This is the rich dad radio show.
The good news and bad news about money.
Robert Kiyosaki at rich dad radio show
the good news and bad news about money
and we’re broadcasting from
cautious down old town,
whereas either having our hell
and right now it’s heaven,
but a few months it’ll be hell,
but I have a very important show for you.
All of you who are entrepreneurs,
or want to be entrepreneurs
or dream of becoming an
it’s a great way to live,
but it’s also got his
challenges and his problems.
So this is,
Steve and he’s one of these five nectar,
He’s a co founder and CEO of
nectar juice bar and N E K T E R.
I’m a fan of,
I go there often it’s right
down the street from our office.
And it’s just a great
story because here’s,
Steve’s kind of reinvented the whole
juice bar notion kind of taking the
Starbucks approach is as best I
could tell to nectar juice bars and
everything is delicious and healthy.
and it’s very,
it’s a total entrepreneurial story,
and I’m anxious to hear,
what’s been happening with Steve and
nectars since COVID and how actually the
story of how he took this on and saw
something that other people didn’t see.
And it’s not a $100 million business.
So all of you have dreams
or you are an entrepreneur.
I want to grow your business.
This is your program for you,
but also how do you survive during
this insanity called Corona virus?
welcome to the program,
Great to have you on.
it’s great to be here,
and I think you bring up a couple
of very good points as far as know
so to speak.
I started nectar in 2010
and it was probably after
20 failed businesses and
swinging and missing.
And occasionally I get a
base hit every now and then,
and it’s survived enough
to sort of pay the rent,
but it never crossed my
mind to stop or to give up.
And so it wasn’t until I was probably 48,
49 years old,
that I started nectar.
but it was those failures.
the prior 20 or 30
years it was enabled me,
to really make,
make a nectar possible.
I thank you for saying that because I
think it’s one of the biggest mistakes.
Our academic system instills
in young children’s minds,
that if you make a mistake
means you’re a failure.
And when you,
when you look at humans,
we learn from our mistakes.
most people with my rich
dad always said to me,
the reason people are not successful
is they haven’t made enough mistakes.
And if you don’t make mistakes,
you don’t learn.
So I thank you for
saying that at the start.
and you’re right.
You’re absolutely right about that.
it never bothered me to make a mistake.
It never crossed my mind.
if the business didn’t work,
it didn’t even,
I didn’t lose an eye of slimming.
I lost a night’s sleep
every now and again,
but he pursued,
I’m going to go.
It says Steve.
So how’d you get into juice,
I’ll try and make the story short.
So it’s a time as you guys may
know I was producing infomercials.
And at that particular time,
the infomercial business got very,
very difficult during
the financial crisis.
Simultaneously the infomercial that I
was trying to produce was a cleanse and
maybe back in 2010 to 15 or 16,
one day or three day cleanse where you
drink just juices was extremely popular,
but it was a perishable
product was very heavy.
You couldn’t ship it to the East coast.
and so I didn’t really
know what to do with it.
And that simultaneously
I started going to a
which is similar to whole foods.
And I was sitting there
every time I go in,
I ask them how many juices
they would sell and say,
two to 300 a day,
two to 300 a day.
And one thing led to another.
And I did a little bit of due diligence.
And sure enough,
if you look at the legacy brands you
found that they were filled with sugar
filled was crap and just awful for you,
they had become sort of
a glorified dairy queen.
and then you also saw,
I also saw a seismic shift in the way
society was starting to purchase with
fresh fair and things like that.
So then it came,
came to mind saying,
wait a minute,
I’ve got a place to sell these cleanses.
What if I develop all the
crap and all the shit,
but all these legacy brands put in
there and come up with something simple,
it tastes good.
And rather than trying to be elitist,
what if we make it affordable
and accessible to anybody
that desired a healthy
So kind of followed the
in and out model of,
and four bowls and nothing
processed and the filler in
OLS is coconut water or housemate,
none of them.
And that’s how it started.
So let me,
let me ask,
I’m gonna step back one second is that
you talk about the cleanse and today I’m
on day 21 of a cleanse and,
it’s not the easiest
thing in the world to do,
but I do it about twice a
year because I feel better,
my head Claire’s up and all this.
So what is your,
is a time to plug the idea of a cleanse,
why our cleanses are important to people?
It is unique.
There’s a couple of things going on.
