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E-Myth – “Why most small businesses don’t work & what to do about it”

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Business Boot Camp Intro Part 3 | Edmonton Business Consultant

Who here has read Tim Ferriss’s four hour workweek. Okay. I’ve read it too. It’s a lot like developing a strategy for a hockey team is sent. Assuming every person on your team skates like Connor mcdavid. Mm.

Yeah, I can see why. Cause it’s mad

that you can only work four hours per week and build a business. Who here has read Tim Ferriss’s four hour work week? I’ve read it too. It’s a lot like developing a strategy for a hockey team is sent. Assuming every person on your team skates like Connor mcdavid, it’s not going to work for no speeding. Some of the things that he does, you know what here are, are very, very talented and very difficult to replicate. Uh, if I could replicate them, I wouldn’t be here. Um, I would suggest probably neither would you, Edmonton Business Consultant, that you can change your schedule whenever you like it. A lot of people think I’m going to be an entrepreneur because I can just change my schedule here or there. Edmonton Business Consultant, it’s the same repeatable schedule. You do it over and over and over and over again. If it works once, do it again next week. Um, that’s what works. That things don’t appear on your schedule. We’ll get done in your free time. Well, I’m going to do my record keeping and the free time,

no, if it doesn’t get in my calendar, it doesn’t get done. And I can’t tell you when I first started out, how many things slip through the cracks because I didn’t put it in my schedule. Uh, it’s, it’s a huge myth that you’re, that you’re going to get to it. It needs to be planned out. It needs to be logged in and it needs to be a part of that routine. I set reminders for everything. Even taking a lunch, I had 30 minutes to a lunchtime because I, if I don’t, I will, like in the business of my day, I will forget and I will and I will set myself on a downward spiral. So everything goes in my scope

that, Edmonton Business Consultant, you can sleep in and simply work later on. Entrepreneurs think, God, it doesn’t matter. I’ll just start a little later and I’ll finish a little later. Um, well a, how many people got a phone call this morning before 8:00 AM nobody. I did, but that’s how many people, Edmonton Business Consultant, you know, would normally get a phone call between nine and noon on any given day. Great. So how distracted are you going to be between nine and noon? And if you start working a little bit later, what’s that going to be like? You know, working earlier is different. Plus you don’t, if you end up having a family, you’re trying to work business, you know, with the family.

These are my two daughters. They, they’re not available at 9:00 AM I get home at nine o’clock. They are no longer available. Um, that’s uh, Edmonton Business Consultant, I’m not going to work. So if you’re trying to balance business with family, they don’t understand why I work at all. Edmonton Business Consultant, especially the seven year old, I get a lot of business consulting from the seven year old notes. She’ll, she’ll tell me things like, Hey dad, we just had a Pajama Day at school today. You should have a Pajama Day at work. We get off on early on Thursdays. You should get off early on Thursdays. Um, you know, she doesn’t quite understand why it worked at all. She was like, you’re the boss, so why can’t you just come home? Edmonton Business Consultant, and it doesn’t quite work like that, but starting earlier allows you to still participate in these sorts of things in your life. Okay. Um, even with a really hectic schedule. The other one is that Saturday is not a regular work day.

I mean, we’re all here, right? It says, Chris, you started opening. Yeah. So I started out like, no, Monday to Friday, I’m going to be Monday to Friday guy. That’s, that’s what everyone else does. So same with me. Thing is, uh, when it, when it comes to Saturday, it’s actually a really valuable day because, Edmonton Business Consultant, most people are available on Saturdays. Most people can get most people that’s their, that’s their time when they’re home with their families. I think bankers hours, right? That’s where everyone works. But on top of that, it’s also a great time for you to do the things that you no longer than that, that don’t, that don’t make you money. Let’s say like giving your bookkeeping done, getting your, I get your paperwork done and getting that all that stuff in file. Uh, when you’re an entrepreneur, especially when, when I was a one man show starting out, uh, that was it. Like I couldn’t delegate that to someone. I had to do that. And so, uh, and Monday through Friday, I’m at someone’s house installing something or fixing something. So Saturday it became a huge asset

and I have a mentor and he’s interviewed thousands and thousands of successful people and he’d go over and over and what the first four hours of the gay look like when they work and six days a week keeps coming up six days a week gets up before 6:00 AM. It just keeps happening over and over and over again. So can you do it without that? You can, but now you’re now you’re just dramatically decreasing your odds. Again, and I’m not a very religious person, but I bring this, this one off sometimes if anyone ever heard the on the seventh day he rested on the seventh is your essay. Anyone ever heard that you’re all missing the point of that? That meant for the other six days he was busting his ass on the other six days. Everyone is just focused on the rest, the rest, the rest and all the other six days they were working.

