the jack call

[IAmTheJeff]

That's awesome @IceCreamKid! I just about put myself in an unemployable situation and "just doing" is what I'm working on to taste that forbidden "ice cream" so to speak. Been there before, screwed myself with it and had a bad taste. But failure as no option is pretty much what I'm facing right now. It sucks, but it's exhilarating - and I love the contradiction!

 

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[IceCreamKid]

Been there before, screwed myself with it and had a bad taste.

How exactly did you screw yourself? There's definitely a process to help lower your risk. The key word here is LOWER, not eliminate haha.

Do some research on pain points, validate demand to lower your risk, perhaps sell to a small segment of customers first to lower risk, if you expand too quickly then you could end up really messing things up. This is up for debate, but I'm of the belief that for new businesses cashflow is more important than profits. Focus on cashflow.

Make sure that the deals that you're cutting are sustainable. For example, if there are any goods that you need to buy make sure that they aren't on terms that will hurt you as you grow. If you can, structure it so that customers pay you FIRST and THEN you can turn around and buy your product. This way you're cashflow positive.

I've seen it many many times. An entrepreneur thinks a deal looks good on paper, perhaps they're saving 5% by paying for product early, but I'd rather pay an ADDITIONAL 5% and have use of the money for 30-days so I can use the money to be out in business. Selling, marketing, etc.
Try to avoid setting yourself up with alliances, joint ventures, and suppliers that will cause you to be in a negative cashflow situation as you're growing.

 

[IAmTheJeff]

How exactly did you screw yourself? There's definitely a process to help lower your risk. The key word here is LOWER, not eliminate haha.

A B&M biz I had, wrong partners, bad timing, I did it to myself. Plus it was just a high paying slowlane job that I created for myself.

Do some research on pain points, validate demand to lower your risk, perhaps sell to a small segment of customers first to lower risk, if you expand too quickly then you could end up really messing things up. This is up for debate, but I'm of the belief that for new businesses cashflow is more important than profits. Focus on cashflow.

Make sure that the deals that you're cutting are sustainable. For example, if there are any goods that you need to buy make sure that they aren't on terms that will hurt you as you grow. If you can, structure it so that customers pay you FIRST and THEN you can turn around and buy your product. This way you're cashflow positive.

I've seen it many many times. An entrepreneur thinks a deal looks good on paper, perhaps they're saving 5% by paying for product early, but I'd rather pay an ADDITIONAL 5% and have use of the money for 30-days so I can use the money to be out in business. Selling, marketing, etc.

Try to avoid setting yourself up with alliances, joint ventures, and suppliers that will cause you to be in a negative cashflow situation as you're growing.

That's the kind of stuff that keeps my head on straight and thinking in a forward direction!!!! Thanks ICK, check your Rep$ bank!

 

[oddball]

My friend started a roof cleaning business before he bought any equipment or even knew what he was doing. They printed a logo on some shirts and went door to door passing out flyers and when they got customers, they said they were booked for the next two weeks. They took that time to get some equipment and practice on friends and families roofs. It may not be be the best or most scalable biz but it's the concept that matters. He just got out there and started selling.


Sent from my iPhone using Tapatalk

 

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[KLaw]

My friend started a roof cleaning business before he bought any equipment or even knew what he was doing. They printed a logo on some shirts and went door to door passing out flyers and when they got customers, they said they were booked for the next two weeks. They took that time to get some equipment and practice on friends and families roofs. It may not be be the best or most scalable biz but it's the concept that matters. He just got out there and started selling.


Sent from my iPhone using Tapatalk

Was there a happy ending to the above story?

 

[IAmTheJeff]

My friend started a roof cleaning business before he bought any equipment or even knew what he was doing. They printed a logo on some shirts and went door to door passing out flyers and when they got customers, they said they were booked for the next two weeks. They took that time to get some equipment and practice on friends and families roofs. It may not be be the best or most scalable biz but it's the concept that matters. He just got out there and started selling.


Sent from my iPhone using Tapatalk

Did he take deposits? Or he had seed capital set aside?

 

[KLaw]

Did he take deposits? Or he had seed capital set aside?