I think that the,
a lot of times you see some companies
promote the cleanse as a way to detoxify
And I don’t really see it that way.
I see it more as a way to give your
body a break from eating all the
processed and heavy foods.
If the three of us went out to,
and we had ribeye steak,
a big glass of wine.
you’re killing me.[inaudible] the belt right now?
So I think it’s very good to give the
body a break to sort of rejuvenate and,
and people I think
should do it more often.
I don’t think,
I’ve never been a one for cessation diets.
I think intermittent fasting is
taken on a big role these days.
I think that’s a unique
and not a bad way to go,
but I think the bodies do need a break,
And you don’t,
you’re not my a,
that’s a cardiologist who
is a personal cardiologist,
Radical pollen and his fiance
called there isn’t that recommended.
It says it makes her insides younger.
It gives them a break to go
to rehab to get stronger,
So anything that makes me younger,
especially at my age,
But the thing,
the first thing I notice is I have
spots on my face as I get older,
the other thing that you’re getting,
you’re getting a lot of dent.
It’s usually cold press.
And so for us anyway,
not very dense nutrients
that usually don’t,
you don’t get,
which I think is a,
an important aspect of it.
And I think that if you
look at people today,
compared to whatever it was,
I think a 70 year old today is in all
likelihood in better shape or feels
better than when they were 50.
I know that I know my age,
it feel better than I did at 35.
I think that just being
more conscientious of,
treating the body and food as medicine
and conscientious about what you put into
except those stakes that we
may have one of these days,
I think is very,
I have to,
I have to,
I have to ask this question for Kim.
What about good wine?
The wine is red.
Wine is healthy,
So let me ask you Steven.
So when you open it,
cause a lot of entrepreneurs are,
So you opened when you
opened your first store,
which was in California.
We opened our first store.
Did you have a plan that,
we’re going to open one and then we’re
going to expand to this many or was it
we’re going to open one,
see how it does.
Can we make this a model cannot work?
What was your,
what was your thinking?
two things I’m going to answer a little
bit back was one is money was never an
We opened the juice bar just
cause we were passionate about it.
I didn’t think about
opening number two or three.
It just didn’t even cross my mind.
After the first one opened people said,
and it was literally
three or four miles away.
I can’t drive all this way.
Can you like,
we’ll open another one.
And then people say,
I can’t drive all this way.
Can you open another one?
the way that we looked at it was
we were serving the community.
We enjoyed what we were doing and we
continue to enjoy what we’re doing,
but it never was a passion play on,
from an economic standpoint,
as I do this,
I gotta make X,
Now certainly there are disciplines.
We take the important,
cost of goods and labor and you know,
things of that nature.
but that wasn’t the motivation at all.
And how many stores do you have today?
Now we’re opening as the craziest thing.
Not to me.
It seems a little bit crazy,
but we’re opening a Covid we’re opening
stores right in the middle of this Covid
opened in Colorado Springs,
last weekend and did $2,500 our first day.
we opened another one this past weekend.
we’re on a 30,
we got a 40,
45 corporate stores.
The rest are franchised.
we’ve continued to sign franchise
agreements during this crisis.
So I was quite surprised by that.
congratulations cause that’s a,
that’s an interesting
business model or a franchise.
It is a franchise and
we were scared of it.
we had 12 stores and um,
we’d been in the business two years and
I’ve seen so many companies that have
one location and next thing you live,
you read the headline,
a thousand franchises
or some stupid number.
wait a minute.
if you only have one store,
how do you know how to really operate it?
So I wanted to make sure that we awarded
six in 2012 and sat on it for two
years and continue to
grow the business model.
So it was a good five years in,
I just didn’t feel as though we knew
the systems well and us to franchise,
until we really knew the
system inside and out,
I really didn’t have
anything to sell in my mind.
we had that learning as parents,
Yes we have.
So I have a question.
So let’s say we have a listener
sitting at home and they’re there,
what social distancing or whatever,
whatever thing they’ve got set up here,
and they’re thinking about my
bachelors taught my own business,
but especially yard type of business
where it’s still it’s density.
And I mean,
people coming in and out and all this,
what would you say to somebody who
wants to become an entrepreneur?
What would you say of those three
things they should be considering today
sitting at home,
collecting the money from the government.
What are the three traits you
said entrepreneur must have?
