Entrepreneur Addiction Podcast #9 — 'Remove the Risk'

  • October 24th, 2011
  • Dan Bischoff

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Entrepreneur Addiction Podcast #9 -- 'Remove the Risk'

Jim Beach, author of “School for Startups,” seems to have one agenda: removing myths that shackle wanna-be entrepreneurs.

In this discussion, Jim’s candid, commonsense approach to starting a successful business might give many people the confidence to jump out of their cubicles and start down their own road of entrepreneurship.

So, grab your coffee, soda, donut or protein shake, and come on in …

In this episode, we discuss:

  • Jim Beach’s ‘School for Startups’
  • Steve Jobs broke entrepreneurship for most of us
  • Remove the risk by making money first
  • Remove creativity
  • Ideas are cheap
  • Don’t look for a job, start a company
  • Creating multiple income streams
  • Do your job poorly and get fired
  • Don’t kid yourself, you’re expendable
  • Build your business slowly
  • Zero risk business ideas
  • Adding value to your email marketing
  • The :18 second elevator pitch
  • Be passionate about the right things

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Go here to download on iTunes. Click to download the mp3

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Cool Voice Guy: Fueling your business success, this is the entrepreneur addiction podcast, breaking the small business loan news you need if you obsess about your company. Heard exclusively on Lendio.com. And now here are our your hosts: Brock Blake, Dan Bischoff and Patrick Wiscombe.

Patrick: This podcast is sponsored by Lendio.com, the online source you need to find the right business financing to grow your company. So, check them out: Lendio.com, to get your business growing right now. It’s the entrepreneur addiction podcast episode number nine. My name is Patrick Wiscombe. Thank you as always for tuning us in and taking us a long wherever and however you’re accessing the podcast. Dan Bischoff joins me for the podcast. Good morning!

Dan: Good morning, Patrick.

Patrick: We had to switch studies because we were having technical issues. And we also have Chris Knusden from SocialPlayz.com. It’s good to have you here.

Chris: Hey, good to be here with you Patrick.

Patrick: We’ve got a very special guest in, well, I was going to say in studio. Where are you Jim?

Jim: I’m in Atlanta Georgia.

Patrick: We’ve got Jim Beach, who is the author of ‘School for Startups’, and this is very, very cool talking to you because, number one, I always like talking to authors, and number two, I really enjoy talking to entrepreneur authors. So, I’ve got your book here in front of me: School for Startups. Give us a little bit of background and you and your business experience.

Jim: I thought I was going to be a corporate guy, and a company told me that I would be better off working for myself. They said that I did not play well with others, and so at twenty-four, twenty-five, I started my first business. It was a children’s technology education company. It started off as a summer camp company, but it grew into a children’s technology education company. And I sold that in 2001, when it had 700 employees and was doing about 15 million dollars a year in revenue, and started teaching at Georgia State University, and taught there for nine years teaching international entrepreneurship. And that’s where the book started to take form, where some of the philosophies that I’d love to tell you about really started to develop. And where we developed, more or less, a method, where we think you can start a business very easily, very quickly with little risk. We used that in our classes and taught that to the students, and the students really responded. Instead of having a text book, we just started a business every semester. So, it became very fun, yet educational for them.

Patrick: That’s very cool. Now right on the cover of the book it talks about the breakthrough course for guaranteeing small business success in ninety days or less. Take us through some of those steps if you would.

