#408: How To F*CK Average, Be Legendary w/ Fred Cary, IdeaPros CEO & Powerhouse Entrepreneur
🧠 Frederick Cary, a powerhouse entrepreneur, IdeaPros' CEO with 400+ startups
2:30 What advice would you give to your 13 year old self?
6:12 Work on the most important thing before you work on work.
13:07 F*CK Average. Be Legendary.
20:27 The number one reason that new companies fail is they’ve created something that nobody wants.
27:57 What’s the process like when someone comes to you with an idea?
IdeaPros is a company that guides qualified entrepreneurs through the complexities and pitfalls of the startup world. With his entrepreneurial spirit, Fred started many businesses in different industries, created many successes, and acquired thousands of lessons along the way. His desire to give back to a community of like-minded eccentrics led him to create IdeaPros, the world’s first super venture partner – a company that could roll up its experienced sleeves and provide every entrepreneur with the opportunity to see their vision become a real company with a real product. He also produces a weekly show for entrepreneurs that has been viewed by over 4 million people. As a Top 1% Business Professional, Who’s Who in America, and top-ranked attorney for several years, Fred's personal brand can best be described as: “F *CK Average, Be Legendary.” Fred would be happy to share his experiences and provide actionable tips to your listeners.
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https://www.instagram.com/officialfredcary/
https://www.facebook.com/IdeaPros
https://www.linkedin.com/in/frederickcary/
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Transcription by (unedited) Otter.ai - Otter referral link https://otter.ai/referrals/AVPIT85N
Law Smith 00:00
sweat equity podcasts and streaming show the number one business comedy comedy business. In the world they do Ric Flair pragmatic entrepreneurial advice with real raw dog talk. What's the other word? What I meant to look up the other word bleep it out 2020
Eric Readinger 00:20
Somethings comedy podcast of the Year from southern state business award.
Law Smith 00:27
That's so hot. Listen to us on iTunes Apple podcasts, Spotify, your mom's Sony Walkman from 1991 It's yellow. It's water resistant. Know what sponsored by Squarespace. Someone real don't want to read all the copy. Just if you really want to hook up the show be BFFs subscribe to the podcast rate it five stars write a short review and then share this show share the shit out of it. We had Fred carry on. Really good. He's. We want them to be our dad. I asked him to be my dad and extra dad. Yeah. Yeah, no offense to Larry Smith. But I wanted I wanted additional dad.
Eric Readinger 01:05
Right. We went to dad. Yeah. My two dads are the same dad.
Law Smith 01:09
And brother. You know what dads like to say to each other women were paired up like that cold sweat? Listening to the sweat equity podcast. You know, we just do it live on tape. We don't really edit that much. But really, it's a conversation. We try to make it very conversational. And honestly, we wanted to have real talk, you know, like, yeah, like we do in offices or meetings when there's no cameras or Yeah,
Eric Readinger 02:00
I harp on like these serial killer podcasts that are highly edited to me, I think they should be called something else other than podcasts because the media podcast is unedited conversation, letting it flow for hours if necessary. And just getting to the truth. Yeah, well,
Law Smith 02:16
yeah, I think what we like is having that real talk. It kind of the anti LinkedIn newsfeed of just Sacrae sweet kind of posts. And we're kind of, we're gonna keep all of this
Fred Cary - IdeaPros CEO - FredCary.com 02:30
well. A lot of my life, so I'm not afraid to tell people about that. So,
Law Smith 02:37
so Alright, tell us about that. You've been to hell and back. Like the Dark Knight Rises, you got out of the hole. Can you tell us about some of those experiences?
Fred Cary - IdeaPros CEO - FredCary.com 02:48
Right now? Or?
Law Smith 02:50
We're going man, this is how we roll. Oh, we're
Fred Cary - IdeaPros CEO - FredCary.com 02:53
already recording? Yeah, yeah.
Eric Readinger 02:57
Okay, record for somebody not knowing
Law Smith 03:00
I was gonna I was gonna reiterate it. But yeah, we're gonna do this live on tape. We can cut out some of that early stuff if you want. Yeah.
Eric Readinger 03:08
And word in there.
Law Smith 03:10
We added later, just to spice this up. Now. What's it called? Yeah. You know, what advice would you give your 13 year old self?
