MM#373--20 years of Business Wisdom: The Fusion of Entrepreneurship and Leadership

Transcript

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Welcome to the Theory to Action podcast, where we examine the timeless treasures of wisdom from the great books in less time, to help you take action immediately and ultimately to create and lead a flourishing life.

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Now here's your host, david Kaiser.

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Hello, I am David and welcome back to another Mojo Minute.

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We are getting back into our old habits now, since the future is looking bright for most Americans and for most business owners, and one of those old habits is to kick off our Mojo Minutes with a quote.

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So with that let's roll to our first pull quote.

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So the problem with my company then and now is me.

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The problem with your company is not the economy, it's not the lack of opportunity, it's not your team.

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The problem is you, and that's the bad news.

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The good news is, if you're the problem, you're also the solution.

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You're the one person who can change the easiest.

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You can decide to grow, grow your abilities, your character, your education and your capacity.

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You can decide what you want to be and get about the business of becoming that person.

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And that great quote comes to us from Dave Ramsey's book Entra Leadership.

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And what I loved about the book is it's a pretty good guide to the intersection of entrepreneurship and leadership, one of which Ramsey draws his over 20 years of practical business experience.

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Now, the book primarily focuses on combining entrepreneurial skills with effective leadership to build and grow successful businesses, and so this notion of entre leadership is not solely about entrepreneurship and it's not solely about leadership.

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It's a combination of both.

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Now, how Ramsey defines this entre leadership is kind of clunky, but I think in the end it works In fact.

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Let me get out of the way and let's hear straight from Ramsey himself.

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A leader, according to Webster's dictionary, is someone who rules, guides and inspires others.

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The dictionary says an entrepreneur is someone who organizes, operates and assumes risk for a venture.

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The root word of entrepreneur is a French word, entreprenando sorry about my French meaning one who takes a risk, one who takes a risk.

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So for our purposes, entre leadership is defined as the process of leading to cause a venture to grow and prosper.

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Okay, like I said, it's kind of clunky, so let's put some more meat on that bone.

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Let's go back to the book.

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Put some more meat on that bone, let's go back to the book.

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So growing leaders was too refined and calm for me, but growing entrepreneurs was too wild and chaotic for me.

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So I decided we needed to grow a combination of the two, and thus the Entra leader was born.

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Ramsey tells us I want Entra leaders who can be passionately serving and Mavericks who have integrity, disciplined risk takers, courageous while humble, motivated visionaries, driven while loyal, influential learners.

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Okay, okay, we see where Ramsey's going now.

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And plus, we have a list.

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We always love lists and we have something we can dig into.

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That's a solid nugget of wisdom and we kind of like that here.

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Now, if you've been living under a rock for the last 20 years, you might not know who is Dave Ramsey.

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Well, he's the personal management guy in that space and he's pretty much the real deal if you've never listened to him.

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Susie Orman, eh, not so much Dave Ramsey, kind of a big deal.

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Dave Ramsey still around providing some good advice.

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But who is Dave Ramsey?

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What's his biography?

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Well, he, like I said, is the American radio personality.

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He's a financial advisor and an author known for his expertise in personal finance.

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He's the owner and CEO of Ramsey Solutions and he co-hosts a nationally syndicated radio program called the Ramsey Show.

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Now, he was born September 30th or September 3rd rather, in 1960 in Antioch, tennessee, and he began his career in real estate, amassing a significant portfolio by the young age of 26.

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However, financial difficulties led him to file for bankruptcy at age 28.

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And that's the very important part of his life and part of the reason I respect him so much.

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Following his financial setbacks, ramsey founded the Lampo Group, now titled Ramsey Solutions in 1988, to provide financial counseling and education.

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And then he authored several best-selling books the Total Money Makeover and this book, entra Leadership.

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His work emphasizes debt-free living and financial independence, often incorporating biblical principles into his advice.

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Ramsey's influence extends through his radio show, which reaches millions of listeners weekly, through Financial Peace University, a program designed to teach financial literacy.

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Now he's known for his straightforward advice and his conservative views something I like and he's become a prominent figure in personal finance education.

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He's become a prominent figure in personal finance education.

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Now, getting back to our book of the day, this Entra Leadership.

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The book stresses and in fact there's some great nuggets of wisdom in this book, but the book stresses the importance of transforming dreams into actionable goals.

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And yes, we here at the Theory to Action podcast that's the namesake of our podcast we love that stuff.

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We have to transform theory into action.

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We can't just be librarians collecting this stuff, these ideas.

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We have to collect them, we have to organize them and then we have to demand ourselves, from ourselves, the concrete plans, the strategies and the implementation plans, or the implementation and the execution of those plans.

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And Ramsey's book helps us to get to the heart of that very fact.

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Now, one last quote I'm going to leave you with, because we talk about it all the time on this show, and that quote is hard work.

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Hard work went out of fashion maybe a decade or so ago, and probably maybe the last decade and a half or so.

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But hard work is a virtue, and virtues don't go out of style.

