BCS 292 - Business Coaching Insights: Boosting Success with 80-20 Principle

In this episode of Business Coaching Secrets, hosts Karl Bryan and Rode Dog uncover the secrets to effective hiring strategies, the art of prioritizing tasks with the 80/20 principle, and the importance of self-belief in the entrepreneurial journey. Karl shares his personal healing journey and offers invaluable insights into creating impactful to-do lists. They also delve into the world of business brokers, discuss whether starting a second business is a wise move, and share a thought-provoking Zen takeaway for listeners seeking to enhance both personal and professional growth.

Key Topics & Highlights

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1. Hiring Hacks: The Elon Musk Question

• Strategy: Karl shares Elon Musk’s favorite interview question:

   

  “Tell me about a big problem you solved, and in detail, how you solved it.”

• Insight: The depth and detail of the answer reveal genuine problem-solving skills, not just storytelling.

• Action: Use this question to identify potential hires with real experience and critical thinking capability.

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2. Clients’ To-Do Lists: Less is More

• Problem: Overwhelming to-do lists lead to inaction for both coaches and clients.

• Solution:

  • Prioritize the top 2 items that can knock over other tasks.

  • Focus on simplification and momentum (the “done” list beats the ever-expanding to-do list).

  • Avoid piling on tasks—help clients clarify and execute on what matters most.

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3. The Real Meaning of 80/20

• Myth-Busting: Many claim to “know” the 80/20 rule but don’t live by it.

• Deep Dive:

  • The 20% produces results 16x higher than the 80%.

  • Repeated application (80/20 of the 80/20, etc.) reveals real leverage.

  • Create manufactured deadlines for urgency and accountability.

• Coach’s Role: Accountability check-ins are the magic to implementation.

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4. Business Brokers: The Wild West

• View: The business broker industry lacks standardization and can be risky.

• Opportunity:

  • Great joint ventures for coaches, since most broker leads aren’t actually ready to sell.

  • High-value clients are often not broker-ready—prime for coaching.

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5. Multiple Streams of Income? Not So Fast!

• Karl’s Take:

  • Don’t diversify (start a second business) too soon.

  • The saying “the second business eats the first” holds true; only expand when the first generates significant, reliable income.

  • Ideal “second business” should support or leverage the first (e.g., following Amazon’s AWS model).

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6. Thought of the Day: “Believe in Yourself and You’re Halfway There”

• Reflection: Self-belief propels progress, especially given the entrepreneurial rollercoaster.

• Success Reminder: Everyone’s figuring it out—keep moving, take calculated risks, and don’t overplan.

• Mindset Shift: Operate with courage and youthful energy, not fear or caution.

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Actionable Takeaways

• Try Elon Musk’s interview question when hiring or evaluating partners.

• Help clients focus their to-dos on the highest-impact