This week I have special episode for you with a good friend, JV Crum III. In this episode, we are going to share our best thoughts, advice, tips, and information on how to best navigate your business through the global shutdown due to the Wuhan Coronavirus.
For those of you who don’t know JV. He is a serial entrepreneur who became a self-made millionaire in his twenties, a best-selling author, keynote speaker, certified business coach, licensed attorney, has his MBA, and is host of the #1 Ranked “Conscious Millionaire Podcast”, listened to by millions weekly worldwide. Through his Conscious Millionaire Institute LLC, he provides entrepreneur business coaching, training globally.
The reason I wanted to have JV on for this special episode is that he has one of the best minds I’ve ever encountered for seeing the bigger picture and thinking through challenges thoroughly to see and act toward the best outcome. We regularly coach each other in our businesses, as our skill sets complement each other very well.
And in this episode, we are going to interview each other on how to not only survive but thrive during these times.
JV's FREE Weekly Webinar www.Prosper2020Webinar.com
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CARES Act Detail: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
JV, talk to us about the psychological side of this – how does life and business change after this?
- JV shares how he is a great test case as he’s had a heart attack and has diabetes and chose to self-isolate in the middle of nowhere for 4 months.
- JV is single and talks about the psychological side of being single during this.
- He is doing virtual Zoom dinners and finding ways to be social virtually.
- He’s created celebration days to have gratitude and had even started cooking
- Routine is important – structure is critical during this time for people at home.
At the 9 min mark, I talk about the adjustments to life and the routines that I’ve put in place and had to adjust.
- I’ve been able to keep my schedule, but now are sharing homeschooling duties.
- I started doing “Real Life Lessons with Daddy” to teach my daughter the lessons for life that she needs to learn outside of school.
JV: How are kids adjusting to this new way of life?
- Kids are the most resilient beings in the world.
- They can adapt to just about anything.
- The biggest challenge has been sitting down and coming up with the daily and weekly routines.
- We have a points system for Hannah where she can earn points toward things and now that she is home during the day, she has more chances to earn them and is excited about it.
- She also friends to play with in our private drive.
- She uses Kids Messenger with her other friends.
At the 13 Min mark, JV talks about the 3 ways we can respond to this…
- #1: A segment will immediately go to fear and panic – a sort of Psychological shock.
- JV relates an experience he had after being in Kenya when the American Embassy was bombed, and he barely got out and had psychological shock for a few weeks after.
- The virus is like a Hurricane hitting the world.
- #2: Survival mode. This is where about 75% of people will end up.
- This is the worst place to be as you will miss all of the opportunity around you.
- #3: People that decide to thrive and prosper.
- If you can commit everything to thrive and prosper you will.
- You will look for all the ways you can thrive and open up new opportunities and doors around you.
At the 18:30 min mark, I share my thoughts on the mental side and share the story of James Stockdale.
- Faith is key.
- Don’t confuse opened ended optimism with faith.
- You must confront the true reality of your situation while keeping your faith.
JV uses an example of stating reality as it is with Great Britain’s example.
- You need to make a plan that takes into account that this isn’t a 2-month thing and its done. You should be prepared for it to go on longer and be worse than it is.
- It is easier to plan for that scenario and have things turn out to be better than expected.
What will it take for things to get back to normal?
- Belief. When people belief things are better, they will be.
- We have the power to control our mindset, emotional state, and our actions on a daily basis.
“Stats show wore millionaires are made during recessions and bad economic times than at any other time.”
- This happens because those that have the characteristics of resilience, adaptability, and agility find opportunity and solve problems.
- It’s the entrepreneurs.
- The biggest key is “are you willing and ready to act when opportunity presents itself and not let it pass by?”
JV, what are you doing in your business right now to thrive this year and beyond?
- It’s time to put less emphasis on lowest level group that you serve because they are the ones most likely not to make it through.
- It’s not heartless – you have to understand who you truly serve and want to serve and the best place to do business.
- Who is most likely to be your “premium” client in a recession?
- It’s time to level up higher and go after a higher level of client.
- The premium group are the people that still have the money and will pay premium prices to those that can solve real problems for them that will be worth a lot to them because they got the solution.
At the 36 min mark, I talk about what I am seeing in my business in the travel sector and the impact and reality of things.
At the 41 minute mark, JV shares some of the unique offerings he is doing now.
- Double down on your marketing and sales, but also double down on your relationships. Now is a great time to better the most important relationships that could provide the best opportunity in the future for you together.
- JV is doing “Infinity Calls” with the top minds he know, because on those brainstorming calls – anything is possible!
At the 44 min mark, I talk about what it means to “Be There…”
- Share your best tips, insight, and ways to help your clientele.
- You must still sell, but sell through helping clients. Share ideas with them that they can take and use. They’ll remember your help.
- You also have to know what is on the mind of your clients and where they are – meet them there.
- Bring your heart to service, but combine it with good business practice (Dave’ Diner example)
At the 50 min mark, JV and I discuss the opportunities for small business in the CARES Act in the U.S.
- Review the SBA 7a loan program.
- Collateral requirements are being relaxed.
- Loan forgiveness is possible through the Payroll Protection Program
- 250% of 1 month's payroll, rent, and mortgage
- Loan that can turn into a grant
- Here is the link to learn about it: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
At the 54 min mark, JV and I talk about the stock market.
*We are not giving financial advice in this segment. We are simply sharing our opinions. Please consult your financial adviser when it comes to investing and the stock markets.
- Markets and the economy are two different things.
- Markets at the very core is a forward-looking instrument for earnings. It trades on what it believes earnings will look like in the future.
- So you can understand why the market dropped when the virus started to take hold because it quickly became clear that earnings would be impacted in the future to the downside.
- You can’t shut down the world of commerce and not have earnings go down.
- True certainty in the markets will come from a real treatment or vaccine.
- There are amazing companies at firesale prices, but it take a long-term view.
- Choose how you to operate in this environment.
- See the opportunity ahead for you.
- Commit to it and go after it – act daily toward your goal.
- Decide to make 2020 your best year yet, because you can and you will.
- We challenge you to MAKE THE DECISION!
Best Quote: "Stats show more millionaires are made during recessions and bad economic times than at any other time."
- You have the ability to choose how you will respond to the current environment.
- What you believe about the world, your environment, your business, and ultimately yourself will become the reality you live in - as long as you are willing to see things as they truly are and act toward your goal(s).
- You must totally commit to succeeding if you want to thrive in 2020.
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