Fred Cary - IdeaPros CEO - FredCary.com 03:20
You want to, you know? Well, let's start with that. My my 13 year old self. Actually, it was really kind of pure and naive. And under the control of a fairly forceful, abusive father in law had to switch from being a football player to becoming a musician because that that was the path I wanted to take. I literally had to hide my guitar in my closet for a year. Before he knew about it. My mom bought it for me, but I had to swear not to tell him. And he came by a year later heard me playing in my room, open the door. Like he was going to scream at me and then said, Wow, you just got to guitar you play really well, for somebody who just just playing the guitar for the first time. So I think my advice to my 13 year old me would be the Do you believe always and don't allow other people to fashion who you're going to become because only you can create your future, not others that are going to disappear from your life at any given point. Is is this
Law Smith 04:29
is this the era when rock and roll was rebellious? Right? That's all I'm thinking about
Eric Readinger 04:35
her and Lisa what the saxophones? Yeah, like,
Fred Cary - IdeaPros CEO - FredCary.com 04:38
we you know, I went from the I'm 73 I just turned 73 and Mazel tov. Yeah, thank you. Still working my ass off at work about 12 hours a day only. I start. I started today doing 90 minutes of training with a trainer five days a week, so I can beat up most of my 20 year old employees. Of course, they're all girls now not true. I mean, it's x, as far as working out. So I didn't know, I just think that, that life is best done when you're living it every single day and you're not knowing whether you haven't next day or not.
Law Smith 05:20
I did go on your Instagram. I looked at one of the I think it was a pin post of yours on there. I'm sure you're the one pushing all that stuff out there. It seemed very professional. Sounds like I don't know if he's designing these social media posts. But I
Eric Readinger 05:36
don't know maybe have asked for well, he is the
Law Smith 05:38
he is the writer of all the content. But as far as like, you know, Oh, does this handwriting font look good on this? A lot of work. The one I saw that caught my eye was the about routines, can you give us your routine other than working out? Because I find I think Eric does to like routine is it's the you know, the discipline, discipline, the ultimate freedom kind of mantra, and getting in those routines to kind of let your brain breathe, it makes a lot of things easier in your life, not harder. Can you give us your routine in the morning?
Fred Cary - IdeaPros CEO - FredCary.com 06:12
Yeah. And, and by the way, yes, I do all my own content, and I don't don't have any bullet points or anything. I'll just turn on the camera and and just start speaking, and I get it to about 57 seconds every time. And I don't know are
Law Smith 06:28
savvy. Yeah, I mean, look, I know people that work in marketing agencies and wouldn't think that way, you know,
Fred Cary - IdeaPros CEO - FredCary.com 06:36
so well, don't forget, I'm 73. So I've had a lot of practice. So anyway, so my hope. The essence of what I tried to do, is to work on the most important thing, before you work on work, the most important thing is you. So I start every day with about 90 minutes to two hours, which means I have to get up around five in the morning, I have a trainer that shows up here, otherwise, I'd stay in bed, and she pounds on my door, I have a gym, on my property, and we go do different things every day for 90 minutes. After I do that, I do some reflection in the form of gratitude. And it could be anything, I'm happy that I'm breathing, I'm happy that I have friends, I'm happy that my ex wife left me, whatever. Well,
Law Smith 07:28
I'm happy with the rule of threes. Yeah.
Fred Cary - IdeaPros CEO - FredCary.com 07:33
And, and, and then the kind of positive affirmations, you know, because life gets tough, no matter how successful you get in life financially or in any other way. There are things that are happening everyday that put curbs in your life that you're not expecting. So just some positive affirmations to know that you can kind of get through it. And then I'll meditate. Typically, I'll meditate for 510 minutes, you can do it for 30 seconds, it doesn't matter. And then I then I'll read, I'll read a paragraph or read a chapter, read a sentence, it doesn't matter what I read, or read something, then I start my day. And so by focusing on me first and making that a routine, by the time I start my work, I'm kind of relaxed, I'm focused, I have my energy, and I'm ready, ready to take that day,
Eric Readinger 08:24
you're ready to give of yourself and now that you're you've taken care of yourself, you can give to others.
