Scott Duffy: What Does The Future Look Like? Episode 29

Good morning, everybody. It's Friday. It's Friday, April 17, and I want to welcome you to. What's that? To what now with Scott Duffy. And I hope you guys are off to a great morning. I cannot believe it's Friday. Oh, what a week. I cannot wait for the weekend. How about you? Again, I want to thank all of you for joining. We are just going live today on Facebook and YouTube, on Instagram and Periscope and LinkedIn. And again, I want to thank all of you for being here today. It is Friday, Friday, April 17, and we have so much to talk about and it's so good to have you here. When you hop in and you and you join the live stream. If you could just do this if you haven't been here before, write down your name in the comments, your name, the industry you're in, and the biggest. Holy cow. And the biggest challenge that you may be having today so I can shape this show around you. Again, this is Scott Duffy. This show is called what? And I want to thank all of you for being here. We are going to give this just. Just about 30 more seconds because we have a lot to talk about to propagate across the Internet. Across the Internet. We're coming to you live from YouTube and Facebook and Periscope and LinkedIn and Instagram. You can also listen to the show each day on Dash Radio. You can hear it nationwide or you can download the podcast what now with Scott Duffy. And again, we got a lot to talk about today and I'm just ready to get this party started. So we got about five seconds.

Let's go.

Good morning. My name is Scott Duffy and this is what now with Scott Duffy. I want to welcome you from wherever you're listening. You can tune in each day at 10:00am Pacific Time to watch the live broadcast on YouTube and Facebook, listen nationwide on Dash Radio throughout the day and or download the podcast. This show is for entrepreneurs, small businesses, and those thinking about starting their own company. It's for people affected by this economy. Maybe they lost their. Their business, their job, they were furloughed or they saw their consulting contracts canceled and, boy, that. That seemed to happen in a heartbeat. It's for people who are asking, what do I do now and how do I come out of this even stronger now? Our focus today on this show will be what does the future look like? So there's a lot of news that's come out in the last 24 hours since we finished our show yesterday about the economy reopening, about government stimulus checks and kind of where they stand and where the money is and where you can go and find more if you need it. And I want to share all that with you today. I also want to share with you some of the latest innovations, we ways that companies are adapting to this new market so that, you know, you may find inspiration and things that you can apply to your business to help you really take advantage of what's going on around the world today. Because one thing that I'll tell you is much different today than 2008 and 2009 is that people are spending money. People are spending money. It's just they're spending money.

In different places and they're spending more of it in different places than they were just four weeks ago. And so it's really important for us to make sure that we're constantly adapting and adjusting and shifting and responding to the demands of the marketplace. And if you're just joining us on social media for wherever, from wherever it is you're watching, if you could in the comments, drop in your name, the industry that you're in, and maybe the biggest challenge that you're having today, I can use that to help shape the rest of the show. So in the news today, China has reported this morning that 50% more people actually had coronavirus and died from coronavirus than had previously been reported. Now, a lot of people had been saying that they thought that the numbers coming out of China were awfully low. And today they adjusted those numbers to show a 50% increase. The number of people infected and that died from coronavirus. U.S. deaths passed 33,000 overnight. But here's some good news. 50% of the country, that's right, 50% of the country has had no cases in the last seven days. That's good news. Hence the big push to begin opening parts of the country again.

The problem with opening the country again is that people need to feel safe. And in order for people to feel safe, what we need is we need adequate testing. And what does adequate testing mean? And this is so important because that throne gets that word or those words get thrown around the media. But I think a lot of people don't really understand. What does adequate testing mean? It means this, that when a person goes outside, that can mean they're going to work, they're going to a restaurant, they're going to shop. They need to know that they're safe. And the only way that that will happen, at least in the short term, is if they can be tested. If they can be tested when they're going into a place and they can know that others in that place have been tested as well. This is really important for big working environments. It's really important for big social gatherings, for sporting events, things like that. You're going to want to know if somebody's sick. You're going to want to know if they have developed immunity. So tests need to not only be available, but they need to be ubiquitous. And the reality is that we are not even close to testing all of the people that think that they're sick today. And if you just take a look at the numbers, around 5 million people have been tested for coronavirus in the United States. But we got like 400 million people in this country. So when you hear that we have the tests and everyone's being tested, that's just a bunch of BS. So we've done about 5 million tests, and there's about 400 million people in the country. So we're not even close. So the good news is that we have tests that have been created, we have tests that work, we have tests that are being manufactured. It's just a matter of time. So it's going to take time to manufacture enough of these tests and be able to get to scale. It's going to take time for us to be able to distribute those tests and to sell them and to get them to the places that they need to go. So again, it's just a matter of time. And in the best case, when you take a look at the data, in the best case, we get to a point where we're able to do this frequent testing, whether it's in the office or it's in a restaurant or things like that this fall. So what does that mean as the country opens up again? What it means is this is going to be a long and a slow process.