Jim: Well, the first thing we want to do is realize that creativity is not part of the process. You know, it can be and, you know, Steve Jobs of course epitomizes that. But in a lot of ways Steve Jobs broke entrepreneurship for the rest of us. You know, so many people are sitting at home going, “Oh, I’d love to be an entrepreneur, but I’m not Steve Jobs. I’m not Bill Gates. I can’t go do something like that.” And so, they don’t do anything because they’re afraid that they’re not creative, that they don’t have a super idea yet. And so, the first step is to simply remove creativity from the process, and say, “Just go find an idea.” If you don’t have an idea now, go online and type in ‘top fifty free business ideas’. Or, our appendix has 25 ideas that we’re giving away. Or, I’ll give you an idea right now, today, free on the radio. Ideas are cheap. They’re not hard to come by. And so, if we remove the desire to be creative, and simply say, “I’m going to be an executer, instead of a creator.” And go out and start a business. That’s step number one. Step number two is trying to figure out how I can get sales immediately. So, before I get a bank account. Before I go downtown and get an IRS number and a state license, I’m going to figure out whether I can sell something. So, with my computer camp business, we started that in ’94, and the very first thing we did was place one ad. And the ad told parents to call a 800 hundred number, which we did not answer on purpose. The reason we didn’t answer the number was because we didn’t know the answers to any questions. We knew that the parents would ask us things that we just didn’t know the answers to. (laughter) And so, we accumulated addresses, and we had about 30 or 40 addresses. We were like, “You know what? We need to respond to these people.” So we created a brochure that we did a Kinko’s, very simple. Four color brochures. Spent five hundred dollars to mail that out. And a couple week later, people started sending us checks. So, at this point I’ve spent less than a thousand dollars, and people are already validating my idea and my particular execution of that idea. And now I can go into the bank, and say, “I’d like to create a bank account.” I can go downtown, and say, “I need to actually incorporate this company because I have checks coming in already.” I’ve already validated the idea and removed a tremendous amount of risk by going directly to sales first.

Patrick: That’s phenomenal. So, this was 1994. People were sending you checks?

Jim: Exactly. Literally, we did not have a bank account yet. We did not have business cards. We did not have a FEIN number yet. And so we simply, you know, we made up a name, and luckily no one else was using it. We would’ve been really SOL if someone had already taken that name. We didn’t even bother to check, and we just had people send us money as deposits for the first camp that they were registering for. That company in its first year ended up doing fifty-six thousand dollars in revenue, and we spent fifty-six thousand dollars. But it made it through to year two, and we did two hundred and fifty-six thousand dollars. And as I said a few minutes ago, by 2001, eight years later, it was doing twelve million to fifteen million dollars in revenue.

Patrick: So, is it easier to conduct business now than it was back in 1994?

Jim: I don’t know that there’s a substantial difference. I think that there’s one huge commonality. That was a bad economy, too. The reason I started a business was because I couldn’t find a real job that I wanted. And so, it was easier to start a business than to get a job. That’s very, very true today. You hear about people who have been unemployed for, you know, two years! Think about this: If they had spent those two years while they were getting unemployment checks, still trying to start building a business, going out there and finding a product that they could sell, I bet that two years in, they’d be making forty to fifty thousand dollars a year, as a very young business starting to push through. You know, if you can sell something now, think how many of them you’ll be able to sell in three or four years when the economy is good. You know, if you could sell something in 1999, that really didn’t validate you. All that said was, “You’re in the biggest bubble economy of all time.” Any moron can sell anything in 1999 and 2000, but to go out there today and to make your product or your service viable today, and to get all of the kinks out today, in a hard marketplace, you’re going to be so well positioned when the market turns up in two or three years that you’re biggest problem will be how to service all your, you know, tremendous number of customers.

Patrick: What about people starting their businesses online? Do you recommend that over, maybe starting a retail location?