Law Smith 08:29
Yeah. And then I realized that too late, I would do everything for everybody else, and Max myself out and just stress the shit out of myself, and then had to really re configure that. So this is a good reminder to like, you know,
Eric Readinger 08:42
nobody swooping in to be like, Hey, did you take care of yourself today? Yeah, and, you
Law Smith 08:48
know, and over Yeah. And over time to
Eric Readinger 08:50
mothers out there I overbearing but
Law Smith 08:52
I would deliberately, like if you write the to do list in the morning, I would deliberately put like, a, like 123 Gratitude things, but then also like, some some things over like, as they come up, I don't need to do or or I do need, like when people are asking for help. Like, hey, we have this charity event, do you want to help us with some of that? And I just have down boundaries to say no, you know, before I'd be like, Yeah, I can I can, I can help you out and then maximize, you know, band without,
Eric Readinger 09:23
like, Fred, how you seem to be not hard on yourself when it comes to your routine. Like, I feel like a lot of people have this thing where they're like, if I don't do 30 minutes on the treadmill, why bother? Right? Like or if I don't read a whole chapter of the book, what's the point? You know, and it seems like you're cool, like, it's just like, get it on the board. Just get your day go and don't dwell on it. At
Law Smith 09:47
minimum, all your tasks and your routine you just have to start on that sounds like
Fred Cary - IdeaPros CEO - FredCary.com 09:52
Yeah, and you know, I think one thing important is when we have that type of attitude of like, I have to do it Exactly, there's exactly this, then what happens is, if we fail one day, we end up failing two days a week, a month, I don't know how many people have tried to do something, stop smoking cigarettes, eating better exercise more, and you figure out what that routine is, and then you skip a day, then you're gone. Because you feel like you failed. I have this kind of one free skip attitude, that, you know, if you if you mess up a day, you mess up a couple of days that just get right back into it. And don't focus on the fact that you didn't, your body's telling you that you needed a break for one reason or another, and you took your break, no, get get back to
Law Smith 10:41
it. Yeah, you the general kind of theme I got going through some of your content is you are very much like golf, like the entrepreneurship games between your ears. And it's, this is more psychological, I think the advice I saw, I didn't see a whole, you know, a bunch of hours worth of it. But you know, skimming through a lot of things. It seems like that's where your mastery is right now. Like, that's where the wisdom lies. Is that fair to say? You I mean, you're a Harvard business, you're a Harvard Law School, you're a badass attorney, you're CEO, you've helped grow numerous amounts of companies. So I don't want to downplay that into one kind of sweeping generalization, but I feel like what you're doing kind of with that Wisdom is given it out there.
Fred Cary - IdeaPros CEO - FredCary.com 11:36
You know, one thing that, that I figured out with the pain of success and failure and success and failure, is that if you're focusing on a financial aspects alone, then you're never going to be happy, right? Because if it's money, no matter how much money you have, you're gonna want more, you're gonna spend more, you know, we always seem to have too much month for our money, no matter how far along we get. And instead, if you focus on happiness, and trying to do the right thing, and aligning your passion and your purpose with what you're doing in your life, then you can be happy, even on days when you can't pay the rent, or on days when your girlfriend or boyfriend or husband or wife was being an asshole. As long as you can focus on kind of a greater thing other than objects, then you're going to be a lot happier in your life. And I, my argument is that if you are trying to be an entrepreneur and trying to have a successful business, you're never going to have a great business unless you can become a great leader. And you're never going to become a great leader. Unless you can have a great personal life where you're treating your wife, your husband, your kids, your dog, neighbors, the community in a in a respectful, honest and committed way. And it's all starts there. And that's why I talk a lot on social media about becoming a better you first, then everything else falls into place. Yeah,
Law Smith 13:07
I mean, I you know, I really got egg on my face because your real personal brand Montra I do know it that got me excited about this interview. Your slogans fuck average be legendary. Can you tell us about that? Because it reminded me of Steve Martin's book, born standing up where his whole mantra was. Be. Oh, my God. I'll have to look at oh my god, my brain just shut off.
Fred Cary - IdeaPros CEO - FredCary.com 13:39
You brought it up. You brought it up? Yeah, we're gonna have to edit that part. Now we keep that
Law Smith 13:45
in because people like to hear that I go on my brain goes on the fritz. Be undeniable here that you stopped talking be undeniable. I didn't even have to finish the
Eric Readinger 13:54
Google Search. undeniable.