That’s how it worked. Edmonton Business Consultant, that you can effectively multitask. Okay, multitasking. This is my, my pet peeve that we think we can multitask and you start to see these images of entrepreneurs and they’re answering the phone here and they’re writing a note here. They’re getting a coffee here and they’re driving here. Multitasking. Researchers estimate that multitasking costs us 28% of our day. We lose 28% of our day in multitasking. And not only that, it takes an average of 23 minutes to reach your peak level of intellectual capacity. Once you’ve been distracted by a single social media update, as soon as you check that text, as soon as you checked your social media, you are now dumber for the next 23 minutes. And that’s great.

Oh yeah. I could add to this. Uh, so I can’t tell you how many times I’ve been on the job site and my phone rings and I will answer that phone call because I want that month. But, uh, when I’m done with that phone call, uh, I now have to remember what I was doing, where it was go, what part of it, and you’re right, 23 minutes sometimes before I’m back into my zone low of putting that door together, putting that up and so that the do not deserve feature on your phone. Amazing. Because when you’re, when you’re actually doing your tasks and focus, he’s on it. You get done a lot sooner. I adored, install could take uh, to three to five hours and I guarantee you I’ll hit that three mark. If I’m, if my phone is on quiet and I’m not answering it, I’m just getting that down and then answering those phone calls later. Yeah,

I keep losing my phone mail. It’s like he basking guys. Have you seen my phone? Cause I haven’t used it in awhile. That a business degree will prepare you to own a small business. I’m sorry to break your hearts right now. Your Business degree will not prepare you to own a small business. Your Business degree prepares you to have intelligent conversations so you can work in a business. That’s what your entire business degree is designed to do. Edmonton Business Consultant, that you can scale your business by hiring outsiders to fill key positions. This is a big one. When I get to this point, I’m going to go and find version me version 2.0 you’re keep thinking that and all of Islam was thought an iPhone. I have tried to do that. See my clients try to do it. It just does not work. It does not work.

The person who are going to be in your key positions in your organization are working for you right now and if they’re not able to progress those people who are at the, you know, the lower level positions right now, you need to get some of those off the bus and get some people who can progress because you are not going to fall to find those key positions. One of my favorite business books, good to great Jim Collins, it’s a highly research book. He looks at small business, he looks at companies, in fact just companies in general and they’re looking for companies that were under performers and for a long period of time and suddenly became overachievers and we’re able to sustain that for a long period of time. And there was very few companies who could do this. They were underperforming. Then all of a sudden they became above average performance and sustained it for more than a decade. 85% of them had internally promoted CEOs. 85% of them had internally promoted CEOs. And I’ve seen it over and over again in small businesses that people bring in key position to be the new manager and it just completely blows up for them. Edmonton Business Consultant, being a specialist in your field qualifies you to run a business in that field. This is where this is. Chris is the perfect example of this.

Chris, how long have, how much experience do you have installing garage doors? So a lot of people in this room credit know my story, but I’ll reiterate it for people who don’t know me, I’m a second generation garage door. Uh, company does, that means my dad owns a business in the states and he, uh, and he trained me from a very young age to do this job. Uh, as so I’m extremely qualified to put into your garage door and I’m not only could extend your qualified, but I, I’m, I would argue that I’m one of the best in the city. Uh, but how many people have heard of me before, uh, before coming to this meeting at all? Raise your hand. Yeah, that’s not a lot of people. And, and, and I could be the most qualified person in the planet, but, uh, none of the other people that didn’t raise their hand are going to call me because they don’t know who I am and they don’t know what I can do.

And all that work, installing your edge door, you know, you’re an expert in installing a second generation, the Speller, you hair, dad isn’t doing it for him or you’ve been doing it forever. Did any of it, any of that installation teach you how to run a business?

Absolutely not. And that’s, that’s, that’s the key point so far. I surrounded myself with experts is what’s gotten me to where I am today. But yeah, it just because I know how to do something does not mean I know. The other thing, the bookkeeping, the back end work, the scheduling, all that stuff, getting more marketing. Thank you very much. Yes, marketing is huge. And I gotta tell you, I am all thumbs when it comes to Facebook, which you think would be, you know, a good thing. But no, it’s not.