Jim: You know, I love both of them actually. I love the online thing because, of course, it is so cheap. But in the book, we have lots of stories of real life entrepreneurs, people who are just simple normal American people, who have taken some of these steps and succeeded. There’s a story of a young lady named Tiara Reed. She got fired from her corporate job, had two kids, and she wanted a retail store. Well, you know, you think about retail, and you’re thinking, you know, hundreds of thousands of dollars, maybe a million dollars in build-out and stuff. She started a store for under five thousand dollars. A nice retail store. It’s a consignment store. She didn’t spend a lot of money on inventory. But now that that business is in year two, she saved up enough money to start buying her own inventory, and so it’s moving into more of a traditional retail-type experience. But she bought all of her fixtures used. She bought her racks used. You know, it wasn’t quite as nice as she hoped it would’ve been, but she only had five thousand dollars. She did not take the risk of double mortgaging the house to go buy fixtures for an experiment in retail. You know, again, she tested the market for under five thousand dollars. How hard is it to fail when you’re only spending five thousand dollars, Patrick? And so, you know, again, lowering her expectations a little bit, and saying, “You know what? I’m not going to be a billionaire. I’m not going to be a hundred millionaire with this concept. I’m trying to make a hundred thousand dollars to support my family, take care of the mortgage and the car payments, and I have some realistic expectations.” And part of that realistic expectation is, “I’m only going to spend the amount of money to start my business that I can afford to lose easily.” So, with Tiara it was five thousand dollars. That seems to be a number that’s comfortable for a lot of people. “And I’m only going to spend five thousand, and after that, I’m done. I’ll start my business with that. And you know, it’s not as glamorous as I wanted, but at least I’m up and running.” We also tell the story of a guy named Joey. Joey wanted a bar. You know, Patrick, every man in America wants to own his own bar or restaurant, I think. But Joey was smart. He realized that he couldn’t afford all of the brass fixtures and the self-brewing stuff, and he couldn’t micro-brew on premise. So he went out and found the cheapest place that he could rent and, you know, took out a monthly lease on this place. It had cinder-block walls, concrete floors, and exposed metal rafters. He got furniture from a flee market. You know, the dumpiest furniture that he could find. His first weekend he opened with one keg and some six packs, and for five thousand dollars he got a bar up and running. And today that bar, ten years later, is still up and running. Hundreds of places have come and gone that have spent a million dollars to get beautiful. The whole stick of his place is, “This is a dive.” And people expect that. They understand that it’s going to be a dive. But it’s been in operation for ten years. He’s taken the profit from that and thrown it into other income streams, other businesses that are nicer. He has a really nice bar now, but he built that on internal cash flow, revenue he generated himself for a business he started for under five thousand dollars. That’s a sexier story than going out and borrowing a million dollars and taking all of this risk.

Dan: Speaking of risk, you wrote a four part blog story for Lendio, and I thought the risk myth that you debunked was quite interesting. Talk a little bit about why starting a business might be less risky than having a job, especially today, and some of your other myths that you talk about in your book about entrepreneurship.

