Bruce explains why small business owners pay a "dumb tax" through costly mistakes like bad hires and poor marketing. He says the fix is formal business education and mentors, something public companies get through boards but private owners skip. His Entrepreneurial Business School offers peer boards and coaching to fill that gap.
Why is it, do you think, that most people start a business and then fail to grow and certainly fail to exit a business?
If you think about it, most people who get into business, I would say 99% of them didn't actually ever have any formal training on actually how to run a business. So, you know, they're technically good at what they do, they inherited the business, et cetera, and then they have to then learn through trial and error. And there's lots of errors and that's what we call dumb tax, which is the tax that business owners pay when they do something dumb. You know, it could be wrong hire, it could be wrong marketing strategy, and then they pay the price for it.
What do you think we can do to cut down the amount of tax we pay?
Well, I think for me it comes in 2 areas. Number one, education is, you know, for me that's one of the highest forms of leverage is to actually have education And to learn those skills that they need to know everything from marketing to finance to how to grow teams. You'll never scale a company if you don't work out this thing called leadership and management. You gotta understand that part. So there's an education piece. And then I think, you know, the other piece, and which our business is formed on, is actually having a coach and having a mentor. in your corner. Let me give you an example. If every publicly listed company on the planet have to by law have a board of directors sitting over the CEO and the senior management, right? It's a legal requirement in any country on the planet. So we expect it in corporate. So it sort of gobsmacks me in this day and age where business owners, where their primary source of income, Jim, is their business, yet they don't have a coach looking in to give them a hand.
Tell us a little bit about the Entrepreneurial Business School and the kind of coaching that you do.
Look, I mean, we've been coaching businesses for 21 years. We do it in one-on-one, we do it in groups, which we find are very important. We've actually, I know I mentioned the board of directors for publicly listed companies, but we do the same thing, but at small and medium-sized businesses where it's also peer coaching, peer and et cetera, which brings a amazing community. And the results that we get when people do the pushups is amazing. It transforms their business and it transforms their life, right? Because they're more empowered and they're better human beings on the planet, you know, when, because there's a whole personal development side to it, not just learning the numbers as an example.
If you'd like to touch base with Bruce, you can go to ebs.org and they will do a free diagnostic test on your business to help you find out where you're at, and they can help you build your business so that you can live a life of wealth and abundance too. So go to ebs.org.
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