I think that,
I think that,
I think it’s pretty simple.
I think an entrepreneur
has to have a innate,
I think that the,
the just extremely important that,
people do it.
I think that,
that have a curiosity about all things,
I’m interested in all sorts of things,
but I think that that’d be,
it have a curiosity to it.
I think that they have to have
to kind of have the ability to,
to block out the white noise.
I think too many people I might ask,
I might ask 50 people’s
but that’s just going to just paralyze me,
And then the third thing that they’ve
got to do is they’ve just got to move
I think that they just have to
overcome that inertia of that idea and
not be scared of it.
too many people just
can’t get off the snide.
So to speak as,
I guess it’s a shame really.
the hardest thing today,
and it was always hard was you have
to be responsible for your paycheck
and the benefits and
the real estate and the
You know what I mean?
and the inventory,
the white noise he to say
is other words of terror,
but what if I fail?
the other thing is I think that
people sometimes looking at us at all,
they talk themselves
into an all or nothing.
they shouldn’t look at it as though
they’re going to replace their paycheck or
replace their benefits.
You kind of go into it slowly and
not quit your job the next day,
test the waters.
And they’ve also got to understand
what it takes to be successful.
And a lot of folks think they do,
but I don’t think,
I think they’ve got a test themselves,
a little test,
their metal a little
bit in the sense of is,
whether there’s anybody else you’re giving
up Friday nights and you’re giving up
you’re giving up barbecue with some
beers with your buddies and whatever.
It may be quite often.
And a lot of people when they realize
that it’s not quite worth the sacrifice.
And if you go into,
if you go into a halfway,
that’s just not simply gonna work.
And so I think people have an idealistic
view of what they see the end,
what’s ironic is they see the end
result of maybe this pot of gold,
but what they don’t realize.
And I’m sure you brought her,
you felt this way,
is that when I’ve been most
passionate about the brand,
it’s a pot of bowl,
it’s a struggle getting there.
it’s building it up and fighting and
staying open and getting that next store
and meeting the payroll
and getting people,
when you get to,
not the word,
a huge company,
but we’re large enough where I’m
dealing with different issues.
I end up with,
10 years ago.
So it’s issues 10 years ago of running
out of nut milk and having to go to every
mother’s market in orange County to buy
them out because we needed all the nut
That is what,
when I think back for 20 years from now,
when I look back,
that’s what I look back on.
Not the product goal that is somewhat
irrelevant to the discussion of where
actually says actually came from.
I’ll tell you what,
this is my bugaboo when somebody says,
but today’s my day off.
I go on us,
I have this leave or something going,
for me personally,
since I became an entrepreneur,
I haven’t had a day off yet.
I have a lot of freedom,
but I don’t have a day off
if you know what I mean,
it’s my brain,
Whether it’s a Saturday or Friday
or Thursday or Monday or Sunday,
there is no such thing as a day
off your clock doesn’t stop.
but you don’t care really either.
Sometimes things can be annoying,
I like what you’re saying that you get a
Lot of people think they can go halfway.
they can go,
go in halfway and they can have it both
ways they can have their successful
business and they can
still stay comfortable,
but there is not really comfortable.
And I love a quote that you have
that says you either evolve or die.
given COVID maybe when we have more,
when we come back from our break,
I’d love to find out,
how are you evolving through this?
you’re opening stores right now,
which is incredible,
but how do people evolve
through this crisis?
hurting so many people,
business owners and entrepreneurs.
it’s very sad.
when do we have.
It is terrible.
always got the right track,
the track and they’re doing
what they should be doing.
California is just,
the mayor that’d be a shame themselves.
don’t get ms.[inaudible].
Exodus out of California.
Now we’ll talk about why Arizona is
booming because people are leaving
the communist Republic of California.
we recently bought a home over here in
Scottsdale and the intent is to you’ll
make this my residence and go
back and forth to California.
I don’t know how he can afford the tax.
I can’t afford the taxes and regulations.
we’ll come back tomorrow with Steve
Schultz and nectar and what it takes to be
an entrepreneur during a crisis.
We’ll be right back.
the rich dad radio show,
the good news and bad news about money.
We have a guest he has,
is talking about his amazing
brand startup spending
Even during this COVID crisis,
it’s called nectar.
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for being part.
this program and the comments Kim,
And I guess again is Steve Schultz.