Jim: Well, I certainly think that, if you go ask a hundred people on the street, ninety nine percent of them are going to say that entrepreneurs are the risk takers. Well, I’m an entrepreneur but I have several income streams, and if I get fired from, say one of them, one entire business goes to zero, I still have other income streams. I have lots of friends that I went to graduate school with, and they work at companies and they’re consultants. And my brother works for Wendy’s/Arby’s on the corporate job there, and he just got laid off. He didn’t do anything wrong, but when Wendy’s sold Arby’s or Arby’s sold Wendy’s, whatever, now my brother is without a job from no fault of his own. And I think that’s true for ninety-five percent of the people out there who are unemployed right now. It’s no fault of their own. But what happened was, they put all of their risk in one basket. My brother put all of his risk in the Wendy’s/Arby’s basket, and because of that, he had one source of income. Whereas a landscaper might have a hundred clients and therefore a hundred streams of income. A landscaper could do a really bad job in one lawn and lose one whole stream of income, but he still has ninety-nine other customers, other streams of income that support himself. The corporate executive who works for Coca Cola, you know, for no fault of his or her own, could end up completely unemployed on Friday afternoon at four o clock and not have anything to fall back on. So in today’s world, I think that the person who has two or three streams of income… I’d love for you to have a corporate job. I hope you’re still employed today. But you know, go home and at five o clock, start a small business on the side. And again, take creativity out. Find something really small to start. I don’t care if in the first year it only make ten thousand dollars. You know, that’s a car payment or something. But you know, in year two it might make thirty thousand dollars, and in your four it might make thirty-five or fifty thousand dollars or something. Grow slowly on internal capital, so that you have something to fall back on if you have a corporate job. And hopefully in two or three years from now, you’ll have another idea, and you’ll expand a little bit more and maybe have three streams of income. And then my favorite thing for you to have happen is for you to get fired one day because your boss figures out what you’ve been doing all the time during your extra long lunches. You’ve been running businesses on the side. In the book we tell the story of a guy named Randy Brown. Randy dropped out of high school and got a job working at a big downtown law firm as a sixteen year old delivery boy. And over the next twenty-two, twenty-three years, he got, you know, several promotions and worked his way up to office manager. But he was still only making forty thousand dollars a year as an officer manager. And his job was to take care of the secretaries and buy computers and make sure the internet worked and to have court reporters and all of that stuff. And he went to his boss one day and said, “You know what? I’d like to quit on Friday, and you hire me on Monday with no benefits, not as an employee, but hire my company on Monday to do the exact same thing I’ve been doing for you as an employee for the last ten years. I’ve been your office manager for ten years. I’ll do that, outsourcing. He also went to several other law firms, and said, “I’m great at this. I can manage your office for 70% of what it’s costing you now.” And he got several other clients, and he did exactly that. On Friday, he quit his job, and on Monday he started a business doing the exact same thing but for ten different law firms. And now he’s making 250 thousand dollars a year. Zero risk. Zero risk because of the way he was able to transition. Zero creativity. He’s doing the exact same job that he had, but now he’s doing it for himself instead of doing it for a downtown law firm. I love that story.

Patrick: We’re talking with Jim Beach, the author of School for Startups, here on the Entrepreneur Addiction Podcast. Jim, I want to go to… you’re talking about entrepreneurs and how they should keep their day job until they’re ready to basically get rid of their day job. So, when can somebody quit their job? When do you reach that threshold?

Jim: You know, I like to say, as late as possible. You know, again, do that job as poorly as possible until they fire you, you know! (Laughter) You know, if you’re able to take a two hour lunch everyday, take a two hour lunch, you know, and keep those benefits. Keep that health insurance as long as you can. I’d love for your business to be doing a 150 thousand dollars a year, and you still have a job and literally get fired because your boss finally figures out what you’re doing. That to me is a very low-risk strategy, (laughter) and obviously we can’t be to that extreme. But at some point you’ll realize that the quality of life is going down because you’re doing too much. You know, you’re working till eleven o clock every night and you’re getting up at six o clock every morning, and your wife is starting to send you to the sofa. At that point, when your life begins to deteriorate, certainly let’s quit the day job because, again, remember the whole point of this is to have a real good quality of life, not to have a horrible quality of life working for The Man. And so, we certainly want to make the transition when our lifestyle requires it. We don’t want to go through life miserable because we’re working for a company that we’ve created, this nightmare situation. You know, don’t do that for goodness sakes.

Patrick: You know what? You’re the first author I’ve ever come across, or anybody in this economy, going, “You know what? Just screw up. Keep the benefits as long as you can. But really, it’s all about me.”

Jim: They’re not looking out for you.

Patrick: Well, you’re right.

Jim: There’s no loyalty. There’s absolutely no loyalty being returned from anybody, so why should I give them any loyalty?

Patrick: Well, then, let me ask you this: Has that changed? Did companies used to give lots of loyalty to employers, and is that just gone forever?

