Mentors Collective Entrepreneurs

Step by Step Guide to Small Business Success with Paul Samakow

August 27, 2020 Dr. Jay Feldman / Paul Samakow Season 2 Episode 21
Mentors Collective Entrepreneurs
Step by Step Guide to Small Business Success with Paul Samakow
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Mentors Collective Entrepreneurs
Step by Step Guide to Small Business Success with Paul Samakow
Aug 27, 2020 Season 2 Episode 21
Dr. Jay Feldman / Paul Samakow

Starting and scaling a business can be daunting. That is why breaking it down step by step can be so important. Paul is a self-proclaimed marketing junkie and entrepreneurship veteran. He breaks down the legal, marketing, and mindset hurdles you'll encounter in your business.

www.thebusinessanswer.com
LinkedIn: https://www.linkedin.com/in/paulsamakow/
Facebook: https://www.facebook.com/paul.samakow

Support the show (https://mentorscollective.com/support)

Show Notes Transcript

Starting and scaling a business can be daunting. That is why breaking it down step by step can be so important. Paul is a self-proclaimed marketing junkie and entrepreneurship veteran. He breaks down the legal, marketing, and mindset hurdles you'll encounter in your business.

www.thebusinessanswer.com
LinkedIn: https://www.linkedin.com/in/paulsamakow/
Facebook: https://www.facebook.com/paul.samakow

Support the show (https://mentorscollective.com/support)

Jay Feldman :

What is up everybody and welcome to the mentors collective and entrepreneurship. On this podcast we like to teach new aspiring, and people who have businesses that they really want to scale, how to take it to the next level, and how to not screw up when you're going through these through these steps, which can be daunting to a lot of people. So for that reason, I like to bring you experts who teach this stuff or coaches who have done it themselves. And on this episode, I have a really special guest for you. It's a 40 year old veteran attorney, he's a lifelong entrepreneur who's helped thousands, hundreds of small businesses and owners grow and assure that they are legally protected. He's written five books, including a sensational business book, step by step, achieving small business success, which we're going to really get into and is super relevant for this podcast and this episode, because that is exactly what we're going to be talking about Paul sammarco. We're honored to have you on the show. Thank you so much for being here with us.

Paul Samakow :

It's an absolute pleasure, Jay. I can't say thank you enough. You know, I want to share that I get a lot of requests to be on podcasts and I choose And I checked you out. So I wanted to stand up and applaud you and give you kudos what you're doing is killing it. I so appreciate how you have, you know, brought yourself to a level of notoriety and and I compliment you in the highest regard. You did make one little mistake when you introduced me, which is very kind, but I'm not a 14 year old attorney. I have a 40 year attorney. I'm actually a little older than 40. If I knew at 40 what I know now maybe, maybe some of the hair wouldn't be gray. I don't know. But yeah, I've been practicing law for 40 years. And during that time, I've done business consulting as well.

Jay Feldman :

Well, Paul, you could have fooled me! You look 40, you look great. Thank you so much for your kind words. And thank you for bringing value to my audience on this show. Obviously, you've been doing this a whole lot longer than me. You're a self proclaimed marketing junkie. You've been through the wringer I'm sure with your business experience. So for that reason, I commend you on coming on the show and for my audience. I think the most value that we're going to be able to give them on this episode in the next 30 minutes is really just going to be going into exactly what your book talks about. But in maybe the condensed, shortened audio version, there it is, step by step, achieve small business success, which is what we all want to do, and probably everybody listening. So give me the elevator pitch for this book, run me through it, and let's, let's, let's pick out what people should really take from it. And why should they buy the book and how did they achieve small business success?

Paul Samakow :

Okay, great. So you know, the lawyer, I mean, you just raise your hand or you know, or stop me if I just keep talking, but I'll try and give you the elevator speech. I wrote the book with two purposes in mind. The overriding purpose is to help individuals who are starting up businesses or in businesses and they've, they've plateaued and they want to continue to scale. The book has two parts. The first part is the business of business, where I go into very many different aspects. of starting up a business and marketing and sales and putting the business together and all the things that I believe an individual should do to properly get where they want to go or to take giant steps to get there. The second part of the book I call the law of business. As an attorney, I'm qualified to write this book, and that part of the book, because I can share with you, Jay, I don't care how good you are and what you set up. All it takes is one little itty bitty mistake, and you didn't cross the T's or dot the i's properly legally, you didn't get a license, you didn't get a permit, you fail to get insurance, you didn't look at the contract, you didn't have somebody that knows contracts a little bit better than you perhaps make sure that it doesn't say that they're going to take your firstborn child. These are the kinds of legal things that whether you like it or not, if you're in business, you've got to pay attention to and I've been I've had so many clients come to me in trouble. And what it costs them now is is multiples of what it would have cost them both in time and energy, if they had just done it right from the first.