He’s the co founder and
CEO of nectar juice bar.
and what I love about this story,
Steve is you,
you are the ultimate entrepreneur
in that as we have had
so many failures,
you’ve talked about early failures,
and then you start with one store
because you’ve got a passion for healthy
and today you’ve got 170,
a hundred million dollar business
and expanding during the crisis.
it’s the ultimate entrepreneurial story.
And I think it’s,
it’s one that everybody
can learn so much from.
And that did some during the
Cobra that did surprise me.
to have discovery days and
sign the franchise agreements
and see stores opening,
clearly I questioned
the idea with my team.
should we be opening them?
So Steve quickly what’s um,
what was the biggest challenge
that Corona cause you,
cause did you have to
shut down and all that?
I think it was Devin.
I think that there was an initial,
not the thing.
There was initial shock to everybody
that this kind of thing could happen
without going into the whole deal.
And for the first three,
so sales just literally
fell off the cliff.
we went from $250,000 to
date of 40 or $50,000 a
which obviously can be
a little bit impactful.
and it was that way for about three weeks.
And so we huddled trying to figure out
what was going to be the response to it.
and ironically the principles
foundation in which we were founded,
which were health,
immunity freshness in 2010,
really applied today more than ever.
And then it became convenience.
And because we had spent quite a bit of
money in technology back in 2015 with,
Starbucks had done such a great job with
their order ahead app that they have.
and the rewards program
that we started in 2015,
I think we launched in 16.
I think we did about
$10,000 our first month.
we now have fast forward.
We have about 700,000
people ordering on our app.
upwards of the weekly orders
are absolutely enormous.
And so the,
the idea that we could adapt the app,
make it convenient,
make it quick.
We can make a curbside.
If you jump out of the Robert
jumps out of the shower,
his order walks down to Hilton village.
You can either walk in and
get a contactless pickup or
have somebody bring it up
And I think that the idea of,
we were fortunate in the space that we
were in the health and wellness space and
people are very conscious of that.
I’ll give you a congratulate law.
And I know this natural path who
was attempting to do the same thing.
He was producing fresh ways juices,
and it didn’t work.
why is yours working?
I think it has to do
with being established.
I don’t know if the gentlemen has Fox
speaking about in particular is new in the
And occasionally as you know,
people trying to jump on a certain story.
Steve hold it.
You see a lot of people tell me,
all you have to have is passion.
it takes a little bit more than that,
So this guy,
I mean the money will follow his.
This guy is hardcore.
Car passionate health.
I mean his whole life is
dedicated and tell him,
I want to find out how to be
healthier without pharmaceuticals.
He’s the co two guy.
And he did what you did.
He swears by fresh juices.
So he opens his huge business.
I think I met some of his partners,
they were like,
this is a train ride.
I met his partners and there
were a bunch of losers,
hoping to become entrepreneurs,
just losers the whole time.
And he was carrying the load on going,
heck’s your business?
you’re a natural path.
What the hell are you doing
in the juice business?
It was clearly he tried to
capitalize on something.
I think that,
and I think passion,
all of a sudden,
I think passion very often
gets misconstrued sense of,
how wasn’t eight,
20 years olds.
And I want to grow up to be a juicer,
So I think like you said,
a moment ago,
whatever your passion is
following passion about trees or,
that just isn’t the case.
what you talked about when you prior
to introducing the second segment,
I think that there’s so
much crap out there in the,
in and out of,
by this book,
by this tape go to this seminar,
we’ll teach you how to do it.
I challenged all those guys
to try and go ahead and go
read their book and have
them do it themselves.
I don’t think we’re going to
see very much success doing it.
So I think that this whole
passion thing is misconstrued.
It’s more of a interest,
a curiosity and motivation,
and then the passion comes with
the people and the response.
And you know,
so it’s not necessarily always the juices,
the people that you’re really embracing.
it’s a guest,
that’s everybody else.
So I think that,
and I think that’s reflective in the,
know in the service or
business or restaurant or
whatever it may be that you go
you can see it,
you can feel it there’s something to it.
I think in a,
but you said it earlier,
the show it’s about,
you gotta be curious,
cause I want to know why
you’re so successful,
but our friend,
he’s a naturopath and he’s
passionate about naturopath,
And so you said earlier,
you can’t be,
you can’t go halfway.
he’s either in the juice
business or he is the naturopath,
but to do both is really,
You gotta be all in.
and the other thing I think that people
forget is that a lot of people believe
that you’re building the brand,
that Robert’s building the brand that
I’m building the brand natural path is
building the brand.