In the short term. Let me share with you how some different companies are adjusting. Let's take a look at the hotel business. Hotels are really focused right now on becoming temporary housing and temporary quarantine centers. And the best business for the hotel seems to be closest to hospitals and areas where there's a lot of infection or high infection rates. You have companies like Whole Foods. So today, Whole Foods announced that it is going to be closing several of its stores and they're going to become online only. So effectively, these Whole Foods stores are going to become like distribution centers. So they'll be able to fill them up with much more product and then deliver them to your home. And then you take a look at companies like Apple. So Apple is All about the high end. Apple's products are expensive. Apple, in order to justify growth and the kind of growth that they tell their investors they'll have, just keep raising prices. Apple doesn't discount. There's no big sales at Apple's. Well, Apple came out with a new phone and instead of it being $1,000, it's $399. I think you can get it for $9.99 a month when you get a contract. And so what this is doing because of the long road back, and the long road back is in terms.

In some effect determined by our ability to get ubiquitous testing is you see big companies and premium companies like Apple lowering prices. Now, I'll tell you what, if it wasn't for Apple and companies like it and some of the things that Microsoft has done and Samsung, I mean, can you imagine what it would be like to go through what we're going through today if we didn't have all these computers with this crazy awesome technology and the webcams and the this and the that in the zooms? Can you imagine what, can you imagine what this would have been like just 10 years ago before people had iPhones? It would have been a completely different thing. So, you know, thank goodness for these companies. But yes, they too are going to have to adapt. But particularly as it relates to pricing, you know, another factor that's going to be, you know, really important as it relates to getting back to work and what things look like in the future is a vaccine. And by the way, I watched the press conference last night with President Trump. I watched, I read all of the information after the press conference, the details about the rollout plan and all of that kind of stuff. And at first I thought maybe I would share all of that. Like, I'd break it down for you. Like I broke down the PPP and the Eidl and all these stimulus programs. But what I realized. What I realized is it really doesn't matter. I mean, basically what he's done is he said, the President and the CDC and fema, they've said, governors, here is what we recommend that you do when you get people back to work. Now, governors, you decide when to do it. And so it really, the only thing that really matters right now is how fast we can get these tests and how fast we can get a vaccine. Now, until we have a vaccine or a proven way to stop or slow the negative effects of the virus, people who are at a high risk are not going to want to go outside. I talked to one of my Friends in New York last night, somebody I used to work for, one of my best friends. And you know, he's in his late 50s, he's been a smoker his whole life. He has had some, you know, he's had some health issues and things like that. Everything about him, he was telling me, makes him high risk. And he was, he's like, the last thing I'm going to do is leave this place. There's no way unless I know I'm going to a place where I'm safe and people have been tested. And I think that that's going to be a sentiment. So here's the thing. That's not good news or bad news, it's just news. And what it means is you have more data so that you can make more well informed decisions about how fast you move and how fast you pivot. What it is that you're working on.

Now. What does this mean for the future of work? This absolutely fascinates me. You guys hear me talk every day about ideas for innovation and where I see the market going. So like my, it's not like a secret shame, but like my, the thing that I love to do. There's a couple things. One, I've told you, I am a space geek. I will turn on, I did it the other day, I will turn on YouTube, I'll open it up and I will watch rocket ships take off over and over again. I put it full volume on my speakers. Like I get like the, the shot where you're the commander of the space shuttle. I dig that stuff. The other thing I dig doing is studying the future. And so I'm really interested in the future of work. And what we know is it doesn't matter how long it takes to come back, the future of the workplace is being completely transformed. It is being completely reconfigured. And I want you to think about some of, some of this data I'm going to share with you. I want you to think about it because to me it is just mind boggling. It is absolutely mind boggling. First of all, when you look at the workplace.

How fast we've shifted to working at home. People who can work at home, they have jobs that enable them to work at home. Obviously if you're in manufacturing, if you're a cashier, if there's things you have to touch, it's different story. But banks, I never am, I never thought that banks would have people working from home. Check this out. Banks have moved between 150 to 170,000 jobs in the United States from an this to the home in two weeks.

90% of Goldman Sachs's workforce is now at home, and 70% of JP Morgan's workforce is at home. And so the question I have is, do white collar workers even need to go back to work? If you have a good setup at home, do you even need to go back to work? And if you have a family and you have kids, assuming the kids are back at school and with advancements in investing that I'm hearing about right now, gosh, my friends.

