How Things Grow | Ep 77

 Growth is never by mere chance It's the result of forces working together by james cash penny also known as mr. Jc penny Yeah. Yeah. Wow That's a good quote. That's our quote for today's episode  That's my wife's favorite store jc penny or it used to be.

I don't know if it still is but She used to go there all the time because whenever she wanted something she would go on their website and they typically had it Oh interesting get a good deal on it, too. It's a big story. Yeah, so jc penny james cash penny Started those stores in 1902  Wow, and they're still around today.

Yeah, so he must know what he's talking about. He must Anything that lasts over 100 years You gotta take what they say and, and, you know, hold on to it because those guys know what they're talking about. Yeah, that's pretty cool. A hundred years is a long time to run a business. So we're starting.  With a new format for a podcast, if you haven't noticed, we should probably talk about that before we get into it.

Let's do it. We took a little break and we're starting with this new format. We're going to take quotes from successful people and we're going to break them down and we're going to get information from you guys on what your thoughts are on these quotes. Yep. And We're gonna revolve our podcast around that.

Yeah, because the quotes aren't just random quotes, right? They're intentional quotes in our journey, our business journey, because the business project is about the business. So there's a whole slew of historical figures and good prominent figures in our society that have done it. That have gone through it and sometimes they drop some gems gems in these quotes and you know We can gleam a lot from that.

I think it's great to learn from successful people I mean, that's how to be successful is learn from people that have done it. Yeah, why not? Yeah, you know that goes into something I wanted to talk about is  If you want to learn how to swim  right  Will you ask a monkey?  To teach you Or will you ask a fish?

monkeys swim? I don't think so. Exactly! Or will you ask a fish? Um, yeah. A fish. If you want to climb a tree, will you ask a squirrel or will you ask a fish? A squirrel or a monkey you want or a monkey exactly. Yeah. Why did I switch it? I should have kept it the same So you want to ask the ones the people right or the figures that that know it that have been through it that can teach you The right way to do it the most efficient way to do it That's what you want to ask not people who haven't done it No, so these people are the ones that we're learning from today That's so good.

Yeah. Ones that have done it and they leave us, they leave us gems in the form of quotes. They do. Yes. And, and sometimes as we go through these, you guys might think of, you might get something different out of it than I get, or I might get something different out of it than John gets. And so I think it's really cool to break these down and have these conversations and use this as a.

As a theme for our podcast. I love it. Yeah. This is going to be good. It's going to be good. And we're not really changing it up. No, we're going back to our old format of recording, right. Because I think we were, it was, it was great because we were able to actually, you know, break it up, share some gem spots and all that for people.

And I like going back to this format. In January, we started doing the live every week, and it has just been a lot. The live has been a lot. And so, we're going to continue to do the live on the first Friday of every month. Yes. So the first Friday of every month at 9 AM Central Time, we'll still have a live podcast for you.

That's when we're also going to do interviews. Yeah. So we're going to bring people in on the first Friday of every month. We're going to do a live interview. The rest of the weeks, we're going to go back to our old format of recording. That way we can make sure that we take some time and give you some good quality stuff.

 Yeah. So follow us cause we're switching it up on you. Yeah. Keep, keep you on your toes.    📍 All right. So let's get back to our quote. Growth is never by mere chance. It's a result of forces working together by James Cashpenny. So JC Penney  started his stores in 1902 and he worked really hard. He was just super smart.

 He invested in stores that already. were established and he moved and opened stores and  by 1929 he had 1400 stores. What?  1400 stores by 1929. At that time to have 1400 stores. Yeah, you had to be doing something serious. That's pretty insane and that was around when the great depression hit too, and he  Kept him going during the great depression.

It says that he would borrow against his property and to pay his payroll and he just dug his heels down and he just kept on trucking and You know, he just As he says, I think that he knew that the key to being successful is that there's a lot of things that go into that. It's not just  Like we see often we and we talk about this in our podcast we see a successful business and we're like man that happened overnight or they got lucky or you know, they got they just They did know some secret formula and I think that it's very rare that that actually happens in all reality  My old business partner used to say it was a duck and like, you know, you see the duck on top of the water and they're like gliding very gently and it's so pretty, but then you look under the water and they're like, feet are going crazy.

