everybody. This is NJ here, the host of the NJ podcast. And this is transformational Tuesdays, everybody. This is where we try to get you to say like Jay Z. I am not a businessman. I'm a businessman. Let me handle my business. Dang. And on today's episode, we're going to talk about a few truths, a few truths. Henry David Thoreau said rather than love than money than fame. Give me truth. Can you handle the truth? You want answers? You want answers? I want the truth. You can't handle the truth. These are famous lines from the movie, a few good men with Tom cruise and Jackie. What I got from this is that the truth is uncomfortable, harsh, and sometimes we wish we didn't know it. The truth is, which is true in accordance with fact oriented, the truth will set you free, but it may anger and displace you in the beginning before it changes. Mark bonds, the former CEO of the south African post office, advocated for untarnished truth. At the end of the day, everybody knows. If a company is not making money is corrupt. People have no guidance. People always know the sooner you confront the reality of the situation truth there, the sooner you can address what's really going on. He said bods. I was able to confront the truth of the post office and make significant change. The following are some truths about business that may be uncomfortable. The first one is the numbers about business failure. The numbers about business fail. Being in business, it requires a gladiator mentality because the longer you are in business, the higher, the probability is that you will fail or die. 50% of businesses fail within the first year. 80% of them fail within the first five years. After 10 years of operations, 96% of businesses closed their doors. Only 4% of businesses make it now make it doesn't mean you're making any money or having a good time. Lehman brothers had been around for over a century and turned over all a trillion dollars in revenue. And then today Lehman brothers is no longer around. This is because if you're not growing, you're dying. If you're not innovating, you're being left behind. The more you grow, the more you must add value to remain relevant. Another business, truth, truth about business, and probably even life. You may not have the personality needed to build a business. You may not have a personality needed to build a business. What will fulfill you is a critical question. What is your gift? Are you a good administrator? Who knows how to run the operation? Are you're a leader who can set the vision. Are you a highly skilled technician who can execute the work better than anybody else? You may be able to do all three roles as you may be an overachiever, but it will affect the quality of your life. Michael Gerber states this in his book, the E-Myth that a business fails because people are not naturally entrepreneurs, but they think that's what they should be. If you are only a technician, you will need a good administrator and leader. It can be a hard reality to accept that you may need help from multiple personalities and. But it is the only way you will succeed another truth about business, wherever you probably even life. You may not be as good as you think. You may not be as good as you think. There was a man who robbed a band with no mosque. He looked at the security cameras and then disappeared. The police caught him and the man was confused as to why he was caught. He used lemon juice on his face, believing it would make him invisible because lemon juice makes ink invisible. This man was overly confident in his limited knowledge and skill sets. This is known. Danny Kruger effects, ignorant people who have limited exposure in a certain field, tend to overstate this skill level and get shocked when exposed the truly wise. No, they have a lot to master. As they have spent a lot of time mastering their craft and experience has taught them that there is much more to learn suffered. T's one of the wisest philosophers said the more I learned the less. The world is changing so fast that you cannot be overly confident as there is always something that you will not know. You may think you have mastered your business, but you cannot stop growing. Therefore you must always keep learning and constantly re and suffer. Your knowledge and always have the attitude of there is so much more to learn and master another truth about business and life is what you think is a good idea. May not be true that. Is royalty. What you think is a good idea may not be true. That customer is a royalty businesses can constantly fall into the trap of falling in love with an idea that does not serve the customer. The product is created, introduced into the market. And then because of dismal numbers is pulled from the market. The truth is that unless your product or service. Serves the customer it's bound to fail. It's sell was a car bark that was introduced into the market by Ford in 1957 at a cost of 400 million us dollars. It failed as customers wanted a car that was smaller and more economical. The cars, niche, pricing, and marketing was also undefined. The Xcel failed as a company. Executives did not accept the truth that the customer is royalty. Not your idea. Truth about business and life that we will cover is it takes time. It takes time. There is a saying that Rome was not built in a day and the same is true for a legacy business and legacy business, as one that has been in existence over time and is built to last for a long time, one car to expect it to be ready quicker than. If one looks at the companies that are on the Forbes global 200 list, you'll notice that there is not one company that is there that is younger than a decade. It will take decades and even centuries to build a company that lost. Therefore it is important to start small dream, big scale fast and take the long-term view. They are Asian five new businesses that have conversations about creating 150 year time horizon plan. Their focus is building a dynasty dynasties take time. The next truth about business and life that we will cover is it's not, it's all about the second. More than freedom. It's all about the sacrifice. More than freedom. There are many benefits to building a legacy business, exciting lifestyle, the freedom to travel, earning a passive income at generational wealth. What is not often talked about are the sacrifices that must be made. You will give up time family. Sometimes your health short-term gains a comfortable salary early nights. There will be times where you will lose everything and must start again, downgrading your lifestyle