Why Everyone Needs a Business – Episode 420

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[00:00] Hello, partners. We are diving into one of my favorite subjects, which is business. And we’re going to talk about why everyone needs a business. Kim, I am so excited for this. Well, I’m so glad and I have a literally playing out as we speak family story to share that answers this question. So Todd and I, as an example, have gotten stuck in the Houston airport recently overnight because of weather. So we fly into Houston. We want to fly on into Shreveport, Louisiana, so that our drive home is much shorter. Besides, that’s where our car was because we flew out of Shreveport and the flights are not going because of weather. So we’re on a business trip. And if we’re not on a business trip, we make it a business trip and we go stay in a hotel. Don’t even think

[00:56] anything about it. We can deduct the cost and doesn’t make it free, but at least is a little bit more palatable because it’s deductible. And onward we go. We have today another family member that has a situation where they’re stuck in a city that they did not intend on being in and is forced to stay in a hotel and deal with what they have to deal with. And they do not have a business. And so they don’t get to deduct that. They don’t get to create the structure that a business enables one to create to make tax deductible hotel stays or meals or any of the things that create a business. And it’s interesting, you know, there’s a financial aspect to that hundred percent. And we could talk about that all day long. But I think

[01:46] there’s also a really interesting mental aspect to that. And it actually popped up just this morning. I am redoing our Partners for Prosperity website. So it’s been a long time. You know, six, seven years, the website’s life is well passed overdue. And so I’m working with Storybrand and we’re creating the things that we need for the website, etc. And I say to the team, I really want to make sure we keep our entrepreneurial language, because that’s where why you want to own a business starts. It’s well starts in your head. And then it comes through in your language. And it’s always really interesting to me. I mean, I have tons of clients that are actual technical employees. And yet they’re entrepreneurial thinkers, which means

[02:39] they’re entrepreneurial speakers, i.e. that’s where the entrepreneurial language comes. And it’s just so obvious in things like, I get to go to work, versus I have to go to work. I get to create value versus I have to do this thing. I get to find a way to make this trip text deductible because I’m going to be doing some research or creating an interview or, you know, whatever it is that you do in your space that would enable a particular trip or a meal or whatever it is to be tax deductible. It is amazing how it starts in your brain, shows up in your language, which then of course affects your actions. And the why we want to have a business is literally for all three of those things. I love that. You know, the language is so important. You know, I think

[03:33] our listeners right now, they’re getting to listen on this conversation with us. That’s wonderful. And we get to see their feedback, the reviews and the results. You know, let’s dive into the business piece. And the reason why I said this is my favorite is I have a podcast called Business Growth where I interview different business people. And without a doubt, every single one of them have a strong mind. You have to have that’s a foundation right there. Would you agree that you’ve seen the same as well? 100%. It’s all the starting point. Okay, so once you have that strong mind in place, and you know, we talked about this in a different episode recently about why every single person needs a business. That doesn’t necessarily mean that you

[04:20] have to have a brick and mortar store or that you have to do something grandiose or you have to raise capital for it. You can push those thoughts aside. If that’s something you want to do, then that’s fine. What this means is everyone needs to have a business, I think, for a few reasons. One, there’s a tax reason. Two, it is very much the way that America is built and our freedoms and our opportunities. And three, I think it’s also great for us because it creates a challenge. It’s something beneficial for all of us. How about for you? Well, I love the addition of a challenge. And gosh, it’s so easy to just think that we want life to be super simple and harmonious all the time and never have any challenges come up. And yet, when

[05:12] we really look at it, we know that that’s not a way to live a life. I think back to a story my sister Tammy Brannon, business owner, Blueprint Process, tells of a couple that she had encouraged take some downtime. Just take a day and do something with each other to enjoy your lives a little bit better. And so they chose to sit in bed and watch movies all day. And this is three or four years ago. We won’t talk about what a lot of people did at the beginning of 2020. They did that. And then he said to Tammy on their next call, I didn’t really get out of it what I thought. I mean, like we were so lethargic at the end of the day. And like it wasn’t that great of a day. And Tammy was like, awesome, research done, check

[06:06] it off your list. Like, I know I’m not gonna do that again. Next time that I want to have some enjoyable time with my spouse, I’m gonna figure something else out to do. And so I love that all of life is like that. It’s trial and error, it’s research, it’s sometimes two steps forward and one step back. Sometimes it’s two steps backwards and one step forward. And yet when we can move forward, even if it is sometimes in a backward forward way, when we can do research, when we can learn this is business that this that is what this is. And then I want to just bring in the word capitalism too. And I’m not talking about crony capitalism where insiders get the benefit that other people can’t I’m talking about true free market capitalism where the