Jay Feldman :

So the book has value. It's $19 and 95 cents, it's nothing. I mean, if you're going to learn to drive, you know, you take a driver's ed class, or you get Uncle Bob to teach you and he's going to charge you, you know, a pack of cigarettes, I mean, something but you know, you don't go into a business, just thinking, all business, you have to have some guidelines, you have to have some outline. And that's what this book is actually like this because you have a very unique perspective as a lawyer. So let's start there, because we already kind of got into it. But for people who are starting businesses, maybe you're forming your first partnership, what are some of the legal aspects that they should have in mind, because this is stuff that I've been through in my own businesses and made my own mistakes as I'm sure You've seen time and time again, with other entrepreneurs. It's usually not where people do start when they start their businesses. All right, let's cover our butts legally. But it's stuff that people should really consider before, because a lot of people's first step is to form a partnership agreement. And that first step could eventually come back and bite you in the butt.

Paul Samakow :

It can.

Jay Feldman :

Yeah, talk to me a little bit about that?

Paul Samakow :

Well, okay, so you mentioned partnership a couple of times, and maybe that's a good idea, and maybe not so much. There are three different types of business entity. There's a sole proprietorship where it's just you. There's a partnership, where you align yourself with some others that might be friends, family, what have you, business associates, you know, he has the skills in this area, and you have the skills and that, hey, let's put them together. And this could be dynamite and it could and then there's numerous forms of corporations. I like to have people understand the differences between all of these, because it's very important. It's important for financial reasons, and it's important for us What I like to call See ya cover your behind, right cover your ass. We say something in medicine. CYA medicine. Right. So from the financial standpoint, the corporate form of doing business is much, much better and in the cover your behind since it is as well, because you can isolate yourself in the event of a mistake or a problem or a liability, where individuals, you know, are only able to pay a certain amount if there's a problem. In a case where you're a corporation, the corporation's assets are all that can be attacked, they can't go after you personally and take your boat in your house in your car, and your 401 K and all the rest of that. So these are real considerations, but moving past the formation of the business, when someone has an idea, that is not a business yet. When they put the idea on paper, they're a step closer, when they take the steps to actually go forward with is now on paper. That is the beginning of their business. And my belief is that it doesn't have to be perfect to start, just get your services or products out there. And let the world tell you this is good or this is not good. We want it. We don't want it your prices too high. You know, so there's any number of variables which In The World of Internet Marketing, I think they call this a B testing. So if you run the exact same ad in the newspaper, which is probably not the place to advertise these days anymore, but just as an example, you run the exact same ad in the newspaper, one in red ink and one in blue ink, which one pulls more. And so okay, it's the blue ink that pulls more. Now you test again, blue ink or greening, and you keep testing and testing and testing and tweaking until you get to a point where this is really good. And that doesn't mean you stop testing, but now maybe you alter the content of The ad you put a picture and you don't put a picture in. And these are all tools and ideas in the marketing and sales world. But moving back to the beginning with that simple idea, the idea might be the most fantastic one in the in the universe in the history of the world. And that doesn't mean it's going to become a business people. And this is, as I'm sure you appreciate, people want to do business with those that they know, like, and trust. And so you have to not only put your own behind into it, your heart and your soul, so that your audience your customers, your clients can get to know you can get to like you and then trust you. Once you figure out how to do that Then, and only then do you bring out what you want to bring out. And in today's world of click click click swipe, swipe, swipe, delete, delete. You have to be different. You have to differentiate yourself. You have to have something about you or your business. That jars people that they stop. They look at it, they consider it. Because if you're just another guy out there, or another woman out there with a yoga class, I mean, how many yoga classes are there in the United States? I mean, it's like, an hour around not enough, you're probably right. And you're, and you're virtual now, but why am I choosing the ABC yoga class instead of the XYZ yoga class? What about it is different. And this is an introspective process that I helped many, many business people come up with. It's called the USP A stands for unique selling proposition. What about you is different? Why am I coming to your yoga class? Why am I buying your bread? Why am I coaching with you. What about you? Okay, and so your unique selling proposition, your USP, we dive a little deeper. What is your Why? What is your purpose? Why, why? Why are you doing what you're doing? Well, I want to make money. Okay, great. Everybody says that. Why do you want to make money? Well, so I can have enough money to pay my rent and to put food on my table, that that's not enough. You got to really dig down. Why? Because I grew up with my parents home, and it was always, you know, hand to mouth. And, you know, I'm just making this up. And I'm just, you know, just thinking of me as an example of the why. And I learned, you know, just from seeing and experiencing that. I couldn't have that new bike for Christmas, and everybody else had one. And, you know, I had pancakes all too often. And, you know, I heard my parents constantly arguing about money and whether they should do this or do that and, you know, we can't take the vacation but the kids need it minute. I mean, You know, so my Y is just to be a little bit different for my children than my parents were for me. That's kind of a touching story. And if it's not Bs, it's a great story. And now you have your y. So you have your why you go up the scale again, you develop a USP unique selling proposition. Now you take your idea, and you roll it out. And again, I have so many people who were just stuck. No, it's not exactly the way I want to be. My website isn't exactly Alright, you know what, who cares?