Jim: Well, you know, it’s not your daddy’s Buick anymore, right? Or, Dad’s Chevrolet, or whatever the expression is. Yeah, I think that it is gone forever. You know, you’re lucky if you have a boss that really takes care of you. But still, if that boss is told to fire you, the boss is going to fire you. You know, if the boss has got to reduce headcount by 12%, you’re going to get fired, you know. And so, the loyalty is gone. I don’t think that any company can afford to remain loyal anymore. It’s just not, you know, with outsourcing and the competition from China, or I could hire you to do your programming in India. There is no loyalty anymore, and so I think we have to be mentally prepared for that, which means taking control of your own life. You know, you can’t trust the government or anyone else to do it for you. You have to realize you’re going to be responsible for your own life. And that’s incredibly exciting for me, but it’s also as scary as hell to me. You know, because I’m responsible for how nice a lifestyle live. And I’m responsible whether my kids get food or not. You know, that’s up to me.

Patrick: Let me ask you about bootstrapping your business. Because there’s a real economic peace to starting your own business. Have you found that the cost of starting a business has gone up dramatically?

Jim: No. I would not agree with that because, again, I always spend five thousand dollars, never anymore, to start a business. I’m like that old lady who goes to the gas station, and says, “The price of gas isn’t going up. I always get twenty dollars worth.” You know, it’s still twenty dollars. She never fills up the tank. She just gets twenty dollars and doesn’t realize that she’s getting less and less. I start a business for five thousand dollars and no more. I’m not willing to risk anymore. For me, I’ve always been able to do that, and I’m doing two right now that I’m a ground zero, day one of. And both of those I’m going to start for under five thousand dollars. So, I don’t think it’s changed at all. I think, as a matter of fact, that it’s more old fashioned. I tell my mother that you should read this book I wrote, and she goes, “Well, there’s nothing new in there. It’s just full of old fashion common sense.” And that’s what I said when, what I was referring to when I said that Steve Jobs and Bill Gates broke entrepreneurship. Fifty years ago, you couldn’t go get Angel Funding. You couldn’t go get Venture Capital. People who wanted to start a business did it with the money they had. They might have had two hundred dollars or two hundred and fifty dollars, but that’s what they used to start the business. And because of that, they were conservative. They built slowly and traditionally on cash flow as apposed to borrowing money on credit cards and getting into debt with their house mortgage and all this problem that we’re having today. And so what we’re saying is, “Let’s go back to the way we did it fifty years ago. Let’s start with five thousand dollars, not two hundred and fifty, but now five thousand dollars, and test your idea with that.” I can test an idea for five thousand dollars. You know, I might not be able to do all the things I want: Build a beautiful website and have slick brochures and all of that, and have a CFO and a secretary and an office space and an area on chair and new Mac laptop. But for five thousand dollars I can find out whether people are going to buy it or not, always. I mean, just test me. Give me an idea and I’ll figure out how to test it. You know, maybe we’re not at a hundred percent, but at least we’re testing the idea and having people say, “Yes, I’m going to write you a check. Or, no, I’m not going to write a check because of this.” Well then, you tweak the idea and then go back to them a month later and say, “Now will you write a check?” And you know, for five thousand dollars, I can do that.

Patrick: If you have the five thousand dollars, what do you for people who just don’t, you know, like you said, they’ve been out of work for two years, what if they literally don’t have five thousand dollars, where do you tell them to start?

Jim: Okay. Let me give you a business that I think has zero risk that you can start this afternoon for zero dollars. No creativity. I love this business for an eighteen year old kid or a sixty year old who’s unemployed. Go into ten restaurants, and say, “Look, every real business in America has a social media strategy.” Restaurants are the last space where there aren’t Facebook pages. There aren’t Twitter accounts. There aren’t LinkedIn accounts. All of that stuff. “Mr. Restaurant manager, for two hundred dollars I will be your social media manager. I will create a Google Places page for you. I will have a blog for you. I will do Facebook for you. On a slow Tuesday night when you have no customers, I will send out a Twitter to the emails that we’re going to start collecting, and tell them that for the next hour there’s a half price special for appetizers. And I’ll drive traffic to you on a slow Tuesday night. And I’m willing to do this for you, Mr. Restaurant Manager, for only two hundred dollars a month. And I’ll become your media presence.” And go into ten restaurants, I think you’re going to sell three or four of those. You’re not going to sell the first two or three. Practice your pitch, and I think you can go get your business today being the social media manager for a restaurant. Well, an eighteen year old kid wants to be on Facebook all day anyway. And so, this is paying a kid what he wants to do anyway. Say you get five accounts and make a thousand dollars. That’s going to pay for an eighteen year old kid’s college books or something else like that. And I think that’s a realistic business that you can go start today for not a single dollar. What do you think, Patrick? What do you think, Dan?

