Transcript

PSBS "State Of Small Business America" Address 2023 | Dr. Jake Tayler Jacobs | ThePSBS.com/REPORT

From YouTube Channel UCNFpdzMKNcVkP3kn1x1lXMw · Episode page · Watch on YouTube

· 1 h 25 min · 11,941 words · 72 timestamped sections

This is the full, timestamped transcript of "PSBS "State Of Small Business America" Address 2023 | Dr. Jake Tayler Jacobs | ThePSBS.com/REPORT", an episode of YouTube Channel UCNFpdzMKNcVkP3kn1x1lXMw published November 25, 2023 (1 h 25 min, about 11,941 words). It mentions 36 people, works and ideas, including Private Small Business Society, Small Business America, Certification, Professional Services, Attorney General.

What is discussed, and when

  1. – 10:00: Attorney General, Financial Independence, Private Small Business Society, Small Business America
  2. – 20:00: Private Small Business Society, Merchant Account, Small Business America, The Life-Changing Power of Adversity
  3. – 30:00: Market Saturation
  4. – 40:00: 2023 Small Business Owner Report, Attorney General, Bank of America, Certification
  5. – 50:00: Accreditation, Attorney General, Certification, Comprehension Quadrant
  6. – 1:10:00: Private Small Business Society, Professional Development
  7. – 1:20:00: Professional Services, Certification, Hospitality, Private Small Business Society
  8. – 1:25:15: Private Small Business Society, Small Business America, Ivy League, Wharton Business School

Notable quotes from "PSBS "State Of Small Business America" Address 2023 | Dr. Jake Tayler Jacobs | ThePSBS.com/REPORT"

  • Welcome to the state of small business address I'm the founder and CEO of the private small business Society a bisco capital organization and right now we are connected by the thread of our family's future our kids Financial.
    about Private Small Business Society · at
  • Back to our communities what I want you to understand is that without Small Business America there is no backbone and without no backbone we have nothing to stand on I hope that this information that you received today not only blesses.
    about Small Business America · at
  • Future since you know it all and you Mr Big businessman and Mr bigshot doctor tell me what was your experience my experience when I first got started off in business was extremely hard I had to learn how to.
    about Attorney General · at
  • Internet a commission was different than getting paid through a merchant account who would have known that your merchant account is a big deal in business especially coming from someone that didn't need a merchant account to.
    about Merchant Account · at
  • Has caused and the challenges that it will cost number one market saturation the influx of businesses that entered the market completely.
    about Market Saturation · at
  • Us growing too fast almost killed us if it were not for True training and certification and stabilizing the company on traditional businesses we will be in a world of trouble but because we had proper.
    about Certification · at
  • Businesses alone we need a regulatory body we need a professional development community that actually cares about us moving forward in the industries that we're in and that's why we create the private small business.
    about Professional Development · at
  • Have increased retail it cost $300 to acquire One customer healthc care $750 to acquire One customer Professional Services like consulting or finances or advising $2,100 to…
    about Professional Services · at

Who and what is mentioned in this episode?

People

Books & papers

  • The Life-Changing Power of Adversity — Book · 1 mention · first at
    That I saw we're going to talk about all these things as we dive into the Small Business Report so listen if you guys have not seen it looks like business is booming doesn't it so many people talking about.
  • 2023 Small Business Owner Report — Book · 1 mention · first at
    Management economic concerns and worries about the recession let me read this to you the 2023 small business owner report published by Bank of America highlights that 72% of business owners Express concerns regarding a potential.

Companies & orgs

  • Private Small Business Society — Company · 13 mentions · first at
  • Bank of America — Company · 1 mention · first at
    About the recession let me read this to you the 2023 small business owner report published by Bank of America highlights that 72% of business owners Express concerns regarding a potential recession 79% of them talked about.
  • Census Bureau — Company · 1 mention · first at
    Customer experience and support here's the scariest thing according to the data of Census Bureau there are now over 30 million businesses operating in America as of 2023 this…
  • JD Power — Company · 1 mention · first at
    Healthc care 20% and Manufacturing at the highest at 35% that was based on JD Power this indicates the pressing need to prioritize customer experience it is crucial to identify pain points and address them through enhanced service.
  • Wharton Business School — Company · 1 mention · first at
    With over 2,000 plus small business professional leaders people that went to Wharton business school in Ivy League got doctorate level earned degrees Masters own businesses run 7even to eight figure companies that are within our society.
  • Ivy League — Company · 1 mention · first at
    Professional leaders people that went to Wharton business school in Ivy League got doctorate level earned degrees Masters own businesses run 7even to eight figure companies that are within our society real practitioners that actually care.
  • Abysco Capital Organization — Company · 1 mention
  • Turo — Company · 1 mention

Products & tech

Concepts & topics

  • Small Business America — Concept · 5 mentions · first at
  • Certification — Concept · 5 mentions · first at
  • Professional Services — Concept · 4 mentions · first at
  • Attorney General — Concept · 3 mentions · first at
  • Market Saturation — Concept · 3 mentions · first at
  • Professional Development — Concept · 3 mentions · first at
  • Hospitality — Concept · 3 mentions · first at
    Finances or advising $2,100 to acquire a customer manufacturing $1,800 to acquire a customer Hospitality $450 to acquire a customer these figures are in line with leading is…
  • Financial Independence — Concept · 1 mention · first at
    Now we are connected by the thread of our family's future our kids Financial Independence and jobs and opportunities that can be provided in the communities that we're currently in from n.
  • Accreditation — Concept · 1 mention · first at
    Way than small businesses in our economy and when you talk about accreditation or accredited did you know to even invest in certain Investments you have to be accredited a million dollars of net.
  • Comprehension Quadrant — Concept · 1 mention · first at
    How and based on our proprietary learning model we built the comprehension quadrant we came to the understanding that there are four components to learning to the Learning Cycle it's need it in order to increase.
  • Customer Acquisition Cost — Concept · 1 mention
  • Customer Churn — Concept · 1 mention
  • SEO — Concept · 1 mention

