0049: The Power of the Entrepreneurial Spirit with International Keynote Speaker, SBA Award Winning Radio/Podcast Host, McGrawHill Bestselling Author, Patent Holder, Founder & CEO of www.SchoolForStartUps.com Jim Beach

Ea interviews episode 49 inspiration, transformation, success stories and the imperfect action round. Seven days a week join Mario Ficcini for today's Expert Authority Effect interview.

Expert Authority World have you ever wanted to start a business or take your existing business to the next level? I don't mean say I want to get a few more clients, but I mean truly profit and help and serve the world. I have none other than Jim beach on today's episode and I'm excited to bring him up because he's not only done this with one business, not only done it with two businesses, he has done it with dozens of them.

He has a really great story he's going to share.

I can't wait for him to share it with you and just share the behind the scenes of what it really takes to drive in profit in business. He's an international keynote speaker, award winning radio and podcast host and a best selling author. He's going to be sharing all his knowledge and wisdom over the years with you. But first let's thank our sponsor.

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Acorns Jim beach, how are you?

I'm great Mario, how are you today?

I'm feeling awesome. It's great to have you here. I got a question for you. What inspired you to start your business?

I got fired from a real job. I didn't want to start a business. It was by necessity and Coca Cola inspired me to follow the two security guards with the guns out the door. And so when I got fired from a good corporate job, my dream job, Mario, all I wanted was to be a Coca Cola employee and, and Coca Cola thought otherwise.

Well, this is normally where I ask you to share something personal and you know, let you know we're just going to have a conversation but you're the pro at this and I know you're extremely comfortable. So we're going to do a little audible. Please do dive deeper into detail onto that story because I'm interested.

Well, I was a great Coca Cola employee. I saved them a billion dollars over 10 years and I knew some very senior level Coca Cola executives and so I had all of the ends and everything that you would hope for and they got together behind my back and decided that I would be a better entrepreneur. And this is so sad Mario, but it's true. When they said that, I didn't know what the word meant. They said you should go and be an entrepreneur. And I was like, entre what? Excuse me, I don't know those words. And so they literally helped me out the door and showed me the street and I was lost for a year. Got a job as a construction worker building houses, which actually was a great job and great experience. And tried to decide what to do and decided I wanted to go back to school. I already had an MBA and a master's of Japanese, but I decided I needed even more schooling. And so I was going to go and get a master's of architecture. And this is an interesting lesson for entrepreneurs. I got rejected to architecture school. I badgered my way in to architecture school and was able to get in and needed a job that I could do to support myself. And the requirement for the company, the job, the business, whatever, was that it be a summertime job so that I could go to school nine months a year. So I literally made a list of every summer break business that I could start. And you can name the list just as well as I can. Landscaping and pool cleaning and you know, pet walking and vacation babysitting for your house and all that kind of stuff. Summer camp. And I decided to start a summer camp business when I was 24 years old that by the time I was 31, had 700 employees, 90 locations in three, four countries. We were located at places like MIT, Stanford, Oxford, Cambridge, Bond.

UCLA, Emory, SMU, University of Michigan, great places like that. And we were sponsored by intel and Microsoft and Hewlett Packard and Lucas, the guy who made movies and Lego and all of that. And so my inspiration literally came to support myself. It was pure, a necessity, entrepreneurship. And of course I never graduated school because the business outgrowth grew that, you know, by my senior year or my third year of their master's program, the business had 450 employees. And you can't really go to school full time the master's program and manage 450 employees. So I dropped out of school and I don't know, that's the rest is history, so to speak.

Well, it sounds like my journey just with a more successful corporate career. I just cut that whole piece out myself. Never graduated either. And I'm glad to know I'm in even more good company, you know, like Steve Jobs and Bill Gates and the rest of us. But that's how it goes, you know, it is, do we do it because we want to do it the way we want to, right?

