Entrepreneurs: Monetize Your Expertise Using AI with Terry Brock & Gina Carr + Others

Episode Transcript

Speaker 1 (00:00):
The following is a paid podcast. iHeartRadio's hosting of this
podcast constitutes neither an endorsement of the products offered or
the ideas expressed.

Speaker 2 (00:09):
You can freak out that is an option.

Speaker 3 (00:11):
Generally, you're going to need to make a living and
to pay your bills.

Speaker 4 (00:14):
Gating your own performance metrics is a little bit difficult.

Speaker 5 (00:16):
You name it or do has an app for it.

Speaker 6 (00:19):
I'm Richard Gerhart and I'm Elizabeth Gearhart. You've just heard
some snippets from our show. It was a great one.
Stay tuned, especially if you want to start a.

Speaker 1 (00:27):
New business, ramping up your business. The time is near.

Speaker 7 (00:32):
You've given it hard, now.

Speaker 1 (00:34):
Get it in gear It's Passage to Profit with Richard
and Elizabeth Gearhart.

Speaker 8 (00:40):
I'm Richard Gearhart, founder of Gearhart Law, a full service
intellectual property law firm specializing in patents, trademarks, and copyrights.

Speaker 6 (00:48):
And I'm Elizabeth Gearhart, not an attorney, but I do
marketing for Gearheart Law and I have my own startups
in podcasts.

Speaker 8 (00:54):
Welcome to Passage to Profit, the Road to entrepreneurship, where
we talk with celebrities and entrepren about their stories and
their business ventures. We have a really special treat. We
have two experts from a company called Stark Raving Entrepreneurs
and that's promises to be really fun. They're really engaging speakers.

(01:16):
We have Gina Carr and Terry Brock and we'll be
with them a little bit later in the show.

Speaker 6 (01:20):
And after that we have amazing presentations. We're all about
computers and AI and stuff today. So Nick Foy is
the founder, CEO and chief evangelist of Silverdale Technology, the
ODO consulting company. You must be really smart to be able.

Speaker 8 (01:33):
To anybody who can figure out oh do I don't know?

Speaker 6 (01:37):
And then we have two really smart guys too, our
son Sean Black and the CEO of the company he's
working for. Matthew Bundy is the founder and Shaan so
Lee developer a Bit for Months, a cryptocurrency analytics platform.
I mean, he's kaiser smart.

Speaker 8 (01:52):
This is going to be so cool. But before we
get to our distinguished guests, it's time for the segment
your new Business JE two and five Americans are business
owners or they want to start their own business. So
we always try to ask questions about entrepreneurship that our
audience wants answers to. And so today the question is

(02:13):
going to be what is it that no one warns
you about when you start your entrepreneurial journey. So I'm
going to go to Terry first, Terry, what did nobody
warn you about? Well?

Speaker 2 (02:24):
I guess there's a bunch of things, but probably the
one that comes to mind most is there's gonna be
really good times, but there's also gonna be some rough times,
and there's gonna be some times when you're wondering, oh,
they're offering this much money if I get a real job, okay,
And you've got to look at Okay, what is it
you want to do? Which means you keep going press
on regardless and say, all right, let me clean up

(02:44):
what I did wrong and all the stuff I'll use
that word, stuff that we did that we shouldn't have
been doing, and how are we going to turn that
around and make it happen. There are some that say
it's not my cup of tea. Okay, that's fine, but
I think be ready for that. The more you can,
I like what the United States Marine say, improvise, adapt,
and overcome that in mind, whatever happens, I think you're

(03:06):
going to do a lot better.

Speaker 8 (03:07):
Yeah, I think that that's a really good point about entrepreneurism.
It may not be for everyone, right, but you never
know until you try, and no matter which way it goes,
you'll learn something that you can either take back to
a job or maybe you learn that the entrepreneurial life
is really for you. Gina, what are your thoughts?

Speaker 3 (03:26):
Yeah, I'll just add on to that that. The simple
answer is it's hard, and it's hard to go from
being the person who does the service or creates the
product to the person who builds the company. And you
have to make a decision early on which you're going
to do, which you're going to be and generally, at
least up until twenty twenty five where we are now,

(03:48):
if you were going to grow more of a company,
often you needed to have more people on the team,
virtually or in person. Nowadays, with the evolution of AI
AI agents AI, it's going to be they say that
someone's going to build a billion dollar company with only
themselves as the only employee. I think that's amazing and

(04:09):
exciting and it's really changed the game in terms of
building a company. Which I love employing people, I love
bringing team members on, and yet there's often headaches and
vacations and family members that get married or die or whatever,
and their illness. There's so many things that you have
to think about if you're building a bigger.

Speaker 8 (04:30):
Team, right, and that is a challenge. And I think
you make a great point that a lot of people
don't really appreciate the transition from being a worker person
to being a business owner where you have to really
take into all sorts of different considerations. Nick, what is
it that you were not warned about for your entrepreneurial journey.

Speaker 5 (04:51):
Well, for me, it was about figuring out how to
scale quickly, right, So build for the company you want,
not for the one you you have, And that was
a difficult lesson to learn. If you build your company
to work with the process, is the technology, whatever it is,
based on what you have today, then you're never going
to be able to grow and scale, right. You have

(05:12):
to build with the future in mind, and if it
doesn't work for twelve months in the future, that it
doesn't work. But it's never too early to do that.
So if you don't build it in from day one,
then you're never going to.

Speaker 3 (05:22):
Get to where you want to be.

Speaker 5 (05:23):
That was a big lesson for me.

Speaker 8 (05:25):
Yeah, Stephen Kobe talked about building with the end in mind, right,
and so if you know where you're going, that's a
different blueprint than just looking at where you are right
now and trying to survive. So I think that's a
great point. Matthew, what are your thoughts?

Speaker 4 (05:42):
I kind of think the same thing is Terry a
little bit. Where you're going to have ups and downs
in your process along the way of creating your company
or product, whatever.

Speaker 8 (05:49):
You're working on.

Speaker 4 (05:50):
And for me, it kind of really hit hard when
you as a solo founder that you're the only one
that can really get yourself out of that trench that
you're in if you get there. So it's not like
you can work and wait on your boss or your
company can improve its product, whatever. It's like you're the
only one that can really make things happen. So unless
you actually take the action or learn how to do
something or whatever you're you know you're gonna fail. So

(06:11):
it kind of really leans on your shoulders to take
the initiative and drive to make things happen.

Speaker 9 (06:16):
That's great, Sean Black, I think the important thing is to,
you know, just keep your head, try to learn as
much as you can, try to push through it.

Speaker 8 (06:23):
You know, it's not the end of the world.

Speaker 9 (06:25):
Usually, usually there's a simpler solution that you might be thinking.
So I would say, you know, you will find some challenges,
but you just got to push through and really persevere.

Speaker 8 (06:34):
I think is a good word for it. Great Elizabeth.

Speaker 6 (06:37):
This is something we've encountered with the law firm and
other people. I will say that there are a lot
of people out there that pretend they know how to
do something and they don't actually, so you hire them
and they just don't get it, and that is frustrating.
But in that case, I think what you have to
be prepared to do is to be prepared to say, Okay,
this isn't working out, I'm going and finding somebody else.

Speaker 8 (07:00):
Was something similar, and that is that there's no magic
bullet to hiring. Somebody can look great on paper and
you get them in the door and it just doesn't work.
I've hired other people and kind of wondered, well, why
did I pick this person and they turn out to
be great, And so hiring is a black art and
it's not always predictable. But I think if we follow

(07:21):
elizabeth advice, and that is hire slowly and release quickly right.
If it's not working out, just get out of the
situation as fast as you can and look for another option.
So this has been a great session. I really enjoyed
listening to all of the advice, and I guess the
moral of the story is expect the unexpected when you're

(07:41):
in the business world. So now time for our featured guests,
Gina Carr and Terry Brock. They're the co founders of
Stark Raving Entrepreneurs and they help coaches, authors and speakers
as well as content creators and consultants monetize their expertise
using AI and social media. So there's a lot of
value here. I can't wait to explore it. Terry, Gina,

(08:03):
welcome to the show. Tell us what you're up to
right now and how you serve the entrepreneur community.

