June 23, 2020

Set Yourself Up For Success: David Meltzer famed entrepreneur, author and business coach

Set Yourself Up For Success: David Meltzer famed entrepreneur, author and business coach

On Today’s show we chat with David Meltzer, a three-time international best-selling author, a Top 100 Business Coach, the executive producer of Entrepreneur‘s #1 digital business show, and host of the top entrepreneur podcast.

The hospitality business, more than anything, is a business. Due to the hectic nature of the industry we tend to forget that and get caught up in the day to day grind. Proper business strategy will matter more than great food in the new normal and David Meltzer is a master strategist. Today he runs us through the fundamentals of business and leadership.

Click to sign up for our weekly newsletter.

Click here to book time on my personal calendar.

Click here to download our Restaurant Recovery Guide.

Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.

SHOW NOTES

  • 4 pillars of truth
  • Putting together a world-class team
  • Humans can create their own environment
  • Restaurants - we are monetizing an experience and environment
  • Transforming an offensive and defensive mindset
  • The paradox of giving
  • David would give a lot but always with expectation of praise, recognition, love, etc
  • Ferocious about receiving. Receiving to be able to give back
  • The importance of mentorship
  • Most crucial of all roles in last 14years
  • David didn’t need mentorship in beginning - multimillionaire in his twenties
  • Now believes the easiest and best way to be successful is using mentors
  • Being specific with mentors e.g sleep, money
  • Being radically humble enough to say “you’re the only one who can help me”
  • How to reset goals with the new normal
  • How to recover in the hospitality industry
  • People buy on emotion for logical reasons
  • Key to understanding reopening
  • 1. Strength of signal.
  • Credibility - relieving reasons that people feel uncomfortable.
  • Lower capacity. Mask rules. 6ft apart etc
  • 2. Market to people who aren’t afraid
  • Some people will go out anyway during this time
  • 3. Clear message of value
  • Quality food/USP
  • People want to fill a void. Miss what they can’t have
  • Address the way people feel. You are selling an experience
  • Aha moments through the pandemic
  • “I don’t know what I don’t know”
  • David wants to be a better husband and father
  • Much more important than being a podcaster, entrepreneur, TV star, etc
  • David would prefer to be at a family dinner than an award show, event, or Superbowl
  • Pivoting
  • Previously worked with in-person workshops, events, and speaking engagements
  • Now conducts workshops online
  • Moved to online speaking gigs
  • Still learning work-life balance
  • Achieving happiness
  • David defined himself by his bank account
  • Now his bank account is an ingredient of the overall thermostat of happiness and joy
  • Higher % of total happiness than he has ever been
  • Minutes and moments of unhappiness
Transcript

Josh Kopel:
Today's episode is brought to you by Yelp, whose mission is to connect people with great local businesses. They're also helping to connect with you, which is totally awesome. Now, here we go.

David Meltzer,:
What happened through the pandemic is just a compressed uncertainty, accelerated change at an abnormal rate, but there's always a new normal.

Josh Kopel:
Welcome to Full Comp, the show offering insight into the future of the hospitality industry. Featuring restaurateurs, thought leaders and innovators served up on the house. On today's show we chat with David Meltzer, a three time international bestselling author. A top 100 business coach. The executive producer of entrepreneurs number one digital business show, and host of the Top Entrepreneurial podcast. The hospitality business is a business. Due to the hectic nature of the industry we tend to forget that and get caught up in the day to day grind, but proper business strategy will matter more than great food in the new normal. David Meltzer is a master strategist. Today he runs us through the fundamentals of business and leadership. Your foundation consists of the four pillars of truth. Can you talk to me about that?

David Meltzer,:
Yeah, absolutely. Gratitude is number one and the reason gratitude's number one is it's the over-encompassing thing to me in all of life. It's the practice of ending fear. It allows you to learn to love everything, even the things that you don't like to do. What it is, is gratitude allows you to find the light, the love and the lessons in everything. Pain itself is just an indicator. It's an indicator that you have a lesson to learn; mental, physical, spiritual, emotional, and financial.

Josh Kopel:
Okay.

David Meltzer,:
All of these lessons need to be learned, but we need to change our perspective and gratitude is a practice to say thank you before you go to bed and when you wake up. It will change your life mentally, physically, spiritually, financially change your life simply by saying thank you before you go to bed and when you wake up. You have to get that encompassed and incorporated into your subconscious. Part of your DNA. Part of your quantum memory. Gratitude to me is the number one pillar. It gives you perspective. Two, forgiveness. Forgiveness is so important because most human beings waste so much time, emotion, energy, resources, and money, because they're not forgiving. My goal in life is to learn how, and I haven't gotten there yet, to forgive the unforgivable. Most of the time I create resistance and blame/shame. I create resentment, guilt offense to so many things.

David Meltzer,:
If I just would forgive myself, then I could give what I have, which is forgiveness, to others. Forgiveness gives us peace. Gratitude, perspective. Forgiveness, peace. The third pillar is accountability. The problem with accountability is most people get confused with accountability, liability and don't understand responsibility. Accountability is much greater and grander than responsibility or liability. Liability and responsibility are under the manmade constructs of laws and statutes and other things, and rules. For example, if someone's sitting at a stop sign and somebody's texting while they're driving and smashes into the back of them, most people go like, "How am I accountable?" No, no, you're not responsible.