That's right. That's right. So I didn't know I wanted to be an entrepreneur until I was one and didn't know how much fun it would be. And, you know, it is one of those that, you know, that silly, trite expression that maybe when God closes a window somewhere or closes a door, he opens something somewhere else. And that's 100% what happened for me that the opportunity to do so many things has presented itself late in life and unexpectedly. I never expected to write books that was never on my radar. Fell into that. Never expected to be on the radio. Fell into that unexpectedly. And that's one of the great things about being an entrepreneur.

Just roll with it and pivot. And I would say it's all blessings in the disguise. I could give you a dozen experiences in my life, too, where it was some of them I planned out and I went for them. And other ones, it's like, maybe you're trying to tell me something here, you know? So let's get into who you help and how you help them.

Well, today I help small businesses in any way that I can. So do a lot of fundraising for businesses. Lots of help with business plans and strategy execution. Lots of introductions to people, especially in the money space, and lots of introductions for networking, sales opportunities, and things like that. But I think most of my time right now would be in the fundraising space for a small business who needs help. And you can never run across, or you run across millions of those, right? So there's always a small business that needs help. So we try to go out there and find money. Last night was really great, Mario. I was able to go and have dinner at a restaurant that I found the money for. And it's always fun to go and visit a restaurant. I remember where we bought the booze, for example, and all of that. And the day they cut the roof off of the building so they could drop the pizza ovens in. And it's always fun when you raise the money, see it all happen, and then can go and actually have dinner there.

That sounds like a lot of fun. One of the reasons I do what I do and love helping people, launching their books, launching their live streams, podcast, whatever it is, is the end result. You know, it's great that you can make money doing anything in your world, but, you know, that's fantastic. You can get a job, you can go work here, whatever. But when you think about how do you really do what you do and design, what do you want your life to look like? It's awesome, isn't it when you can say, here's the end result, like you're sharing. Right.

You know, that's why I have such a different view on passion. Everyone talks about how important entrepreneurial passion is and how you have to love your product or whatever it is you're selling. I don't. I've sold lots of stuff in my life that I could care less about. I used to have a purse company, a ladies accessories company, and I put on this jacket just for you, Mario, because I know that you're a dresser. I'm not. I don't care about that stuff. Right. But I sold a lot of the stuff, made a lot of money selling that stuff. I'm passionate about being an entrepreneur. The lifestyle, the freedom, the opportunity to make more money. If I want to make more money, I start a new business and work harder. Right. You know, that's what I passionate about, not the stuff that I sell. And so I think that that is a possible, important distinction for other people to realize that you can be passionate as an entrepreneur but not really care what you sell. I get up in the morning, really excited to go to work and I sell stuff that I personally in a million years would never use.

Well, I love your perspective on it and the honesty because so many people just think, I have to say this, I have to say that. What if I'm saying the right thing to the wrong people or the wrong thing to the right people? It's like, holy crap, life is short. Could you have any more anxiety? I'm all about the lifestyle and freedom too. Absolutely love what I do, who I get to help, how I get to do it. But I also love going, hey, I'm off here. I don't do this, this and this. And I have a framework that I design by choice and, and it just supports everything I ever wanted to do. And I don't feel like I'm winning in one area but losing in another area. So let's hear about your success stories. Who's the most successful one you've had so far?

Probably a healthcare company that we raised a bunch of money for, found the money that they needed, were able to get them on the Sean Hannity show, got invited to the White House to present the company, and at the White House, got invited to the White House Christmas party. And that company was even the first company ever on Shark Tank to have the follow up segment. You know how Shark Tank does the follow up segments, except they were never on Shark Tank in the first place. But we were, we were able to still get them a follow up segment even though they were never on there. That was my. I mean, that client. How can you beat that list of accomplishments for a company?

That is pretty cool. Are you able to share how you did that?

Yeah. How we got on Shark Tank.

Yes.

Yeah.

The trick is on the show, but they were in the follow up segment, right?

Yeah. So what we did was a stock swap with Barbara Corcoran. So Barbara had a company that she invested in at the very beginning in season one. It was the elephant medicine dispenser. It was the first deal ever done on Shark Tank. I think that company never did very well, by the way. And Barbara was trying to get rid of her shares. And so we swapped shares for the new company with Barbara and we had some elephant shares too. So we were able to clean up a whole bunch of other stuff. And what they did is. Oh, cool. The company that was on Shark Tank is now merging with another company. And Barbara was in the boardroom and everyone was shaking hands and all of that kind of stuff. So the new company was the focus of the feature because they were in essence acquiring the elephant medicine dispenser company. I like that.