Speaker 3 (08:09):
Absolutely, we love serving entrepreneurs. We have been entrepreneurs ourselves.
I think I'm thirty plus years, Terry's forty plus years.
And we know that although the entrepreneurial journey is hard,
that working for somebody is hard as well, and generally
you're going to need to do one or the other
to make a living and to pay your bills. We

(08:29):
work with thought leaders who want to grow their business.
They want to grow their digital platform, mainly by leveraging
AI and a lot of that includes creating recurring revenue
in the form of membership programs and online courses. So
we really help people become the go to person in
their category for that problem that they solve with that
particular audience.

Speaker 8 (08:50):
Can I ask you a quick question, and that is,
if you are working with a client and they want
to start building up, say a consulting business kind of
what is a typical timeline for that? Are you looking
at five years or two years? I guess it depends
a lot on the specialty. But give us some ideas.
How long does it really take to start a business?

Speaker 2 (09:12):
Well, I would say that's going to be hard to say.
It's kind of like how long is a rope? But
it's going to depend on a whole bunch of factors there,
their education, their experience, their connection, what they want to do.
But I would say it's going to be different for
each person. But it's important to sit down, lay out
your plant, look at the old SWAT analysis, your strengths, weaknesses, threats, opportunities.
We all know about those things, and look at what

(09:33):
is likely to be out there. I like to draw
wisdom from those who have gone before us and learn
a lot. Like Napoleon Hill in his book Thinking, Grow Rich,
look at what you want to do, but also what
are the likely obstacles we're going to face out there?
And how can we solve those? What can we do
now to prevent that? And I think that we can
start planning ahead. I think it was a Bear Bryant,

(09:53):
the famous Alabama football coach, that had so many contingency plans.
If they do this, we're going to do that. But
if they do that, we'll do this. He had so many.
He didn't use them all, obviously, but he knew enough
to make sure that they had plans to improvise, adapt,
and overcome. As I was mentioning before, be able to
change and be able to say, all right, this didn't.

Speaker 10 (10:12):
Work out, what are we going to do?

Speaker 2 (10:14):
Well? You can freak out?

Speaker 8 (10:15):
That is an option.

Speaker 2 (10:16):
Sometimes we choose that, or you could say, what no,
let's look at this rationally logically. I find, just for
me my experience, sometimes stepping back and just kind of
taking a deep breath and pause meditation helps for me,
might help for some others. Find what works for you,
and then get the wisdom and the inspiration you need
from others. Don't try to do it alone. One of

(10:38):
the things we say often and start craving entrepreneurs is
the Japanese phrase and saying that they use in Silicon
Valley a lot none of us is as smart as
all of us, and so we want to get that
community tie into that. So you got people that'll tell
you the truth, not just say oh, yeah, you did
a good job if you went up and did a speech.
I do a lot of professionals speaking. If your enemies

(11:00):
are going to say, yeah, you did a good job
on that one if you blew it, But your friends
are the ones that are going to say, hey, come
over here, Terry, what in the world what are you
thinking on that that story of the donkey and the turkey?
What where did that thing throw it? Yeah?

Speaker 8 (11:14):
You got it.

Speaker 6 (11:15):
If you're someone listening to this and you're thinking about
starting a business, how do you know that people are
going to want to buy what you have? What is
your best tool or technique for asking your audience or
your potential customers would you want this? Is this a
gap in the market that I should fill? With this company.

Speaker 3 (11:32):
Well, a very simple way is to take your social
media platform of choice and do a post that says,
I'm thinking of offering a course on xyz. Is that
something you would be interested in? Please DM me send
me a private message and let me know. And that
way it keeps it private and it's not all coming

(11:52):
out of the comments. Oh, nobody responded to her. They
don't know how many people might have responded. So that's
one way, certainly when we're thinking of something new and
recommending to our clients how to assess the market, because
in doing that and using your social media, then you're
right in front of people that are already listening to you. Similarly,
you can send an email that's something like that. One

(12:13):
tool is to interview prospective clients. Go through and actually
make the zoom calls or the phone calls and have
a quick interview and really try to determine what the
issues are and what they might be interested in.

Speaker 8 (12:27):
I think that that's great. It's an underutilized tool is
actually going out and asking people. At the law firm,
we've been kind of making a shift now in our
marketing strategy, and my coach said, go out and talk
to a dozen people in that industry and find out
if you're a good fit for them, if that's where
you want to be. And so I'm in the process

(12:49):
of doing that. You learn a lot and just even
by doing that, I've gotten a couple of clients. So
it's very informative and it's much cheaper than doing surveys
and all that other stuff. Yeah, it's Harry.

Speaker 2 (13:01):
Yeah, I would say I would agree with that strong
that you want to ask that. But I think even
more so. I remember in undergrad school we were talking
about focus groups that people would use and what they
would say. And in the focus group, they'll go, yeah,
I would like the blue and the yellow widget you got,
I'll take the yellow one. But when they found that
they gave them a little bit of money. They said,
here's twenty dollars and you can use it on one
or the other. You keep the twenty dollars whatever you want.

(13:23):
Which one do you want? And they found ooh, they'd
often go for the other one. I would give a
small minimum viable product, as we say. Noah Kagan talks
about this in his book was a Million Dollar Weekend,
So really find out what people will actually buy. People
will say, oh, yeah, I'd probably buy one of those,
and they kind of want to make you feel good,
and yeah, here's a pad on the head. Old boy,

(13:44):
you're going to come do it? Just go for it. Girl,
you got something going that's nice. Find out what they'll
do with real money. And fortunately today we can do
that in small tests. Offer a product on Facebook, offer
a product on YouTube, offer a product somewhere, talk about
it and see who really had to pay something time,
money and energy. If they do that, you got a

(14:05):
better likelihood that they're going to say, yes, we want it,
and that's a more viable product.

Speaker 8 (14:09):
I love that.

Speaker 6 (14:09):
So what I'm hearing both of you say, though, is
if you really do want to start a new company,
you should get social media going first. You should put
a video on YouTube. I use LinkedIn, whatever social media
platform is most appropriate for your business. For this particular
show we're doing now, we use Instagram, Twitter, or Facebook,
and we post on LinkedIn too. But you have to

(14:30):
have something out there where you can reach other people.

Speaker 3 (14:32):
I think yes, that's definitely one of the keys. And
YouTube is very powerful as a medium for connecting with
your audience, building relationships, sharing your thoughts, sharing your heart,
sharing your mind so that they'll know what you're all
about and know whether they like you or not, as
so that they can be setting the stage for whether
this is going to be a good fit for them

(14:54):
to work with you, or be in your program or
buy your products or services at some point. So we
really like that. I love LinkedIn newsletters. That's been very
effective for a lot of our folks because LinkedIn newsletters
go directly into the inbox of the subscribers. And just
recently we've been helping clients and venturing ourselves ticking our
toe in the water to substack. Now. Substack is super powerful,

(15:18):
it has evolved. It's a way to monetize people can
subscribe to your posts, depending on how you set it up,
for free or for paid as well. They allow live
streaming of video now. And one of the beautiful powerful
things about substack is that you get your email list
that people have subscribed. You get their emails and you
can email substack or you can export that list. So

(15:40):
we're very big on kit people on your list, and
so good ways to do that right now A great
way is substack.

Speaker 8 (15:48):
Perfect to look at it. I know Elizabeth is going
to make the same comment that I'm making, which is,
you know your email list is gold. That's still one
of the most powerful marketing tools anyway that you can
collect emails people who are even remotely interested to your offerings.
We have Gena Carr and Terry Brock from Stark Raving Entrepreneurs.

(16:10):
I want to switch the focus though a little bit,
because you guys are using AI a lot in your marketing,
and so I want to pick your brain on that
a little bit. Can you tell me some of the
ways that you're incorporating AI into some of the marketing
plans for your clients.

Speaker 2 (16:26):
Well, you're right, Richard. It is taking spicy storm with
the possibilities and the capabilities that I think as a marketer,
I look at what is the market really looking for?
Not this kind of sort, but really and one of
the ways you can do that here I'll share with
those watching this, those listening to this little secret that
you can use use perplexity. Perplexity is another tool that's

(16:47):
kind of different from chat GPT.

Speaker 5 (16:49):
I use them both.

Speaker 8 (16:50):
Now, what is the difference between perplexity and chat GPT.

Speaker 2 (16:54):
Chat GPT is very good. I love it and it
gives a good resource to find out what's going on
in many different areas. One of the best is their
reasoning capability in the O one pile, so you can
then have someone that can walk you through it. Perplexity
particularly excels in a few different areas. One of them
is the focus you can use so you can focus
on social media is one of the tools. So you

(17:15):
want to find out what are people really say, not
just what they kind of think. What are they saying
on x formerly Twitter, what are they saying on Facebook,
what are they saying on Instagram, on Reddit? And what
you can do is you can select that and what
happens is Perplexity says, Okay, we're putting on blinders. We're
not going to pay attention to what the temperature is here,
or this current news item or some of these other things.