Patrick: I think it’s a great idea. In fact, you brought up something that was so simple.

Jim: Patrick was walking out the door. He was going to go talk to the restaurants. I had to hold him back. (laughter).

Patrick: Hey, we’re going to go wrap up the podcast. I’ve got to go make some money, Jim.

Jim: Okay.

Patrick: (Laughter) There’s a company here called Dollar Cuts. They just barely opened up, and they were doing something that kind of surprised me. All it was, was email marketing. They were saying, “Hey, give us your email address. We’ll send you some coupons, you know, for half price haircuts.” Or whatever it was. Is email undervalued.

Jim: I think that good email is underused. The problem is that people send it out and it looks like the junk that it is. Whereas a really value added piece has a market that people will be receptive to it. You know, I think that, when we send out any information to anyone, we have to realize that it must add value to their life. And so, when we tell someone, “Oh, well, I was on a radio show today.” That doesn’t add value to their life. Or, that’s not interesting to them. Or to say, “We hired a new employee, or we got a new account.” That’s not interesting to someone either. But to say, “I learned something today that might be interesting to you.” That adds value to their life. So, if you send out these unsolicited emails, and I do it all the time, I think that it’s important and critical to included something of value. That’s true in your blogging and in your Twitting and in all of that stuff, too. That everything you’re bothering me with needs to have value to it, and it needs to improve my life. So, I need the benefit of something educational in there. You know, it could be a huge discount that you found. You know, “I found a fifty percent discount to someplace.” Well, that could add value to my life, but just don’t interfere with my life and send me an email to say, “Hey, we got a new account today.” And I get a lot of those. Make sure you add value.

Patrick: Okay, that’s all you’re saying. Make sure you add value. In terms of the ‘wow factor’, there’s a chapter in your book here, and let me just reset here. We’re talking with Jim Beach, the author of School for Startups dot com. You’ve actually got some additional content on the entrepreneur school dot com, I’m assuming that I can still plug that?

Jim: That’s right.

Patrick: What is the ‘wow factor’?

Jim: You need to be sexy. You need to be compelling. You know, just going out there and starting a business is great, but if you can’t tell me how you’re different from the next person. You’re not going to be able to tell your customer how you’re different. You know, so we hear about this thirty second elevator pitch, and I think it’s really closer to eighteen seconds. You have eighteen seconds to make me go “Wow!” That’s a business that A, I want to invest in, and B, buy from, something like that. For my computer camp business, in eighteen seconds I will tell you. You send me your kid, and I’m going to make that kid happy for the first time ever in his life. And if your kid’s a computer kid or someone that’s not on the football team or someone that has social problems, you send your kid to me and then in a month I’m going to make him happy in the first time in your life. Now, you say that to a parent, especially to the parent of kid who comes home crying everyday because they’re not fitting in socially, and I’ve just made you want to cry. How much money can I pay you? You’re going to fix my kid? In other words, to the target market, that’s the most powerful words I can say. Nothing upsets a parent more than a kid who’s coming home crying from school everyday. To tell you that I can fix that, “Wow! Wow!”

Patrick: Hence the ‘wow factor’ right there.