Jay Feldman :

Ultimately, excuse the website?

Paul Samakow :

Right? Yeah, procrastination, right? It's just, you know, get your stuff into the stream of commerce and the stream of commerce will respond or not, and if not, okay, keep tweaking the other part of understanding businesses that there is no such thing as an overnight success. I mean, look at the stories of you. Who have Google of Amazon have? Bill Gates and Microsoft, look at all of these unbelievably successful businesses, look at them all. They didn't have an overnight success, it took years. And that doesn't mean your business is going to have to take years. But you certainly can't expect that you start your business on Monday. And by Friday, the phone is ringing off the hook. Probably not gonna happen. Not unless you've got Well, today, not unless you've got the cure for COVID. You know, I mean, so that's a long winded answer. And I thought I'd answer. You didn't stop me. I'm a lawyer, I can keep talking. But let's, you know, I'm gonna, I'm gonna I'm gonna take a breath. And, you know, I'd love to have another question that I can just keep talking about.

Jay Feldman :

Take a breath. I want to dissect some of the stuff that you just said, one of them Jornal, old Tony Robbins, kind of Prop which is find your y if your y is strong enough. It's going to get you through everything. And then I think that's super important, especially in business. because like you said, it doesn't happen overnight. And there's a lot of ups and downs, it's a roller coaster. When you're starting starting a new company, you put your stuff into the market market response, say your product or service sucks. And that's a point where a lot of people quit as an entrepreneur and you're starting a new company. I mean, we did it. Our first three months are always experimenting with our service, offering it at low costs, revitalizing it, fixing it, offering it again, same thing with our products, we'll bring back or reformulate we'll put them back into the market, see how the market responds. But if you're wise and strong and you're not totally committed to the cause, a lot of times this is where people give up and they make excuses like the website like the business plan and having that why and having executing on their idea taking action and then actual over and over again, selling marketing, not focusing on the building because building should come after after you've proven that the market works that the market response, so the Y is going to be super important there. I know mine when I was young. I got into some trouble when I was 17, I got I got arrested and I had to go to work as a collections agent from my father's company, I was sitting in a cubicle, I was making phone calls. And this is after my father had lost his job as a CPA and we had to move into a tiny little home financial situation was awful. And I'm like, I'm never going to be in this position again, I'm going to take control of my life, my freedom, I'll never be, you know, at the expense of somebody else. So that that's my why and everything that I do. I remember being in that cubicle and how I felt so having something similar to that that drives you is going to be huge. And this is why I think some entrepreneurs make it and some don't. Okay, it's your turn. Let's talk a little bit about because we, I mean, these are the essential to starting a business because it's really about my mindset more than anything. No one's going to say, here's the perfect idea. Go turn into an enterprise. It just doesn't exist. There's a million ideas out there and a million businesses that you can start but if the mindset isn't there, and you don't have these basics down, Pat, and people say this, but people don't really comprehend it. It's just not gonna work. Alright, so you've come up with an idea you formed an LLC, a sole proprietorship or whatever it might be. I've incorporated a few different types. Now you have a product and you're going to market. You're a marketing junkie talks to me a little bit about the marketing behind how do you start when you have no money, and what's the ideal marketing when you do have somebody.