And that’s not true.
It’s the guest,
this building the brand and it’s
our job to steward the brand.
That’s one of the best things I’ve heard.
it’s just apps the predict.
So all these people out there.
So I think that what,
your friend was trying to do is
certainly capitalize on this,
He was trying to put something to the,
to the guests round and the guests,
he just had it all backwards.
Basically everything he
did was just backwards.
So you could tell from the beginning,
meaning if he would’ve come
to me and talk to me about it,
I would have told him exactly
what would have happened.
And I probably would’ve been pretty right.
Well what Kim and I said it earlier is
that we liked his idea and all that.
So he invited us to a first round
finance meeting and we met his,
we met his team and we’re out within,
I think less than five minutes.
These guys were losers.
one person was there
because she wanted the job.
She wasn’t a partner.
She wanted the job,
but I have executive decision making
but they weren’t competent.
I asked a couple of questions that knew
nothing about being an entrepreneur.
nothing wrong with being an employee,
but they had no real life experience.
you’ve got to have that.
And I think that,
we we’ve been doing it for eight or 10,
actually 10 years.
our 10 year anniversary
is coming up in October.
And I think we had built a,
a trust in our,
in our brand.
We had a fairly wide breadth of,
of the guest.
And then I think the most important
thing that we it had to do is listen,
we really had to,
and we spent a lot of time
listening to our team members are.
And what I mean by that is our,
our store level team members
that were in the trenches.
So to speak our corporate staff,
and then most importantly,
And so the goal for us over
that sort of three weeks period,
when everything was falling off,
the cliff was trying to listen
what they were looking for,
what they needed,
what they would make them feel safe.
And then for us,
it came to really crafting,
branded messaging towards them.
And so it was a matter of
that’s how we socially,
as far as the difference,
probably between his response and
my response was we took three weeks.
We listened to no are,
tens of thousands of guests or as many
as we could through all sorts of media,
folk of all the tech stuff to find out
what they really needed during this time.
She tried to.
So two points,
one thing I hear differently is
you don’t every say customer,
you say guest,
and that’s kind of a mind shift,
a way of looking at things.
These are guests,
I think that’s excellent.
You talk about zoom meetings and all
your surveys and all of this and the
technology behind it.
So with the COVID,
we were talking earlier that we all
three of us have never done so many zoom
calls and zoom meetings and
interviews and all of this.
how do you see technology
evolving out of this.
but it is,
we know business is smart,
all of us go back,
whatever number of years ago,
and it’s Stanley in the airport with our
paper tickets and the airline industry
we have kiosks.
We don’t see anybody we’re being
charged for our seats where,
it’s just a seamless process,
is there a sort of a seamless process?
So I think with restaurants,
clearly there are going to be
some seismic changes with this,
whether it be the buffet
style type ordering,
like the yogurt way,
the self service,
yogurt land and things.
There’s some concepts
that simply won’t be,
I don’t have like suggested
they won’t make it through it.
I’m just saying that have really deep
seated problems that are fundamental to,
how people respond to it.
I think this,
the reaction from the government reaction,
I think is his paralyzed to many people.
I think what the media has done and the
government has done just awful as far
the mental mindset of people.
And I think that is going to
cause so much damage that,
some people won’t be able to climb back.
I do think that technology,
is certainly going to play a role,
but I don’t think it has to be,
vast because I don’t think he had
overwhelmed people technology.
You just have to sort of expand upon
those little baby steps to make it easier,
but don’t overwhelm them with too much.
How did you use technology at the start?
Did we use technology to start with the,
the very first POS machine I
bought was a Microsoft machine,
which was basically built for
fine dining is like $8,000 machine
You have a point of service,
it’s a little loads of
things that that’s the thing,
the catchers or a cash register,
I guess you would call it.
And so now everything’s evolved.
And so what we’ve done is we’ve partnered
with NCR and we’ve set up API APIs,
which are these networks
in which we can now,
which is important for Cobra.
I’m kind of jumping pretty fast here.