Places & events

Full transcript with timestamps

first and foremost I would like to say welcome to the state of small business address I'm the founder and CEO of the private small business Society a bisco capital organization and right now we are connected by the thread of our family's future our kids Financial Independence and jobs and opportunities that can be provided in the communities that we're currently in from n 2019 till now we've been bombarded with courses and conferences and masterminds from gurus and people that's you know been brought up overnight that has led us in a bunch of different ways um increased uh understanding and notoriety the information until uh getting people to start businesses and leave their corporate jobs but it also brought a bunch of challenges uh that a lot of people are facing ing today and we don't really know how to adapt because we're equipped the first thing that I want you to understand is this the purpose of

this address is not just to talk about the challenges and the difficulties that are in the market it's also to talk about the potential opportunities that we have that if we band together and we do this thing the right way small business in America can be ever so great for the Futures moving forward but right now we're dictating how our future is going to move with the emergence of Technology and social media and everyone coming online and it looking like it's easy to do this thing and the responsibility uh that people had and the the state of notoriety that you had by providing jobs and opportunities are dwindling because there's a lot of people in entrepreneurship today that are self-centered that care nothing about the community but one of the things I want to remind you is that when you think about small business don't forget who pays for the community taxes who you go to when you want a grant or a

scholarship who helps with the community colleges who stands on board and gives uh appreciation as far as uh uh giving back to our communities what I want you to understand is that without Small Business America there is no backbone and without no backbone we have nothing to stand on I hope that this information that you received today not only blesses your heart it helps your business but it gets you to understand why we in small business America we got to become more professionals than we've been because our history and our future depends on it listen if we don't change now the state of small business is going to be ruin for every the pandemic has really shown us who really knew how to run a business who just open for shoing the lack of ability to Pivot the lack of ability to adapt into new new technologies and to be able to move into a new world without trying to hang on to the other I mean evictions that are alltime

high repossessions are at alltime high uh there's so many people that are so fearful about the future and can I tell you something if we don't start changing things immediately the state of small business as we know it may not even be here in the future since you know it all and you Mr Big businessman and Mr bigshot doctor tell me what was your experience uh my experience when I first got started off in business was extremely hard I had to learn how to talk to people I had to learn how to sell a product I had to learn uh you know how to recruit somebody to work for me for free until I could pay them I had to learn how to then move my product I had had to learn how to Market had to there's a lot of things I had to learn and I had to learn it the hard way and I didn't have the internet to prospecting the internet to sell stuff on I had to go door too Toe to Toe Paving knocking on Windows whatever I could to get

appointments for our business so it was hard in the beginning but we developed the skill sets and then it became easy after the skill sets were developed I achieved success without the internet getting on the internet was just a magnifier of what we were already doing off the internet because you know back in those days if you if you make seven figures or Revenue even seven figures offline that's a big deal now today it's not that big of a deal because the internet and everybody's capping it or acting like they actually you know are doing that but we we made Seven figures offline knocking on doors I'm talking about walking up to somebody in the coffee shop and like hey my name is such and such and such and such I I just moved moved into my office right around the corner I'm so thankful that they never asked me where your office was because I was doing this at every coffee shop that I could just talk about your

experience with the training in the curriculum of ABS okay so ABS food I was not sure what to expect with it first of all um and I was just blown away by it um the the value that it offers um this guy here oh my God he's a God I'm talking about Paving knocking on doors with suits where the bottom of your dress shoes though you starting to feel the heat from the pavement right now I can turn on the live and 30 40 people show up any day back then I had to get 30 40 people in a seat at night when they got off work oh that's nice but you were doing so well offline why did you have to get or why did you choose to get what was the need to get on the internet cuz it was getting harder and harder to produce offline it got hard man and then then them numbers start getting smaller and smaller and smaller and the price to acquire the client was more and more and less people so uh-uh something had to

shake so we had to figure out and how to adapt especially when you have more and more people entering into the market doing the same thing so at that time there were so many of these big large Insurance MLM companies that were buying leads like in books and recycling them in books I said oh no listen it's not going to work for me I got to figure something out there's some people are like they on the internet doing some stuff I need to figure out how to get my behind on that internet so that I can lower my cost to acquire customer I see it dying down I'm not going to stay on a sinking ship and that's why it's important for us to stay up to dat on the technology and E economic changes because it's those things that affect the small business but most of us only think about the money we make today and we never put our eyes on what's going to affect our money tomorrow and I got a company and I got a team I got got to

take care of we have to figure out how to make the internet work and when we did oh boy yeah things were great on the internet then what happened it was from from oh boy to oh Lord because the internet brings super duper like it's a magnifier so you can blow up over night in your business if the structure is not correct and everyone isn't trained and have their credentials to be able to handle a scale at that capacity it's going to falter no matter how much money it's going to falter because people are not going to be equipped and when we blew up I was not equipped for that blow up because I was good at you know um running us Insurance Agency we got 22 agents like you know two 222 agents in 22 States it's funny that's what the number was and and you don't really blow up that fast you you you pretty much can control that but they all are making money and we just paying commission to now online there's only one main sales

house which is the the profile and then the team becomes support so we went from 200 independent sales agents that all I had to do was pay them commission to 52 full-time employees that I had to think about like whatever decision we make or not it affects everyone our our payroll was too high uh we was hiring people that was not equipped we were just it was so much that I was trying to learn on the Fly that I realized oh my gosh my capacity was here and I wasn't prepared to build what my capacity could be in the future and a lot of small business professionals are in that position they're not thinking about the the capacity they'll need if they blow up or if the market changes and I want to really focus on helping people with that transition and always being on the up and up with that cuz it it it almost destroyed us we went from the our our capability was running a $5 million a year company but when you go from 5

million to tiptoeing 18 million in a year and a half span that is too much of a jump in a gap for anybody to be able to even maneuver without even knowing where your mentors start telling you you know you I'm you mentoring me so who do you go to Yuri triman at UC Berkeley did a study the minority students the brown the Latino the black the whites and the Asians were thriving at UC Berkeley and then a minority St stud the brown students were failing so Yuri went to Administration and said what's what's the problem is it a mental issue like why are the brown students struggling so bad and the white and the Asian are excelling and then the administration told Yuri or maybe it's just capacity maybe they've reached their capacity like they don't have anymore and then Yuri was like M there's something different because these you can't get into UC Berkeley and not be like really good so he he asked the a minority