Paul Samakow :

With no money? There's the world of social media. But the world of social media then asks for money because you find that just your posts are not cutting it, you need to spend some money doing advertising. Social media is a new platform, as I'm sure you can appreciate, Jay, that, you know, really is with us now for maybe less than five or six years as a real force in terms of putting products and services out to the public to be available before that the platforms were television, radio, newspaper magazines. So social media is a good platform, but it's not the only platform. If you are selling something in a niche market, Find the magazines and the organizations that cater to that and contact them. I'm going to digress about how, because there's one more thing I want to share with your audience that I think is absolutely critically important. And then I want to get into I'll segue, if you will, into really the how to do it with a little bit of money with no money, a little bit of money and you know, a good budget. But the one thing I want to talk about, which I didn't mention in my lengthy answer before is the skill of listening. If you are that type of person, when someone else is talking, you're not really listening. You're just waiting to respond, to share with them or with the audience what you know and what you think. You're going to be a failure. Listening is something we all do, but on a level of sincerity of integrity. It means you clear your mind and you listen to what that individual is saying and you take it in listening skills are developed just like muscles, you have to work them and train yourself to really lower your patience level to increase your patience level, I should say, to a point where you're truly taking in what they're saying, because then and only then can you learn and then and only then can you tweak what it is that you should be doing but because you're hearing from your potential customer, so that's a critical thing. And if you are not someone who has that knowledge that you need to listen more and listen better, then maybe you hearing this today, from someone such as myself, who's been there, done that tried it and lost and Been there, done that and tried it and tweaked it and is better. You know, for what it's worth. I think my experience has some value to some folks listening allows you to have better relationships, business and personal look as a man I'm a married man I have a wonderful wife is the salt of the earth and fantastic woman. She wants to be heard. Women want to be heard. And if this makes me a pig, because I'm saying women, not men, well, you know what men want to be heard too. But more often than not a man will default by hearing the first five or six or seven words of what a woman is talking about, and try and solve the problem. He's not listening. That's the wrong approach. You need to listen fully. And then just an acknowledgement of what you've heard, is extraordinarily valuable. And the same segues into business. All right back to how you do this. I have a very unique approach with my business clients that I consult for I get them into the world of speaking doesn't cost any money. There are groups galore. Now COVID kind of put a little bit of a kibosh on this, but the world is going to have meetings again, organizations, groups, societies are going to have meetings and they all want speakers. And so what I do is I teach my clients how to speak we all know how to speak But we don't know that we know how to speak in front of groups. We're afraid of it. One of the best things that I constantly go back to is that, you know, it's an adage that most people would rather die than get up and speak in front of an audience because there are several out of here. number one fear, right? And so, the answer to that is, you know what, if I can talk to you across the kitchen table or on my couch or on the phone, I can get up in front of a group, you just have to understand that it really is the same thing. You don't have to be a Polish speaker. You don't have to be a wordsmith, you just have to convey sincerity and integrity. And in doing that, you become knowable, likable, and trustable. People are going to want to hear a little bit about your story, the more I know about you, the more likely it is that I'm going to want to do business with you. Goodness gracious, how many emails that we get, I can do SEO for you call me or whatever call you. On the other hand, if that guy gave me three paragraphs about who he was or who she was and why their SEO is good, and what they're story is I might consider it. I might, but a one sentence I'm going to do SEO for you, I can get you on the top page of Google. Yeah, right. Okay, click Delete. And so speaking to an audience to 10 1520 people or 300 people, when you have the microphone, you make the money, because afterwards, you inevitably get people who are going to come over and say, you know, I really liked what you said, I really liked how you presented. You seem like a really good guy. Could I work with you? Well, as a matter of fact, yes, you can. And so that's what I like to get people involved in. And it takes a little bit, you know, it's not the quickest way like posting on social media, or going on TV or radio. Those are expensive propositions, the TV and the radio, the media, very expensive, and you're going to the whole world that's listening. And you're hoping you get a finite number of people that are interested in what you have, which is why social media, you know, Facebook, Getting ads on Instagram and LinkedIn and Twitter and you know all the different programs and platforms. On some level, they allow you to reach that exact group of people you're looking for. And then you do need to spend a little money you do. I mean, just the post might get you there. But comparatively, on social media, it's so much less expensive for pennies, you can reach thousands of people who are pre screen and want what you're offering. So that's really the first way that I would suggest someone with no money or very little bit of money begin their process. It's there, why not use it? And again, I mean, this is 30 minutes show. I don't know where we are, but I could keep talking for the next I could talk until Christmas about the sampling