They'Re big companies. They are redeploying capital. Like, they're pulling capital out of their marketing spend right now and out of their advertising, and they are throwing all this money into robotics and AI. So there's not only this shift to working at home, there's not only the shift where maybe the white, white collar worker doesn't have to go back to work to the office, but there is a shift in spending right now that's taking place from advertising and marketing to robotics and AI. And the question is, will blue collar workers have jobs to go back to when this whole thing is over? It's just such an interesting time. And you know, when you take a look at some technology companies, you know, they are making, if you watch the news right now, some really big bets on, on people working more from, from the home. So, for example, I had a call with somebody at one of the leaders at Facebook a couple days ago. This is actually pretty crazy. And I'm on. It was a, it was like a Zoom call, but it was with a company called Blue Jeans, which is a competitor to Zoom. I had never used Blue Jeans. I downloaded the app. I thought, cool name. And I'm talking to this person and I said, how do you like this thing? Do you use this or use Zoom or do you use Google Hangouts? Like, what do you do? And here is, here's what's interesting is that a couple days later, Verizon bought Blue Jeans. So Verizon has now bought Blue jeans again. This, what's going on right now is great for so many technology companies, for security companies, for outsourcing companies, for things like that.

And what's going on right now is horrible for other companies and other industries. So, for example, the energy companies, if I'm not driving to work, do I need gas? I don't think so. If I'm not in an office, do those office buildings need to have the heat or the air conditioning turned on? This is a really tough period for energy companies. If this is the case if I'm not going to work, do I really need a car or can I just Uber? You know, I was talking to.

To a buddy, Walter o'. Brien. So Walter, Walter o', Brien, there's a TV series that was on CBS for several years called Scorpion and it was, it was made about Walter in his life. And Walter has got one of the highest IQs in the world. And he's just, he's fascinating to talk to. And he was talking about what he thought. This is two years ago we were having this conversation. He was talking about what was going to kill the economy in the future, what would create the biggest shift in the economy. And he said it was going to be electronic cars. And the reason he said electric cars, the reason he said electric cars was because if you take a look at electric cars, okay, think about, think about this, okay? And, and it wasn't just electric, it was self driving electric cars. So grok this, think about this. So now I have a self driving electric car. I can use that car like an Uber. Okay? So it's an on demand service. It could be a subscription service so I don't have to buy and own a car, but I have one on demand when I need it. What that's called, by the way, is, it's called the sharing economy, where you have access to everything but you own nothing. That's the sharing economy. Okay. Yesterday I introduced a new concept called the touchless economy. So that's coming soon. Okay, so, well, that's actually here now. So with this, so think about this. With the sharing economy, so there are self driving electric cars. I don't have to buy a car. I don't need gas, I don't need a parking lot anymore. Think about this, think about now the, because cars can drive because they're electric, all they have to do is charge so they can drive, they can, they can take care of us and all that kind of stuff. I don't need parking lots, I don't need gas stations. Think about the people that are put out of work. Uber has 181,000 drivers. 181,000 drivers. All those jobs gone. Like, think about how fast.

The job market in our country would shift from just that one innovation. Well, when you take a look at what's happening now, we're having those type of quick shifts being forced upon us in several different industries. So you take a look at energy companies and it just popped up. Scott Carson, thank you so much for hopping on. It's so good to see you, buddy. You are a stud. And one of the things that you said, which I just saw here, is that they are expecting oil and gas companies to have the largest amount of BKs being filed in the next six months. Exactly what I'm talking about. Exactly what I'm talking about. And you know, by the way, I think that's actually a great topic as it relates. Let me just shift here for a second to BK's.

Two months ago. If you're a small business, you got to know this. If you're thinking, if you're really struggling, you're thinking about bankruptcy.