students could he follow them to see their study habits and then he followed the white in the Asia and what he saw was a difference the minority students actually on average study two times longer than the white and Asian Community but the white and Asian Community what got them was that they studied together the minority students studied by themselves alone no one to throw ideas off of and so what Yuri put into his hypothesis is that if the minority student starts groups studying and doing cohorts together um just like those students that they will be able to keep up and actually surpass them because they already studyed twice as long and Yuri was correct more than 86% of the minority students that were in that group start outperforming white and Asian communities because they already studied longer and more int intentionally but now they study together and all I'm saying is that we built this community not because of

color but we built this community so that people can understand that you have have to study together if we want to keep Small Business America to moving forward because if we do not work together we don't study together we don't build together we won't have nothing to build later and I want to be clear there is no America without Small Business America listen uh you've seen it a little bit of the Highlight uh we showed you a little bit of UPS we talked a little bit about the downs and if anyone knows about the struggle of transitioning from offline to being online uh it's it's me you know um my naivity um my information that I did not have may me to believe that what I built for my insurance agency was going to be an easy transition to this new world of business and it wasn't as easy as I thought see getting a um internet uh a commission was different than getting um paid through a merchant

account who would have known that your merchant account is a big deal in business especially coming from someone that didn't need a merchant account to run his business and so even these pieces of Entrepreneurship that I did not know um it cost us a lot and the issue is um we grew too fast we were underdeveloped as a leadership team I was underdeveloped as a CEO um there was a lot of information about growth especially with the transition from being offline you have to go meet people to being online where you needed a merchant account and you have all these online people that have never physically met you but now they're purchasing your product and services it was new for me seeing exponential growth on social media Pages seeing uh the virality of the offer that we had to bring it brought amazing days but also months and years of headache and the reason why we even created the private small business

Society was to be that bridge and that Gap so that you never had to go through the same things that we went through and can I tell you the truth the truth is this it wasn't until we took a tremendous loss we grew too fast had strategic Partnerships that I should have never had I made mistakes as a CEO I should have never had my name on certain things uh I should have protected the company a lot more uh I over expended uh on expenses in some areas because I just thought that the the the well wouldn't run dry um but these are all mistakes that anyone could make without the proper training and the reason why we created the private small business Society is because we wanted to make sure that there was an impact that we brought that was more uh more impactful than just the how-tos of business we'll talk about a lot of that stuff but right here I have a report this right here is 22 pages that

I'll be reading from 22 I'll be spot reading some and some I will actually be reading word for word um but this same report if you stay to the end we'll give you access to the same report as well as our I think 60 or 70 page survey that we did so that you can see the 60 executive leaders that we um surveyed to see where they thought their business was and if I were to be honest with you it's quite alarming where these businesses are today and so stick with me this is not the report that's for the people that want quick money want to see like what's the next Trend this report are for those that actually truly care about Legacy you care about the business that you're building being here you care about the business that you working that you're working for being here you care about the jobs and opportunities that small businesses provide this report that I'm presenting is no fluff there's no like

secret cameras and some fancy stuff that's going to pop up out the wall this report is going to bring you professionalism that's needed and when we create the private small business Society what we saw based on our inequities based on our holes that we had there was no reason why we even should have been allowed to offer certain services or grow at a certain Pace without hitting certain parameters that allow for us to make sure that people will be taken care of there's a bunch of novice young folk that were growing too fast that thought we knew the world and the truth is it was from our broken place in our pain that the private small business society and the state of small business address came about I want to talk about where we currently are in the market I want to talk about what the possible potentials are if we get it together and I also want to talk about what happens if we don't move and what happens if we do

move so I want you to St stick with me this is going to be something that you should have on repeat you should follow sleep to because the information I'm going to share with you is all going to be documented stuff that you can see for yourself but most importantly um this finally you're going to get some type of social media post that has all of the information that you need and not just pieces of it that would just allow for you to buy some program or buy another course um this is going to be something that you can hang your hat on and you can actually go look at the same sources that I saw we're going to talk about about all these things as we dive into the Small Business Report so listen if you guys have not seen it looks like business is booming doesn't it so many people talking about that they bosses entrepreneurs got their LLC some have even bought trust but the most important thing to

understand is even with all of those Dynamics if you don't understand what you need to understand your intentions of building a business could be right but what it does to the economy and to your community could be catastrophic and I think that's where a lot of us fall short our intentions to do right by the people are right but the way that we execute it it's not necessarily in the right manner it should be to be able to protect us in a way that it should so I'm going to share with you a couple of numbers some statistics I'm going look down here at the report the same report you're going to get access to so that we can talk about some things that's important I think it's hard to um talk about business post the pandemic because the pandemic the pandemic forced us to have to think about what life would look like post pandemic I'm going to talk about the failures or the shortcomings that small

business has led for us to be in prior to the pandemic and the effects of something like the pandemic affecting that but I'm also going to talk about the now possibilities that we now have because of the pandemic that will allow for us to stabilize ourselves in a way that we've never have before in 2019 we saw a surge of 24.7% of businesses during this period I'm talking about it was a business boom people were online people were starting businesses partly because jobs were laying off the other part is because now you saw a time or a chance for yourself to take your future by the horns I'm going to talk to you all about the effects of that in a second but let me talk to you about how important this moment was in 2019 over 24.7% of new businesses were created during this period now watch this the the there was no higher increase between 2015 to 2019 than the 2019 emergence of small businesses

because from 2018 to 2019 there were only 4% of new businesses in the marketplace but in 2019 itself 24.7% and 2020 the year marked a record-breaking Milestone more than 4.4 million new businesses were created and I know y'all heard this before from your online gurus that oh you got businesses getting started the economy is changing we're taking information that the wealthy have had always had and bringing it to us well if I were to be honest with you it wasn't as pleasant of a surprise or Pleasant of a exchange of resources as we thought you'll find out more about that as we talk about this report again another 24.3% increase from 209 to 2020 2021 we had another all-time high another million on top of the 4.4 so we had 5.4 million new filings of new businesses created this was an astounding increase of 53% compared to the 2019 in a solid rise of 22.7% according to the numbers of 2020 the number of businesses recorded

in all-time high since 2008 2005 excuse me this significant rise although it sounds good in theory let me tell you about the potential challenges that it has caused and the challenges that it will cost number one market saturation the influx of businesses that entered the market completely disseminated natural growth laws everyone that had a how-to video Airbnb Uber what's the what's the car app turo all these creative ways to get in business everyone's selling books and ebooks and all this stuff potentially all selling the same things Market saturation some of you have seen the effects of that where there's a bunch of people in the same Market it doesn't even matter if they're good doesn't matter if they're better than you it doesn't matter if you have better customer service when there's so much of a surge of any particular Market but all markets seem a surge it's a scary place to be in