Jay Feldman :

marketing. I can go on all day. that interests me a bit. We actually I mean, one of our things were PR we get people on TV. It does good. It's great for credibility authority. How do you approach getting your clients on stage?

Paul Samakow :

Let's just test Paul now. Give me a topic, what is your product or service and I'm going to tell you how to go find speaking engagements for that. It's the same it translates anywhere, but give me a topic, tell me something that you want to sell or consult about.

Jay Feldman :

Let's use me I run a 25 person, PR agency, and we want to sell thought leaders on being their publicist and getting them into the media, getting them into TV and podcasts, bookings and things like that.

Paul Samakow :

How do you, you're going to go, well, it's not TV, and you're going to get a speaking. Okay? You're going to call chambers of commerce because those are all business people. You're going to look into the men's and the Women's Business associations. And in your market, I think you told me you're in Florida someplace. Yes. New you go into the internet and you type in, you know, your city change. of commerce and you go to four or five around your city, you type in men's organizations, you type in a women's organizations, business leader organizations with a degree, you don't have to be rocket science smart, but with a degree of thought, you can find organizations where there are business people. And then for you, and again, I'm not gonna, you know, and there's, and I don't recommend these networking groups where everybody gets to introduce themselves and for three minutes tell you what I do. That's junk, it doesn't work. But if you can get a microphone in front of you for 30 minutes, 25 minutes, 45 minutes your gold, because what happens is, you are then going to promote, listen, Mister business owner or miss business owner, I am a PR guy, and what I'm going to do for you, oh, my God is I mean, it's you're going to make a presentation. And what I do is help you define that presence. I'm not going to give you the words, I'm going to give you an outline. And then you and I are going to get on a zoom or Google meat or whatever. And you're going to do it 1010 1520 times for me. And then we're going to go and put you into these organizations where you're going to speak. And I guarantee you at the end of your presentation, you're getting 234 510 people coming up to you and say, J, God, I mean, where do I sign up with you? Now, you're not going to go to the Athletic Association. You're not going to go to Association for individuals who sell sneakers,

Jay Feldman :

expectant mothers, expectant mother,

Paul Samakow :

right, peach peach grower Association, or Kansas City, that's not for you. Again, what is your What is your product or service who is interested in that product or service in in your market and surrounding markets, and you just go from speech to action So okay, how do you get in front of these groups? Now you've identified them? How do you get in front of them? Hi, this is Jay. This is who I am. And this is what I do. Would you be interested in me coming in to be a speaker? You bet we would. We've been looking for speakers for the last four months, and we only got one guy. And you know, he was selling shoes. And that's got nothing to do with our organization. Oh, when can you come? We have a meeting next Tuesday. People are screaming, they're dying for speakers. Jay, you don't charge anything? Absolutely not. But I do have this book here. That at the back, you know, I would like to just get paid for you know, my costs. You know, you're not making any money on the book. Well, we've made but if you get $10 for your book, and it cost you $8 and 50 cents to print it. Fine. No big deal. The book is another marketing thing, by the way. You know, people give out a business card. I give out a book. Yeah.

Jay Feldman :

Wow. It's in my future somewhere.

Paul Samakow :

Great. You know throws away a book. Nobody. Nobody sits on their coffee table, it sits on their end table. They are going to be looking at it. That book is full of information that's giving them value. And it's got numerous calls to action. How to reach me. That's awesome. Yeah, you know, I think there's a lot of you know, I interact with thought leaders every day and 80% of our clientele is thought leaders. And one of the biggest misconceptions I guess, that I had as well was that speaking is very lucrative, speaking is hard to do speaking as hard to get spots at

Jay Feldman :

this, this is major value. This is why I do what I do. This is awesome.