That is a great trick. Thank you for sharing it.

When you were saying they were never on, but they were followed up, I'm like, exactly. Sounds like it could be hashtag gold nugget.

Yeah, that is a good. It is a good trick because they love to do the follow up segments because it shows that somehow the shark was proven right. You know, there's. If the. The other wise money people come in and buy that company, well, then the shark is ostensibly had an exit. Right. So it looks good for everybody.

And, you know, the Shark Tank results are just not as good as many people would suspect. You know, they don't have that many huge success stories, so.

Well, I'm glad you follow ups. And I think it's an important thing to do the follow ups. When I tell people about following up, it is so important because one of my interviews, he interviews millionaires and billionaires and he was sharing a story with Steve Forbes. It's the Arthur Robinson Jr. Episode. And so many times people go, I want to do this. They love the, hey, we had a success. I just got a new client. We just landed a new project. We just got a new deal. Whatever the case is, celebrate all wins. Absolutely. But then it's like what happens after the fact? It could still go wrong from there. It could go right. What happens? Maybe you've followed up with them six times. But maybe it's the seventh that's going to give you the breakthrough. And at any point in time you have that negative thought and the positive thought both going, who's going to win? Who's going to win? And it's like, if you can just have that persistence, that perseverance. I've had some guests on the show. Some of them I know, some of them I didn't. But they've all said, thank you for following up with me. I've just been busy. And when you have ultra successful people who I wanted, such as yourself, I did realize this wasn't going to be like, they're just sitting around and I just can pick up the phone and reach them one time. But I wanted the best of the best for Expert Authority World. So thank you for sharing with us. Tell us, how has your podcast helped your business?

Well, the podcast, number one, has become a business. So eventually I was doing well enough with it that it turned into a real radio show. And now we're on 24am FM stations around the country. So we have, you know, ads like normal people. And then there's the sponsorship opportunities and there's other ways to make money from the podcast too. There's some other income streams there as well. But the most important thing is that it makes you the quote, unquote, authority expert. Right? You are the guy. And so it's, you know, one thing to say, you have a podcast. When I was able to jump over to the radio, that gave a ton more credibility. The simple idea that anyone can have a podcast, but somehow, somewhere, someone selected me to be on the radio. Of course, that's not true. If people understood the radio, they would have no prestige or anything like that. Just like the words best selling, I think have been best selling author, those words have no longer have any real meaning because of some of the changes that we could talk about. But when I was able to make that jump, my speaking fee was able to go up tremendously. People interested in having me at their events, that's been a huge help. The ability to get a book published. So I still publish traditionally. I think I'm going to switch to publishing sell, you know, self publishing soon. But I still have had success with getting publishers. And it's very simple. You want to get a publishing deal? Well, you call the publisher and ask him to be on your radio show and interview him on your radio show. And then after the interview you say, hey, you want to hear about my book? At that point they say, yes. You know, so every publisher wants to be on the radio to promote their books. It makes sense, right? And there's some great publishing companies out there that I've been able to use that strategy with. Morgan, James Greenleaf.

Some of the self help publishing series as well, some of the entrepreneur series. So that's been a huge benefit. And then I think the greatest benefit. So all of that's tangential. The real greatest benefit, Mario, is that I get to meet people that otherwise in a million years I would never get to meet. And there's two categories of those. I get to call up people and say, hey, would you be on my show? And then also I can, number two, sit around and wait for someone to publish a book. When they publish a book, they hire a publicist. That publicist wants to get them out on the radio. And so they call me and say, hey, would you like to meet the founder of North Face clothing company or Ugg Boots? And when I had the founder of Ugg Boots on my show, my 16, 15 year old daughter thought I was the coolest person on earth because I was able to say hello to the guy who invented the boot that she likes to wear. So you get to meet cool people.