Several years ago there were laws, there was a bankruptcy law that went into effect that really changed the way bankruptcy worked for small business. And it made it much harder for small businesses, for micro businesses, for solopreneurs, mamapreneurs, datapreneurs to file for bankruptcy and have it really be something that helped. And here's the thing, those laws were changed and what happened was the new laws made bankruptcy much easier and much more beneficial to help a person to reboot for companies that did less than two and a half million dollars in sales a couple years ago, a couple months ago those laws were changed again to have the same type of benefit for companies that did under seven and a half million dollars in sales. So I want you to know not all attorneys are bankruptcy attorneys may be fully caught up on these laws, these. And by the way, it couldn't have happened at a better time. If you are considering declaring bankruptcy and you're doing under seven and a half million in sales, the laws are really set up to be much more beneficial now like literally just happened than they were even two months ago. So it's, it's, it's good timing for you, but so we talked about how this is a great thing, what's going on and the slow pace it's going to take to get outside and into the workforce every day and get back into offices and get back into sport events. We talked about how good this is for technology companies. We talked about how good this can be for security companies. We talked about how good this could be for outsourcing companies. We talked about how horrible it could be for other companies or industries because of how shift fast the shift is taking place. So for example, we talked about for energy companies and do you really need a car? I mean, do you really need gas, air travel? If we're doing this all the time, do I really need to hop on a plane? Tell you a story. Excuse me? Tell you a story in When September 11th happened, I was working at Fox Sports. So I was working with Ross Levinson and Adam Bain. Adam ended up going and being the COO of Twitter, total stud Ed Bunnell. He went and had this big job over at Fox Sports on the television side, this really amazing group of people. And we launched foxsports.com and right after we launched it, like a couple of months after September 11th happened. And I remember that I was on the road all the time. I lived in la, my office was in la, and I would travel to our offices in New York, like all the time. And they pretty much put a hold on travel unless it was totally essential. And boy, did you have to justify what totally essential was. Here's why I bring it up. Why bring it up is we ended up shifting to doing much more of our stuff on conference, using conferencing on the telephone in a way that we hadn't before. We were forced into that. And you know what? Travel never was the same. I just decided I never wanted to get on the road that much because I became okay with doing these group conference calls. Well, in the same way, the same thing is going to happen now as a result of this kind of video communication. And so, you know, do you really. Do you really need a car? Do you really need gas? Do you really need to get on a plane and travel? Do you really need a hotel if you're not traveling like that, do you really need a hotel? Or maybe do we take hotels and do we convert them into mobile offices? To mobile meeting spaces, to mobile this or to mobile that? Maybe if you got a small hotel, you're like a smaller mom and pop business. You own one or you own one, two or three or something like that. You convert your hotel, you pull the furniture out, you put it in storage for now, and you convert that into cool office spaces and meeting spaces and you do video walls and things like that. You put in a high broadband Internet access so you can do video conferencing with groups. Maybe. Maybe hotels become the future of the workplace. You know, I. Shoot, I don't know. I don't think wework's going to be around much longer. So I don't know. Do you really need office space? Do you really need to go to the store? If Whole Foods this morning says that they're closing a whole bunch of their stores and they're making them online delivery also, do you really need to go to the store? Do you really need to go to the movies? If you don't need to go to the movies because you got Netflix. And now on Netflix or Disney plus or Amazon prime, the big releases are happening over the iPad. They're happening through those apps versus in the theater. Do you really need that stuff? By the way, is this a great time to open a business, to be a home theater, like installer? Like maybe now is the time for you to go in. Like I remember back in the day I had this pimped out pad in San Francisco with the big old screen and I had these booming speakers in there and like, like it was awesome, this home entertainment system. And then I just. People didn't seem to have that much anymore. But what would happen, what would happen today if your living room becomes the next imax? Like, is this the future that becomes a theater? And maybe use that screen for your video conferencing as well. And maybe you set it up so you've got like a green screen thing that can slide out for when you want to do your video conferences off of a tv. How cool is that? So maybe there's a great business in setting up not only the home theater system, but also converting that home theater system into something else, which is a great place to do video conferencing and to run your business from. Like there's the pivot for that person. Now it's not just about that one thing, it's the other thing. Now they don't just learn how to know how to connect speakers and TVs. Now they know how to connect high speed Internet lines as well. Like that could be pretty doggone cool in the future.

And I want to say I think that Jim Cramer, I think that Jim Kramer has been doing a great job on cnbc because I think that Jim really, Jim is a small business owner. Super cool dude. He is a small business owner. He owns restaurants. He has a couple of restaurants there on the East Coast. And you know, he's got other stuff and, but, but here's the thing. He really understands what it's like to be a restaurant owner and being told you have to be shut down. He understands what it's like to try and go get the ppp, which he, Jim Cramer on CNB has not been able to get. He understands what it's like to have to deal with employees in a small business. And I think that his coverage has actually been really, really, really good. So in the morning you might want to turn on Jim Cramer. But I just want it in my small little world. I want to just say, thank you Jim, because I think you're doing a great job. And I think At a time where. Where Wall street is focused on Wall street and you report on Wall street, you have not forgotten about us, the small business. So thank you, brother. I appreciate it. So.

Last thing, because we're talking about Jim. There is a big difference between Wall street and Main Street. It is crazy. There's a picture I showed the other day, and it's of Jim. Where Jim is. He's doing a show, and on the backdrop, on the green screen behind him. So he probably doesn't know it's there, but it says that Wall street has, like, its back best day or week or something since, like, the Depression, like some dramatic thing like that. You think, hooray. And then underneath it, on the lower Third, it says 16 million people have filed for unemployment, a record in such a short period of time. And so that right there, that right there is this country, like, in a snapshot on what's going on, big business and small business. And I am fricking here for you. The small businesses, right? I'm here for you. And we just talk straight. And here's the thing. What's happening on Wall street is completely different than Main Street. And with Wall street, you know, first of all, the stock market and the Dow Jones and the NASDAQ and The S&P 500 are not designed, they were never designed to be broad representations of what happens, what's happening in the general market, in the general economy. That is not what they do. What they do is they share how a subset of big companies are performing across a variety of different industries to potentially give you a snapshot of how different sectors are doing. Like, here's how energy's doing. Here's how technology is doing. Here's how the retailers are doing, things like that.