Paul Samakow :

It's the easiest thing in the world to get yourself booked. It is very lucrative. It's not hard. Again, I mean, I have had people of all sizes, shapes and descriptions. I have a client right now who is an extraordinary financial planner. She just bought an extraordinary eight storey new building, which her company is This woman has been in Forbes, The New York Times she has been in every place that you can find where they laud financial leaders. And I heard her speak. She was horrible. I went over to and I said, Listen, I said, You know, I said, You don't know me, I said, but I think I can help you a little bit. I said, I absolutely applaud what you've done. You don't need me you're making money. My guess is your great grandchildren's future is already cemented based on what you're going to leave them. But I do believe that if you and I work together, I could get you even more business than you're getting now. Because I can help you structure your presentation and make it more magnetic. And on top of that, the woman is Asian and she's mostly speaking to individuals who are English speaking you know, language first. general population which there are all measure of people in my area, Washington DC, we're kind of a melting pot of, of all kinds of different people from all over the world. But the Asian spoken word sometimes is difficult to understand. So she became my client. This woman doesn't stop sending me gifts, I helped her use different words so that she was more understandable to the English ear, the English language ear. And, to her credit, she took no offense as to any of the comments that I made about what I hoped that I could do to improve with her. You know, ego is a big part of business success when you're motivated and you have an interest in moving forward and doing better. Ego is important ego can be the same as confidence. But when ego is a roadblock, then you got a little problem. You got to get past your own ego. And you got to say, Hey, I don't know what I don't know. And this guy over there, Fred, or Sally or Julie, or Bobby or Billy, they do know it. So pay me well to listen to them. And I come back again to the listening. So that's kind of

Jay Feldman :

the ego is so important. And I just got to hover on that for a second because it actually goes back to something that we spoke about earlier in the episode, which was listening to feedback from your audience on your product or service. And really taking that feedback because everyone thinks their product or service is the ship the best one on the market, or at least that's what they say. But it's not. It's definitely not going to start off that way to being able to hear that feedback and take it honestly and say, Okay, my service might suck in this in this area and my products might, this might be wrong with it. I had a product called hydro RX that is doing very well now our first time running it, it didn't mix in the water at all. So your drink basically dropping powder off the top of the water. Yeah, the feedback was awful. And it still kind of like you're right. This sucks. This Product sucks. We need to reformulate figure it out, took us another month before we put it back on the market now it's awesome. 5000 a day, good. Being able to not only see those feedback in the form of reviews, but if it's a service, people are nice, people aren't just going to offer their feedback to you. In a lot of cases, sometimes you have to pull it out of them. And what I learned later on in my business career was how to and the confidence to ask them for their honest feedback. And then taking that feedback and leaving your ego aside and saying, Okay, how can I use this to improve my product and the ego is so important there because I've been I've given feedback to business owners, and hopes that they're like me, and they're going to appreciate it. Take that feedback. Say thank you for your honest feedback and improve it. But they let their egos get in the way and I can tell they're just like, Alright, screw you. They don't want to change anything. Super important point.

Paul Samakow :

Really share about you know, feedback reviews and surveys. There's any number of ways that you can reach out to your consuming public and ask them for their opinion. There's only one way to get the absolute honest answer. Because not withstanding, you're telling them, hey, listen, I really want you to just give it to me straight. Give me the good, give me the bad. You know, just lay it on me. Most people still are polite enough that they're not going to give you too much of the bad, they might get a little bit but they're not going to be deep down honest. There's only one way to do it. And that is an independent telephone survey. If you send them something in the mail, that's too, too difficult for them. They don't have the time. They don't want to fill it out. They don't want to fill out an online review. They'll just click Yes, yes, good, bad. You know, I give me eight out of 10 whatever, that's trash, it doesn't help. If you send them something in the mail, they're never going to fill it out and send it back. Okay. You have to call up not you. You hire Fred or Sally to make a phone call. Hi. I'm calling on behalf of Dr. J. We're an independent organist. And use script the questions and they ask and they get the answers and then you will get real live good, workable data that you can use. And I found that's the absolute only way to get honest information, telephone surveys. That's it.

Jay Feldman :

That is a golden nugget that I never even thought of that I'm going to try applying to my current service. I think that's awesome.