So I think that's what running a business is really about. I love it because you mentioned something about JC Penney here that I, I, I, I heard, right. And it's, it's resonating with me.  By 1929 he had 1400 stores. Right, but during the great depression, obviously he struggled Right, and he had to borrow Against his assets some type of assets his homes, whatever assets he had to be able to buy Pay payroll, so I there was no cash flow There wasn't enough cash flow coming in at that time from the stores to be able to cover payroll So he had to get creative, right?

I'm sure he asked his advisors and people that around him that he had his trusted people around him Hey You know, let's let's strategize on how we can make it past this horrible time that we're in Um, you know and continue to pay our employees. So he obviously wanted to keep employees and then fire everybody  but that guy  Made it past that and is still in business.

The company is still in business today. Yeah, that is pretty cool. I mean, he left a legacy.  That's what people dream. I think most people that are starting a business, that's their dream is they want to leave a legacy. They don't want to just start a business and run it for 10 years and then be done with it.

Yeah, 100%. Like I, I started my business to leave a legacy. I'm sure you did the same as well. You know, we don't want to literally Has legacy in your name, right? Exactly. Yeah. Crespo family dynasty. Yeah. You know. I don't want my business to die with me. Yeah. I would love it to live on, even if it's not my family that's doing it, but still living on in some way, shape, or form.

Well, you have plenty of choices of family members that can take it over your 5, 000 kids. That's the beauty of having a lot of kids. Because it's a game of percentages.  Hopefully one of them will follow the path. Yes, hopefully.  Alright, so let's get into breaking this down and talking about the quote. Yeah.

I know you have some, you came prepared with some really cool bullet points, but I think what I gather from it is that there are many things that go into growing anything that's worth  value. Right. I mean, you look at, you know, we, we talk about trees a lot and plants and. There's a lot that goes into growing a tree.

It's not just the seed. It's the sunlight and the soil and all you know Um, and so that's a good one. Yeah, that's If you just have the seed, it does nothing. And I think a lot of times in our business, we think that it's just one thing. Like we think that we're really good at tables. And so as long as we're really good at building tables, we're going to be successful or we're really good at numbers.

And as long as we just keep being really good at numbers, we're going to be successful, but in all reality, that's not how it works at all. And I think a lot of people that start businesses don't realize this until they're.  Knee deep in their business, and then they're like, oh, I also have to be really good at managing a team, or hiring or accounting or bookkeeping or marketing.

Social media. Yeah. Yeah. All of these other things. Not only that, but building relationships, like relationships are important. You need a lawyer and you need accountant, and you need an insurance and.  So there's all of these factors that go into building success. It's not just one person or one company or one, one factor.

So I know you got, we're going to go into, I think some like specifics on what you need to have in your business in order to be successful. 100%. Yeah. There's not a, you know, you don't start a business today and tomorrow you're making a million dollars in net income. You know, it just doesn't happen that way.

Right. Um, at least 99. 999 percent of businesses don't start out that way, right? There's, as a matter of fact, 99. 999 percent of businesses fail. Yeah, right. So 99. 99 percent of business don't make it. Um, long term. Right. So there's show that right there shows you that there's a lot involved to creating a successful business, you know, because if the majority of businesses fail,  then the ones that are successful are successful because of a reason.

It's not by chance, right? It's not by mere chance. So,  My bullet on this that I, that I got from this, I'm going to read from my phone, um, is in building a business, right? So here's,  listen to this and tell me what you think, right? It says a successful startup isn't built overnight or by luck, right? It involves a clear vision,  a solid business plan, teamwork, right?

Like you mentioned, building the right, um, team around you.  And partnering with the right people. So if you're multiple people in the same business, make sure you partner with the right ones, market research, customer feedback, and continuous improvement of whatever you're offering or selling the product or the service, those are all these elements that have to work together, that have to collaborate together to create a successful business, right?