I dont think seed capital or deposits would be necessary to forge onward. Maybe deposits just to ensure their commitment but not for cash flow reasons. All materials could be put onto the store account. Ladders, nailers and such could be rented fairly cheap or borrowed from friends and family.

 

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[IceCreamKid]

Hey Jeff if you're really interested in the whole concept of pre-selling, you should come to the meetup in TX. I'll be presenting on how to position yourself to establish credibility and rapport so that pre-sales are easier. I don't really do that with my current business, but will certainly be executing it on my other one that I spend 1 hour a day on. Jack recommends to spend 1 hour a day on another business btw to keep your mind conditioned.

It's not about lying and manipulating. A lot of people think pre-selling is manipulative because you're not giving them a product immediately. It's really about creating an honest, compelling and convincing offer.

 

[IAmTheJeff]

I was thinking a hardcore power washer would be needed.

Then again, I know nothing of roof cleaning.

 

[CarrieW]

isn't texas sold out?

 

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[IceCreamKid]

isn't texas sold out?

In an entrepreneur's world, nothing is ever sold out. If there is a will, there is a way. There are zero limits to what you can do in this world...I mean unless you're 5ft tall and want to dunk a basketball.

Your signature is so fitting for this btw lol "brick walls are there for a reason...they let us prove how badly we want things." Randy Pausch

 

[IAmTheJeff]

I'll have to go find that thread. Maybe I can pre-sell my way there...

 

[oddball]

Was there a happy ending to the above story?

They sold the biz and moved onto different things. They recently started new businesses and are growing at a very strong rate.

As for the seed money question, I believe they just bought the equipment themselves, nothing was really that expansive


Sent from my iPhone using Tapatalk

 

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[IAmTheJeff]

In an entrepreneur's world, nothing is ever sold out. If there is a will, there is a way. There are zero limits to what you can do in this world...I mean unless you're 5ft tall and want to dunk a basketball.

They make trampolines and stilts for that

 

[IAmTheJeff]

@IceCreamKid, were you referring to C&B at Houston?

 

[IceCreamKid]

@IceCreamKid, were you referring to C&B at Houston?

 

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[IAmTheJeff]

That looked like one of the ads that used to piss me off before I went to the mystical land of "Inside"

 

[RogueInnovation]

Mentors:
-Can't do everything long term
-Sweep fast around where you are and can find the solid issue
-Give you energy, an internal monologue/conversation, and challenge
-Have expectations which will push you outside your comfort zones (if you care to pay attention)
-If you respect them and understand their pains and journeys, can give you deeper insight and motivation

You shouldn't rely on them to feed you with inspiration perse, thats what everyone seems to want as a mentee though. "Inspire me until I pass out", but that stuff tires mentors, unless you grow into a mutual relationship where those things bounce back and forth and feel relaxed.
-Don't get them wound up by pressuring them to perform
-They are the leader though, so don't be all talking like you are the expert, stop and listen hard, long, and act as soon as it starts clicking
-They will push you from behind when you are moving in the right direction, (they see a motivation or a good attitude and will put stuff in)

Personally, I no longer "need" mentors, and what has transpired is, I still keep thinking about how to be a better mentee just because it really isn't about them "teaching you until you are done", its about learning to embrace another persons value in a correct fashion.

Once you can embrace one mentor, you can be warm to all kinds of people who have so much to offer, and slip into the role.

You can't buy honor.
You can't jump through a thousand rings of fire and deserve it.
You have to grow your listening muscles in unison with action.

The quicker you can listen, the quicker you can pivot, and THAT will save your a$$.


There is always a "wait time" until what they say really clicks. If you can get that wait time down, then they can help you out of hairy situations.
But only if you know fundamentals of how to ask the right questions, how to feed them the right nourishment and respect, and how to control your more dishonorable emotions (created by fear and languish).

Sometimes a mentorship is an unspoken bond. They feel that you deserve to succeed.
Mastering menteeship is about creating "pliable" reference frames, that they can use as leverage to put the picture together and use their skill. And being able to do that helps you understand how to lead workers and partners better.