Paul Samakow :

Right? And it doesn't cost very much. I mean, you you pay 150 $200 a month to have, you know, some independent group, you know, call up and do this, you know, for you. Yeah, and

Jay Feldman :

that feedback is some of the most important thing you'll receive as a business because you don't know where your own blind spots are. Your customers do in most cases, okay. We just did a massive rewind on pulling feedback and ego. But is there anything that you can do to I guess shed the ego or as an entrepreneur things you should keep in mind throughout your business in turn have, you know, taking that feedback and putting your ego aside in for the growth of your own company?

Paul Samakow :

Well, I think that's personality j, do you, you know, if you're not willing to learn, you're going to plateau, and you might be a relatively modest, happy camper. Bringing in a modest happy amount of income. But if you truly are concerned about giving out the best product or the best service, you have to look inside, you have to look at the mirror and see that guy and say, I don't know what I don't know. You have to develop that mentality and just take ego and put it on the shelf. Now when someone comes in and complements you, oh my god, this is unbelievable. This is fantastic. Sure, take it all in rejoice in the compliment and offer up your sincere appreciation for that compliment. You deserve it, you earned it. But that doesn't mean that you're coasting for the rest of the day or the week or the month of the year. You know, good. You got a compliment. You might get 50 compliments. I don't know anybody. That's perfect, the most prolific, amazing basketball player in the history of the planet, Michael Jordan, and if anybody wants to argue with me, they're going to lose. I'm with you on that one. Okay. It's not Kobe Bryant. It's not LeBron. They're great players in their own right, but they're not on Michael Jordan's level. I don't know exactly what the statistic is. But Michael Jordan failed every time he took a shot about 65% of the time. I think his lifelong average on hitting shots was about 30 35%. So what does that tell you? That tells you that if he's failing 60 65% of the time 70% of the time, that tells you, huh, he should be practicing more. And is there anybody in history who practiced more Michael Jordan doesn't exist. That's why he was hitting 30 35% of his shots. And I don't know that he has the most percentage of the highest percentage of shots made in the NBA. I don't know, you know, but when it counted, you know, there's nobody else you wanted to put the ball in their hands. And it's because of practice and practice and practice, and listening to those people that can help him. Hey, Michael, you know, don't shuffle your feet three times, only shuffle your feet two times before you, you know, plant and take the shot. I mean, I'm making that up. I don't know what he was told. You know, if I did, I might have had a basketball career. Who knows? I'm only 16 I could have never had a basketball career. No matter how. Yeah, no matter how good you are, you just have to be able to assimilate that into your, your process and move with that new and better hopefully information and if it's not better, that's okay. You know, I have in my law practice, I have 17 employees, and they are all encouraged to come in. And give me any idea about any aspect of my law practice, be and how we work with clients, the forms that we use the communications process, the marketing, anything. And I listen to these every single day, I've got at least three or four of my staff giving me some idea. Hey, Paul, what about this? What about that? And I listened to it, and I truly think about it. And then three, four or five weeks later, they see that it has not been implemented. And I go over and I put my arm around them and I say, Listen, you know, thank you for that idea. And here's why I don't believe I'm going to try it. And that's okay. They're not deterred because I have gotten them to a point where they appreciate that if they give me 100 ideas in a year and I use one of them, that I can't do enough, just keep kissing and hugging and praising. I mean, they, they crave the acknowledgement, they crave the recognition. And they keep giving it to me. So in my own law practice, I am asking for ideas over and over and over again to get better to be faster, more efficient to create better results. If my mindset isn't there, I wouldn't be where I am. And, quite frankly, I mean, I'm not in any way trying to impress anybody, particularly you. But you know, I'm an attorney now. 40 years that I have a dream, dream law practice my law practice. For the last 20 years, at least half of my career, every single year has grown and 20 years ago was a multimillion dollar law practice. So you know, this is not because I'm such a genius. It's because I do have some good ideas, but because I'm listening to others, that's amazing.