Jim: It’s that simple, and if you can’t do that for you business, no matter what your business is, if you can’t reduce it to eighteen seconds of sexiness, you need to do that. You need to lock yourself in a room, so you can figure out how to do that. And if you can’t do that, you need to come to the realization that, there’s nothing unique or compelling about your business, why in the world would anyone buy from you. You can’t even tell yourself why you’re unique and compelling, why in the world do you think a customer’s going to buy that? You’ve got to be able to set yourself apart, and differentiate yourself in such a way that I can, you know, in the end you go, “Wow!” For the restaurant manager, you know, after you have four to five customers, your eighteen seconds would need to say, “Sir, Mr. Restaurant Manager, for only 200 dollars a month, I can increase sales to a thousand dollars a week.”
“Wow! Okay!” You know, that’s something that a restaurant manager is going to go“Wow! Okay.” The next sentence is, “You just bought yourself another two or three minutes. You know, that eighteen seconds is interesting enough that you bought yourself ten minutes and free Sprite. Tell me some more.” That’s WOW!

Chris: You know, that’s great. I wish I would have been that forward thinking when I was a college student. So, Jim, again, this is Chris, and I have a question here for you, just looking through the book. Something that’s really interesting to me is some of the myths that you talk about with regards to entrepreneurship. Can you expand upon that a little bit for the audience and talk about what some of those myths are.

Jim: Well, you know, some of the… we’ve already talked about risk and creativity. Passion is another huge myth. People think you have to be passionate about what you do. Well, you know, it certainly helps. It makes it easier to do that fifteen hours a day if you’re passionate about it. But I’m not passionate about any of the businesses I do. As a matter of fact, I’m passionate about nothing, except for my family and my life and the fact that I work for myself. I’m passionate about the fact that I can wear blue jeans and t-shirt when I want to. I’m passionate about the fact that I don’t report to The Man, and someone doesn’t get to call me into their office and judge me based on how they think I’m doing. I’m passionate about I get to quit work when I want to and go see a movie when I want and have lunch with my friends for as long as I want. That’s what I can be passionate about. I’m passionate. My passion is about woodworking, but you know what, I can’t make a living as a woodworker. I’m just not good enough at it, so I have to realize that passion is not part of the entrepreneurial recipe for me. And that I can choose what ever I want to do as long as I do it well, and that that’s the passion. The passion is in doing something for yourself. The passion is in controlling your own life style. The passion is being your boss. Don’t think that you have to be passionate about what you’re selling. You can be passionate about the process, in and of itself. I think those three things: Forget about risk. Forget about creativity. And forget about passion. The number one, two and three myths that prevent people from being an entrepreneur. They’re sitting there going, “You know, I’m passionate about rock collecting. I can’t make a living as that, doing that.” Well, our answer is, “Stop trying to be profitable rock collecting. Go out there and sell Facebook services to restaurants. Do something you can make money doing.”

Dan: But what is not a myth? What’s the one thing that you do need?

Jim: The one thing that you do need is the, “Get off the sofa! Turn off the Real Housewives of Delaware and the ESPN Sports Zone!” And start realizing that you’re going to have to work hard. You know, everything that we teach is hard work. We don’t have any of ‘the get rich quick stuff’. We have the ‘get rich quick while you’re working nineteen hours a day’ method. You know, it’s that type of thing. We’re the people who tell you to go out there and call ten restaurants every afternoon. You know, every afternoon this week, you need to go into ten restaurants between two o clock and five o clock, when they’re not having their lunch or dinner rush. You know, everyday you need to go do that. So, we believe the core of entrepreneurship, what it’s really about, is execution, working hard. Working hard everyday. Setting realistic goals. Writing them down. And going out there and doing them. You know, it is about execution, and working hard. It’s not about the other stuff. Forget risk. Forget being creative. They only thing you need to be a successful entrepreneur is the desire. If you are will to say, “I am going to be the one who stands up and works hard today, you’re on the path of successful entrepreneurship. It’s not Steve Jobs ability to see innovation fifteen years down the road that makes a successful entrepreneur. What makes you successful is getting off the sofa. Turning the TV off.