By pliable reference frames I mean:
-Not agitated
-Not erratic
-Not self obsessed
-Hearty/Meaty/Prize winning questions
-Showing mental resources, awarenesses, and unique vantage points
-As concise as possible

Example:
I can't quite find what the issue is here, was wondering if you had a view on it (not pressuring them)
The problem seems to me to be related to x, y and z (gives him a clue of where I am at, and from there he can make gut decisions on where I should be)
(I do not elaborate on reasons WHY it seems that way, unless they ask, because if I talk too much about why, they can't get into the convo and lead)
I am trying to achieve (a), due to hearing from (b) source, and I thought (c), I'm not sure if that is the widest perspective though, and am not sure if it is situational or dependant on the niche.
I would like to be wiser about my choice, so I am hesitant about ... (I try to keep hesitancies short and super concise as its just a check they tick) and would like to see a more x result (they can empathise with what you want to see, and will not blame you if you state it that way just get to brass taxes)
All in all, the reason I am going in this direction is I am trying to get better at X portion of business, anything you can spot would help out. (I say this as a catch all, so that if none of what I say computes they can go to a usual spiel)

Once the discussion starts
a) You get totally blindsided and become speechless and try to figure it out for ages
b) You get what they just said but don't know how to structure another question and so backoff
c) You catch what they are throwing out, internalise it and say thanks
d) You catch it with a spring in your step and can start heading forwards in the direction of progress, chaining questions, and getting tons of help
e) You start growing really fast, and say "omg, that was so obvious, can't believe I didn't see that!" and they laugh at you

I dunno, mostly you don't want to be too rigid, you wanna be a human being, and not always force them into mentor mode. Don't speak too much shit, but just allow them to have enough reason to be invested in you and you enough reason to be invested in HONORING them.
If you are too obsessed with advice you will sacrifice the most crucial part of the process, which is building trust.

And the key to that is not bullshitting them. Owning your mistakes, not droning on, pushing ahead, wiping your tears , and getting to enjoy some of the view with them.

Then you splendor and say "F*ck its beautiful", and they are like "yes it is".
And they feel like they have helped the world be a little more beautiful by helping yet another see something worth seeing.

At the end of the day, that is what it is about.

They aren't responsible for your success, or anyone elses. And whilst they can be rough at times, they are that way because we are rough in how we avoid the truths that help us find the way.
They, like a person that gives, can help us learn to give back. Not in terms of business investment (though that works some times, as greed is nice to get a return on) but in terms of moments, emotions, and feeling they are making a difference.

They feel it most, when that stubborn old rock, starts to snowball. And they appreciate giving their time the most when that stubborn old rock, ain't so stubborn anymore.
We can't always calculate a persons value in changing lives, but as mentee you help them explore what a life of giving can mean.

And that journey is a mutual one, that will restore the balance of power, when it is ready.
Hopefully, by that time, you know how to honor them, and you will recieve the same happiness when you give something back

Respect the fact that one of their dreams, is to see people like you grow.


Give to them, not because they are the ones who can give back. Give to them because they have an idea inside them, and it is worth investing in, so that you can see it flourish.
We are all on the same team. Just sometimes we doubt motives, or feel left out because of anguish and fear. If we all pitch in, it helps.

Tip: Loving up, is hard, but once you can do it right. It demolishes fear because by being able to operate up, you are hooked into the interweb of awesome. You don't need a mentor to achieve this.
Sometimes when I feel shit, I just love up, and it goes away. Just knowing people CAN be there for you, it helps so much to get outta that hole.

 

[IAmTheJeff]

Mentors:
-Can't do everything long term
-Sweep fast around where you are and can find the solid issue
-Give you energy, an internal monologue/conversation, and challenge
-Have expectations which will push you outside your comfort zones (if you care to pay attention)
-If you respect them and understand their pains and journeys, can give you deeper insight and motivation

You shouldn't rely on them to feed you with inspiration perse, thats what everyone seems to want as a mentee though. "Inspire me until I pass out", but that stuff tires mentors, unless you grow into a mutual relationship where those things bounce back and forth and feel relaxed.
-Don't get them wound up by pressuring them to perform
-They are the leader though, so don't be all talking like you are the expert, stop and listen hard, long, and act as soon as it starts clicking
-They will push you from behind when you are moving in the right direction, (they see a motivation or a good attitude and will put stuff in)

Personally, I no longer "need" mentors, and what has transpired is, I still keep thinking about how to be a better mentee just because it really isn't about them "teaching you until you are done", its about learning to embrace another persons value in a correct fashion.