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They're not fads, right?

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So check out this great nugget of wisdom from Ramsey about 15 years of being in business.

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Going back to the book, if you can find someone who can stay on mission, on task, with focused intensity for an entire decade, I will show you someone who is world-class in their chosen area of endeavor.

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They're likely a national brand or will be.

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In his great book, the Outliers, malcolm Gladwell writes that one of the keys to unusual heights of success is spending 10,000 hours of practice at your chosen craft.

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The Beatles, the rock band, spent countless hours playing at summer festivals before you ever heard of them.

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Peyton Manning, widely regarded as one of the best quarterbacks to ever play football, has been known for his work ethic since he was a child.

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I just won my first Marconi Award, which is essentially the Academy Award for radio and afterward counted up that I had been on the air over 10,000 hours.

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Remember, work your tail off for 15 years and you're suddenly an overnight success.

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Ha, an overnight success, is that not great?

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What's the quote?

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Again, I just won my first Marconi Award, which is essentially the Academy Award for radio, and after work, counted up that I had been on the air for over 10,000 hours.

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Remember, work your tail off for 15 years and suddenly you're an overnight success 10,000 hours.

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Now, where have we heard that before?

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Ah, talent is Overrated.

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By Jeff Colvin, a great, fantastic book.

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We reviewed it.

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Check out that Academy review in the members only section.

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But what does it say?

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What does talent is overrated say about this 10,000 hours?

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Let's go to that book.

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In a famous study of chess players, nobel prize winner Herbert Simon and William Chase proposed the 10-year rule Based on their observation that no one seemed to reach the top ranks of chess players without a decade or so of intensive study, and some required much more time.

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Even Bobby Fischer was not an exception.

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When he had become a grandmaster at age 16, he had been studying chess intensively for nine years.

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Subsequent research in a wide range of fields has substantiated the 10-year rule.

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Everywhere the researchers have looked in math, science, musical composition, swimming, x-ray diagnosis, tennis, literature no one, not even the most talented performers, became great without at least 10 years of very hard preparation.

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10 years, 10 years or 10,000 hours.

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Ramsey said it took him 15 years before he was even noticed and won an award.

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Now you remember what Carol Dweck said?

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She wrote the book Mindset, another fantastic book we have reviewed as an Academy review.

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Check out the members area for that one.

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Carol says is it talent or ability or mindset?

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Was it Mozart's musical ability or the fact that he worked till his hands were deformed?

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Was it Darwin's scientific ability or the fact that he collected specimens nonstop from early childhood?

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So, as I reflected on my podcast, we just crossed 10,000 downloads.

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Not a lot by any stretch of the imagination, but not too shabby.

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Better than a sharp stick in the eye, as they used to say.

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Now, the podcast hasn't grown super fast since the beginning, but I had to ask myself the question this is not your full-time job.

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How many years, david, have you invested?

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Are you up to 10 years yet, or 10,000 hours?

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Nope, just three.

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Ah, okay, so more work is to be done then.

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Right, you got it and I can improve and get better.

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And then I can tackle how to market the podcast better and I perhaps can tackle video podcasting.

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That could be a good marketing technique and a good marketing strategy.

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And plus, we get great feedback from new listeners almost each and every day Content saying that the content is good, it's well-received, it's all good stuff.

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They like what we're putting out.

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And then you guys have even texted me that the long format where we do specials and discover new books and intertwine them that we bring to the podcast is all very, very good.

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So the future is bright and we appreciate you hanging in there with us.

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We just need to apply a business mindset, plus some hard work which is not going out of style, as we know and some Dave Ramsey confirmation that we're on the right track.

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So many thanks to this book, entree Leadership by Dave Ramsey and his 20 years of business knowledge.

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The book is, like we said, a good blend of leadership philosophy and practical business advice, covers a wide range of topics essential for entrepreneurs and business leaders, and I love Ramsey's personal experiences and his ethical approach to business, which makes it even more appealing to business, startups and even longtime veterans in the field.

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So again, the future is bright.

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So today's Mojo Minute how about you?

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Do you have a business idea?

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Want to start a company?

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Want to pursue your dreams?

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Check out this book, entra Leadership by Dave Ramsey.

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Or do you already have a company and you need a swift kick in the pants and would like someone with over 20 years of advice to give you the nitty and the gritty on how to become a better owner and entrepreneur yourself?

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Check out this book too.

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Remember our nuggets of wisdom 10,000 hours or 10 years?

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Have you invested it, yes or no?

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How hard are you willing to work?

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For me, I got another seven years to keep rolling.

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I'll see you on the path of hard work and, as always, let's keep fighting the good fight.

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Thank you for joining us.

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We hope you enjoyed this Theory to Action podcast.

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Be sure to check out our show page at teammojoacademycom, where we have everything we discussed in this podcast, as well as other great resources.

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Until next time, keep getting your mojo on.

MM#373--20 years of Business Wisdom: The Fusion of Entrepreneurship and Leadership

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