EntreLeadership - The Marketplace is Looking Optimistic

Episode Date: May 26, 2020

Tune in to hear Dave Ramsey, Daniel Tardy, and Ken Coleman respond to some business owners' fears around Coronavirus.   Give us your feedback on these daily, COVID-19, bonus episodes: Text DAILYBONUS to 33444   Want to bring in Alex Judd and experience an EntreLeadership Workshop with your team? Click the link below: https://www.entreleadership.com/workshops   Get access to the EntreLeadership Weekly Report Tool, FREE, for you and your team for 3 months: Text TEAMHEALTH to 33444 or visit entreleadership.com/weekly-report   Follow us on social media to stay plugged in to everything we’re doing to help the small business owner win: LinkedIn Instagram Facebook Twitter YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios. It's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. It's an entree leadership theme hour. Welcome to Small Businessland as we talk to leaders and owners of small businesses and for that matter businesses. Questions about business, questions about leadership, questions about small business. small business this hour. The phone number, AAA 825, 5225.

My co-hosts the panel for the hour includes Daniel Tarty. Daniel is the executive vice president of Entree leadership where we teach and work with small businesses, tens of thousands of them every year. And he and his team do a great job with that. He also sits on our operating board. Ken Coleman, Ramsey, Personality, my other co-host and on the panel for the hour, is here to answer your questions as well from. the Ken Coleman Show works with folks on getting jobs and on careers.

So we're going to talk business economy. We're going to talk about jobs. We're going to talk about jobs. We're going to talk about 36 million people being unemployed. The phone number is AAA 825-5-2-225. Lots of small businesses have failed, Daniel. Lots of during this time. Lots of them have succeeded beyond their wildest,

imagination are making more money they ever made in their life. Yeah, because they happen to be in a business that was in great need right now. And then some of the others are right in the middle, just hanging on. Lots of them are trying to reopen right now, and some of them are experiencing labor shortages. We'll talk about that in a little while. But we've seen a spectrum, haven't we? Yeah, no doubt. It has been a crazy couple of months for businesses anywhere, and especially small businesses. There's actually another group, and I kind of keyed in on this yesterday. and I got excited and I started thinking about, you know, how inspired I am by the number of businesses that are starting right now. I bought a product yesterday that didn't exist a month ago.

Our buddy, Jaco Willink, the seal, from Living with a Seal, he launched this product on his social media and I jumped on there and got it. It's a leather bag that you fill up with your own gravel to turn it into a kettlebell. And everybody's trying to figure out from home right now. And so he got with this apparel company. This product did not exist. The bag ships out to you so it's not the weight. You know, I have to go build a big iron kettlebell and send it to you. You have to go out in your driveway and fill it up for them.

You fill it up with rocks or sand or something, but you can get your workout in. And I paid $75 for two of these things. They're awesome. They were like nice leather, saddle leather. And I thought this thing didn't exist a month ago. How many companies right now? Are popping up something. A product.

There's a service. There's a product. We can do something about this. That's what I love about entrepreneurs. That's how they think. The problem solvers. That's right. And there's lots of problems to solve.

right now. We had Dr. Art Laffer on last hour, and he's the father of supply side economics, sitting on the Trump administration's Economic Recovery Council right now as part of that, a winner of the Presidential Medal. And he and his research team at Laffer are predicting the states that are reopening are going to be fully recovered and end of boom by the end of summer. That was pretty inspiring. I mean, because I, you know, most people aren't thinking it's going to be that fast, but they're seeing, they're seeing a real check mark on the states that are reopening. He said there are states that, you know, like northeast primarily is going to really struggle. According to him, Jersey, New York. Higher populated areas, right? Connecticut. Well, it's got to do with how quickly they, how hard they got hit by COVID and how quickly they reopened the governors in the states. And he said, California is still a mixed bag because they're back and forth. You know, one minute they're going to open, next minute, they're not going to open. And one minute they're all over the place.