Once you can embrace one mentor, you can be warm to all kinds of people who have so much to offer, and slip into the role.

You can't buy honor.
You can't jump through a thousand rings of fire and deserve it.
You have to grow your listening muscles in unison with action.

The quicker you can listen, the quicker you can pivot, and THAT will save your a$$.


There is always a "wait time" until what they say really clicks. If you can get that wait time down, then they can help you out of hairy situations.
But only if you know fundamentals of how to ask the right questions, how to feed them the right nourishment and respect, and how to control your more dishonorable emotions (created by fear and languish).

Sometimes a mentorship is an unspoken bond. They feel that you deserve to succeed.
Mastering menteeship is about creating "pliable" reference frames, that they can use as leverage to put the picture together and use their skill. And being able to do that helps you understand how to lead workers and partners better.

By pliable reference frames I mean:
-Not agitated
-Not erratic
-Not self obsessed
-Hearty/Meaty/Prize winning questions
-Showing mental resources, awarenesses, and unique vantage points
-As concise as possible

Example:
I can't quite find what the issue is here, was wondering if you had a view on it (not pressuring them)
The problem seems to me to be related to x, y and z (gives him a clue of where I am at, and from there he can make gut decisions on where I should be)
(I do not elaborate on reasons WHY it seems that way, unless they ask, because if I talk too much about why, they can't get into the convo and lead)
I am trying to achieve (a), due to hearing from (b) source, and I thought (c), I'm not sure if that is the widest perspective though, and am not sure if it is situational or dependant on the niche.
I would like to be wiser about my choice, so I am hesitant about ... (I try to keep hesitancies short and super concise as its just a check they tick) and would like to see a more x result (they can empathise with what you want to see, and will not blame you if you state it that way just get to brass taxes)
All in all, the reason I am going in this direction is I am trying to get better at X portion of business, anything you can spot would help out. (I say this as a catch all, so that if none of what I say computes they can go to a usual spiel)

Once the discussion starts
a) You get totally blindsided and become speechless and try to figure it out for ages
b) You get what they just said but don't know how to structure another question and so backoff
c) You catch what they are throwing out, internalise it and say thanks
d) You catch it with a spring in your step and can start heading forwards in the direction of progress, chaining questions, and getting tons of help
e) You start growing really fast, and say "omg, that was so obvious, can't believe I didn't see that!" and they laugh at you

I dunno, mostly you don't want to be too rigid, you wanna be a human being, and not always force them into mentor mode. Don't speak too much shit, but just allow them to have enough reason to be invested in you and you enough reason to be invested in HONORING them.
If you are too obsessed with advice you will sacrifice the most crucial part of the process, which is building trust.

And the key to that is not bullshitting them. Owning your mistakes, not droning on, pushing ahead, wiping your tears , and getting to enjoy some of the view with them.

Then you splendor and say "F*ck its beautiful", and they are like "yes it is".
And they feel like they have helped the world be a little more beautiful by helping yet another see somwething worth seeing.

At the end of the day, that is what it is about.

They aren't responsible for your success, or anyone elses. And whilst they can be rough at times, they are that way because we are rough in how we avoid the truths that help us find the way.
They, like a person that gives, can help us learn to give back. Not in terms of business investment (though that works some times, as greed is nice to get a return on) but in terms of moments, emotions, and feeling they are making a difference.

They feel it most, when that stubborn old rock, starts to snowball. And they appreciate giving their time the most when that stubborn old rock, ain't so stubborn anymore.
We can't always calculate a persons value in changing lives, but as mentee you help them explore what a life of giving can mean.

And that journey is a mutual one, that will restore the balance of power, when it is ready.
Hopefully, by that time, you know how to honor them, and you will recieve the same happiness when you give something back

Respect the fact that one of their dreams, is to see people like you grow.



-

Damn @RogueInnovation, that is some profound shit.

I read this four times before I even found something to say. Thanks for taking the time out of your day to explain this in such an eye opening manner. Rep$ for sure.