I would have to agree too. I mean, not everyone's gonna be your client. Not everyone you want as your client, but not everyone. That doesn't mean they don't have value. That won't add to your audience and help a lot of people that shouldn't be showcased.

Exactly. Yes.

So let's talk about your books because this is one area I absolutely love and you know, I do for my clients. We just launched another book and I have more coming up and I just came out with an idea for maybe another one for me. But I think it's so important when you're talking about the expert, you know, the expert authority effect, if you will, what I've branded everything as, because it's exactly it. So many people have the information, they have this level of expertise, and the only place they show it is one on one or in a closed meeting. And they never think to turn it into other assets. But that's one thing I liked about you. When we talked, even years ago, you had done it. So tell us, why did you want to write the book and how has that helped?

Well, the book came from. From a bet and that bet came from another bet. So I used to be.

I just got to.

I got to say right now you are giving the best behind the scenes stories for all this. Because sometimes people say, I've thought about it for 10 years and it's my life's goal and all of these things as to why they have their book, the podcast, the speaking, whatever. And you're just like, no, this was a bet. This one I fell into. Please tell me about the bet. I just got to say I love it, though.

Okay, so bet number one was I was a professor at a downtown university teaching MBA school at night. And I bet my class that I could start a business that semester, make it cash flow positive that semester, repay all my startup capital that semester, and they got to choose the country and the industry that I would start the business in. So they chose Pakistan and furniture. So I had four months to build a profitable Pakistani furniture company. I won the beta 12 semesters in a row. And a reporter for Bloomberg heard the story and was like, well, that should be a book. And I was like, well, I'll make you a bet. If you find a publisher, I'll write the book. And he said, okay, I'll take that bet on. And so together we put together and Mario, you're in the publishing space, so you're going to love this story. We put together a half page proposal, sent it to one publishing company, and two days later they called and said, let's talk about this. And three days after that, we had a signed deal with McGraw Hill. So you hear the story. I sent out a thousand or I sent out 200 proposals and I got 199 rejections. And finally the 200th publishing company said yes, we sent out one proposal and got a deal in under a week. And they actually paid us money too. We got an advance even, which is rare in today's world. And what that speaks to Mario is how good our pitch was. The thesis was so compelling, so unique, so sexy, so counterintuitive. The exact opposite of what the publisher believed. And I was able to say, but we're going to prove it. That the publisher said, well, I want to read that book. Prove it. Prove your thesis. And so it speaks to just the hook. If you can get a good enough hook, you can get a book deal in one week. So there's the backstory of that one.

Well, I've been trying not to laugh this whole time, but that is so. I love it because that is the entrepreneurial spirit at its best. Because so many people have, I need to do step 1, 2, 3, 4, and I have to start at the bottom and pay my dues and all this crap, as I like to say. And it's just untrue if you have an idea. If you have something you want to go for, run after it. Even if I'm still trying to wrap my head around this, you bet someone you could start a successful business, you let them pick the country and the industry and you successfully launched a Pakistani furniture business. Yeah, go on my LinkedIn profile tagline of if you want this as a book, I'll make you a bet.

Yeah. So go on my LinkedIn profile. Everybody go to Jim beach and I will connect with you. So hit the connect button and scroll down to the very bottom of my work experiences and there's a company called Timeless Chair. And look at the picture and tell me it's not the most beautiful chair you have ever seen. What we did is we took hundred year old Persian rugs, oriental rugs, and we would cut them up at a factory in Karachi, Pakistan, cut the rugs up and use that as the fabric for a traditionally shaped American Archie Bunker type chair. You know, a good old fashioned American armchair. But it had a hundred year old fabric on it. So it was a work of art, beautiful, beautiful piece of furniture. It was a $2,000 chair and we were able to. I'll tell you how I won the bet. So the chair cost me $450 to get it built and shipped to Charleston, South Carolina. I then sold that chair for 2,000, $2,600, $3,000. I only had to sell three or four chairs to recoup my initial investment and get back into the black. Right. By limiting my investment, I didn't spend $50,000. I went out there and spent like $4,000. But for $4,000 I got 10 shares. I only had to sell two of them to win the bet. It was rigged, Mario. I rigged the whole thing.