Law Smith 13:55
Yeah, his whole thing was like, he will keep doing what he wants to do if he's undeniable. And so his attitude was that way with the, you know, the actual, like, keeping like a box score. Like he's one of those dorks at a baseball game about every gig he did. And like notes on it, it was very thorough, and also was very thorough about his act and always trying to improve it. And like, you know, he was like, if your beat be so good, they can't deny you. Yeah.
Fred Cary - IdeaPros CEO - FredCary.com 14:28
And that's kind of, by the way, I have a copyright or trademark and that, like, average, be legendary. Awesome. Can't believe I got it. But I got it. And I said, the whole point is that we want to have extraordinary lives. You know, we all do. Everybody wants to have an extraordinary life. But what extraordinary thing did you do today? What extra effort did you make today? And you can't have an extraordinary life unless you start doing extraordinary things. unless you start believing that you can do anything, unless you can take a failure and treat that as an opportunity. That's why I say fuck average, be legendary. That means go above and beyond what you believe you can do. And a lot of the times you're gonna get there.
Eric Readinger 15:18
It's kind of like how we deal with our show. We could be LinkedIn darlings, we could keep it real, like, you know, oh, I'm sad, because we're we, we can't do that what
Law Smith 15:30
we used to call PC in the 90s. Now it's woke. Before that, I don't know what it was kind of in the 70s or
15:39
yuppies?
Law Smith 15:40
I don't know. Yeah, well, I mean, like, you can play the game, we'd rather be authentic. It sounds like you have an authentic way of going about it, you know, I think of as like, try to give 10 20% more of yourself of what you your goals were? Do you try to do something amazing, every day? Is that something? You? You? I want to know about your self analysis? When do you go? You know, after the morning, do you do any self analysis at the end of the day, anything like that?
Fred Cary - IdeaPros CEO - FredCary.com 16:08
Yeah, you know, I pretty tough on myself. And I always think I can do more than I did in, in a day. And so therefore, I try harder the next day. And it's just, I don't recommend it highly for people. Because
Law Smith 16:26
I've heard of continuous improvement in the business world. But you know, that's, this is not the supply chain or manufacturing. This is like, you know, you can get you can go mad doing that. I'm sure
Eric Readinger 16:37
73 Tomorrow, try and do
Fred Cary - IdeaPros CEO - FredCary.com 16:39
worse. See what happens. Yeah, yeah, that could be good. That could
Eric Readinger 16:43
be your you know, your rest day, just like your exercise rest day, have a have a day off,
Law Smith 16:50
you know, or just do it as like, just slowly, just just go into lethargy, and just apathy. And just never do it again, and get a documentary credit for the things
Eric Readinger 17:00
that they did that podcast, hey, I get these off. And now
Law Smith 17:04
I just gave these two podcasts, guys, I did their show give skin bunch of money. I don't know why. Yeah. To do that.
Fred Cary - IdeaPros CEO - FredCary.com 17:12
I didn't realize that. But I'll keep a note here on that. Reminder.
Law Smith 17:18
But as I know, it won't buy me happiness. So as someone wise just told us
Eric Readinger 17:22
like you weren't listening.
Fred Cary - IdeaPros CEO - FredCary.com 17:24
Yeah, I know. But you know, that. The reality is, I think my best coping mechanism has become kind of, so what? Like, if I have, because sometimes I have 400 400 startups on your, on your feet. And it's insanity. And that's why when we first started, I was telling you, I don't know if I do this again, it's kind of stupid when you look at it, because if you have one startup, you got fires all the time, you have 400 startups that look at you as the Big Daddy. It's just relentless. It's just like, this tidal wave, it keeps coming day after day. And so I finally got my point across to myself, that it's, at some level, you can't care. You know, you can do as much as you can. And when you haven't done everything you think you can do. Just be okay with that. Just know that you've tried your hardest that you've done the best you can do, and whatever the consequences are bringing them on, because you're doing all you can possibly do. Yeah, I think
Law Smith 18:40
I think I only kick the shit out of myself. nowadays. I don't go too hard in the pain anymore, but only when I knew I could have done it better. Or I was just kind of limping in or just I didn't give it the 100% effort that I know I should have. And then got bad results. And you're like, like I did a set last night and I was like, I want to sit down and write some jokes. And I was like, just other shit. Like getting
Eric Readinger 19:06
away with those jokes.