 

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[oddball]

@JackEdwards, how many more calls do you have? Sounds like this is going really well for everyone. Kudos

 

[JEdwards]

@JackEdwards, how many more calls do you have? Sounds like this is going really well for everyone. Kudos

Not that many more to go. I think most have learned a little, some have learned a lot, as a bonus I have learned a bunch and I have really liked doing the calls, for someone like me who likes talking about business 24 hours a day, its great. and it really helps out the family I am giving the money too. (which is the biggest bonus)

FYI: I have added more time slots,if anyone is interested Pm me and read up on this thread about what it is about.

https://www.thefastlaneforum.com/co...ck-edwards-and-help-a-kid-who-is-dying.51260/.

I am not adding many spots but enough for a bit. Thanks.

 

[ProblemSolver]

I was thinking a hardcore power washer would be needed.

Then again, I know nothing of roof cleaning.

It's actually a bad idea to use a pressure washer on a roof. The pressure loosens and removes the granules which in turn causes the shingles to disintegrate faster from the suns relentless baking. Who wants to replace their shingles sooner than they need to?! It's better to use a sprayer to apply a chemical (bleach/chlorine) and then wash it away with a hose. Your ultimate goal is to not disturb the granules. Just thought I'd reply in case anyone was considering doing this

 

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[ProblemSolver]

isn't texas sold out?

So you show up and walk in the door. Are they gonna call the cops on you? I doubt it. You never know though

 

[CarrieW]

LOL I seriously contemplated doing this already LOL not that I wouldn't love to go, but hopefully when I do finally come to a meetup I will have a lot of sharing to do right now not so much, other then I am working on it... I cant wait

 

[zander]

Had my call with Jack last week. As everyone else has indicated, well worth it. Jack's ability to be able to pick up on a business and completely analyze it was fun to watch.

Quite honestly, it was refreshing to get a fresh set of eyes on my business. He made me think about angles I hadn't previously considered.

Talk with him if you ever get the chance. It's such an incredible learning opportunity, no matter what stage in your business you are at.

@JackEdwards, we'll be speaking again soon (by the way, the call I had the next day went way better than expected).

 

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[JEdwards]

@JackEdwards, we'll be speaking again soon (by the way, the call I had the next day went way better than expected).

Thanks, Good for you. Hopefully much much better.

 

[ck4750]

Ok guys I finally have something of value to give back! I had my chat with Jack earlier today.

He used his Texas sized crowbar and pried open my narrow mind. Here are just a few of my takeaways from the talk. Hopefully some of you guys find them useful.


Ideas

• Learn to look at everything in life as an opportunity/idea. Retrain your brain to think this way.
• Idea Euphoria: That feeling you get when you wake up at 3am having thought of the greatest thing since sliced bread. Give it the 90 day test. Do all necessary diligence/research and preparation as if you are launching the business on day 90. This can help you decide if your idea is worth pursuing or killing.
• Old rich guys are full of ideas. They are not full of energy or time. Talk to these guys, ask what biz they would start if they had the time. Start it. They'll have an interest in you because it's their idea and hopefully their money as well.
• To sift through ideas: Write them all down and mentally go through all scenarios good and bad. Pick the idea that makes the most sense and stick with it. Which brings me to the next bullet.
• DON'T BE THE GUY BOUNCING FROM IDEA TO IDEA YOUR WHOLE LIFE. Pick your best one and see it through. You'll learn a lot about what not to do for your next venture.

Mentorship

• Find the top 5 guys in your industry and see if they will mentor you. Of course, you've got to provide them value. This can be local doesn't have to be on the fastlane forum.
• Don't be the guy saying "Hey Jack, mentor me." (Common sense but happens all the time)

General Takeaways

• Spend one hour a day working on your idea. Keep moving forward.
• If you don't know something CALL SOMEONE. PICK UP THE GD PHONE.
• Execute
• Don't be a pussy

That was just a short sample of the knowledge bomb that got dropped and for a new guy like me, it was priceless.

Thanks a ton @JackEdwards!

 

[oddball]

Ok guys I finally have something of value to give back! I had my chat with Jack earlier today.