So when you take a look at what's happening with Wall Street, Wall street is getting bailed out again. They're not using that word, but they're getting bailed out again. They're getting saved. They're getting, you know, the programs for Wall street again. It's, it's. They get all this money. They. They don't have to pay taxes. They get stuff written off. That's not the way it is for you and me. That's not the way it is, is for you and me. And so I don't want you to get frustrated if you watch the TV and it looks like things out there are better, but they're not for you. As a small business, you have a different feeling than what it is you're seeing up on the screen. Because I'm telling you, they're not you. They don't represent you. They're not like you. They have no fricking clue what you're going through, the people that are reporting. And so I just. I just want you to know that I don't want you to feel isolated. I don't want you to feel alone. I don't want you to feel like you're the only one experiencing what you're experiencing and what you're going through. And I gotta tell you, I want this because in 2008 and 2009, I freaking got crushed. And I didn't know what to do. And I felt alone, and I felt like I had no resources, and I felt like I had nobody to talk to. And I don't want anyone. I don't want anyone to ever have to go through what I went through the way I went through it, as long as I went through it. And that is why I do this every day. And I. That is 1000% my motivation for doing this every day is I do not anyone to go through the shit that I went through and think that they're alone and without resources. And so that's what we want to do, and that's what we want to provide and all of that stuff. And, gosh, I'm planning something I can't wait to share that will really help as well. So with that, I'm going to take a breath. I'm kind of passionate this morning, and I just want to say hello to a few people. By the way, wherever you're jumping on, if you're in YouTube here, you're in Facebook, you're over here, just please drop in with your name and the industry you're in and maybe the biggest challenge you're having or questions so I can shape the back half of this show around all of all of those things. First of all, Dennis, I want to say hello. Patrick, Good morning. Sita. I know. I want my Whole Foods too.

Scott Carson. So good to see you. I hope you're doing well. Brian. Yes, we are both space geeks. Julie. Oh, my gosh, I can't wait to share what we got going on. Michael. Michael, it is so good to see you. Michael wolbright. It is so good to see you. You are working on a small business rescue called hereforgoodcacalifornia.com and I would love to learn more about that. And Helen, it's good to see you this morning. Craig Collins. And to the rest of you, thank you so much for joining.

A lot going on. A lot going on. So again, the good news, I guess, is the economy's opening up. Maybe, I don't know. Like I said, I think that there will be no change in so many big states because the and the ones that are most affected at this time. And the reason is because they're still in the thick of it. Several places are still on the upswing on their bell curve. And nobody's going to really feel safe until we have reliable rapid testing and a vaccine. And when I talk about reliable and rapid, I am talking about 7 11. I'm talking about you have quick access and you have quick results. In fact, a lot of people, a lot of people who are talking about what rapid and reliable means is they're using the analogy of a birth control test or the metaphor of a birth control test. What they're saying is they're saying that it will be that quick and it will be that reliable. Lori Taylor, we got so much to talk about. We have to talk this weekend. And I have to get you and me and Julie on the phone. That's all I'm going to say.

One more shout out before I drill in today's business lesson. One more shout out is this is I just want to give a big shout out again to our women leaders out there because again, if you look at the one thing, the one thing that countries with the best mitigation, the lowest death rates and who have gotten through this the fastest, the one thing they have in common, Germany, Taiwan, New Zealand, Iceland, Finland, Norway, Denmark, is they all have women leading them. So a big shout out to our women leaders and our ladies today. Okay, let's get to cash. I always say that the biggest job of every entrepreneur, small business owner is, well, it has nothing to do with business. The biggest job, the most important job is learning how to protect yourself. And we start by protecting our cash, because cash is like oxygen to a business owner. And so let's take a quick look. First of all, unemployment, 22 million people have filed. We know that people in over 20 states have begun to see that extra $600 each week added to their unemployment benefits that were part of the CARES act in states like California, in New York, the unemployment systems have been so completely and totally overwhelmed that many people have not heard a thing back in the last two or three weeks. So you are not alone. If that's your experience, you can reapply. But I can't guarantee that that's going to make a difference on personal stimulus. Did you get a deposit? Did you get a deposit from the government. I am running into more people each and every day that are telling me that they are seen money hit their accounts. If you have not gotten this personal stimulus, go to irs.gov There is a blue button. Click on the blue button. You can enter your your Social Security number, go through a personal identification verification process and then enter your your bank account and routing number and you should be good to go. So that's really good and important on Eidl. Who the hell knows what happened with that program? That is the biggest black hole of programs that I have absolutely no idea what's going on there. I don't know anyone that's gotten it. I don't know. Most people I know haven't heard back from them. I do not know. Lori, it is great to hear that True Pet got their money. One of the first thousand companies to get their money.