That's where the collaboration piece comes in. It's not just, Hey, I had this great idea. And then everybody's going to want it. Everybody's going to want to buy it, or everybody's going to want to pay for it. That doesn't happen. Like, you have to do a lot of stuff before something like that can happen.

It's not by mere chance. At all. Yeah, that's the seed and the nutrients and the soil and the sunlight and the water is all of those little pieces.  And you're not going to get it right the first time. A lot of times, too. Sometimes it takes,  you know, revamping your business plan or cutting off relationships that aren't working.

So I think that's another factor, too, is a lot of times we give up. We're like, Oh, we know that we need all these things and we're working to get all these things. And then we, you know, get an accountant that doesn't do a good job or messes up our books or whatever. Or, you know, we Spend four thousand dollars on a marketing plan that doesn't work and and we're like Done i'm done.

I just i'm not good at this. I'm done And you look at somebody like jc penny who i'm sure he had some trials and tribulations through his  time of getting these businesses Yes, exactly, I mean they it and it has evolved he probably had no idea You know even 30 years after he Got involved with the business.

He probably could not even have imagined the way that it evolved into a business. I know I heard one time, I don't know if this is true or not, but I, I'm pretty sure it is that he was really big on cash. Like he wanted. people to pay cash and he'd be rolling over in his grave knowing that JCPenney a lot of Now a lot of the way that they make their money is from from credit cards.

Yeah  so, um, you know, but it the there's they've survived because of that that's how the economy is now as people don't use cash and I Heard Dave Ramsey actually talked about the other day that Credit is the number one biggest like moneymaker in the United States by far Yeah, so they're marketing towards you to get you in debt.

That is the biggest  moneymaker you want to hear something going into that  Well, I'm gonna let's  talk about The the just JCPenney for a second. Yeah,  I know I got us off on to squirrel. That's a good I want to touch on that too JC  A business owner, right? If you're, if you're starting a business,  you got to have grit,  right?

So part of the, um, the growth process, part of the, um, refining that goes into a business owner, right? Refining your processes is being able to overcome the adversity of the, of not.  Being successful, right? Or failure. So I'm sure JC Penney had some failures in his, in his journey, right? Some stores had to close, right?

The, the great depression caused people not to spend money. So they, I'm sure they were probably even close to bankruptcy at one time. If he had to borrow against some assets just to pay payroll. So that means there was a lot of struggle there, but he had the grit to overcome that. So I think it's very important to understand if you're going into business.

You're not gonna be successful by chance, just because you have a great idea doesn't make, doesn't automatically guarantee you success. There's a lot of refining, there's a lot of collaboration that has to go into that process.  Now, talking about how, um, JC Penney was a big into cash, right? And I want, he wanted the customers to pay cash and how the society is not that way now.

There was a, a, a report out where  pre or right at the peak of the. Of 2021 right the united states that we had over  You know over trillions like over a trillion dollars in savings, right total savings  The people of the united people of the united states  We're at zero now. Wow  We're at zero now, so we're living on credit.

Yeah, and that's dangerous. It is  Just like our country. Yeah. Yeah, so if your business is just relying on credit  You know, then you're going to have to collaborate and figure out ways to not just be relying on credit. You know, do something for your business so that that's not, um, that's not how you're getting by because it's not going to, it's not a recipe for long term success for sure.

And we're our country,  something big is going to happen soon and it's scary.  Running your business on credit is like pouring, pouring bleach on the tree. You need it. It's a good, it's good to combine it with cash and, you know, be, be strategic about credit, but if that's hot, if that's all you're relying on,  it's going to suck you dry for real.

Yeah.  Yes. There are some strategic advantages to it, but. Not to be running your business full hearted on it. Well, I think JC Penney was a very smart man 100 percent Yeah I want to be like him and you know a very interesting fact to when I was reading about him is he became a born again Christian throughout this journey.