(17:37):
We're only going to look at what people are saying
and social media. So now you can go in there
and do your market. If I'm not a lawyer, but
if I were a lawyer working with patents and copyrights
or something wink wink, then what I could do is
type in what are people looking for most now in copywriting?
What major problems are they bumping into in the New
Jersey area, what kind of lawsuits are coming about, what

(17:59):
do they express, is their greatest fear, their greatest trepidations,
those kind of prompts that we can put together. Now
you're going to tap into what people are really saying
in places where they say the truth usually and find
that out. And I think that's a great tool that
we have in marketing today.

Speaker 8 (18:15):
So you're talking about people who are reacting to posts
on Facebook or LinkedIn, or people who are posting about
experiences that they've had. In the case of intellectual property,
they're wondering should I file a patent on this? Is
it worth the money? That kind of thing. It's soliciting
advice from their friends or you know, business colleagues. Is

(18:37):
that how it works?

Speaker 2 (18:38):
Yeah, it's all of those things in particularly because we're
looking at something called sentiment analysis, sentiment and Elsie find
out what is it that they're saying out there really
and is there enough people that are doing that to
offer this as a market or a product or service.
If it isn't, then that's a different thing. By the way,
they would tie back into what we were saying before
to research the market. The AI tools now just in

(18:58):
that one area are are really wonderful for what we
can do today.

Speaker 6 (19:03):
How important do you think marketing is to a new business.

Speaker 3 (19:07):
I think it's critically important for any business, brick and
mortar or for virtual businesses, which is mostly what we
deal with all that we do work with a few
brick and mortar businesses as well, but it's absolutely critical.
The world needs to know, in particular your target audience,
the people that you serve. Need to know who you

(19:28):
serve and the problem that you solve. So everybody in
your world needs to know that, and particularly you need
to be able to get the message out to those
people who you want to serve, who you want to help,
who your products and services will solve their problems, because fundamentally,
that's what everything boils down to in business. I'll give
you money if you can solve this problem for me,

(19:51):
So that's a big part of it. And marketing has
never been easier. Terry and I both come from traditional
media background where I published print magazines and I had
my own little TV show and things that were very
expensive to do just a few years ago, and now
it's just amazing what we can do with one little iPhone,

(20:12):
a free zoom account and all sorts of ways that
we can communicate with others. So it's really powerful the
tools that are available, and people need to take advantage
of them and know how to take advantage of them,
know how to use them. It's just like many other tools.
If you have a power drill and you don't know
how to use it, then you can do a lot

(20:33):
of damage.

Speaker 6 (20:34):
In your home.

Speaker 8 (20:34):
Gina and Terry from Stark Raving Entrepreneurs Passage to Profit
with Richard and Elizabeth Gerhart. We'll be back with more
right after this.

Speaker 11 (20:44):
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Speaker 8 (22:43):
Now back to Passage to Profit once again.

Speaker 1 (22:46):
Richard and Elizabeth Gearhart.

Speaker 8 (22:48):
Special guests Gina Carr and Terry Brock from Stark Raving Entrepreneurs.
Tell us a little bit about the process that you
use when you're working with the client.

Speaker 2 (22:59):
Well, I think one of the things we want to
do is we want to start with where they are,
what they're looking for, where their pain is, and then
say here's some tools that are out there that might help. Lately, lately,
being since November thirtieth, twenty twenty two, with Chat GPT,
we have seen a lot of the tools around AI
that are able to solve that. For instance, I was
talking to as a professional speaker, I make a lot

(23:20):
of presentations here and there, and I was giving a
presentation to a group of home builders that are in
a homeowner's association and they work a lot. It's showing
people how to put their houses together. They have a
tradition where they would design a house, they do a
graphic of that have really good graphics artists who cost
a lot of money to come in and draw this
and put it together. Here's the house that you would like,
and they do it, and then they look at it

(23:42):
and the couple says, that's okay, but we really would
like the porch over on the right side, not here
on the left side. So now they got to go
back and redo it. It's several more days, more money,
et cetera. And I said, does that happen? And they go, oh, yeah,
it does. I go watch this. So I just sat
down at the keyboard and typed in really what we wanted.
As many that work with Dale three or other tools

(24:05):
that are available to create graphics, No, we can just
type in the words and then it appeared. Well you
should have heard the audience. I wish you could have
been there. They're going, that's amazing because it's happening that fast.
This is like something like how a Star Trek. I'm
a big Star Trek fan, so to see those kind
of things happening, I think there's great opportunities. And right
now is we're recording this at the front end of

(24:26):
twenty twenty five, A lot of good is happening within
AI agents. Write that down. If you're driving as you're
listening to this, just remember it real well and put
that down when you get to chance. AI agents are
where you can get tools from AI to start doing
the tasks for you that others have been doing. This
is where as Gina is mentioning our first one billion

(24:49):
dollar company with one person as an employee is likely
to happen. So I would say get into that, find
out those tools and start using those.

Speaker 6 (24:58):
What if you don't like using software, I mean, I
love using software, but I deal with people that I'm
holding their hand and take it them the whole way
through it. I know they could do it themselves. They
just don't want to.

Speaker 2 (25:07):
Yeah, I would say get started in a small way,
because in a way it'd be like say, well, I
don't like using a car. I don't want to ride
in a car. I don't Well, okay, you really don't
have to, but if you don't, it's gonna hold you
back a lot. Or if you don't like electricity, so sorry,
you know we were using it today. So I would
say get to know it. But do it in a
way that has a way that we gradually ease into it.

(25:27):
Systematic desensitization is a topic that psychologists and psychiatrists tell
us about. If you're scared of something, you just introduce
a little bit of it, not a whole lot, not
enough to scare it, and then a little bit more
and then a little bit more. Get those coaches that
can help you. I'm thinking this will be a good
way to do it, and psychologists who are way smarter
than me in that area say this helps us to

(25:48):
overcome those barriers.

Speaker 8 (25:50):
So, Terry, I just wanted to ask, what are AI agents?
You mentioned that before? Are they secret agents?

Speaker 10 (25:56):
Like it was a close and we're a badge and
I hope another go hey, why to buy this first?
The guys in New York go, hey, I got to
watch for you. Ar No, but that's a whole other thing. No,
the AI agents are little robots. It's like you've got
a system of things that you need to do in
your office. When someone calls in, say for a first time,
their inquiry, they're saying, Hey, I'm looking for a lawyer
that can help.

Speaker 2 (26:13):
Me and copyright and patents. I need some help on that.
You have procedures that you go through. People can do that,
or you can program that into AI, so that AI
says we're going to do this first, and then we
need to ask them this question, and if they ask
this way, we go this and it starts doing it automatically.
You look at the systems that you are implementing and

(26:34):
you think, what can be done here automatically to be
faster and better for the person who is inquiring about it,
and also for us as our team, so that the
team can be deployed toward higher end thinking tasks versus
something that's mundane that we could literally get a robot
to do. So those are the kind of things that
are starting to happen right now, and in this year,

(26:57):
we're going to see some dramatic leaps forward, people way
smarter than me or saying this is in place right now.
So I would say make it a point to start
reading up on AI agents. Just do some searches out
there on your Google. You're so yeah, I think some
are still using Google. You can use that, or you
could use Perplexity, Chat, GPT and many of the others
that are really good out there that give us those answers.

Speaker 6 (27:19):
That was great. I want to go to Gina. I
have one quick question before we go through your processes.
Do you feel like if I learned a software program
like I love Canva, if I really learned that, could
I go into the gig economy and help other people
use Canva? Do you think that's going to be a
gap that people can do well?

Speaker 3 (27:37):
It is, but it's probably not one that I would
advise because it is becoming so easy just to ask
your AI tool, Oh, I want an image of someone
who is heavy and now they have lost weight, and
I wanted to be the same person, and I want
them to be wearing the same clothing, and you can
give it all these details that in the.

Speaker 6 (27:55):
Past it's impossible to find.