because anytime you see Market saturation you can bet your bottom dollar it'll be harder to generate revenue and even more harder to generate profits number two resource constraints because there was Market saturation guess what happened it was harder to find raw materials skilled labor and even capital I know everybody online was doing those Bank plays here's the newest bank that's going to give us funding here's the newest bank that's going to give us what we need and then you saw time and time again what happened to those Banks they got stung and stung and stung but don't worry there will be a new course teaching you bankruptcy and how you can negate actually paying any of that debt because of some law of your rightful laws that you have that can help you right off that debt and continue to do the same play again the problem that most people do not see is the effects that that actually has

has in the market when you have novice continuously making novice like mistakes keeping us from moving forward keeping us from building on the past because everybody seemed to be quick to wanting to make money to change their financial circumstances only if you were to be honest if you were to look at their real Lifestyles to be in the same situations that they were they just got bigger cars bigger houses and bigger expenses number three the mistake of having a bunch of new people hit the market heightened competition in areas that never really had competition that if somebody figured it out you could make a fortun now you have a bunch of people in a specific area doing the same thing with the same skill set with the same strategy who read the same book now competing with you now what what happens when there's a bunch of people want the same products offerings land or properties increased

competition now whether they are good or not if there is an increase in competition in the same said Market can I tell you what happens price increase inflation so what was supposed to cost you one price ends up costing you another because there's a bunch of people in the same thing and guess who doesn't care the person who is selling you the course on that new business model that new quick flip I think everyone should be doing this and for some reason we never Ponder and think if they had 10,000 people come through this program in the same regions how much more difficult would it be for me to run my business in these set regions and they use these PLO bringing you up talking about you keeping you committed to it and if you notice anytime you had a specific Niche that your Mentor your Guru knew about guess what happened they wanted to tell the whole world about you tell you exactly what you're doing so they can

bring more people into the program to learn exactly what makes you different so they can make money on it but it makes and it Waters down your profits there's a Cru crucial significance about that there's another issue that arises from a surge of business creation among startups and instability the rapid increase in business activity followed by a rate of business failure see everybody tells you how much money they making but they never tell you how much money they lost see we've been extremely transparent we made a lot of money but we lost more than $4 million in a 45 day period because we were out of our league we grew too fast there are so many of the people that's online who even had paid press releases also paid podcast interviews that look like regular interviews but they're paid for that give you the impression that everything is up but in truth it's a silent desperation they're in silent

desperation for something to shake because everything is collapsing they never tell you what happens when you take too much debt they never tell you what happens when you leverage too much relationships products opportunities in Banks they only tell you the good but I haven't really heard a lot of people talk about the bad they blame the market they blame the people they blame uh uh you not taking the courses but they never actually even had a vetting process to even determine if you were even capable or able to facilitate the courses in the way that it should just disclaimers of in two days or less if you don't ask for your money back there's no refund not giving you enough time to even see if it's a fit for you furthermore when you talk about an increase or an influ of a bunch of people in the market a bunch of people were learning how to but they never learn regulatory challenges see there's a lot of things

that people fail to realize and it's something that I had to learn real quick that app absence or misunderstanding of the law is not protection from it that although you may not know the laws and regulations to do business in a specific industry it does not take away from the fact that if you are seen criminally or civil operating illegally that causes for suits as well as jail time these are things that we're not taught everyone talks about college they talk about traditional or institutional education but what happens when you get to the bag too fast but you don't know regulatory laws that will protect you see these challenges they underscore the importance of cultivating an ecosystem for businesses providing a place where people can actually trust the community that they're in without feeling like they're predatory see when it came to any of our companies any of our products any of our

services we always talked about the importance of focusing on skill and not industry because I don't know just like some of you don't even know where God wants to put your gift in your abilities but the truth is when you're only looking for a quick flip the quick flip always comes in bites you in the behind doesn't it but learning true skill sets that can have you maneuver through whatever profession whatever industry wherever job force is actually extremely important what we saw enter the Market within a three-year period more than 15 million businesses entered the market we saw a limited in a limit in experience in preparation Jake what do you mean by limited and experienc in preparation people reading books and watching a YouTube video and all of a sudden figuring like it's cool for us to just go and start a business limitting experience and learning how to cultivate talent and invest in talent and make

sure that everything is in in line to make sure your company doesn't fter guess what y'all I was a victim of limited experience too of Supernatural growth challenges in financial management see what I had to learn that there was a difference between personal financial management and Corporation financial management see these are the things that people don't really talk about learning how to read profit and loss statements learning how to read Financial projections correctly these are the pieces of business that we don't really understand how it affects the business how yes you traveled on vacation this month but in two months you had no understanding that in your industry it is the winter period where it's hard to make money so you hired a bunch of people in your summertime but in your winter time everyone was affected challenges in financial management operational inefficiencies I can't tell you how many

people talk about automation automation automation but you cannot automate what you cannot duplicate delegate or regulate see automation is the icing on the cake it's the cherry on top see regulation is the butter and the seasoning it's the cake mix duplication is the oven you bake it delegation is put making sure you make sure everything's right you cut it all nice to make sure everyone gets an equal piece automation is the process where it can run so I see so many people online specifically in small business America taking the advice of automate automate automate not even realizing that you don't even have everything regulated to automate do you know the effects of what happens when you put technology in place where humans haven't proven it yet it's catastrophic Market strategy is an effect where you're just going on the latest YouTube video of what matters or what's working and you alter your your

entire company based on the market strategy of some kid that's really low-key in their parents room that paid for a couple of reposts and retweets that maxed out his credit card to make the world think that what he said was law that backed nothing statistically and it was proven by nothing written through the journals so we changed our entire marketing strategy without knowing even how to do Market isn't it crazy how many people tell you to do your due diligence but how many small business owners today never even learned how to do due diligence imagine someone telling you to do due diligence and you just figured out or heard the word for the first time see Market strategy is extremely important because if you don't understand the market and how people actually want to achieve receive and compensate you for the products and services you offer you're literally shooting at the wind I don't know how