He used his Texas sized crowbar and pried open my narrow mind. Here are just a few of my takeaways from the talk. Hopefully some of you guys find them useful.


Ideas

• Learn to look at everything in life as an opportunity/idea. Retrain your brain to think this way.
• Idea Euphoria: That feeling you get when you wake up at 3am having thought of the greatest thing since sliced bread. Give it the 90 day test. Do all necessary diligence/research and preparation as if you are launching the business on day 90. This can help you decide if your idea is worth pursuing or killing.
• Old rich guys are full of ideas. They are not full of energy or time. Talk to these guys, ask what biz they would start if they had the time. Start it. They'll have an interest in you because it's their idea and hopefully their money as well.
• To sift through ideas: Write them all down and mentally go through all scenarios good and bad. Pick the idea that makes the most sense and stick with it. Which brings me to the next bullet.
• DON'T BE THE GUY BOUNCING FROM IDEA TO IDEA YOUR WHOLE LIFE. Pick your best one and see it through. You'll learn a lot about what not to do for your next venture.

Mentorship

• Find the top 5 guys in your industry and see if they will mentor you. Of course, you've got to provide them value. This can be local doesn't have to be on the fastlane forum.
• Don't be the guy saying "Hey Jack, mentor me." (Common sense but happens all the time)

General Takeaways

• Spend one hour a day working on your idea. Keep moving forward.
• If you don't know something CALL SOMEONE. PICK UP THE GD PHONE.
• Execute
• Don't be a pussy

That was just a short sample of the knowledge bomb that got dropped and for a new guy like me, it was priceless.

Thanks a ton @JackEdwards!

My favorite point but god do I hate making phone calls and cold calling, it sucks...

 

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[KLaw]

Ok guys I finally have something of value to give back! I had my chat with Jack earlier today.

He used his Texas sized crowbar and pried open my narrow mind. Here are just a few of my takeaways from the talk. Hopefully some of you guys find them useful.


Ideas

• Learn to look at everything in life as an opportunity/idea. Retrain your brain to think this way.
• Idea Euphoria: That feeling you get when you wake up at 3am having thought of the greatest thing since sliced bread. Give it the 90 day test. Do all necessary diligence/research and preparation as if you are launching the business on day 90. This can help you decide if your idea is worth pursuing or killing.
• Old rich guys are full of ideas. They are not full of energy or time. Talk to these guys, ask what biz they would start if they had the time. Start it. They'll have an interest in you because it's their idea and hopefully their money as well.
• To sift through ideas: Write them all down and mentally go through all scenarios good and bad. Pick the idea that makes the most sense and stick with it. Which brings me to the next bullet.
• DON'T BE THE GUY BOUNCING FROM IDEA TO IDEA YOUR WHOLE LIFE. Pick your best one and see it through. You'll learn a lot about what not to do for your next venture.

Mentorship

• Find the top 5 guys in your industry and see if they will mentor you. Of course, you've got to provide them value. This can be local doesn't have to be on the fastlane forum.
• Don't be the guy saying "Hey Jack, mentor me." (Common sense but happens all the time)

General Takeaways

• Spend one hour a day working on your idea. Keep moving forward.
• If you don't know something CALL SOMEONE. PICK UP THE GD PHONE.
• Execute
• Don't be a pussy

That was just a short sample of the knowledge bomb that got dropped and for a new guy like me, it was priceless.

Thanks a ton @JackEdwards!

Great post and summary!
I had a lot of the same bullet items with my conversation with Jack. It's not just what he says but how he says that just makes total sense. Here a few more:
Don't look for the obvious.
Old people are bored out of their minds. Take advantage of that.

 

[merryrows]

I had my call with Jack yesterday, and all I can say is, it is way way better than I expected it to be. No need to feel nervous because he will make you comfortable.

Learned a lot from him.

Validate my idea.
How to stay focus in one Idea and be committed
How to do cold calling the effective way
The art of pre-selling
No need to re-invent the wheel
How to evaluate a niche
Closing a deal
Product Distribution

Oh, I wish I ask the topics above. Poor me, the only thing I did was laugh the whole time.

Thank you for the time @JackEdwards! More than the business man, you have a heart of gold, and sense of humor.