You designed it in your favor, as business should be. I wouldn't say rigged at all. You didn't do anything unethical. You did it. SM what the 1 out of 100 companies does. Everyone's out here doing all these things, going, I just got a new client for 20 grand, 30 grand, 40, 50. And they failed to realize it's costing them 19, 5, 44, 6, whatever it is you want to have. And it's the thing I teach in my training program. It's about the profit margin. It's not how much you make, it's how much you keep, right?

Yes. Oh, yes. And I always, you know, the one thing that was important about that was that it was a very high end product. You know, you can go buy a chair at IKEA for 200 bucks. This was a $3,000 chair and you probably needed to buy two or three of them. And then the ottoman was probably extra as well. And we were making a lot of money as a high end product. I'd rather sell a high end product and justify the price by saying it's better, the service is better, the training you're going to get from us is better than sell a low end piece of junk and not make any money. So you might as well set your prices really high. I think it just sets yourself up for success from the beginning.

I'm in agreement 100%. I'd rather justify the quality one time than apologize, you know, countlessly for poor quality. And when I'm working with people too, it's the same thing. Because you can do a book cheap, you can do a training cheap, you can do video cheap, you can do speaking cheap, or you can do it high end and actually profit from it and not have to kill yourself and maybe actually have some fun along the way. So speaking of speaking, I'm going to combine these two. How is speaking and video? Because one is. It's just different formats. But how has speaking and video helped your business?

Well, speaking.

Almost is the business, right? That is one of the most important pieces and something that I focus on tremendously. You know, the opportunities there. There's a lot of need for great speakers right now. The most important thing is that I think you need to have some life experiences. I meet, I don't want to be mean to anybody, Mario, but I meet a lot of people who haven't done anything but want to speak about that haven't done anything and want to tell me about how they haven't done anything. And I don't get it. Right. You know, the most interesting speakers are speaking about an experience that they had that you haven't had, like climbing Mount Everest or something like that. So I would encourage everyone to go have some life experiences when here's the best lesson I've ever learned. If my speaking business is slow, that means it's time to start a new business which attracts attention to me, which then gets me hired as a speaker.

Not spending more time on my speaking business by trying to go out to associations and say, hire me, hire me. You can spend all year doing that. And in that year I could have built a new business that's so sexy, unique and compelling that I got hired as a speaker because my business was sexy, unique and compelling and therefore people were talking about it. So it's just like dating, Mario. Whenever I need to get a date. The best thing for me to do is ignore women and run in the opposite direction. And that's when they seem to like, look at me, you know, So I don't know, maybe I'm not good at any of those things.

Well, I love your insight on it and I agree because it seems like when you're trying to go after something, it doesn't always work out the way you want. And when it's off your plate, totally, you're like, oh, everything's working out because it's I believe and I teach my clients this. It's about you. It's about becoming more, not doing more.

Definitely. Oh yes. It's all about personal development. So if they're not, if you are not continually self evaluating being dissatisfied and trying to improve.

Your business will never grow. It's not the business's fault that it's not growing, it's your fault, you know, And a business grows as big as the CEO is capable of it running, you know, so if the business is stuck, it's not the business, it's you.

As long as we're ruffling some feathers here, I'll say one thing before we go to the sponsor. So many people say, I'm having a business problem. I'm having a big business problem. What's your biggest business challenge? What's your biggest business problem? Everyone always asks that. And there are no business problems. There's a personal problem you're bringing into your business.

Yes. Yes.

So we're gonna go to the sponsor and I'm excited to bring you up for the second half for the imperfect action round. Invest automatically, save for later and spend today.

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Again, that's eainterviews.com acorns all right, ladies and gentlemen, we're back with Jim beach and we're ready for the imperfect action round. Jim, are you ready to take imperfect action?

I am. I practice every day.

Same as me. I love it. Number one, what is the fastest path to the cash?