So now what we can do is we have all
the DSP or which are delivery service
Uber eats Postmates,
and the orders will now
go directly into our,
POS machine are a little
registered by the counter,
pop up the order and
then print the ticket,
at the juicing station or at the
smoothie station or whatever.
If you go from a technology
if you go six months ago,
you would have four different iPods,
each one from door dash,
one from Postmates,
and then you would manually
have to put it into the machine.
And so ACC in January,
we started working with them and said,
this was getting too,
let’s build a,
so we could directly go into our machines.
And so now all of a sudden we can
do promotions with all of the DPSS.
It goes right to our,
We don’t have to do a thing,
or we’ve got to just pick
that we’ve accepted it.
that word pops out instead of paying
attention to see if something pops up like
a text message pops up or something.
So I think that was an important
investment that we made early on.
So I’d mentioned more efficient,
you could increase revenue
and reduce expenses.
all of a sudden you look at it.
you look at the,
you’re talking about
someone’s COBIT stuff.
And I think what’s gonna happen is that,
there will be some Cobin
expenses involved right now.
It’s looking like it’s about three to
five bucks a day in sanitary and other
But I do think that labor fundamentally
will be a little bit lower because I
think we’ll take out,
will considerably increase.
We just simply won’t have,
spaces in all likelihood would
become a little bit smaller.
The bill us may become a little bit less.
so I think there’s going
to be some efficiencies,
involved in that labor is gonna
be the most important one,
especially with labor around country,
California in particular,
just going through the roof.
So if we can drop our labor a little bit,
So how much,
I was listened to the CEO,
the former CEO of McDonald’s and he said,
if there are businesses,
if that didn’t have that
drive through business,
I think as 40% of their business.
but he says that’s hard for an
established restaurant to add a,
a drive through if you’re in the middle
of a mall or something and Southern.
And it’s funny,
we’ve always wanted to,
there’s two things.
we’ve always wanted to drive throughs,
but with Starbucks,
it’s very difficult being the same size
as that Dunkin donuts or Starbucks is
very difficult for us to compete with
the prices that they’re willing to pay.
But for us during the COVID,
because we’re a takeout restaurants,
we had the Liberty of people coming in,
placing an order,
leaving or going online and order it.
And so for us,
it’s going to be more of a
convenience type of situation.
We did see our deliveries
go from about 33% to 54%.
So that’s my that’s,
that’s my final question.
this Uber eats on grub hub and all that.
are they in the right
place at the right time?
Or were they.
what I think is I think that,
they are reaping the
rewards of this situation,
but I think,
in short order,
this can be,
it reminds me a little bit of
the travel agency business back,
you used to get 10% of,
a plane ticket and then it’s $50
and who knows what they get today?
there’s labor involved,
but the idea that they can get
23% and then charge five 99,
six 99 for delivery and
all the way through,
I think there’s a,
you’re going to have
some people that are a lot smarter,
a lot more efficient that are going
to build some labor metrics into it.
So it does work for the restaurants
and it does work for the program,
but they are,
we live and die with them right now.
you don’t have them.
in some trouble,
the prices they charge her
quite egregious really.
Who says that the,
Grubhub and stuff like that.
They tried basically what the,
the way that it works is
they charge almost anybody.
And we do a tremendous amount of business.
They still charge us
23% of the gross sale.
And on top of that,
we’ll charge a delivery
fee of three 99 to six 99,
$7 juice costs,
and that’s just not the way,
the way it works now,
we’d negotiate that with those,
some of those rates and such,
and they have allowed
some flexibility to it,
but I think we’re gonna see
some changes in that industry.
And in terms of entrepreneurship and
under somebody wanting to start today is
now a time to start.
I think that,
we go back to the common interests
that Robert I have on curiosity.
I think there’s always a time to start.
I don’t think that,
whether I would start today,
that it would be irrelevant on what
was going on in today’s society.
And that may not mean
that launch it today,
but I’d be working forward.
I’d be going through seeing what
changes I need to make to my plan,
but my passion for it and my desire,
and my sticktuitiveness did this
while it may hit a speed bump,
it’s not going to stop me.
And as a matter of fact,
speaking of that,
I’m looking at investing and starting
a number of businesses as we speak,
and that hasn’t slowed down one bit.
So as you know,
I always say that the most,
we have a bust downstairs
of Albert Einstein and his,
his saying his imagination is
more important than knowledge.