Halo looks like Halo is with Wells Fargo and got screwed. Yeah. So I my buddy Troy Hoffman here in Southern California, he got a deposit from the PPP today. I know several people. I don't know several. I know three or four people in total that have gotten money from the ppp. What confuses me, and I'm going to give you a tip in a second. What confuses me about this program is that it was $350 billion that was supposed to go to businesses. Right. With a focus on small businesses. That's what we were told. The small businesses. This was going to help small businesses. There's hedge funds that are applying for this ppp. I saw this on CNBC today. Freaks me out. What are they doing? Get out. This is our money. So.

So in the PPP.

There have been over 1.6 million applications so far. 100% that $350 billion is already spoken for. They cannot take new applications right now. If you were approved and you have an SBA confirmation number, not a bank confirmation, but an SBA confirmation number, you should be receiving your money.

So I wouldn't worry about it because it's out of that $350 billion. If you have not or you have not applied or you were told you can't apply, they're going to put more in this thing. So get your thing ready. Go talk to a community bank. Not a big go talk to a community bank or a big bank. If you have payroll running through it. Okay. Or you're willing to shift money over and put your payroll there. Okay, go. Go do that and apply and have everything ready to go. Build your relationship with your lender. Have everything ready to go. So when the new money gets funded, boom, your application can be the first out. Now, I want to give you a tip. Buddy of mine got approved. He got approved this week for the ppp. Got his SBA confirmation number. He used Lendio. So Lendio is a platform again. This is like one of those companies, a lending platform that pivoted to meet a market need, got approval from the SBA too. So he's using Lendio. Lendio, if you file your application through there, sends that application out to 300 banks. So 300 banks got the application and then what happens is other people are able. These banks can look. And now it's like you've applied to 300 banks. And what happened was through that process, One of those 300 banks came in and said, we'll do it. And they pushed it and they approved it. And then what it does is it immediately removes the application from all of the other banks. So you don't have to worry about that being out there with all those other things. So lendio, great resource. Hey, by the way, if you're getting any benefit out of this at all, if you're getting any benefit, can I ask you to do one thing? Will you please share this? Share this show Share this program with your friends, with your groups, with your pages, with your families, with your co workers. I just ask you to do that one thing to please share. I would super appreciate it. So that's it with unemployment, personal stimulus, Eidl and the ppp.

So what do you do now?

Today I want to talk to you about a concept that we're really familiar with in the technology space, but people outside of technology may not be as familiar with. This lesson comes from just an icon in the technology space named Clayton Christensen. And Clayton just passed away a couple months ago. Super bummer. Clayton was amazing. His work is incredible.

Clayton talks about this idea that he calls the Innovator's Dilemma. And here's what it is. And I'm going to use a technology company example because I'm close to tech, so it's the easiest thing for me to share. So the Innovator's Dilemma, it means this, it means that one day I woke up and I decided that I needed this. And so what I did is I looked out and basically I'm an entrepreneur. And so I created this and I put it out in the market and I charged 9.99 for it. And what happened was it became a really big popular product and it kept more and more people were using it and we kept growing as a company. We got bigger and bigger and bigger. And because we had more sales, we needed, and we needed more people to support this. And now we need more office space, and now we need more infrastructure. So we start to raise our price. In fact, we start to create new products and new services. Right? In order to support our growth, to help support our growth. And that's what we do. Okay, now switch to me. I'm the customer. And as a customer, I was freaking pumped. I love this product. It's awesome. And I'm paying, I paid nine bucks for it. But you know what? A year later, I opened up my credit card statement and it was no longer for nine bucks, for $99 to use this thing. It's $99 a month. And all I really wanted was that one thing. And you know, now that I've been using it for a year, I think I know how to make that one thing better. And so what I do is I actually share this idea with a bunch of my friends in a text message and they all give me their feedback. And, you know, they like it too. And so I share it in social media with some more people and I get their feedback as well. And then, you know, I need somebody to build it. And so I go into LinkedIn, I share what it is I'm thinking about doing, and an engineer jumps on board and says, you know what, I'll make you a go to market project. I'll make you something like an alpha version of that, that, that site. I'll, I'll do that for you. I want to be a part of it. And then you go and you decide that you're going to start a company, so you don't even go offline. You go online and you go to LegalZoom and you start a company and you incorporate it and you get a tax ID number because you did that. And then you go online and without even going into the bank, you open up a bank account and in like 90 minutes, not 90 days or not nine years, you started a new company. Guess what? You got that product ready in 30 days. Because it's really simple. Because today in the technology space, we can build great stuff fast and cheap and we can put it out into the market and we can test at next to nothing, next to no cost. So we put that out in the market.