and possibly decades of not seeing any returns on your investment. There is no business from Walmart to pick up, pay through to BearShare a Berkshire Hathaway that. That was both on only minor sacrifices. You need to work and sacrificed a lot. Another truth about business and life is the only thing that will matter is what you can't deliver. The only thing that will matter is what you can do. Don't promise something. You don't carry it in your inventory. Don't promise something. You don't carry in your inventory. The marketplace is very unforgiving. If you are purchasing as a company that does not deliver, you can market yourself as best you can. But if you do not consistently meet the ever-changing needs of the customer consistently, then the legacy organization is. Blockbuster used to dominate the video rental industry until it stopped delivering value to customers by charging them for delivery late returns and limited choices for a limited time, Netflix and other streaming services came in delivered value and displays blockbuster because Netflix focus on delivery to the customer. The next truth about business and life we can talk about is you are the reason the business is not growing. You are the reason the business is not growing. It was a family owned business that was started by the grandfather. It grew to a legacy business and was passed on to his son and their grandson. The grandson was on the board and at the C-suite executives outside the family run the business, the business lost 25% of it. The grandson called an emergency meeting with all of the C-suite executives, for them to present reasons for the loss. The grad son was dressed in casual attire and was drinking a beer smack. Right? All of the executives presented from the CFO to the COO and through to the CEO. After all the presentations of grandson looked at his beer and said for as long as I've been drinking beer from the bottle, the beer has always flowed from the top. For as long as I have gone fishing fish, always rots from the head. He looked at the CEO, the head of the group and said, you're fired if a business is behind in marketing. As bringing in the wrong people and it's not getting you business. It is because the owner has a personal and leadership development skills deficit, John Maxwell and leadership expert tells the story of a leadership development company. When this company is called in to turn things around, it starts off by firing all the leaders, because if the leaders were competent enough, the organization would not be in the situation that it is in. You may not need to fire yourself and. Or maybe you would, but starting to identify what skills you are missing and start working on those too, that your business can grow. Normally the skill is related to your mentality. As I keep hearing, uh, there's a psychologist and coaches and trainers say that business, as well as the high 90% psychology and 10% mechanics. Some of that can be the next truth that we will cover. It's a lonely road and you will be misunderstood. It's a lonely road and you will be misunderstood, guaranteed. Building a business with the aim of leaving a legacy through an idea you believe will serve people and change. The world will me that you will be misunderstood and rejected. Only 1% of people have the courage and strength to start organizing. From the ground up the other 99% are only willing to work for those, with the guts and the fervor to take the entrepreneurial risk. As a result, all entrepreneurs and business builders will be misunder. In a culture where it is expected to compete a university, your degree, get a job in a corporate office and retire with a gold watch. After 40 years dropping out to pursue your best skills and build a business for yourself is a very misunderstood. Steve jobs, bill gates, Richard Branson, Adrian's goal and DJ Tampa and countless others or misunderstood, and went through the three phases of acceptance. First you are ridiculed, then you are fought against, and then your hustle becomes self-evident. It's going through a three, let's go through those three phases of self acceptance. First you are ridiculed, then you are fought against, and then your hustle becomes self-evident choosing to be in the 1% is difficult, but it is worth it. In this world. He used the truth to maintain a world-class organization. This man was fired from his job in 1966. Then convince friends to loan him money, to buy three small retail stores and aggressively expanded to be a dominant player in his industry, becoming his former employers, biggest competitor, his own company became one of the best regarding customer service in the country. He did this by getting the truth from customers and not relying on reports, which will merely versions of the truth. I would spend a day, a week, 20% of my time walking the aisles of my stores, talking to customers and listen to their complaints, no matter how uncomfortable it was said, Raymond Ackerman, founder of pick and pay the truth. When confronted can help you in building and maintaining. Significant business and more importantly in life. So what can you expect from when you embrace the truth? The truth is uncomfortable. It can be harsh, but it is embracing the truth is the only way to start dealing with the reality of the situation, especially about business and your life. When you accept that business as hot with a high probability of failure, that you will need multiple personalities to build a business, you may not be as good as you. Your ideas don't matter, but what your customer needs does understanding that it tastes. You need to sacrifice, you need to deliver you are the reason the business is not growing and that the road is lonely. You will be in a much better position to succeed in building a legacy business in a time of deceit. Telling the truth is a revolutionary act. Say George Allah, I like that in a time of deceit telling the truth is a revolutionary act that you enjoy this episode of transformational Tuesdays, where we hope to get you to say like Jay Z, I'm not a businessman, I'm a businessman. Let me handle my business. Dang. And this way we talked about handling. I hope that you enjoyed this episode, please like share comment, subscribe. Let me know what you think. If you are interested in any merchandise, please head over to the websites, choose the stage, to accept the truth and work on the truth so that it can set you free and that you can go out there and be the best that you can be in business and life. And I will see you on the next episode, you can't handle the truth.