Law Smith 19:08
I wanted to do a four minute rant about pickleball and how it's not a sport. It's not It's barely a game to me. But that aside, I don't even know what that is. Pickleball kind of know how to tennis for fat dads. See it's got legs just hold on let me get let me get some material. Oh, you don't ever watch blurry. So, you know, idea pros. How does that it does sound overwhelming because one startup just being involved with one startup is a lot already. You will like it's kind of like, you know, when guys pitch like Mormons can have extra wives and you're like, and when you're younger, you're like, that's awesome. And they really think about it later in life. Like, why would you want? That sounds like a fucking? That sounds like a punishment
Eric Readinger 20:03
right? That's exactly a great metaphor for?
Law Smith 20:07
Well, yeah. Because like you have one, one lady and you're like, Okay, nice. But I'd like to have a lot more and you have your, you're juggling a lot of oh, there's
Eric Readinger 20:16
other stuff that comes with
Law Smith 20:19
it, it's a lot of emotion, honestly.
Fred Cary - IdeaPros CEO - FredCary.com 20:21
Yeah, it is, you know, it's not like somebody's buying a toaster oven. Because they need one when when somebody comes to me to come in to me because they want to change their life. And the reality is, even the best venture capital firms in the world at work with only the best graduates out of the best schools in the country, they have about a 10 15% success rate. You know, and I'm dealing with anybody who wants to be an entrepreneur that has the passion has capital, and willing to give me a piece of the company, we're going to start together, I'm going balls to the wall for them. And even so, nothing happens when it's supposed to everything takes longer, the final results are never as good as you think they should be. I mean, you shouldn't see, go and look at the first Instagram is pathetic, you couldn't even like anything on it, you know, and, and you have to be okay, with going live. When you're embarrassed, you have something you're embarrassed about and you go live anyway, your first version, you shouldn't be embarrassed about it. Because if you're not, you waited too long. You build version three, version five, version 10, of what you're doing and trying to convince entrepreneurs, that sucking is okay. As long as you get out there with a core fundamental thing that you want to accomplish and the value proposition you want to give, then you get better over time. That's the hard part. What
Eric Readinger 21:52
you want to be able to have that picture of like, hey, remember back in the day when he was so shifty, and at that truck that didn't work? And his picture was stupid, we were now we're successful. Makes a way better record.
Law Smith 22:06
Yeah. And so if someone comes to you, what is that minimum capital they might need to have? I'm trying to think if someone out there is listening, or I talk to a lot of startups all the time, I would love to funnel your way instead of having to having to talk on the phone to help them out. What is what are those minimums for anybody listening?
Fred Cary - IdeaPros CEO - FredCary.com 22:28
Yeah. And we used to just have a full on program, basically, you came to us with an idea. And we partnered with you, we did everything, everything from your idea to a nationwide launch of your first product for your first company. And that was a minimum of about 100,000 to 250,030% equity in, in the company we were going to form together. But it's a half a million dollars to a million dollars worth of stuff that people are paying that for. But now, we're over two years, we had over 100,000 applications. And we took 400 partners. So there was a whole bunch of people that said, Hey, I'm an entrepreneur, and I need help. And I had nothing to give them because they didn't have that kind of capital. So now we have tons of free content, we have low priced content, I have a master class, that's a couple $100 teaches all about entrepreneurship, we have the thing that's missing most for a startup. First time entrepreneurs especially, is the number one reason that new companies fail, is they've created something that nobody wants, that there's no demand for. It's It's insane. But that's the number one thing. And so we have a package. I don't know, I think it's around 1000 bucks or so it completely takes your idea that said that's about a 40 page report, let you know where you should be, as opposed to where you think you should be, and gives you real legs to go out and launch your business. So we have solutions every every step of the way. I need tons of free stuff.
Law Smith 24:05
Bookmark that in my head that $1,000 Because I just thought you gotta send them that I've written business plans are still well write business plans at the price is right. It's a lot of work. And it's like the horse. The worst part is the vetting process and the research. And if it's like,
Eric Readinger 24:25
I got an app, I got an app idea, like the App Store,
Law Smith 24:28
right? Did you do the basic research of any 11 year old girl? Oh, who's one? That's actually better? I didn't think of that. Yeah, that's what I'm going to take now. And when people go, I have an app idea. I go stop. I go. Number one, just stop right there. I go. Number one, here's the deal. It's a decision tree. Does this thing exist yet? And if it exists, why? Why are you going to do better? How are you going to do it better? What's the angle efficiently? If it doesn't exist? It's it's it's a fork of a question, but if it doesn't exist Just why doesn't it exist? Right? That's actually harder to ever find out, right?
