competition, you have to worry about market entry and exit. You also have to worry about competition intensity and what that translates into market saturation, right?  Case in point, if you have 30 competitors in the marketplace, one of them is going to be the leader and everybody else is going to be the followers. So if you're trying to penetrate that market, you're going to have a hell of a time penetrating that market because the market is so saturated with all those competitors."

What are the first few steps someone has to take in order to survive in the first few years in business?

"The first thing that you want to do is obviously you want to do research, you want to look for gaps in the marketplace, look for gaps. Gaps are like gods. Maybe you should start a business where all the businesses have missed the gap and sometimes it's apparent and sometimes it's not, but you always want to look for gaps in the marketplace of like case in point ... You have to look at opportunities and they say, what is it? The third eye of entrepreneurship, you have the ability to see something before everybody else does. .Open your third eye or look for opportunities. Look for problems. If the businesses built like this and entrepreneurship. What problem are you solving for the customer? If you're not solving a problem for the customer, you don't have a business. That's the way you have to think." 

D's Most Favourite Quote
"All businesses are guilty until proven innocent."


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

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

1 2 3 17
>