many people created social media courses of how to navigate social media that's actually free on the social media platforms and the information that they're sharing with you is some rendition of someone else's course that's a rendition of someone else's course that's a rendition of someone else's course have you ever played the telephone game how well does that work the adaptability to changing market conditions I've seen so many traditional business burned out bankrupt because of covid the pandemic and the new world of business and I've also seen people that after you adapted to the new world of business businesses exploded and you did not know how to retain it in bankruptcy can I be honest that was almost us growing too fast almost killed us if it were not for True training and certification and stabilizing the company on traditional businesses we will be in a world of trouble but because we had proper

training we really built businesses offline before getting online we were able to navigate sustain ourselves but what it showed us was that if we could be affected but we stabilized how many small business owners had great popping businesses That Couldn't stabilize because they were not prepared we're going to talk about that a little bit later growing too fast getting into the market hearing all these people tell you that you should be a boss and most of us fail to even realize what compliance and Regulatory considerations are this lack of knowledge could affect us when it comes to financial complications legal matters see it cost to do business and be in business it cost to operate at the highest level it cost to put yourself in the right position to ensure that you're protected your staff is protected in your intellectual property but if everyone tells you online just give all your Trade Secrets

give it to the world take what makes you special and create a $2 course or program or ebook and you'll get rich today but you'll bankrupt yourself tomorrow not taking lawyers and and consultant seriously these things actually matter the challenges faced by businesses startups in 2023 provide evidence of some of the issues that arise when inexperienced businesses enter the market these challenges encompasses aspects of business operations and management economic concerns and worries about the recession let me read this to you the 2023 small business owner report published by Bank of America highlights that 72% of business owners Express concerns regarding a potential recession 79% of them talked about commodity price 68% of them talked about political environment in the US another 68% talked about the fears of interest rates another 67% talked about disruptions within the supply chain another problem or cause of effect

employee attraction and retention if everyone is talking about being a boss who's going to help companies thrive this is important can't keep teaching everyone how to be a boss one there's a timing in a place for everything I don't believe that everyone is ready to be on their own yet you may say it because it sells your courses but I'mma say it so that it can save the economy there's a lot of people right now that left stable jobs to be unstable knowing that you are not committed enough to not only build a company but provide jobs and opportunities studies actually show through the senses that that the amount of money that small business owners make and take home that a manager at at a nice profitable ran Corporation will make the same amount of money so yes I know a lot of people are teaching you small business run your own company but running your own company at what cost most small businesses can't even

afford health care most small businesses can't even afford to hit payroll on time most small businesses can't even keep clients regularly where the retention is high and do you know what the effects of not having a stable small business is more than 61% of the job force is created by small business owners jobs opportunities careers progression development of talent small business owners but what happens if we continue to allow a generation of people my generation and Below to continue to make it seem as though everyone needs to be a boss or entrepreneur before their time parents that are watching this right now that watch your children jump into entrepreneurship too soon you know their struggle and those of you that that are watching this right now that know exactly what I'm talking about you can look in your bank account right now and tell me if I'm telling the truth but because you said that your God

told you that you were supposed to walk away from your business now you letting your ego stop you from going back into the job Force I'm going to talk about the reason that a lot of people are leaving the job Force right now what small business business can do to make it better but what I have to get you to understand is that 49% of business owners have reported that candidates showing no interest in working go figure while 36% face issues with candidates not attending interviews and 20 20% are struggling with compensation packages when it comes to retaining employees 61% of business owners state that their employees desire salaries are unrealistic 39% report a disconnect between job expectations in reality why 35% find their staff to have Wishful work hours that are unrealistic what we are seeing entering the market are a bunch of people that don't have understanding of what it takes to build an economy they have

unrealistic expectations of the money that they think that they deserve versus the value that they actually bring there are so many young folk especially in my generation and below that actually think that because you've been at a job a certain amount of time or you had these said skills do you know the problem about these said skills is that that Mastermind that you went to that course that you went to that conference that you went to doesn't actually transfer or transition into a real job or Equitable or credited time of real expertise Jake what do you mean well I don't know if y'all know that there's a there's a huge secret group of entrepreneurs that have a big following online that are secretly getting jobs that are still teaching you entrepreneurship while they got a job to sustain their life I don't know if you know that this has to change because if it does not our economy as you know it will not be the

same see Enterprises make a big focus on finding credential educated professionals can I tell you why because when you have a publicly traded company they are uh responsible for a higher level of Regulation and accountability that private companies that are not publicly traded are protected from but it's my opinion that regulation should be regulation because in my opinion I'm going off the facts right now but this is my opinion that no industry impacts America in a larger way than small businesses in our economy and when you talk about accreditation or accredited did you know to even invest in certain Investments you have to be accredited a million dollars of net worth more than 300,000 of earned income to be considered accredited now I find it quite strange that if small business is the backbone of America why there hasn't been a staple or a a certification that was created to ensure that the people that provide jobs

opportunities and careers that set up shop in in our communities that provide grants and and in in and promotions and and and invest into the community why is there not a staple set to ensure that we have the same regulatory basics of understanding of responsibility of what it means to be a small business professional what I've noticed is that the people are actually willing to invest in training we've seen hundreds and millions billions of dollars that has been transacted in the self-education space the issue is that the majority of these conferences and courses and masterminds are too focused on how to Concepts versus the full learning will that's required for full understanding and comprehension in order to be successful specifically in a small business Market you have to be fully adapt to all functions of learning it's the what it's the why it's the win and it's the how and based on our proprietary

learning model um we built the comprehension quadrant we came to the understanding that there are four components to learning to the Learning Cycle it's need it in order to increase your chances of success and mitigate your risks can I tell you something the reason why so many of you like to run to YouTube and Instagram and these courses because y'all are infatuated with the howto but can I tell you something that's important for you to understand the howto does not stabilize your company the howto doesn't provide jobs that people can depend depend on actually the howto information how to be a billionaire How To Be A Millionaire how to buy real estate how to do this how to do that that's actually the last piece of a four component learning module that we built some of you don't know I actually went to school for education I was a certified and licensed teacher in the state of Texas so when it