B, not worrying about the cash. If you're running toward the cash, that doesn't sound to me like you're focusing on solving a problem. So I don't understand how you're going to get any cash. The fastest way to cash is solve a problem that people don't like to have. You know, like, you know, acne. Solve acne, then people will pay you. Right. So I don't want to focus on cash. Let's focus on solving a problem and making the world a better place.

Like that. Number two, what is the biggest problem you see with your prospects making and what's the fastest way they can overcome it?

The biggest problem everyone makes, I think, is inconsistent marketing. You know, they market for a week, they get busy producing or fulfilling orders or whatever. Marketing falls to the wayside, and all of a sudden they wake up with no work to do. Right. My number one piece of advice is you should market for the first hour every day, regardless of what else is happening. You know, so spend that first hour of the day doing marketing. And I think that you can avoid the biggest problem, which is inconsistent cash flow. And why do you get inconsistent cash flow? Because you have inconsistent marketing.

I love that answer. And not just doing the marketing. First thing, I tell people very similar, set aside time before you go into the office. Whether you wake up at 4am, 6am, 8am, 10am, whenever. Block away some time, you know, with your daily success routine, as I call it, before you go into everything else. And when you do go into everything else, what are you doing with that first hour, that first two hours? Are you connecting with people on your team that can multiply and leverage your efforts? Sales? Absolutely. Marketing? Absolutely. Too many people just jump into all of this and go, why did everything turn out a catastrophe? So thank you for not only answering, but going into detail as to why this. Not only the symptoms, but the cure for it. Also. The last thing I want to ask you is how do you Maximize the customer lifetime value.

By over exceeding their expectations at the beginning. Right. So my friend owns a painting business. That's very simple, right? You paint, but you over exceed their expectations and do things that no one ever expects. Like for example, you tell your painters under no circumstances are you ever allowed to use the customer's bathroom. They just don't. No matter, even if they offer it, you're not going to do it. And then they would always exceed expectations by paint the house. Okay, but we're also going to paint the dog house matching colors. We're not going to charge you for it. We didn't even ask. We're just going to do it. And then we're also going to clean your brass lanterns in the front of the house. We're not going to ask whether you want it done, we're just going to do it. We're not going to charge you for it. And, and all of a sudden you're telling your friends, hey, hire this painting company. They did more than I asked them to and they didn't even charge me for it. That's how good a negotiator I am. They would say. And it was just all given to them. If you exceed expectations every single time, you don't have to worry about any of the other stuff.

You're given the best answers. I wish we had like three hours to do this. And I'm going to bring it into what I'm going to ask you in just two more questions. So I see some books behind what's a number one book you could recommend?

School for Startups by Jim Beach.

It's a great book.

It talks about the Pakistani furniture company and explains even more of that story. But it explains my lessons of absolute obsession with minimizing risk and reducing creativity. I don't care about creativity, but if I had to say a book that was not my own, I would recommend the Millionaire Next Door or the Millionaire Mind. They just came out with a brand new version of the Millionaire Next Door by Dr. Sarah Fala F A L L A W Her daddy wrote the original book, Dr. Charles Stanley about 30 years ago. And it's just, it's the best book I've ever written or wrote. Read about how to manage your life as an entrepreneur and the simple fact that millionaires don't flaunt it. Right. We don't try to show off that we're millionaires and those are the people who typically are. I love the statistic that three out of four people that drive a Mercedes can't afford to buy. They lease. A millionaire doesn't do that. A millionaire drives a Ford Explorer.

That's great wisdom. Where can they find you? I know you had mentioned LinkedIn earlier, but why don't you tell us about school for startups and where they can find you.

Yeah, so do hook me up on LinkedIn. I connect with everybody there and I do post there with regularity so you can see what's going on. I am@jim beach.com so you can go there jimbeach.com and the radio show is school4startups radio.com and then just type in Jim beach on Amazon. Couple books there and have some new ones coming out just like you. Mario Books are easy. Write books everyone. It's easy once you start.

Couldn't agree more Jim. Well, that's it for now. It's been a pleasure and I thank you for coming on the show.

It's been my honor. Thank you so much for having me.

All right everyone, another great episode. We'll see you next time. God bless.

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