And I think that’s one of the keys to
being an entrepreneur right now because
there’s millions of entrepreneurs
looking at the restaurant business,
which is a mega mega monster business.
And they’re coming up
with a new idea right now,
how they’re gonna,
solve those problems.
Would you say that’s true,
they’re trying to figure
out another way of doing it.
I think they are,
you’ve got some that believe that it’s
the death of the restaurant business and
it’s all dark clouds.
And then you have the other
half that would be like myself,
is it like,
there’s a huge opportunity in
with challenge comes opportunity.
And this is a perfect chance to take
advantage of not take advantage of,
but look at the opportunity
within what school,
what we’re going through.
And I think that,
is Nectar’s a brand we’re
going to come out stronger,
more profitable locations,
so I couldn’t be more positive about
the future that I been in years.
So that I would say that’s probably the
number one lesson for entrepreneur as,
as somebody else’s struggling,
that’s your opportunity.
And they’re going to figure out how to
get better and more efficient and more
And I that’s really what,
the curiosity and passion
and all that comes from.
Where you were,
where you were making mistakes,
all of a sudden,
whether it be in GNA and
you’re a little bit fat,
heavy in certain areas and this and that,
it exploits those underbellies or
underlines of what you’re doing and
allows you to make modifications,
force you to be better and more efficient.
and I think,
I think the team members appreciate it.
And I think that,
the guests will appreciate it.
we learn and grow.
thank you very much for man,
your messages inspiring
on target on message and,
And one of the things I love too,
and I think one of the traits of a
successful entrepreneur is very positive,
but also positive.
So you’ve got people out there going,
it’s the death of the restaurant industry.
And you’re saying,
This is the best opportunity right now.
And I think that’s one of the
strongest traits of an entrepreneur.
Good to hear.
Good to hear.
that couldn’t be honored
more than beyond the show.
look forward to that dinner at steak 44,
Slow down on
the last day of my class
is 21 days anyways.
the rich dad radio show.
Thanks to Steve Schultz of
Nexstar tonight with Kim’s.
One of our really more
interesting on target shows,
Totally on target.
he got an entrepreneur
that was struggling.
He had all these failures,
he was in the infomercial business in
2008 when that kind of came apart and
apart flush two.
And then two years later,
he starts this little juice bar because
he’s got a passion for fresh juices and
And now he’s got 170 stores
and really kind of very
similar to our story.
It’s like we started,
with the board game,
we didn’t have a five year plan on how
we were going to do it and how we were
going to roll it out.
We didn’t have a plan for rich dad,
but he just have that
resilience and that go do it.
It’s been more than a roller
coaster ride has been a,
a blimp and crash.
That’s so many failures,
so many horrible things happen,
but I don’t know how I think
that’s what keeps you going.
So once it gets to the
rich dad radio program,
anywhere on iTunes or Android and YouTube,
please leave a comment with a
show and inclusive to the program.
anywhere I’ll relisten to this program,
go to rich dad,
Listen to this again.
Because if you listen to it again,
you’ll learn twice as much,
especially if you want
to be an entrepreneur.
If this is not interesting to you,
don’t be an entrepreneur.
The journey is to F and hard.
And then also our friends,
and business associates,
listen to this and discuss this program
because your intelligence will go up
and really that’s the most important
thing today is get your intelligence up
If you’re hanging out a bunch of losers,
you’re going down with the losers.
I want to thank Steve Schultz
of nectar and final comments on
If I could start with,
And Kim’s when I was getting Sarah’s
about Kim back in the eighties,
first thing he asked me
is to you have a job.
What did you dance?
that was his that’s was his,
that was his road.
That was his path.
His path was,
he followed in his father’s
footsteps and he became a,
he got a job and worked his way up the
corporate ladder and Cayman executive in
And that was how he saw the path too.
And so when he said,
when he said,
do you have a job?
And you said,
And then on top of it,
I called him one day and said,
I just quit my job and go,
You’re into this nuke.
I want to,
I want to start my own business.
And I was like,
Oh my God,
what’s happened here.
But he was also extremely supportive and
was just a little bit of shock in the
beginning and then very,
It was a point of contention because of
two different mindsets between corporate
employees and entrepreneurs.
And for those of you like sports,
the way I look at it as,
as a corporate employee in the climb,
the Corp corporate ladder
and all this stuff,
make it from starting.