And guess what? We give it away for free. It's like a lead capture, right? We give it away for free. So now let's go back to the big company, the Big company, they see this and they're like, oh, man, what do we do? Because here's the thing. They've gotten so big, their infrastructure is so big. What they need to support has become so big because of their success, right? Because of what they've been doing, right? It's so big that there is no way possible that they can shift and adjust and adapt to what you just gave away for free. Unless they buy you. Maybe that's. That's the only thing they can do. So this is the innovator's dilemma. And the question I ask you is this. The question I ask you is.

How can you use the idea of the innovator's dilemma to help position you for what comes next? How can you use that idea?

How can you use that idea to really position yourself for what the future is going to look like? The question I start asking yourself is, what now? What now? And if you were to take that product, you were to take that service, and you ask yourself that question, what now? What would I do now? How would I do it now? What would that look like? Maybe there's a product that you're paying. I got to tell you, I hate how much they charge at Adobe for me to use one simple product. You know, you get on the creative cloud thing, and it's like all this money, and I just want that one thing, and it's confusing and hard for me to find and whatever. I'm just curious, you know, can you build me the same thing and can you charge me $9 a month for it? Because I would buy it. I would buy it right now. Like, what out there are you using in your industry, in your space, where you can go what now? And you can have a what now? I call it a what now? Moment. Thank you, Julie Catino. I have a. There's a what now? Moment, and you're thinking about this, and there's a pivot there. How would you do it simpler? How would you do things like.

Simplify it? How would you pass on cost savings? How could you deliver it in new ways to the marketplace? And how could you get yourself to panic faster and do it today? How could you get yourself to panic faster and to do it today? Because here's the thing.

Nothing is waiting right now for you. The economy is not waiting for you. The SBA is not waiting for you. Your customer's not waiting for you. Your bank account isn't waiting for you. Nobody's waiting for you. So I want to encourage you to panic faster. And that doesn't necessarily mean go into a place of fear. What that means is to take the actions that you need to take today in order to create the changes that you need to make in order to answer the question, what now? Because what now is the answer to your future. It really is. It's the answer to your future. Because I'm going to tell you, I, you know, I have the perspective of going through.

I have, I think, a gift or a talent for being able to. To grok and to break down a lot of information and a lot of complex information and data into small, digest, digest digestible chunks and really take a lot from it. And because I study the future as well, it enables me to take all of this information and combine it about my study of the future and what's really practical to help understand what's going to be hot and what's not and where we're going and what I just want to share with you is everything I know, everyone I talk to, everyone in a leadership role, everyone in government, everyone in a big position with is. Is. It's going to take us a long time to return to any kind of sense of normal. And so what I need you to do is get off your ass if that's where you are, get out of fear, if that's where you're sitting, and panic faster and panic from a place of making the corrections, the course corrections, the adjustments that you need to make. The challenge I have for all of you right now is to have your what now? Moment is to have your what now? Moment and start to execute. And it doesn't mean that it's going to cost you a lot of money and it's going to take you a lot of time. What it means is you're going to start to ask the right questions, which are, what do my customers need now? What are they telling me they need now? Okay. And again, I'm sorry, that's the wrong way to ask it. You never ask, what are my customers thinking about now? That's you sitting in a vacuum thinking you're smart in the marketplace. I was sitting with Gary Vee and we were talking. I said, gary, what do you think the biggest mistake that entrepreneurs make today is? What do you think that is? And his answer, he said, Scott, he said, the biggest mistake entrepreneurs make is they disrespect the market. And he said, what that means to me, disrespecting the market is they think they know they're smarter than the market. They think they know they're smarter than the market. So the wrong question to ask is, what do people need? What do I. What do people need today? The right question to ask is, what do you need today? Ask your customer, what do you need today? And what has to happen? How would you know that you're getting that need met the way that you want it? That is the question that will create the what now? Moment that all of us need to have moving forward. And that's it. And I need you to ask that question over and over and over and over and over again each and every day. Okay? Because I'm telling you, this is your time. This is your turn. And life doesn't wait. Launch. And whatever it is, that thing that lives deep inside you, that keeps you up late at night, that gets you up early in the morning, this is your time to let that thing out. Because life doesn't wait. Life doesn't wait. Launch.

I'm kind of excited this morning. I'm kind of passionate because I feel it. I feel the shift.

I feel this shift that is starting to take place because I talk to so many people and I'm processing so much information. And I feel the shift in the small business soul, in the shift that's taking place right now in the small business soul is that we are think, we are starting collectively to think about this. We're starting to think about this idea that hope isn't a good strategy, that hoping that things are going to return back to normal isn't a good strategy, that hoping that things are going to.

Change for the better in the market quickly isn't a good strategy, or starting to think that, you know what, maybe I'm not going to get my business back. Maybe I'm not going to get my job back. Maybe I'm not going to get my contracts back.