And, you know, the mayor of L.A. saying they're going to be shut down all summer. But if you're shut down all summer, you're obviously not going to recover in the summer. So, but economic recovery in the states that are reopening, we're already seeing that with the small businesses we're in contact with. Sure, no doubt. And, I mean, we've seen it in the stock market. It's been rallying. And it's close to an all-time high. It's not quite there yet.

But great news coming out about vaccines. And, I mean, there's just so much to be optimistic about it. right now. And I think small business owners are leading the way and being innovative, being positive, forward thinking. And, you know, the truth is the ones that are thinking about five years from now and where their business is going to be in five years, those are the ones that are going to win. If you're thinking about the next five minutes, you're going to be frustrated. But we talk all about, the idea of vision and vision casting and looking out in the future, four to five years out, you've got a big, beautiful new business that you're looking at if that's the mindset that you

have right now. Yeah, we were talking to art, you know, and when you're talking to a world famous, literally a world famous economist, you know, reminded what the United States economy basically revolves around. We're a service-based economy. You know, it's essentially, we pass our money around to each other, right? And so what we saw is, is that if we look at the industries that were hardest hits, we look at 36.5 million jobs, it's important folks. You have context. I'm going to talk about confidence in just a moment, but the context is this. If you look at the service industries and you look at the retail type industries, okay, that's where the majority of these jobs are lost. So what's happened there?

We've got consumer confidence that has dropped as a result of the coronavirus, the reporting, and we thought, oh, my goodness, this is going to be awful. And now we're seeing states that, again, many people were criticizing the governor of Georgia, Brian Kemp, Ron DeSantis in Florida. The narrative was this. There's going to be literally blood in the streets. And the reality is both of the states have opened. The numbers are really good as it relates to positivity. Our state of the economy. Tennessee's done a great job with Governor Bill Lee.

And so here's what you all can do as you're listening. you are a consumer. And so when you're sharing these real-life positive stories, and then you are, to the extent within your budget, being responsible, but getting back out and showing some consumer, I can't talk, consumer confidence, here's what's going to happen. It begins to spread. Here's some positive, just to kind of drive this point home.

We've got the governor of California that was saying literally folks, a week ago, no pro sports until the fall. yesterday he announced 1st of June. The pendulum is swinging back now. I'm going to tell you something. We are a consumer-driven society, not just in what we buy, Dave, but in how we view sports and concerts and things like that. As the consumer gets confident, guess what's going to happen? The V-shape or the U-shape, whatever it is, as Art Laffer is saying, is going to come back.

And we play a role in that, consumers. You don't have to do it from a patriotic viewpoint, though. but you just have to say, I'm going to observe what's going on around me, and I'm going to let that dictate my level of fear rather than a newscast. And the newscasts have even shifted where they're putting their emphasis. Well, and some of us just need to go shopping again. Quite a few of us have put on a little bit of weight during COVID, and we've got to go buy a bigger shirt, you know, like we've got to go to the mall.

What are you saying, Daniel? I mean, there's just an idea like there's this pent-up demand that's just been, and put on the back burner, and it's going to search back. It's not even just the confidence. It's just, if you'll just open, I'll come in with my money, and I'll patronize you just as a customer because I need your service. That's what we've been talking about haircuts. I swear to God, some of these people need haircuts.

There's going to be a line around the block. There's going to be a line around the block at these barbeds. I finally got my haircuts. I was thankful for that. True story, folks. You want some behind the scenes. I get an email from Dave. I can ask you where Scooby-Doo was.

Daniel, I got an email from him the day that the guy. governor said that those type of places could open up and he said, FYI, I showed it to Stacy and went, you think Dave's trying to tell me something? I told him to email you. Me, Hogan, Tarty, we got no issue with this, so we got to make fun of you. Right, I get it. There we go. Small business theme hour.

We're taking your questions, an entree leadership hour with Daniel Tarty. Ken Coleman, my co-hosts this hour, this is the Dave Ramsey show.