comes to learning I know a little bit about it and with training over 50,000 Business Leaders in over 22 countries and over 2,000 active small business professionals that we have in a private small business Society I think I understand and I know the components of what it takes for someone to actually get the information that's needed and be able to retain it and a lot of you are how to hoarders you go from course to course video to video trying to figure out all the how-tos that you can but how-to is the last of our four components the first thing you need to understand is the why now I know people say what is your why that make you cry that's not the why I'm talking about the why I'm talking about is understanding the purpose in motivation see why is the knowledge and skill that's important for the business and the road that you're in the why is the strategy of the role of the product or

industry that's important so so before I get into something I want to know why a lot of people ask me why didn't I get into Airbnb because I knew that the why that people were making a lot of money was not something that could stabilize long term but if you don't understand business economics you don't understand business research and Analysis what you will not understand is that the reason why Airbnb blew up was only because the pandemic had everybody pinned up and the Hotel Market was shut down so the Airbnb Market had to thrive because allow for people to travel with the safety of protecting themselves from that disease that we shall remain nameless so when everybody was building businesses and quitting jobs thinking that Airbnb will be the same that it was during the pandemic you're realizing that your commitment to that industry was novice likee so when you understand the why you also have to understand

why does this industry or this role align with my personal business or career goals I seen so many people leave like truly stable careers to trace this chase this idea that's actually against their integr their integral code or their career or personal goals can I tell you the truth I was one of them I start buying cars and jewelry and all this stuff I was not aligned in the way that I should have been cuz the internet can take you by force when you don't have anyone that's teaching you the real but everyone's teaching you the how to after why then you start to study the what see the what is building the knowledge base notice I'm not on how to yet see the what is what do I need to know about this subject or skill it's the comprehensive knowledge of the industry or the role but if I don't understand the What the how or even the wind doesn't even matter see the what helps you understand the essential theories the

concepts the informal also the regulations and practices of that industry see we were never taught to actually go look at journals of people that came before us to ask ourselves if they've already done this and what is the repercussions of moving like this see that's what the what brings you the why brings you the purpose and the motivation but the what brings you the knowledge base and I know that the what doesn't make you money today but the what saves you from losing money when you moving too fast after the what turns into the win notice I haven't talked about the W the how yet the win is identifying the right timing when is the appropriate or strategic time to apply this knowledge and skill when should certain strategies be implemented for maximum Effectiveness how does timing affect the success of any decisions or actions see see see wind is timing so when you talk about the wind we're identifying the

right timing see a lot of y'all were buying courses and going to conferences and going to Mastermind when the person teach teaching the course The Mastermind or holding the conference made their money in the beginning of the pandemic and was not making the same money by the time they taught you the course but you're buying what they did versus what they're doing and that's affecting where you are today identifying the right timing is important so when I looked at Airbnb and tour I realized based on timing and based on the econ economic Market this was not the time to get in some trendy topic so timing is important timing will let you know is it the right time for me to leave my job or are these people telling me to leave my job so I can buy their High ticket program only for them to blame me for not executing what they promis I can deliver on when is the right timing when is the right timing to tell

my friends and family that I'm going to be away when is the right timing for me to put my entire life savings up when is the right timing it's important nobody cares about the win when is the right timing that I'm supposed to get a trust Iggy when is the right timing that I'm supposed uh to to get this portfolio business or buy a company or start this product is it the right timing when is the right timing see when you go from the why the purpose and motivation to the what the knowledge base of the industry to the when when do I apply it when is it best to get in the how is the last on the list because the how is the easiest part that's why so many people online are selling courses and books on the how because the how is the easiest to sell because the how is just you applying your knowledge practically how do I effectively Implement what I've learned how do I understand the methods and tools and processes that

iuse how can I adopt and adapt these skills to my unique business proposition and I want to tell you all the truth the reason why so many of you are not achieving in the way that you wanted to it's because how doesn't work when when why and what are needed to exist see if you know the when why and what you can even hire the how but if you only have the how that's where your shortcomings become and so right now I know you guys are probably thinking like Jake this is a lot going on man you talked about all of the worst things that happened I thought you was going to talk about Solutions I promise you I will but we also facilitated a 63 person executive summary now don't forget guys that this report that is written as you can see is written you're going to get access to the same report because I'm tired of us acting like amateurs in this business space let's stop listening to people that just made money a year

ago that doesn't have a history of winning and thriving and even coming back from difficult times I like to figure out what's your War Stories where did you come back from and that will let me know if if we're willing to follow you so we did a 63 person executive summary we conducted a summary with 63 Executives from companies that have an annual Revenue ranging from2 to $10 million and you won't believe what we discovered y'all can I tell you the truth that surprisingly only a small number of these companies created a budget even fewer actually utilize them to maintain control of their finances this approach is beyond the result in chaos and financial difficulties down the road I know on they tell you that the money that you make is yours but when you're building a company where you're within a company that money ain't what you think it is here's something even more shocking did you know that most business

owners don't even know how to comprehend a report if you were to give them a data report they wouldn't even know how to read the report so if you don't know how to read the report how can you forecast and hire someone within your company and tell them that the next 10 or 20 years you can Bank your bottom dollar that we will be here and you can you can buy a house on our salary you can you can put your children in daycare on our salary you can get medical on our salary you can build a family on our salary but the owners and the executive staff collectively don't even know how to read reports to even let you know where you where they are financially to date and where they will be tomorrow this is where Enterprises outproduce small businesses did you know that based on the report that we did that most small business owners have no clue about the day-to-day activities of their employees job RADS and expect ations are

unclear you want to tell you why because there's a bunch of entrepreneurs today small businesses that were traditional and that are active today that hate Corporate America so much that there is no discipline within their businesses and be without discipline there's no structure now I hate to bring God in this but imagine uh a universe that had no laws and no rules we wouldn't know what day we would have gravity and what day we wouldn't a business or an opportunity without rules is not a family or a legacy that can be built on when it comes to sales and marketing efforts for most businesses did you know that most people take a shot in the dark you look on social media and you say oh uh they paid for this and they got that so let me pay for that influencer oh they paid for that Facebook let me buy that ad and before you know it because you don't understand the market and how to analyze the market and how to manage