Mm hmm. He heard he got really sick. So the Struggles that he went through during the depression of trying to keep his business up and running He got really sick and while he was sick He heard a song i'm gonna see if I can find it in my notes, but he heard a song and it Um, it brought him to god and he became a born again christian  Pretty cool.

Yeah, I love that. I'm not gonna be able to find it right now, but you guys look it up Let me know in the comments if you know the song that jc penney listened to You  That made him a Christian. I thought that was pretty cool. Probably, you know, That quote came out after he became a Christian, I think. Oh, yeah.

Oh, I found it here. Should I tell them or should I have them write it in the comments? See if they can find it. Have them find it. Okay, you guys find it. You do some research. Yeah.  It's written by Sylvia D. Martin. So tell me if you can find the song that you heard. Yeah, that would be cool.  All right. Um, anything else we got for today?

I think that's good. Short, sweet, and to the point. Short, sweet, and to the point. Yeah. Really good. So this is, this is the new format that we will be coming to you every Friday, except for the first Friday of the month, which is when we will be doing our live interviews. And we want to hear from you guys.

This is, we want to hear from you, number one. What do you get out of that quote? Like, what do you, what do you take away from that when you hear about it? What do you think of? And then also what are some ingredients that have contributed to the growth of your business? Is there something that we missed out?

Like one thing that I could think of that's really important that we didn't mention to have as you're running your business is integrity. I think that a lot of times. We see businesses that do things poopley for lack of a better word, and then it might help them in the short run, but in the long run, it does not.

So running your business with integrity, I think, is an essential ingredient for having a successful business. So true. Because nowadays people will call you out  and they'll put you on blast on social media so quick. So, you know, running it, running your business with integrity. Protects you from all of that.

It does. So that was an ingredient I can think of. So what are ingredients that have contributed to the growth of your business or what are ones that you think Are important in order to have a successful business and also for you as an individual because I think We are our business when we're a small business and if you are not a healthy person running a business You're not going to have a healthy business.

You'll never be at 100 Your mind will be Won't be at 100%. No, and I I think again like the integrity I think it'll work for a little while But if you're not putting good habits like exercising habits and eating right and getting the sleep and all the things  Then your business is gonna suffer. So yeah, I learned about not eating right.

My stomach is  It was gargling as we were starting the podcast. Yeah. So what are, what are some things that have contributed that, or that contribute to the sex success of you as an individual? Yeah. Are you doing it all on your own  or do you have a whole, like, think about really where you are as far as your business and did you really do it all on your own?

Yeah. That's a good one too. Guarantee you did it. No. Collaboration. And speaking of, I almost forgot.   📍 We have A tool for you guys, a free tool. So along with this new format, every podcast, we will have a free tool for you to go to the website and to print out. And this one is all about collaboration. I am having a hard time talking this morning.   

Um, it's how to collaborate and it's a free printable.  That goes along with today's episode is good. You can pull it up and it gives you I think there's like nine nine or ten bullet points on there on things that you can do to collaborate with other businesses because Collaboration I think is one of the key ingredients for success Well, yeah, I love it.

Wow. That's cool. So get that tool. Yeah. Did it go to the business project. com to get it? Yeah. You got to go to www. You have to put the w's we're fixing that the business project. com. The link is also in the show notes of the description of the video. So you just click on that direct link and it will. It will, um, guide you to create a free account and then you can download this.

We don't use those email addresses for anything. It's just simply to get you into the free membership. And not only this, but you get all types of free resources. Yeah. There's lots of articles. There's tips on social media. Um, there, I mean, lots, and that list is ever growing. We're adding new content every month.

So it's all meant to help you have a successful business journey.  That's what it is. So if you want a successful business journey, check out www. thebusinessproject. com.  Do it. Just do it. And like and share this because, you know, the goal is to help as many people and businesses as possible. So you liking and sharing it will help us do that.

Yeah. Thank you all for joining. I hope you like the new format. We're really excited about it. We'll have a new quote for you next week. You'll have to tune in. Follow us on social media. Yes. And see what the new quote is. Let's go. We'll talk to you later. Peace.