Which is smart. That maybe for things to change, I have to change. For things to change, I have to change. And that is the magic. That is the magic. That is the pixie dust inside. For things to change, you have to change. And the way that you change and the way that you change your outcome, you change your family's outcome, you change your kids outcome, you change your company, your employees. The way you change outcome is to ask yourself your what now? Question, which is, what do you need now? And what has to happen? How do you know that you're getting what it is that you want?

So what are you going to do? What are you going to do with this information? What are you going to do for your market? I'm here to tell you right now, I feel It. There is greatness inside of you. You can have more. You can be more. You can do more than anything that you ever thought possible. But life doesn't wait.

It's all up to you. It's all up to you. And this is how. It's not complicated. It's super not complicated at all. I'll tell you one more story. One more story.

One more story. I've got an awesome friend.

Totally cool dude. His name is Doug Brignoli. Doug Brignoli is former Mr. Mr. Universe. He trained me when I did my men's physique competition a couple years ago. Doug not only former Mr. Universe, he's former Mr. USA and all kinds of other stuff. Doug grew up in a really tough part, maybe the toughest part of Los Angeles. Came from a family where nobody spoke English. He was the only one in the household that. That did speak English. He was the smallest kid around. He used to walk through a really tough area, get the crap beat out of him every day. Till one day he's like, I can't take this anymore. So what he did is he went to.

A local gym and he said, I will do anything. He was 15. I will do anything if you let me work out, because I have to protect myself. And the person said, I can't let you work here. He said, but I'll let you join. And so that's what Doug did. In two years later, he was a runner up in Mr. California. And the thing is, he didn't win, but he had such a great story. He got a lot of attention. He said, I'm going to set my set higher, sets my sights higher. I want to be Mr. USA. That's my goal. That's my dream. And so here's what he did. Doug is also. He's an incredible artist. He draws those pictures of, like, the physique and stuff that you see in medical books. Really exacting, really precise. So Doug, what he did is he.

Drew a picture of himself and he did it on a wax paper. This is an incredible story. Like, this is amazing. What he did is he had a friend take a picture of him, and he was posing and he did his poses. He took this picture and he had the core picture. And he put whack. He blew it up really big. And he put wax paper on top, and he drew over it in fine detail, exactly what he would have to look like in that pose in order to win Mr. USA. And then. And then he put it up. And back then, you. This is a long time ago. You you know, you didn't have Clif bars. You made your meals. And so he would eat five times a day, and he blew it up. In the picture with the wax paper over it, he put in a frame and he put on at his table, and he would say, take a bite and say, that's what I look like, not what I'm going to look like. That's what I look like. Bite. That's what I look like. Bite. That's what I look like. And then.

He did that every week. And I asked him. I interrupted. I said, doug, I have a question. So all you have to do is take a picture of yourself, envision over the picture, and that's what you do. That's how you win. And he said, absolutely no. He said, having a vision of what you look like is the first step. But having a vision, by the way, if you have a vision for what you're supposed to do, you have a goal, it increases your chance of being successful at that thing by 40 times. If you have a goal with a plan behind it, it increases your chance of success just over 400 times. So he said, you don't just need the goal and the vision. You. You need your plan behind it. So what he did is. He said, a plan is as simple as this. You ask yourself, what's my goal? What do I need to do? What could get in the way, and how am I going to overcome it? And each week, what he did is he'd get through the week. He would get to the same place, had the same friend. They drew out where he was going to stand. He posed. He'd take the same picture. He'd blow it up. He put the wax paper on top of it, and he'd see where he needed to make those small adjustments and those changes. And that would tell him what he had to lift more. It would tell him what he had to eat, more or less. This was his guide. Every single week. He went back to that simple plan. Then eventually, he did this for, I think, three, four months. He went to the competition, and guess what? He won. He went back that night, he had his friend come over. He stood in the same place, did the same pose, put the wax paper that he originally drew right on top of it. The guy looked identical. It was crazy. And he still has it today. I've seen. It's amazing. It's totally awesome. You see, the thing is, it's simple. You know, it's really simple. It's not complicated. What do I. What do I want to achieve? What do I need to do? What could get in the way and how am I going to overcome it? And then for bonus, who do I know or who do I need to know that can help me to get there faster? But it all starts with your what Now Moment.

We got about 10 seconds. I want to thank everybody for joining. I hope you guys have an amazing weekend. This is Scott Duffy, and this show is what now with Scott Duffy. You can tune in each day at 10am Pacific to watch the live broadcast on YouTube and Facebook, listen nationwide on Dash Radio throughout the day, or download the podcast. Until we meet again, please keep asking, what is my what Now Moment going to be? I will see you on Monday. Have a great weekend. Bye. Bye.