your social media content on different platforms despite what platform it is I want to understand the platform can I tell y'all a secret moving forward we have a rule within our company we do not get on a new platform if we do not understand the rules of how to Market on it so many small business owners are wasting so much money are for somebody reaching out to you in your email through your text messages promising you the world only for it to not happen because you don't want to do the work to actually learn your industry you just want to run your business make your money and you think that that's how you win in life okay how's that been working for us given haphazard practices it's no surprise that many of these businesses face challenges when seeking loans from Banks during times can I tell you something about the um Bok Community black indigenous people of color we like to play the color game

when in truth our businesses are out of whack that's why we don't get funding that's why we don't get Investments your business plan is unrealistic that's why you don't get funding that's why we don't get Investments that's why we don't go public our systems are subpar to say the least that's why we don't get Investments that's why we don't get funding now we do have red lining we do have Sy systemic things that keep us moving forward but the majority of our our mistakes are because we don't study business we just want the result of it fancy cars big house nice private school but nothing that's sustainable which is why our children typically don't want the companies that we build the emergence of new businesses is also because of traditional small businesses mentality not to adapt to Innovative efforts they're depending on past success and they're comfortable which is why so many of your

employees are seeking flexible and autonomy Innovative comp methods and models limited growth in traditional roles desire for Meaningful work not embracing technology and digital platforms not embracing economic change cultural shifts small business owners that are traditional you are the fault too thinking that the way that you've been doing business is the only way that you need to do business which is why your staff wants to leave you you have yet to invest into their education you have yet to invest into their character or into their career you have yet to invest into their credentials you have yet to invest into their education so they're having to go and seek and find information because you failed to do what's needed to be able to to pour into your people and that's why small businesses versus Enterprise businesses it's a big difference because Enterprise businesses no listen I have a

limited time with you so let me get the best out of you let me invest into you let me create a history so I can get the next top talent small businesses we want a penny pinch and you have excuses and reasons why we can't keep top talent so yes I've talked about all all of the things that small businesses have been doing wrong and the effects of why these things should happen but now I want to talk about the solutions the solution one is that we have to stop building our businesses alone we need a regulatory body we need a professional development community that actually cares about us moving forward in the industries that we're in and that's why we create the private small business Society we have over 13 certifications that we've written in the last two years from operations to Executive trainer research analyst customer support operations professional HR project management sales professional product developer these are

all our certifications marketing professional small business professional executive leader senior executive leader you got to start understanding and taking the positions roles or businesses that you're in seriously after you get those certifications and you have that community that we built it's time for us to get serious about strategic planning this in include sales plans marketing plans HR plans the package outlining goals for 12 24 months that you'll gain Focus scripture says without vision of people Shall Perish and there's too many small business owners risking their lives and taking people from stable careers on the whim of an idea not a strategic plan it's time for us to Achieve Financial Fitness I hear you you know how scary it is to entrepreneur say that they're not really that good with money or that good with numbers how are we hiring people and we're not that good at numbers you know how many small business

owners I know I've met that don't even know the numbers of their business yet we're hiring every day and changing prices and giving discounts and we don't know the effects that that has on our company as well as the people that we employee know how many small business owners I know to date that don't even know their profit and law statement we got to start investing and developing in our employees companies that actually invest into certifications and continued education in the career of their employees see a 25 to 40% increase in the in the in the longevity or the stay of the retention of their employees and staff do you know that most employees leave because they feel like they've reach their limit in growth why you as a small business owner you're comfortable with where you are but the reason why you can't keep tallenge because you fail to continue to grow small businesses fail to embrace

technology technological advancements they failed to resolve customer experience issues my goodness this is probably number one gang of small business entrepreneurs whose businesses fail because they've never had training and customer support did you know that your business could not and would not survive without true customer support do you remind me Bic black indigenous people of color businesses don't don't Thrive because of lack of customer experience and support here's the scariest thing according to the data of Census Bureau there are now over 30 million businesses operating in America as of 2023 this represents a 5% increase from 2020 so as you can see a large majority of new entrepreneurs came in from 2019 to 2020 taking a look there was a 7% increase in Revenue see a lot of y'all get caught up in the revenue game but what you have to understand is that when it comes to revenue and we'll talk about it

later but most reports are based on real growth rates meaning the only thing they're looking at is the increase of Revenue so you're leaving your job or your careers you're risking your entire business off of jumping into another industry because there in there's an increase in revenue and output but the increase of Revenue and output is because of the cost of living going up and interest rates going up so the prices go up therefore meaning that the revenue increases but the profits are diminishing see if you don't understand economics you wouldn't understand that we did a another survey over 5,000 Business Leaders the cost of acquiring customers have increased retail it cost $300 to acquire One customer healthc care $750 to acquire One customer Professional Services like like consulting or finances or advising $2,100 to acquire a customer manufacturing $1,800 to acquire a customer Hospitality $450 to acquire a

customer these figures are in line with leading is benchmarks of approximately 350 for retail 700 for healthcare roughly 1,900 for Professional Services and 1,500 for manufacturing such discrepancies highlight the importance of establishing customer acquisition goes tailor to your industry y'all are running businesses on how toos and not even understanding the cost of acquiring businesses and clients in your Market we also discovered customer retention rates manufacturing had a 35% churn what churn means is their leaving Hospitality more than 30% of businesses C customers churn annually retail 25% Professional Services 22% healthc care 20% and Manufacturing at the highest at 35% that was based on JD Power this indicates the pressing need to prioritize customer experience it is crucial to identify pain points and address them through enhanced service but do you know what happens when people

get social media famous they don't care about their original customers which is why the churn is so high and when the churn is so high the stability of the company is altered because you will always have to get new customers to sustain the old business that you already had and it's so much easier to keep old customers than it is to find new ones this is the lack of Business Development organic search traffic has increased it's not a surprise that retail lead in terms of SEO because people are starting to search but search traffic has increased because paid search spins have also increased cost per click that means someone clicking on an ad on on a website it's up 25% the high Crosser cost all categories reflect the competitiveness within a paid search Market this is the effect of everyone teaching everybody entrepreneurship now because you got so many novice in the market not knowing what they do it rises the cost of

everything up which makes it harder for people that really know how to do business to thrive and succeed which is why a lot of you have seen such a short falling in Revenue moving forward social media usage isn't on the all-time high but it's not surprising considering the billions of users on platforms today when asked about Revenue growth in 2021 compared to 2020 we saw healthc care growth 7% Professional Services grow 7% manufacturing grow 5% Hospitality grow 4% and Retail grow 3% but you have to remember that all of these reports are due to real growth rates they do not include inflation and cost of living what is that mean that if inflation increased 30% that means that all prices have to increase to in order to keep the market and and be able to sustain lifetime or living or cost of living which means that the revenue shows that there's an increase in the market but the profitability does not show that it