Speaker 3 (27:57):
A stock photo like that. Generally need to hire a
graphics person to create something like that. And so the
race to zero, as they say, in terms of what
that's going to be worth for someone to do as
a service, is going down. It's not impossible, and especially
if you get into a specific niche where let's say

(28:18):
it is weight loss and you're really good at those
type of weight loss images and maybe you use AI
to create them yourself, there's still a lot of people
who will not want to do it themselves. They feel
that someone else can do better that someone else, especially
a graphics person has a better eye for those type things.
And believe me, I've seen a lot of work that
people have done and there's a big difference between someone

(28:40):
who has a good eye for something that's esthetically pleasing
versus not.

Speaker 6 (28:44):
Yeah, so what is your process? Then when you get
a client, we walk them through.

Speaker 3 (28:48):
These various stages in our programs that help them to
become that go to person. So clarity, visibility, marketing, sales,
community engagement, and technology, and just get clear on who
you serve and the problem you solve. Visibility, make that
visible to the world. Marketing, whatever your offer is, make

(29:09):
that offer visible to the world, which is different than
you as the business owner, as the thought leader. Sales
have a way to convert that service or product into money.
Build a community, community engagement, build a community around it.
And an overarching theme of what Terry and I do
is to have a high tech focus such that you

(29:30):
can leverage technology to make your life easier and to
do things better, cheaper and faster excellent.

Speaker 6 (29:36):
I don't think high tech means what it used to though,
does it not at all?

Speaker 3 (29:39):
And I want my phone and say, tell me all
about this service, tell me which software is better for
my needs for my particular business side. Should I buy
the ABC software? Should I buy the XYZ software? It's
amazing And that's what software is today, That's what technology
is today.

Speaker 8 (29:57):
That is so helpful. Gina Carr and Terry Brodt from
stark Raving Entrepreneurs. Where can we find you?

Speaker 2 (30:04):
Well for us at stark Raving Entrepreneurs dot com. We'll
give you the information what we have and the way
that you can benefit from that. Stark Raving Entrepreneurs a
little bit cheeky there, but that's okay. We like to
push the edge just a little bit.

Speaker 3 (30:17):
And let me just add that we are often doing
free trainings that you can attend by going to starkradingevent
dot com and we have all sorts of sessions. Sometimes
we're the featured trainers for bringing in one of our
brilliant friends and colleagues to share and to talk about
it in our community events.

Speaker 8 (30:36):
So yeah, definitely go see Gina and Terry. And now
time for intellectual property news, Elizabeth, what are we going
to be talking about today?

Speaker 6 (30:45):
So I did a little bit of digging into AI
and patents because Richard's a patent attorney. I'm a patent agent.
He own's a patent firm that does trade marks, it
coprates too, And I ended up on the WHITO site,
which is the World Intellectual Property Organization, which is really
a great site if you're in the patent world. They
had some historical milestones on here of AI patent applications

(31:08):
and can anybody here tell me what year was the
first mention of the term AI?

Speaker 2 (31:16):
Nineteen fifty six?

Speaker 6 (31:17):
Oh, Terry, did you look that up?

Speaker 2 (31:19):
I have chat GPT running in my brain.

Speaker 6 (31:21):
Yeah, who would have thought?

Speaker 8 (31:23):
Right?

Speaker 6 (31:23):
I don't think we were even born yet that year?

Speaker 2 (31:26):
That year, that's why I remember.

Speaker 6 (31:28):
My next question is in nineteen eighty seven to nineteen
ninety three, a catastrophic event happened that led to the
second AI Winter.

Speaker 8 (31:38):
What was that?

Speaker 6 (31:38):
Does anybody know? Can you guess? There was a sudden
collapse of the specialized hardware industry during those years, and
so they didn't have the components they needed to get
the computing systems to run AI. Then they saw that
because AI became more data driven and computers increased in power,
so that led to what we have today. But which

(32:00):
two countries have the most patents about AI?

Speaker 4 (32:03):
I say, China's probably up there.

Speaker 6 (32:05):
Yep, that's one of them. What's the other one?

Speaker 8 (32:07):
US?

Speaker 6 (32:08):
Yes, very good. And then what is the leading company
for patents in AI. It's IBM, which started out as
International Business Machines way back when and now is almost
all about software, though I do think they still do
some actual physical products. One last thing they threw in this,
and this is just a rhetorical question, but a scary one.

(32:30):
They talked about super intelligence. What happens if intelligent machines
exceed the capabilities of the human brain.

Speaker 2 (32:36):
They will be taxed heavily by Congress.

Speaker 6 (32:39):
I can hardly imagine an industry which is not going
to be transformed by AI. So that is our intellectual property.
In the news, there's a lot of patents around AI.

Speaker 8 (32:46):
And of course, if you have a patent that you
want to file, you can do so by contacting gear
Heart Law, or you can go to learn more about
patents dot com and get a free white paper and patents,
or sign up for a consultation with one of the
Gearheart Law attorneys. And don't forget too you can also

(33:07):
download a paper about trademarks at learn more about Trademarks
dot com and we'd be happy to help you with
any trademark filings that you have. We'll be back with
more passage to profit right after this.

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Speaker 1 (35:18):
Passage to Profit continues with Richard and Elizabeth Gearhart.

Speaker 8 (35:22):
Passage to Profit is a nationally syndicated radio show heard
across the country on the Radio America network and on iHeartRadio.
Passage to Profit is also a popular podcast. We are
ranked in the top three percent of podcasts globally and
have been named as a top ten interview podcast by

(35:44):
feed spot database. So we're very proud of those things,
and we're very happy to bring all of this wonderful
information to our audience. It's now time for Elizabeth segment,
so please tell us what you're up to.

Speaker 6 (35:58):
So I'm running a meet up with Stacy Sherman called
Podcasting YouTube Creators Community, and Terry and Gina both spoke
at the meetup last Tuesday night. It was amazing. We
talked about podcasting and it just shows you how professional
these guys are, because I said, when you come on
Passage to Profit and you kind of switch and do
general business instead of just podcasting, and they were like, sure, yeah,

(36:19):
we can talk about AI with anything, which they have
done here very well. And I have my cat podcast
with Danielle Woollie the Jersey Podcasts, and I'm learning more
every day. Richard and I and a couple other people
went and worked on the podcast studio and Summit New
Jersey on Sunday and made a lot of progress. I'm
pretty excited it's almost done and we have a lot

(36:41):
of people interested in it too. So those are my
main projects right now. And I'm also doing the marketing
for your Heart Law, helping with that and try to
figure out how to use more AI. So I like
that program you told us about for the videos. Because
I'm an hire a video assistant and marketing assistant. I'm
going to say you have to either know this or
learn it. So now we want to switch a little
bit and go to our medical minute. We put this

(37:02):
in because we thought most people are interested in staying healthy,
and this was kind of a weird one. This came
from Medical News today and I didn't know any of
this until I started reading this. But our body cleans
itself all the old dead cells and all the junk
out through our lymphatic system. So the body has lymphatic vessels,
but the brain doesn't have that. So the brain uses

(37:22):
the lymphatic system, but it's only on during the deep
part of sleep called non rim sleep, and it uses neuroephrony.
But if you take a sleep aid. There's been some
studies in mice that show that this can disrupt the
process and it's pretty bad for your brain. Now, other
people are saying, well, look, if you can't sleep at all,
it's better to get some sleep and have your process
disrupted by these sleep aids. But don't take them for

(37:45):
a long time. So I don't take them. I don't
always sleep well, but that kind of stuff always makes
me feel really bad the next day.

Speaker 8 (37:51):
And you know, getting sleep obviously is really important for
an entrepreneur because you've got to be able to think.
That's a big part of what you do, right, And
so if you're tired, I take the over the counter
stuff and I do sleep better, but I never really
wake up the day following. I'm always a little bit groggy.
And you know, I find if I just skip it
and power through it, I'm usually better off than the

(38:14):
sleep bait.

Speaker 6 (38:14):
But I think as an entrepreneur too, if you don't
load your whole day up with meetings all the time,
you can take a nap and then you can work
after dinner. Anyway, enough about that, I am so excited
to hear what Nick Boy has to say. Is the founder, CEO,
and chief evangelist of Silverdale Technology, the ODO Consulting company,
which provides access to world class processes, systems, and change

(38:37):
management methods regardless of a company size or budget. So welcome, Nick,
Can you please explain what ODO is to start?