The mailroom become a CEO of a company,
which is a dream of many mailroom.
Clerks is a difference from say,
American football or Gridiron.
If a quarterback,
on the quarterback calls all the plays,
but most entrepreneurs are like rugby.
Whereas everybody can carry the ball.
Everybody is free.
Flowing is moving at high speed,
but that’s the difference
that two different characters,
like I enjoyed American
football as a fat guy.
So it was always on the line.
I had no speed and I,
and the quarterback would
get up there and he told me,
you go hit.
hit that guy.
So I’m waiting on the line being,
what to do.
And then he goes up there called the play,
plays over by takes a break,
has a Coke,
and then discuss the next play.
It just didn’t fit me.
So I played football,
American Gridiron all
the way through college,
and I just didn’t feel at home.
And then one day I went out and played
Rutgers and flight school in Florida.
I was at home cause it’s a fluid style.
And I think that’s what we adopted at.
Exactly what we adopted at rich dad.
We have a team that works together and,
and I love how,
Steve was talking about his team and he
listened to his team and he listens to
his guests and his customers.
it has made all the
difference in our company.
So Sarah does,
Sarah is our producer swing.
We’re not really that climbed.
The corporate ladder
can accompany our way.
I know I not really ladders.[inaudible] bouncing all over the place.
Nobody has one role.
everybody has different hats
and specialties and expertise.
And you respect everybody equally.
when there’s a,
when there’s an issue that comes up,
we discuss it as a group.
and what’s most surprising is the ideas
come from the people you least expect
the ideas to come from.
It’s like a pure synergy,
And I’m always impressed with our staff.
they’re so smart.
I’ll keep telling the SASA that Sarah,
how she got so smart,
she got into the MBA program
a little smarter than you.
I quit college.
Not for me.
but I was explaining to you,
I had a whole bunch of jobs that
kind of got your experience,
my different tools from each job.
with a ton of research,
So like everybody in the
company knows I’m the village.
And so they kind of keep me out of there,
but I made it.
I’m just always impressed how smart
people are if you allow them to be smart.
And that’s why I never
really liked Gretta animal.
People love Tom Brady.
Who’s just moved to
Tampa and all this stuff,
they got all sexually stimulated thinking
about football and assigned plays and
you go out there and have a couple
of bears and to stop playing.
And that’s the way I love.
That’s why I love being an entrepreneur.
that kind of goes along with what,
what Steve was saying about what
it takes to be an entrepreneur.
he’s got to move forward.
I love the thing on curiosity.
And you gotta be curious.
You just gotta be curious about every
single thing reminds me of our friend
He was to the day he died in 92,
he was curious about every single thing.
Everything just excited him.
He was fascinated.
We could sit down.
You come to our house for parties and
we’d have all these different people,
And the discussions are like mind blowing.
I’m doing it this way.
How are you doing it that way?
It’s not like I’m following
the corporate dogma.
He was always asking questions.
He was always curious,
how’d you do that?
How’d you make your money?
What was this?
And so I think this is one of our better
programs for those of you who want to
want to grow your
business as entrepreneurs,
or maybe you should not be an,
I don’t recommend it to you.
I don’t recommend it for everybody.
I recommend it for the
Hardy and the resilience and
those who want to persevere.
and those who really wanna be free.
You said it very well.
You said it’s not easy.
it is freeing you don’t
you don’t what did you say?
You don’t have control
necessarily over all your time,
but you are free,
And it’s I’m 24 seven work every day.
And the final story I want
to tell us our governor,
Doug Deucey used to run the
cold stone Creamery franchise.
I remember one day where
we’re laughing at Kenny,
and we’re laughing.
And Doug says,
I got to go.
This was before he was governor.
So where you’re going.
I got to fly to California.
So some Phoenix to California said,
why is some franchisee is selling pickles?
And I call stone Creamery franchise.
And you can play by the rules.
You don’t sell pickles,
cold stone Creamery.
He had to stop the party,
get a plane and fly to California
and personally remove the pickle jar
from the coals,
tell Kramer franchisees,
wanting to not follow the rules.
those are some of them blessings that
you can never ever learn from a textbook
on an MBA program.
I’m a thanks,
Steve Schultz of nectar.
for your contribution and Kim for
our wisdom in this whole thing.
And thank you all for listening
to the rich dad radio.
Thank you very much.