[06:57] supply and demand sets prices and supply and demand drives behavior and just normal capitalism truly is a law in our world just like gravity is a lot, you know, I’m not going to step off my deck and hope that I fly any more than I would try to challenge the laws of capitalism. And that’s an aspect of business or entrepreneurialism, if you will. Also, there’s a book that I want to share written by a friend of mine that’s in strategic coach. And it’s I believe it’s called ELEAP that is an awesome book to help you determine if it’s right for you to have a business because clearly it isn’t right for everybody. If we all owned a business, then nobody would be available to work in the business. You know, there has to be workers, there has to be

[07:51] people that love doing the work and don’t want to take on the extra risk and responsibility basically of a business. And so gosh, we’re so thankful for them. I mean, that that’s a wonderful skill as well to be clear for yourself, what it is that you can best do service in and how you can best do that service. And so, you know, pairing up and partnering up if you have skills that maybe you’re not the business owner, but they’re the structure of the process or the systems or what have you. I mean, that’s an every business owner would love to have somebody on their team that did that kind of thing. And that’s an entrepreneurial thinker, if even not a literal business owner. Very true, very true. You know, it’s, you know, for me

[08:39] as as a business owner, and the host of a business related podcast, I’m constantly extracting things from people and I’m learning what it is that makes them do what they do. And, you know, starting a business first off is, is the mindset that you’re going to be providing value is simple change in vocabulary. You know, it’s commonly taught in school, you know, that capitalism is bad now. And that’s not the case. And then it’s also commonly taught that salespeople are bad. And, and it’s changing language instead of saying, you know, what can I sell to you today? It’s what can I help you with today? And by looking at problems in the world, and then solving those problems, that’s business. It’s that simple.

[09:35] It is. And I remember when I was right out of college, I didn’t want to be a salesperson. I looked down on that space, just like so many people do. For no real reason, I apparently subtle things that were possibly taught in college, we won’t go down that road. But nevertheless, I’m crystal clear today that no business exists, no world, no aspect of our world moves forward without salespeople. Selling the the act of sales is literally the beginning of almost every good aspect of our lives. And so, yes, very, very important that we get clear in our heads what is the whole truth around this space and not just take our parents, our professors, our friends perspectives on these things, but that we take the time for ourselves to think

[10:33] about them and figure out truly what is in our heart to believe. Yes. So I’ll rattle off a couple of resources that may be helpful. And then I think you’re gonna have some as well. If you’re stuck on ideas, or maybe inspiration of a business that you could start, a great podcast to check out is called Side Hustle School. The host Chris Guillebeau interviews people that have started little businesses all the way to major businesses, meaning, you know, in the garage and they pump out something that’s making hundreds of millions a year. So that’s a great podcast to start get some ideas. Now on top of that, as far as orchestration or rolling forward and creating a business, the tools that are our fingertips now, you

[11:24] know, you’re familiar with Peter Diamandis and the Abundance 360 platform, which Kim talks about often, and Peter’s explaining that the world and his purpose is to democratize and decentralize this abundance of information out there. And so we have tools like Stripe that make it possible for us in a matter of clicks to form a company. Or we have podcasts like this one, the Prosperity Podcast, where you can learn about finance or get your mind in the right place in a short amount of time. And the cost of this podcast for you is zero. What are the resources can we wrap up with Kim? Well, I sent you the eLeap book from Gino Wickman that will be valuable and it has a little process that you go through. So if you don’t want to read the book, just

[12:19] go to the website, the link will be in the show notes. And there’s a great little template that will guide your thinking and be helpful to you. And then let’s just go back to I forget if it was this podcast or another one, the Dan Sullivan quote of your eyes will only see or find and your ears will only hear or listen for that, which your brain is on the lookout for. And so just add this to your lookout if it’s not already in your space and see what good can come of it. I love that. That’s so good. Because that’s going to mean something different to every single one of you that are on the podcast. And I’ve got a challenge for you listeners. As you’re on the lookout and you find something, let us know. We would love to hear the

[13:11] updates. And if you have something that works, meaning you provide value and you get compensated for it, that’s a win. Let us know that one as well. I would love to know that. Great idea, Spencer. Thank you. Perfect. Thank you for listening to this podcast. Again, if you are not already following, make sure you do that and we will get you another episode soon. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.