Speaker 5 (38:44):
Absolutely, so, ODO will describe itself and we in the
industry will describe as an ERP, and then most people
then ask what the hell is an ERP? Right, So,
ERP is Enterprise of Resource Planning ERP terrem is something
that the industry's kind of came up with, and we
really only people it calls it that right is be clear.
Most people would refer to it as the system, okay,

(39:06):
the computer system that you use to get things done right,
and in a lot of different companies and organizations, that's
never just one system, it's a myriad of different systems.
Now D is an ERP system that really pulls all
that together all into one place, so you can conceivably
run everything in your business from one single platform, whether

(39:27):
it's e commerce, payments, accounting, inventory manufacturing, CRM, your website,
you name it or do has an app for it.
And it's a very diverse and very lively ecosystem that
thousands of companies across the US and the world actually
use that's great.

Speaker 8 (39:47):
I've heard the expression jack of all trades, master of nut.
So when you have these ERP systems that do a
lot of different things, how does that compare to like
just buying a single system like an inventory management system
or a context management system. Is there some sacrifice in
the functionality by putting all this stuff together in one package?

Speaker 5 (40:09):
I would say not necessarily. I think if you were
if you were to do a side by side comparison,
let's just say between say a Sales Force and O
do CRM for example, Right, if you just side by
side comparison to the features, then Salesforce is going to
have way more features than O do CRM without a doubt. Okay,

(40:29):
same if you were to look at or do inventory
versus a red Hat for example, or if you were
to look at HubSpot versus or do email marketing or
marketing automation. Right. So, when you look at these kind
of single threaded systems right like those, and you compare
it feature by feature, they're always going to have more features.
But what I think people are underestimating is the power

(40:53):
of having everything all in one place. And when you
have lots of these different and supposedly best in breed systems,
what you actually spend most of your time doing is
trying to keep all your data in sync between them.
You're exporting CSV file, your importing things. You're trying to
figure out why you've got one thousand and one contacts

(41:15):
here in nine hundred and ninety eight year and they
don't match up. You just spend your time wrangling your
data in between systems as opposed to using the data
to your advantage and making better decisions. Right, and so,
don't underestimate the power of having everything all in one
place at your fingertips. I tell you know, when I
get on a call with a client, the first thing

(41:36):
I look at is their contact page and narrow do
Why Because it tells me how many help tickets they
have open, how many sales orders they are currently we're
working on, how many opportunities we're working on right now,
how many invoices they have outstanding? Right? It tells me
how many projects are working on, how many tasks right,
what we're waiting on right tells me what they've looked
at recently on our website. Like all of that all

(41:57):
in one place. Other companies we'd have to go into
five six different systems to do that, and I can
do that instantly.

Speaker 6 (42:03):
And I think what Richard really likes the most about
an ERP is you can get reports, so you can
ask for a specific report, and all the data is
in the same place, so we can give you from
soup to nets like this person contacted the firm on
this date, went into our CRM and became a client
on this date and paid us as much money in
twenty twenty five.

Speaker 13 (42:24):
Yep.

Speaker 5 (42:24):
Yeah, that client journey and that visibility. Twenty years ago
I heard it for the first time. Was this panacea
of kind of single view of the customer right that
everyone was talking about back in the day. And I
would say that most companies today do not have a
single view of the customer right. You know the companies
that do, and you know the ones that don't. And

(42:44):
it's very easy to tell when you hear people when
you call them up and say, oh, I have to
log into my other system for that or all my
system's running a little bit slower. You us know what
they're doing. They're logging into five different places to try
to answer a question, right, and they can't pivot very quickly,
so you know the companies I've got this right and
the ones that have got it wrong.

Speaker 8 (43:02):
I think that's really important. Your heart law we use
oh do Coincidentally, we've had the system for a long time.
If somebody is just starting a business, are they ready
for ERP? Is that something that they should be looking
at early on in their business plan?

Speaker 5 (43:18):
Absolutely. Anybody asks me, am I ready for a new
or the answer is always, well, you should have done
it yesterday. Okay, It's always too late, and it's never
too early, is what I tell people. The reality is
when you look at the cost, okay of getting into
an ERP these days, it used to be at least
tens of thousands of dollars, and I used to be
months and months of effort.

Speaker 2 (43:38):
You know.

Speaker 5 (43:38):
The reality is now you can go to odu dot com,
you can sign up for an account and you can
be live within minutes and you're going to be paying
fifty sixty bucks a month to something. So the reality is,
you know, if you're just a solo entrepreneur, and this
is something we've talked about earlier about you know, it's
never too early to think about scale. So as soon
as you start using an ERP in that way, and
you start adding in modules, you start putting all your
data in there, you'll start seeing how quickly it stacks up,

(44:01):
and you'll start making beut decisions. And honestly, the goal
for most companies is centingly up. When we work with
our clients, my goal is to get you to stopped
talking about your EUROP quite frankly, right, What I really
want you talking about is how you're going to grow
and develop your business, and how the system is going
to be a strategic tool to allow you to do that,
not an impediment, which is what most people to the

(44:24):
systems as today.

Speaker 8 (44:26):
I just want to relate a story from gar Heart Law.
We had an earlier version of the ERP version ten
and it was the public version, and then we migrated
to version sixteen. I won't even go into what a
challenge that was. It was very expensive and it took
a lot of time to do it. The provider who

(44:47):
had installed the version ten it didn't even tell us
about these other versions. But once we got everything set
up and installed, we were able to find out things
that we didn't know. So some of our clients turned
out not to be making our firm any money. We
were able to actually look at different projects, at different

(45:09):
clients and make adjustments to how we do business in
order to make everything kind of work out from a
financial perspective. And without the ERP, that would have been
very time consuming and very very tedious. And so while
there's a cost associated with investing in this kind of software,
it's really important to know that if you get it right,

(45:32):
it can also really help your bottom line in lots
of different ways. And we're spending a lot of time
doing that.

Speaker 6 (45:39):
We've spoken to so many people on this show who
are business experts who have said, you cannot run a
business without knowing what your data is, and that's really
the strength of the ERP. I want to go to
Terry and Gina.

Speaker 3 (45:52):
My question was is it okay for a small business,
very small business or a startup or solopreneur And it
sounds like it's wonderful having a dashboard like that to
be able to evaluate the data. One of the pieces
of data that we're getting that we could do a
better job of evaluating. And I'm wondering does something like
this come into a dashboard or can it is when

(46:14):
we host very frequent Zoom meetings and we have a
lot of different guests in there and community members and such,
and we survey people immediately upon leaving, so we have
these survey results and then either someone has to go
in each time and downloaded and uploaded and evaluate it,
which kind of gets left out of the picture sometimes.

(46:35):
Does your service do something like that?

Speaker 5 (46:37):
Yeah, absolutely so, as they say, we have an app
for that, right, So Ordo does actually have a built
in survey app where you can do after event surveys.
You can also do real time surveys which are also
really powerful. So even during a zoom for example, you
can give out a link during the webinar and you
can actually gather real time feedback. That is taking survey

(46:59):
to another level. We can actually see you know. How
we do that with some of our user training. For example,
we'll actually post a live survey and clients can tell
us a real time is it going well? Is it
not going well? We're going too fast and too slow?
There's no point finding out afterwards that you are going
too fast? What can you do about that?

Speaker 8 (47:16):
Nothing?

Speaker 5 (47:17):
So those real time surveys as well during webinars are
pretty powerful. Not something to think about, so it's not
just post event, you know, you've got to be thinking
about using the tool during the event as well.

Speaker 2 (47:27):
Terry, Yes, I would say, first of all, we've seen
a lot of good coming from ERPs, and you know
better than I do through the years, really good things.
What are you seeing right now that AI is helping
with ERP and what would you like to see coming
in the future. If I could give you, you know, your
wish list here, you can make one wish that kind
of thing. What would it be that you would have
AI do for that? And I'm curious about the tools

(47:49):
that you're using right now for that.

Speaker 5 (47:51):
I've been listening intently to the whole conversation about AI
and itching to get involved in it. We took a
decision about a year and a half ago in fact,
to cap the number of employees that we have at Silverdale.
That was a decision we made and the reason we
made that decision was to force us to grow the
company and scale the company without making a linear growth

(48:13):
with employee headcount. Right now in our inst that's almost
unheard of. Okay, more projects, more clients, more people, okay,
And we decided to break that and we cap the
company to fifty employees, which is what we have today,
and actually now we talk about our fifty first employee,
our fifty first employees called Dale. Dale is our AI

(48:33):
and Dale is trained on over two hundred and fifty
thousand tasks that we've completed over the last five years,
over twenty thousand help tickets, and over thirty thousand pieces
of content FAQ's best Practice user guides. Dale has access
to all of that data and information. So now we use
that data to help support our clients. We use it

(48:54):
to help develop, We use it for coding, we use
it for testing, we use it for sales, We use
it right across our business. In fact, Dale is the
colleague sitting right next to you, Okay, for every single
person in our company, everyone has access to Dale. He's
the best memory that we have and also the best
person to help you brainstorm. And as it turns out,

(49:17):
after five years, with all that data that we have,
is actually the best memory and long term memory of
our company.