Fred Cary - IdeaPros CEO - FredCary.com 25:06
You know, and I try to get people away from even thinking like that at all. I don't want people saying they have an app idea, I want people to say, to have a business solution, you know, and there's this big need that I think I can fill with a solution. And by the way, I'm going to deliver it through an app. Everybody just focuses on the app right before, or it was a website, before a website, it was a carrier pigeon. And it just, you know, it's the delivery mechanism that everybody gets hung up on, they want to, I have an idea. Let me find an app developer. And they haven't thought through it. I spoke to a woman earlier today, she spent over $100,000. In other companies, so far, an app company doesn't even have a prototype yet, you know, not certain about what it is she's creating. So don't build an app, build a business.
Law Smith 25:56
That's why it's important to do business plan because you have to write a mission statement. And the mission statement isn't isn't a hard line like goal. It's very open ended. And that should be the the emotion that's coming through
Eric Readinger 26:08
it right. But called it a business solution, right? Solving a problem. Right? Right. Right.
Law Smith 26:13
idea in ideas are easy, they're cheap.
Fred Cary - IdeaPros CEO - FredCary.com 26:17
Everybody, I haven't ever met anybody that didn't have an idea.
Law Smith 26:22
Like, every every boy in college, thinks of two business ideas are going to do one's own a bar, right? Because we drink, we bring it out now about we get overlooked. And then they don't do it. But the second one also was like a T Shirt Company. Right? Like airbrush funny T shirts, man, I could write some funny stuff. He goes laugh at that. And it's like, okay. But, you know, I get a lot of people pitch and app ideas. Rarely. Anything, that offline kind of business idea. Because it seems like a cheat code. That's why you get pitched those right? You must get pitched those all the time.
Fred Cary - IdeaPros CEO - FredCary.com 27:02
Well, yeah. And by the way, if you have an idea that you want to deliver on an app, it's a zero or a one. No, if you if you're building a physical product, you can go out and make $50,000 a year, 100,000 a year or 200,000 a year, you haven't some level of success with an app. You're either going nowhere or you're going to the moon. And the fact of the matter is there's 10,000 new apps in the app store every day. Oh my god. Awesome. Is that? That's look it up? I believe.
Eric Readinger 27:35
Yeah. Shocking.
Law Smith 27:36
It seems overwhelming. Like when you read how much YouTube videos uploaded per minute or something. It's like, billion minutes for every minute, all real time. Just really high quality stuff. Well, this should last the board. Yeah, Fred's content for sure. But yeah, that's interesting. You know, what, what would be the process someone comes through? I'm guessing there's some guidance with the CEO or president of this, of the startup. Like mentoring, it's, it seems like very regimented, like mentoring meets. Consulting of sorts,
Fred Cary - IdeaPros CEO - FredCary.com 28:17
is plus production. Right.
Law Smith 28:19
So So you do execution?
Fred Cary - IdeaPros CEO - FredCary.com 28:21
Yeah. The very first thing I'll ask people is, you know, what's the size of your market? Who's your competitors? Why are you better? And 95% of the time? They don't know. I don't think I have any competitors. Well, if you have no competitors, you have something that nobody wants. Because if people, right, if enough people have a need, there's going to be some solution. It might not be anywhere near as good as what you have. But it's like the first person that invented the car. Right? They could argue they have no competitors. Yes, yeah. Because the prop, it's the problem is transportation. It's a real problem, you have a better solution. And it's same thing with if you're going to build something now, what's the real problem? And why do you have a better solution? And people don't know that? What's the market size? What's the market growth? What's the competitive landscape look like? What are their weak spots? How are you going to exploit their weak spots? Who's your target ideal customer? Are you going to steal them away from the competitors? Are you going to make them? You're the passionate advocates of your brand? How are you going to go to market? Are you going to distinguish yourself and your name and your branding? Your positioning? You know how are you going to be the apple to the IBM and Microsoft's of the world? And people don't think through any of that.