Patrick: You know what? I feel like I’ve just broken huddle. (laughter) I’ve had a pep talk, and man, I need to get off my duff and do a little more.

Jim: Well, you know, the book is designed to be motivational. It’s very largely that. It’s a quick two hundred page read that you can read in a weekend. It’s got tons of stories in it about real people who have done just that, who have said, “I’m not going to be the one who is lazy. I’m going to be the one who gets up and works hard all day Saturday and Sunday.” So, you right, it is… it does have a large motivational component to it. You know, we want you to realize it’s up to you. You can go do this if you want to. It’s that simple. And the number one thing is to remove, you know, your preconceived fear of creativity and risk, go get an idea, and start doing it.

Patrick: Coach Beach! (laughter) Thank you. We’re going to wrap up the podcast there. Anything else you want to throw in?

Jim: Well, you did mention one thing that I’d like to reinforce. If you buy the book, and it’s only nine dollars for the Kindle version, it comes with a free month on the learning center. The learning center is the entrepreneur school dot com, and it’s got about eighty hours of instructional videos: How to get an idea. How to fund your idea. How to get bank funding. How to get venture capital funding. How to bootstrap the business. We have 36 steps, or 36 ways you can bootstrap a business, start a business with no money. All the way through the end, all of the videos are fun. They’re designed to be non-academic. They have lots of stories in there. There’s jokes. It’s not boring. And that’s free with buying the book. So, for only nine dollars, you get a copy of the book and eighty hours of instructional videos. We want you to go out there and succeed. We’re trying to price it in a way that anyone can afford.

Patrick: Man, I’m totally pumped up right now. I’m going to go execute.

Jim: Great! I appreciate it.

Patrick: Alright. Man, what a pleasure talking with Jim Beach, the author of School for Startups. Be sure to pick up his book. You mentioned the nine dollar version of the book. Where can they pick up the paperback?

Jim: It’s in Barnes & Nobles, all your favorite booksellers, Amazon dot com, anywhere.

Patrick: So, just the traditional outlets?

Jim: Yes. Yes, it’s published by McGraw Hill, so it’s a traditional book out there in all of your major venues.

Patrick: Alright, what a thrill for me personally, and I know that I speak for Dan Bischoff and Chris Knusden here in the studio, as we gather around the microphone to talk to you, instead of our big palatial studio. So, what a thrill to talk to you.

Jim: Well, thank you so much. I appreciate it so much.

Patrick: Okay, we’ll go ahead and wrap it up there. So, for Jim Beach, be sure to go pick up his book, School for Startups. You can also access exclusive online content at the entrepreneur school dot com once you pick up his book. So, for Jim Beach, thank you again. Dan Bischoff, director of communications here at Lendio.com. It’s always good to see you.

Dan: It’s great to see you, and good to have you on, Jim.

Jim: Thank you so much.

Patrick: And also Chris Knusden making a special guest appearance on the Entrepreneur Addiction Podcast. Check out his website as well. It’s SocialPlayz dot com. It’s always good to see you, too.

Chris: Great to be here. Thanks a lot Jim, Patrick, and Dan. I appreciate you having me.

Patrick: So, for Jim, Dan, and Chris, my name is Patrick Wiscombe. Thanks again for listening to the Entrepreneur Addiction Podcast. Be sure to tell your friends about it, and subscribe to it on Lendio.com. You can also listen to the podcast on my website, PatrickWicombe.com. We’ll talk to you next week. See ya.

Voice: Making business loans simple, this has been the entrepreneur addiction podcast, helping you secure the capital you need, with your host Brock Blake, Dan Bischoff, and Patrick Wiscombe. Heard exclusively at Lendio.com.

About the Author

  • Dan Bischoff

Comments

  1. OMG!!! I love this guy Jim Beach! I can truly relate to everything that he is talking about and I certainly appreciate his sense of humor. I can’t wait to pick up his book. Thank you guys for this podcast.