has changed so when you decide to quit your life to go into entrepreneurship or transition your entire Business Without truly even understanding the industry you're already in these are the effects that could happen into your business and I'll let you look at the report of the strategy IES that people should be using in each of the industries but the biggest thing I want you to understand is this times have changed and what we've had to realize as a company ourselves is that what work in the old way of doing business doesn't work today and the scariest thing about today's way of doing business is that it's ever changing every day so to not have your team on certifications to not invest into your real life educ ation is crazy and when we talk about our process remember we talked about our component of learning it was the why it was the what it was the when and it was the how and the reason that the private small

business Society is important in the state of small business is important is because one we will always bring you the reports to let you know what's really going on in the market but number two we have the solution in a private small business Society we have over 500 professional development how-to lessons teach you how to grow on social media how to grow in your marketing how to build a product how to launch it these are all the howto with over eight books written to support you in the private small business Society not only that we have another side we've now become the only organization in American history to solely focus on small business with professional development and also certification do you know how many entrepreneurs that become entrepreneurs that go into the uh entrepreneural force and then try to go matriculate back into the job force that those time that time away doesn't

translate because you can't give credit to the conference you gave or the or the Mastermind you went to and the money that you show that you made it only shows that you're great at sales and not any other aspect well we created certifications we want to set the standard of what it means to build in a small business World from basic certifications to Specialty certifications we have the small business professional certification all the way up to the CCE the certified chief executive leadership certification teaching you everything that you need to grow everything that you need to expand but the most important thing is that we're the first organiz ation in history to create true certifications that are going to help regulate the small business economy now I've done a lot of things wrong in my small business Journey but I've also done a lot of things right and what I refuse to happen is that there is

no one that steps up and everyone complains about what's wrong but nobody's providing the solution so for those of you that want to have you have interest make sure that you download the report when you download this report that's getting put into the comments right now and getting put on the screen when you download the report you're going to get a link and information about Saturday's private small business Society overview we're going to be breaking down all of our certifications what it means for you to be a certified business professional what it means for you to be a certified small business employee EMP and a professional and what we're doing to bring quality education true certification and what we're doing to build a vocational business school to bring all this information to you at a faster more affordable rate but what you have to understand is that if we do not get better as small business

professionals what is going to happen is that the government is going to create even steeper regulations and bigger Enterprises are going to be able to continue to eat up our markets and before you know we all are going to be working for small business enterprises it's going to be harder and harder to build our own businesses it's going to be harder and harder for small businesses to be able to provide the value that we do in our communities so the private small business Society is important your retan with UC Berkeley showed that the community is important but the question is are you willing to take the next step to put your life in a better situation to stop playing amateur ball in a small business World whether you're working a job or you're running the business itself you got to understand that in order for us to move forward and stick together and continue to allow for us to grow and expand we got to get serious

about this industry and we got to start calling out those that really aren't about change and really don't want to build real credentialing certifications and and bring about professionalism in the way that it should there's no reason we should keep talking about I just got started in the industry there's no reason we should just keep talking about that we have we have to keep uh uh supporting each other until we figure it out if there is no standard that is set that we all abide by is going to continue to be the Wild Wild West and if you continue to allow the Wild Wild West until we all collectively decide to regulate ourselves you know what happens when the government steps in it changes the whole game and with so many people entering into the entrepreneur Market with all these scams and quick Rich get rich quick plays and trust and leaving jobs and cutting people off and not doing all

of that I can tell you one thing that the economy we know today is going to be different and I don't want to destroy what all our forefathers built for us a place where we have true free enterprise but it's time that we get true stability if you want to know more about the private small business society and what we're doing to change that narrative I want you to register it's free to our overview we're having on Saturday we're going to break down the accomplishments that people have been having within a private small business Society some of selling companies some have even bought companies some have gotten promotions within their jobs others have increased their their the negotiation skill to get higher contracts for their business some have even employed more people see what we need more is the what the when and the why because your YouTube these courses online they can teach you the how but I

want you to ask yourself a question where has has that gotten you and where is the stability within your business to make your children and people even come work for you and stay with you and if you're watching this right now you're working working a current job and you're working for a small business owner with less than 500 employees and make less than depending on the industry 38 million a year you are a part of the small business ecosystem and you need to get your owner your manager or your supervisor to watch this video because it's time for us to make a call to action that we need professionalism and accountability and regulation at the highest level in small business America because if we don't it will be changed forever I hope that this first annual report showed you that there are people out here that care about what we're doing because we care and it's not about the money that

you make it's what you earn and what you can keep it's not about getting over on people it's about St stabilizing our economy and if there's no small businesses what are the taxes that are being played to the cities that you live in what are the jobs that are being offered what are the Career Training that people can get starting from scratch and what is the Legacy going to look like if we can't pass it forward my name is Dr Jake Taylor Jacobs founder in CEO of the private small business Society abys Co Capital organization with over 2,000 plus small business professional leaders people that went to Wharton business school in Ivy League got doctorate level earned degrees Masters own businesses run 7even to eight figure companies that are within our society real practitioners that actually care about moving our economy forward because they're is no America without Small Business America thank you for watching and I cannot wait

to see you Saturday thank you

Questions about this episode

What is discussed in "PSBS "State Of Small Business America" Address 2023 | Dr. Jake Tayler Jacobs | ThePSBS.com/REPORT"?

In order: 0:00 Attorney General, Financial Independence, Private Small Business Society, Small Business America; 10:00 Private Small Business Society, Merchant Account, Small Business America, The Life-Changing Power of Adversity; 20:00 Market Saturation; 30:00 2023 Small Business Owner Report, Attorney General, Bank of America, Certification; 40:00 Accreditation, Attorney General, Certification, Comprehension Quadrant; 1:00:00 Private Small Business Society, Professional Development; 1:10:00 Professional Services, Certification, Hospitality, Private Small Business Society; 1:20:00 Private Small Business Society, Small Business America, Ivy League, Wharton Business School.

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The episode runs 1 h 25 min; the transcript is about 11,941 words in 72 timestamped sections.

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