Law Smith 29:42
This just turned into a sex line because this is getting me horny now. I love all this stuff. Yeah, Tam, that's, you know, a lot of that market research that tam samsam or whatever. Yeah. You know, a lot of people don't like even do the hour Like, my thing is like you, if it's your business, you should have like military like call back to any question about the business or anything in the market of that industry or sector or whatever. And how many people have the business plan when they come to you? Do they have to submit that? So?
Fred Cary - IdeaPros CEO - FredCary.com 30:22
Yeah, that's most people come to us with an idea. And, you know, it's, it's, it really is amazing that I'll tell you what the problem is. The problem really is social media. And, and I'm on social media all the time. And this is social media. And in a sense, that the problem is that social media has made entrepreneurship look really easy. And it's really, really fucking hard. And, yeah, you'll have, you have some 24 year old kid sitting in front of a $10 million mansion with his Lamborghini, saying, in just one week, I can give you this life. And it's bullshit, and we buy into it. And so we show up completely unprepared. I like to, to liken it to sports. I'm gonna hire you to be the coach and my team. Well, what sport are we played? I can't I can't tell you that right now. What are the rules? I don't know, how many players am I gonna get? I don't know, what's the objective? I don't know. But that's how we show up. For our business. You know, we would never do that in sports, you got to know everything about the sport, the players, the competencies, competencies of the other side the rules of the game, how you're going to win, how are you going to get all the fans rooting for you do that in sports, you got to do the same thing in business. What would you
Eric Readinger 31:45
do if somebody did bring you a business plan?
Law Smith 31:49
Eric's starts typing.
Fred Cary - IdeaPros CEO - FredCary.com 31:52
Probably wouldn't read it. I wanted to know, do you even want these things? I've actually created a one page business plan that we have available on our on our site somewhere on our site. I didn't know what the hell it is. But basically, in one, one page, it has every different element of what you'll find in a 40 or 50 page business plan. just laid out very, very succinctly. The problem nowadays, with most business plans is the only people that want them is if you're going to get a VA loan. Yeah. Yeah. Even like with venture capital, they don't want a business plan anymore. Private equity, they don't want a business plan anymore.
Law Smith 32:34
I guess. I guess they're more acquisition more chill. To make sure balanced scorecard. Yeah. Yeah. Can you talk to us about that with the health of the company before we have to escape out? Uh, we have to have you back on? Because I feel like we barely tap, you know, the, the surface here. But can you tell us about how about a balanced scorecard? Or I'm guessing another way to say is the health of your business? How do you? How is anybody listening that has a business kind of do that is the most objective way?
Fred Cary - IdeaPros CEO - FredCary.com 33:15
Well, you know, I used to actually teach balanced scorecard and, and use it in some of my organizations. And what's really good about it is you find measurable elements of your company and specific tack tasks that you do against those measurements, to make sure you're living up to them. So for example, if you have a sales organization, you may tell all your sales, folks that they need to do 50 outbound calls every single day, and you have certain expectations of them of what's going to happen, but you haven't calculated it in the right way. If you find out that looking at data will, will allow you to understand the fact that if somebody does 27 phone calls for three minutes or less every day, I'm likely to generate X amount of revenue from that, because my data shows me that. And so using that type of technology that we have available, right now to go deep down under the hood, and figure out from a fundamental level, the things that I do, give me these results. So you don't just tell somebody, you need to bring me at least $200,000 a month, or you're already here. You tell them the underlying behaviors that have to take place. And so the balanced scorecard method uses that same type of approach in different objectives. But find out the behavioral elements of those objectives that are gonna give you the results that you need. And if you don't know how to do that, as a company, you're not going to make it Can you
Law Smith 34:55
can you adopt us up by Yeah, we're you know, we're 38 we're in our late 30s We're still working. We're still useful.
Fred Cary - IdeaPros CEO - FredCary.com 35:07
You're adaptable.
Law Smith 35:08
We can take out the trash. Yeah. I mean, we both have parents. A mom and dad all lives but you know, we have an extra dad. We're bonus dad, as they like to call it. We have to have you back on. Thank you so much for coming on this time because your your dollar per hour is a lot higher than ours. But yeah, we'll have to have you back on whenever we can.
Fred Cary - IdeaPros CEO - FredCary.com 35:32
Okay, I'd love to you guys are awesome. And this has been a lot of fun. All right, buddy. Thanks