Speaker 8 (49:23):
Do you use Dale to answer client inquiries or is
it just an internal resource?

Speaker 5 (49:30):
Dale is external and internally focused. So all the tools
that we develop internally is obviously where we started, but
those tools are also now pointed externally. We've actually just
rolled out a couple of weeks ago. In fact, we
just rolled out our first version to clients. So Dale
is now our first line support is now through Dale,
and Dale will search through all of our help tickets

(49:50):
and find similar questions and the answers that we're provided,
and we'll try and help the client where possible, right,
And we're starting to see some pretty good results from that.
You know, the goal worth using Dale in our company
isn't about replacing people because you know, it's actually is
a tool that allows our people to do more, okay,

(50:12):
and to be more effective and to deliver more. We
start looking at some of our ratios, so for example,
revenue per employee. Since we started using Dale, our revenue
for per employees has increased pretty dramatically, right again, because
we're generating more revenue, but more importantly, using the data
that we as a company have and have always had.

(50:34):
We just didn't have a great way of serving up
that information and reusing it.

Speaker 8 (50:39):
So is there any human review of the answers that
are going out to clients?

Speaker 5 (50:43):
Yes, there is, so they will always do that first
line support every help ticket that comes into us as well,
which is our main method of support every single one
of them also goes against Dale. So Dale will take
that question, You'll go pull an answer and actually a
human RELI look at the answer was provided. We'll adjust that,
we'll add more detail wherever we need to do to
make it correct, and then that learning goes back into

(51:05):
Dale as well. Right, So he's consistently and constantly learning,
and we have dedicated resources now who are there helping
to train Dale. And it's one of those things that
we're talking earlier about, you know, how you get people
to kind of adopt and not be scared of these
types of tools. I'll tell you one of the great
things that we did was actually give it a name.
So when you start to give it a name, it
becomes a little bit more personal, a little bit more

(51:26):
human like, and you'll find during the discussions, right, you'll
actually say, hey, did you ask Dale? And in fact
that became the project name. Askedale was actually the project
name that we've been running for the last eighteen months.

Speaker 6 (51:38):
So we've had a little bit of pushback from the
attorneys at the law firm. So a few years ago,
I wanted to introduce this AI company to do the
marketing because I'm in charge of the marketing thought, well,
let's bring it in that way. There was so much
resistance and I got a viscerated in this meeting, but
Richard had my back, so and then we we just
had a management team meeting yesterday where we're trying to like,

(52:00):
what are the pinch points and how can we solve these?
And it just doesn't seem like the attorneys really want
to use AI like Richard and I do, Like we're like, oh,
we could do this at the other thing, there's a
barrier there.

Speaker 8 (52:11):
Well, I think there's a lot of trust issues because
sometimes you do get the wrong answers. And we use
AI for legal research for example. Usually the answers are okay,
but you also have to ask the right question. But
even still when you do that sometimes so there's still
some trust issues there for some people.

Speaker 6 (52:29):
But the companies that aren't using it are going to
be way behind.

Speaker 5 (52:32):
If you're not using it today in your business and
want some way shape our form, you're going to be
falling behind. There's no doubt about it. And if you
think your competitors aren't using it, then you know you're crazy, okay,
and you need to get on board with this. But
you're right about the data, and you're right about the hallucinations.

Speaker 4 (52:48):
Right.

Speaker 5 (52:49):
The official term for again of the errors, they call
them hallucinations, is very much very I find as I
get older, I've got a lot more of those as well.
Quite frankly, the illucinations really come and you look at it,
it's actually normally either bad context or bad instructions, or
it doesn't have access to sufficient data. If you're in
a very specialized data for example, you know IP law
for example, Right, you're going to be thinking about, well,

(53:12):
what data is it using to call upon. You know,
at the end of the day, all of these large
language models really are just the text predictor. Okay, it's
just trying to figure out what's the next most likely world.
That's really what it's doing in the background, rights been,
you know, at the end of the day, that's where
it is. So it really depends on the depth of information,
on the amount you're going to get back that's going

(53:32):
to be decent. So that's one of the reasons why
we decided to create our own.

Speaker 6 (53:38):
L l M.

Speaker 5 (53:38):
Right, So, a large language model, Right, if you do
use chat, GPT, dot com, you're using whatever data they've
got Okay, you're using their lll M. You're using their data. Okay,
what they've collected, and it's the good or as bad
as what they've collected. In our case, because we're you know, specialists,
we do what we do and we've been doing it
for five years maybe about all this data.

Speaker 8 (53:58):
We actually created our.

Speaker 5 (53:59):
Own LM to supplement Chat GBT and we ask Dale
to prioritize these answers from our l M first. Okay,
and so there's ways and means of doing this, but
you've got to be you know, you're going to know
what you're doing right. You can't just you know, sign
up to chat gbt dot com and use it like Google.
You're gonna make a hash of it.

Speaker 6 (54:19):
Yeah. So unfortunately we're out of time for this discussion.
But Nick, where can people find you?

Speaker 5 (54:24):
You can find us at Silverdale dot us. You can
also find us in all the socials at Silverdale.

Speaker 8 (54:30):
Tech Passage to Profit with Richard Analysts, Pure Heart.

Speaker 6 (54:33):
We're not going to quit talking about AI and software
because our next two guests are working in a company together.
They have Matthew Bundy and Sean Black. Matt is the
founder and Sean is the lead developer of bitformants, a
cryptocurrency analytics platform that allows users to track, analyze, and
create their own cryptocurrency indexes. This is like wooos way

(54:56):
out there, you guys, so welcome, tell us all about it.

Speaker 4 (55:00):
Thanks for having me so, Sean and I've been working
on this for the last few years. And podformance allows
users like you said, to trackingize, creating their own cryptocurrency
indexes and additional market metrics. But the reason why it
came for me is because like stock market has a
bunch of different ETFs, different industries, you can track all
this stuff at the time, crypto instill to a certain extent,

(55:21):
it doesn't really have that industry, sub sector, whatever you
want to call it segmentation like the stock market does.
And so gauging your own performance metrics is a little
bit difficult. You know, if you have a portfolio of
twenty different cryptocurrencies, how do you know your performance is
good versus bad? You know, usually it's just relative to bitcoin.
Maybe sometimes you'll use S and P five hundred to
try to gauge it, but there isn't really that one

(55:44):
central benchmark you want, if you want to call it
for that, So that's where the index is kind of
coming to help where if you primarily maybe like Terry said,
have AI related cryptocurrencies, you can see like, if I
have these AI cryptocurrencies, am I doing good relative to
the AI index maybe? Or am I lacking the AI index?
If I am, why am I doing it?

Speaker 3 (56:03):
You know?

Speaker 4 (56:03):
Are there some that are performing better than others or
are my holdings just not performing well? So it kind
of really gives you that performance gauge and metrics on that.
And then additionally we have the different taxonomy systems that
really help to show in general the market how the
dynamics are working, either in in between the different sector subsectors,

(56:24):
custom benchmarking, back testing tools, just the general kind of
getting more information throughout the market.

Speaker 8 (56:31):
So for those of us of a certain age who
did not grow up with cryptocurrency, could you just kind
of generally describe what it is. I mean, we've all
heard about it, but understanding it is elusive sometimes.

Speaker 4 (56:45):
I think the general promise when it first came about
was decentralized peer to peer payment networks, so you know,
there's no central entity, so like a PayPal or a
stripe or something where there's a central entity that's handling
all the payments like a visa or whatever, and then
you have to lie on them if their network goes down.

Speaker 6 (57:01):
You know, that's it. You can't handle payments.

Speaker 4 (57:03):
Bitcoin is it is decentralized, so that there's no central
entity that controls everything, and it's handled by, in bitcoins case,
a bunch of miners. That's that's a whole separate conversation.
What's mining.

Speaker 6 (57:15):
It's just mining is solving complex math problems.