Jay Feldman :

And I just want to pull some final golden nuggets out of what you just said. And go into Back to your Michael Jordan reference, no one practice harder. And it takes the practice to hit those 30% numbers. The same thing goes for entrepreneurship. And I know I'm still a baby entrepreneur, I still consider myself very new, very young. I learned I make leaps and bounds every year. But when I started, I sucked, that there was something in me that wanted to keep going. And I'm glad I did. But I am not the entrepreneur that I was last year or five years ago, and I can't even imagine where I'm going to be 40 years from now. But just like anything, entrepreneurship takes practice, and you need to keep practicing and evolving and learning. That's where mentors come into a huge part of it. Whether compared to Michael Jordan's coach and being able to listen and take feedback. I have amazing mentors. I have amazing coaches. I I take the courses, I go to the conferences, and I take massive action in my own business. So that's what you need to do as an entrepreneur.

Paul Samakow :

Absolutely.

Jay Feldman :

Yep. Absolutely. Paul, is there anything final that you want to leave with the audience? Obviously, I'm going to link all of your stuff in the bio in the show notes. So if anyone wants to connect with Paul, it's going to be Paul at the business answer. COMM his book, step by step, achieve small business success. I'm going to put the link to that in there as well. But please give my audience I know, we've already had a lot of really powerful golden nuggets of knowledge and powerful mentorship advice for people starting businesses. But is there anything final that you would like to leave with them?

Paul Samakow :

Yeah. Let me talk about what I consider to be one of the most important things in marketing. I earlier. talk to you about that. People want to do business with those they know like and trust. I think the number one thing in today's world is honesty and sincerity and integrity. The moment that you go off of that thin line of honesty, sincerity, integrity, the moment you step over, and try and Bs somebody. You've lost them forever. I don't care If you are not a physically attractive person, I don't care. If you don't speak eloquently, I don't care if you don't speak eloquently, and if you are not a physically attractive person, and by the way, I don't think there is such a thing. I think everybody is beautiful. And I'm no BS in here. Because, you know, as my mother once told me, every pot has a top. So your mother thinks that you're physically attractive, and there is someone out there for you, who also thinks that you're physically attractive. But I mean that in the sense that you know, you know, you get people who say, Well, I don't want to be the spokesperson because I'm not that handsome or I'm not that attractive or pretty. That's ridiculous. So you could be that person who isn't in your own mind and who doesn't speak eloquently. But if you give information in an honest way, and you put out there what you're doing, and you explain why it's important and why it'll help and you differentiate yourself with Good USP and you're honest, your integrity is at the highest level, you're sincere. You will succeed the moment you say something which is not accurate, which is exaggeration. It will be understood to be that and it's click, delete, swipe goodbye. So what is amazing about the world is that it's now at that level of consciousness that bs doesn't fly anymore. It doesn't fly anymore. Just be yourself. Put it out there with your heart and your soul. Don't exaggerate. That doesn't mean you have to, you know, make it less than it is but just put it out there the way it is, and you will be successful. Just be yourself. That is the number one thing that I can tell anybody about being out there in the world. I mean, you know, we were children and we were craving for attention. So we cried. Mommy and Daddy came to us because we were crying So we know how to get attention. But we also learned as little kids, hey, if I cry mommy or daddy, oh, come over. And soon enough mommy and daddy found out that the cry was BS. Okay, let the kid cry. He's not gonna cry too much longer because the diaper isn't really wet or he really doesn't need food. You know, so the boy who cried wolf, we remember that story, you know. So, honesty. That's it.

Jay Feldman :

Yeah. Like Warren Buffett said it takes years to build a reputation and one second to ruin it. Oh, no.

Paul Samakow :

It is. That's exactly

Jay Feldman :

right. Especially with the internet. Yeah. Oh, man. Paul, this was an awesome show. It was absolute honor to have you on here. And I hope that we can do this again sometime and really dive into marketing. Because marketing, you love marketing. We probably have a lot of different stuff that we could talk about. So we're a blast. And if you're not already following the mentors collected, please subscribe to the show. Please drop us a review. Please connect with Paul, step by step is booked up is Paul at the business answer.com all of his stuff is going to be linked in the show notes. And thank you so much for tuning into this episode. And Paul, absolute pleasure to have you. This is Dr. Jay Feldman. And I just wanted to take a moment to thank you so much for your support, and also asked you for a little bit more if you can take the next 10 seconds and write us a review on iTunes, Google Play or Spotify. So let me know your feedback. It means the world to me again, thank you for watching. If you love this episode, please share it with your friends. Share it with your family. Until next time!