Speaker 4 (57:19):
That's kind of the simple way of thinking it to
help confirm the transactions that go through and the security
of the network. So there's a bunch of miners, it
could be me, it could be you. You know, there's
anyone can really do it. But the payments are peer
to peer. So if I send Terry or Sean or
whoever a bitcoin, there's no visa or stripe that has
to facilitate that payment. It's just the network itself of

(57:40):
other users that are really helping to make that happen.
How is that different from like zeal right, Yeah, Well,
you know Zell's through like a walls FARMA or something.
So at the other end, you know, the bank really
does have to get the transaction to go through and
then you have to receive it in your bank account,
So there is that entity at the other end. You know,
if there's a bank run or a huge crash or
something and you're not gonna be able to withdraw your

(58:01):
money maybe, or if the system goes down, you know,
the person you're trying to send money to might not
be able to receive it. So bitcoin kind of in
its core, really helps with stuff like that where there's
not really anyone or central any that you have to trust.
It's just a general consensus of the network that anyone
can really be a part of. And it's not a
single entity that controls everything.

Speaker 6 (58:21):
So it's just traded on a trading site like a
website where you have all And I was gonna ask
you how many cryptocurrencies are there? So that's the tricky question.
There's thousands, tens of thousands.

Speaker 8 (58:34):
Now are they quality ones? Now?

Speaker 4 (58:37):
But I mean there's a bunch of sites where you
coul there's crack In, there's boinbase, there's Gemini, there's a
lot of exchanges where it's kind of like a stockbroker,
you know. There's e Trade, there's interactive brokers, there's Fidelity
where you can trade stocks. It's kind of similar in
cryptocurrency where there's different exchanges where you can connect your
either it's a PayPal or maybe your bank account or whatever,

(58:58):
and purchase the crypto currencies and then what the best
practice is to then withdraw your cryptocurrencies from that exchange
and store them yourselves. Otherwise you're still having to rely
on that exchange to hold your funds, which you know,
we see in like FTX or whatever. You know how
that ended up, you know, or next thing you know
that that goes bottoms up, and then people have all
these funds stuck on the exchange and can't withdraw them.

(59:20):
So it's good to purchase them on the exchange and
then hold them yourselves in something maybe like an offline
storage like a Ledger or a treasurer or something.

Speaker 6 (59:28):
And then don't forget your password.

Speaker 4 (59:29):
Did any kid that's yeah, don't forget your password then
you know, and then you're gonna lose your phones very er.

Speaker 8 (59:34):
So I wanted to ask Sean a question, how do
you get your money out of crypto currency? How does
it go from crypto to dollars?

Speaker 9 (59:42):
Like Matt was saying, you have your exchanges right where
you purchase them. I mean that's where you trade them. So,
I mean if you had, like if you bought bitcoin
or something and a couple of years later you decide
to sell it, you would just if it's not on
coin base, like if it's in a ledger or wallet somewhere,
you would send it to coinbase, to your coin basic
count essentially, and then you would sell it for us

(01:00:04):
D And then you can, if you have your bank
account connected to your one basic caount, than you can
just withdraw the just just sold your bitcoin for. So
I mean that's what these in their exchanges. You know,
it's you know, it's a currency exchange, so you're you're
pretty much it is a central entity where you can
offload and buy crypto. By the beauty of it is
you know you can take control of your own crypto

(01:00:26):
by moving it off the exchange. Once it's off the exchange,
you know in your own wallet that you have complete control.
You know, there's no will as Fargo, there's no other
bank or entity that can tell you or you know
has control over your own bitcoin wallet. So but if
you wanted to sell it, you would you would send
it to one of those exchanges and just exchange it
for whatever you wanted to. You can exchange it for USD,

(01:00:46):
you can exchange it for other cryptocurrencies some exchanges, like
if you had bitcoin and dogment, if you wanted to
exchange your Bitcoin for doge coin, you could totally do
that on one of those exchanges. So uh, I mean
that's that's what their function is, just an exchange where
you can trade your USD for bitcoin.

Speaker 3 (01:01:03):
Think.

Speaker 9 (01:01:04):
I mean, at the end of the day, there are currencies.

Speaker 4 (01:01:05):
I just want to add on real quick to Sean.
Is you know now they also have the well I
guess they've had it for a while with bitcoin ATMs
or I mean even you can meet up with someone
in person just pay him cash and transfer bitcoins. So
I mean, like Sean said, it's either a currency or
you think of it like gold, you know, and just
hand someone a bar of gold, then they're going to
send you some thousand bucks or something. So you know,
there's a bunch of different avenues.

Speaker 6 (01:01:24):
I do want to ask you guys something, and I
think we should go to Terry and Gina. But is
that still as volatile a market as I remember Sean?
Sean called me one night and he's like I cryptomates
so much money. I've got like ten thousand dollars at crypto.
I'm like, sell it, Sean, sell it. And the next
day he calls me, he goes, well it's down to
zero now.

Speaker 4 (01:01:43):
So yes, And though you know, the more it's kind
of like stocks, not you know, it's a little more
voltatle in stocks, but you know, you have the established
like an Apple and Microsoft, which is equivalent of like
a bitcoin ethereum. Those are, while still more voltile in stocks,
I would say they have come down a little bit
in terms of volatility since you know, the inception we
are still relatively young in the market, so it is volatile.

(01:02:04):
But then if you go to you know, so called
meme coins or whatever else, some of these more brand
new or ones that are really just kind of coming about,
you might see them go from a dollar to a
thousand dollars, then back down the two dollars and span
twenty four hours. And so as you know, like you
said for Shan, you might see your dollar turn into
a million dollars and then don't sell and it turns

(01:02:26):
back down to twenty bucks.

Speaker 6 (01:02:27):
So it really depends.

Speaker 4 (01:02:29):
On the asset and kind of what you're you're holding.

Speaker 9 (01:02:32):
I would say one of the cool things about theformants
is that you can actually see the performance of some
of these cryptocurrencies over a long period of time. And
when you look at the performance from like twenty seventeen
until now, you know, you might see some short term volatility,
but if you see that if like you didn't do anything,

(01:02:54):
if you just had it and didn't trade it or
do anything like that, or it actually serves you better
in the long run than just trying to like ape
into some of these you know, really vault a last sets.

Speaker 8 (01:03:03):
So I mean, that's one of the cool things about
the website.

Speaker 9 (01:03:05):
You can actually see a track the performance of these
over a long period of time, and then you kind
of get your own insight, well, you know, maybe I
don't want to just sell this, you know in a
week from marks like you know, judge by past experience
and looking at you know, the website, it might you know,
m I've already just pulled onto.

Speaker 2 (01:03:22):
It for a long time.

Speaker 9 (01:03:24):
So I mean that's just kind of one of the
cool things that you can see.

Speaker 8 (01:03:27):
So in terms of performance, if we were going to
compare cryptocurrency, maybe the top one hundred cryptocurrencies. Compare that
to the performance of the S and P five hundred
or the New York Stock Exchange. Would you have been
better off investing in a portfolio of crypto currencies five
years ago or are you still better off investing money

(01:03:51):
in the stock market for example.

Speaker 4 (01:03:53):
Yeah, it depends really on the timeframe I think that
you're looking at. You know, if you invested ten years
ago when it was still brilli, it's so till now,
you would have beat the S and P five hundred
by boles. But you know, certain periods of time you
might see the cryptocurrency actually really underperforms the stock market,
whether you know a lot of the times that has
to do with the volatility, where the upsides are usually
much higher, but the downsides, the draw downs are much steeper.

(01:04:17):
So you'll make more money, but you also lose more
money effectively. So and that's why I think a lot
of people say, you know, don't have all your funds
in cryptocurrency. All your friends in the stock market have
some sort of balance between the two. So you do
get captured some of that upside, but then you won't
get the huge draw down.

Speaker 5 (01:04:30):
That it has.

Speaker 6 (01:04:31):
That's good advice, So Terry.

Speaker 2 (01:04:32):
Oh, I compliment both of you and what you're doing
Matt and Sean, because I very strongly in favor of
what we can do that lasts. Bitcoin is based on
not fiat currency. It's not based on the whim of
some government. It's based on mathematics, and mathematics will not
lead you wrong. And I've been involved in the crypto
community MC at many different conferences. As matter of fact, personally,

(01:04:55):
we're very happy what happened a week ago. My friend
Ross Olbritt was free from prison and he was very
involved in that. Right now we're seeing a lot of
things happening in that realm. And I would say right
now I have a strategy of hoddle hodl hold on
for dear life. So in other words, you buy crypto
and hold it, not worried about selling it. But as

(01:05:15):
you know, places where you can do it. El Salvador
now you can go out on the street and use
bitcoin to buy regular goods at a store, and Argentina
is moving toward that, and there are several other countries
that are embracing that. So what do you see for
the future, I mean, really long term for bitcoin, like
the end of this year, really long term.

Speaker 4 (01:05:34):
End of this year, well, I'd like to take it
a step farther even and not just peer to peer payments,
but you know, you look at somebody like an Ethereum
or other you know, Salana, maybe that you can actually
build decentralized applications on top of the network. So it's
not just as simple as I'm going to pay you money,
but it's I'm going to use this technology to maybe
autonomously handle car data from the actual car to the

(01:05:55):
organization itself without really needing to have a central entity
that it passes through. So that's the kind of the
really the real future is how can we build these
systems and technology without relying on a single person or
a company or whatever that almost build like an ecosystem.
I think that's where the real value of it comes.

Speaker 2 (01:06:14):
In absolutely basically on blockchain, which again is mathematics, not
depending on a human being doing something. It just if
this happens, it takes it for supply chains. It's perfect
for voting in some of the problems with voting. Blockchain
is the answer.

Speaker 6 (01:06:27):
So I wanted to go to Gina. Gina Terry Dive.

Speaker 3 (01:06:30):
We're early adopters of bitcoin in fact, I purchased my
first in twenty thirteen, so long long time ago. And
I think of the roller coasters that I can see
where we live in Orlando. There's roller coasters over Universal
Studio that I can see right outside my window right here,
and it's up and down and up and down and
up and down. We just became comfortable with that. As
Terry mentioned, we have a Hoddle hold on for dear

(01:06:52):
life strategy, and we know it's going to go way
up and it's going to come way down, and you know,
and has gotten more stable. And now that the US
government is embracing it, now that the main investment houses
have their et ups and have embraced it, it's going
to change and there's going to be bigger movements that

(01:07:12):
are artificial, possibly, but overall, we believe in the long
term viability of it very much. So, Richard, if I
could address the question that you asked with a slight
different twist, who said, if you had a basket of
cryptocurrencies versus the stock market, you might have done well
or might not as just as Matthew said, but if
you had had bitcoin for those ten years, you would

(01:07:35):
have definitely done well.

Speaker 8 (01:07:37):
So I share it's worth like two hundred thousand dollars
per coin or something or is it one O three.

Speaker 2 (01:07:42):
One hundred three thousand this morning? And of course it's
volatile and going up and down.

Speaker 6 (01:07:46):
Well, this has been fascinating, Matt and Sean. How do
people find you?

Speaker 4 (01:07:50):
You can go to our website at bitformance dot com
or Twitter bitformance team. Those are the kind of two
primary places to reach us.

Speaker 6 (01:07:58):
Don't go away. We have Secrets of the Entrepreneurial Mind
coming up. And if you missed any of this show,
you really need to go back and listen to it
and it will be out tomorrow on our podcast Passage
to Profit show. We will be right back.

Speaker 8 (01:08:12):
Man, I had a rough night, sleep boy.

Speaker 13 (01:08:15):
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Speaker 3 (01:08:19):
Man, Mind, I'm dying here.

Speaker 7 (01:08:20):
Somebody helped me.

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Eight hundred two six two nineteen twenty six. Eight hundred
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nineteen twenty six.

Speaker 8 (01:09:10):
It's Passage to Profit.

Speaker 6 (01:09:12):
Alicia Morrissey is our program coordinator here on Passage to Profit,
and she's also a fantastic jazz vocalist. You can scroll
to the bottom of the Passage to Profit show dot
com website and check out our album. Our special guests
today Terry Brock and Gina Carr, And this has been
a pretty tech heavy show, but down to earth so

(01:09:34):
that I think the normal person can Mortals like class
can understand, Muggles like us can understand. Now it is
time for secrets of the entrepreneurial mind. So Terry Brock,
would you like to share a secret for our listeners.

Speaker 2 (01:09:47):
I think one of the things you got to do
is as an entrepreneur, make sure that you're sound in
your functioning well as a person. One of the things
I find that helps me every day that I strive for.
I don't hit it every day, but three things s
M study, exercise, meditation every day, study something reading or
listening to good learning, go over to the University of

(01:10:09):
YouTube finding something you can use, and then E exercise.
This is the body you've got, Okay, on this trip
through planet Earth, you got this one. Take care of it.
Do the things that the medical professionals tell us to do,
and stay away from those things that are not so good.
And then M meditation whatever is right for you. Quiet prayer, reflecting, time, meditating.

(01:10:29):
We find those things help you to calm spirit as
an entrepreneur. And so I would encourage to all my
brothers and sisters that are entrepreneurs out there, first of all,
cheers to you, and remember to study, exercise, and meditate
every day. Put something in there, even a little bit.
I know you're busy sometimes, but just even a little
maybe just a few pushups or maybe just a few

(01:10:49):
sponts or something. Okay, we got it. You're busy, do something,
and then I think you'll find that you'll be able
to do better in your business and do better all
the way around by taking care of the heart of
you you and making sure that that is operating as
it should.

Speaker 6 (01:11:03):
That is excellent advice. So, Gina Carr, what is your
secret you can share well?

Speaker 3 (01:11:08):
I would say the most important thing is to protect
your mind. The entrepreneurial journey can be very rough. We've
talked about in the show a number of times, the
ups and downs and turnarounds and things that you don't expect.
So you have to be very careful that you are
surrounding yourself with people that support you. And it can
be very lonely as an entrepreneur, as a solopreneur, or

(01:11:31):
even as an entrepreneur or the big team, because you
can't necessarily talk to people on your team or people
in your real life about what's going on. So seek
community that can be very helpful. Seek people who are supportive,
positive and reinforcing versus dragging you down. And if you
have to live with those people or have to interact

(01:11:53):
with those people that are dragging you down, you need
the positive support even more. It's incredibly important.

Speaker 8 (01:12:00):
So true.

Speaker 6 (01:12:00):
So, Nick Foy, what is your secret?

Speaker 5 (01:12:03):
Very simple? Over commit and over deliver. It's one of
those things where they learned that very early that you know,
forget this whole thing about managing expectations. Just over commit
and over deliver every single time. Give them something, give
them value every single time you have a conversation. Right,
whether the page for or not, it doesn't matter. Over commit,
over deliver every single time, and you can go wrong.

Speaker 6 (01:12:24):
I agree.

Speaker 4 (01:12:25):
So Matt, I'd say stay innovative and have a forward
thinking kind of mindset. If you do have that forward
mindset or innovative mindset where you're an early adopter, you
really need to find that place and community online that
you can be with those like minded people and kind
of share your ideas and thoughts.

Speaker 6 (01:12:41):
That's great advice. Sean Black, what is a secret you
can share?

Speaker 9 (01:12:45):
Yeah, So I would just say, cherish every relationship you
have the opportunity to build.

Speaker 3 (01:12:52):
Yeah.

Speaker 9 (01:12:52):
There there are sometimes where you might say do I
really want to get to this conference or do I
really want to meet with this person? Like I'm not
really feeling it, I don't really know what they can
bring to the table. You would be surprised nine times
out of ten, you know, walking out of those types
of meetings like oh wow, I'm like, I'm really glad
I met up with this person to talk to them.
You know, I didn't think anything was gonna come out
of it. Now we have this great relationship. Now we

(01:13:12):
have a bunch of ideas moving forward. So I think
really giving a relationships with that opportunity to fought, you know,
to really blossom, is really important.

Speaker 6 (01:13:21):
That's great advice. Richard Gearhart, what's your secret?

Speaker 8 (01:13:25):
Celebrate your wins, whether they're small or they're not. I
have a list of wins that I update on a
regular basis. I mean, obviously learned from the other things
that happened, but remember that finding things to be celebrated
and happy and enthusiastic about reminding yourself, oh, last month,

(01:13:45):
this happened will give you a great left. So celebrate
your wins.

Speaker 6 (01:13:50):
Excellent and mine is going to be. And I know
people may have heard this before. Remember your why. So
I heard somebody once say, when you're starting your journey,
right down why you're doing it, so that anytime you
feel like you want to give up, you can go
back and remember your why and I thought that was
great advice perfect.

Speaker 8 (01:14:09):
Passage to Profit is a nationally syndicated radio show appearing
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Passage to Profit has also been recently selected by feed
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Thank you to the P to P team, our producer
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(01:14:33):
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(01:14:55):
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Speaker 1 (01:15:06):
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