David Meltzer,:
There's California DMV laws, and other things that will apply. Don't go telling your judge or lawyer that you're accountable. Tell them that they're responsible and liable for your damages, but you are accountable. The bigger thing that you should be asking is what did I do to attract this into my life? Most importantly, what am I supposed to learn from it? You can see how lessons are intertwined within the three first pillars of gratitude, empathy, forgiveness, accountability, because life is about lessons and these lessons will keep on coming until you learn them. They'll result in pain, which is that indicator that you haven't learned the lesson. We will forget every lesson we have ever learned, and we have the ability to access those lessons at any time, even lessons we haven't learned. Then finally, the fourth, which is most powerful to me, which is effective communication, which is really a pragmatic way of saying inspiration.

David Meltzer,:
What do I mean by that? Number one, there's two communications that are necessary to be effective. One, is we need to communicate effectively, with that which we're connected to. The most powerful source of energy, the most powerful source of light love and lessons that exist, at all times. Most people try to and think to connect to that type of source. We don't have to. What you should be focusing on is how do I lessen the interference, the corrosion, the voids, the shortages and obstacles that are between me and that source of light love and lessons. The way that we reduce those and decimate those interferences or voids, shortages, and obstacles is through gratitude, forgiveness, and accountability. If we're able to do that, then we can harness this unbelievable source of lessons in light and love, and let it come through us with appreciation.

David Meltzer,:
The ability to not only be grateful for it, but to add value, to add our own personal experiential giving and receiving value to that, and then give it away through us for others in a better state of lessons, light and love. We're connected to everything and everyone, the tree has no branches. One branch should not ever go to war against another branch. If we can encompass this distribution of energy, this distribution of light, this distribution of lessons, and utilize gratitude, forgiveness, accountability, and effective communication we can live inspired lives and we can live by my mission, which is to inspire others, to inspire others to simply to be happy. To create a collective consciousness of happiness, abundance, living in a world of more than enough of everything for everyone. There's no better principles to build your foundation so that you can surround yourself with the right people, the right ideas. Make a lot of money to help a lot of people, and most importantly, have a lot of fun.

Josh Kopel:
I couldn't agree with you more, but just because I do these things doesn't mean my team will, which is a big concern. How do I put together a world class team?

David Meltzer,:
For me, it's a value-based team. We have to find people that are aligned with those values and then help them with the capabilities. Capabilities are an aggregate of three things. Number one skills, but you can't just assume people have skills. We have to use the three-tiered scaled perception of skill. For me, I take the skills that I need for each of the different team players that I have. Just like on a football team, linebacker has a different skillset than a quarterback and a lineman, et cetera. Well, the same thing holds true with, especially within a restaurant, I've done it and been an executive business coach for a lot of huge hospitality groups and restaurateurs. I've never seen something so analogous to a sports team than a kitchen and waiting staff because it's just, from the door to the back door.

David Meltzer,:
It's a team. What we have to do is instill, number one, the foundational values. People know how to make quick decisions, but then empower them with the skills by showing them what to do, doing it with them, watching them do it, and then backing off so they can do the same to somebody else. That's what scales any restaurant or any business. Those skills to knowledge, we have to do the same thing with knowledge. Capability are the aggregate of your skills, your knowledge. Then finally, you have to keep a temperature, just like we do personally, on our corporate culture, on our business culture. We must have the desire to be what we must be. The greatest businesses that exist all have this backbone of desire that, as a team, we want to live to our potential.

David Meltzer,:
We want to must be what we can be as a team and provide the greatest service and create and learn to love the light, the lessons, and work together. Collaborate together. Co-create together. Human beings are the only species that can actually create their own environment. Every other species just fits in their environment. Obviously in the restaurateur world and hospitality world, these environments are what we utilize in order to ascertain its values. To monetize. Monetizing and experience it, an environment. We need as a team to co-collaborate, command, create together this great environment that creates higher value, a greater experience, which people are willing to pay for.

Josh Kopel:
Right on. Can you talk to me about an offensive and defensive mindset and how that applies to hospitality?

David Meltzer,:
Yeah, I think it is, in this context of allowance, I lived the first part of my life in a world of not enough. I was a victim. I had a single mom with six kids. She packed our dinner in a paper bag, talk about hospitality. Then filled out greeting cards at the 7-11 on the turnstiles, and then I moved to a world of just enough. That world was one where I was buying things I didn't need to impress people I didn't like. I was in control. I thought I made everything happen. That was very, as far as an offensive strategy. I could outwork you. It was very productive and I was very wealthy, but then I moved to a more allowing state, where my ferociousness wasn't just to make things happen.

David Meltzer,:
Not just utilizing the Law of Goya, which is get off your ass, but also incorporating the law of attraction. The more that I utilized the Law of Goya, I instead was making room for everything I wanted by, and it's a philanthropic switch for me. I used to give to get. I'd give everything to get, and people would think that was philanthropic and humanitarian, but the problem was even when I volunteered or donated money, it was all with an expectation to trade that for acknowledgement or for recognition or for love or for happiness. Instead, I'm ferocious about receiving and I receive so I can give. I'm not worried about paying my bills. I'm worried about paying everybody else's bill. My [inaudible 00:10:12] empowerment is to empower over a billion people to be happy. Everything comes through me. This is the major shift in the paradigm and perspective that I have, of offensive versus defensive or allowing it to happen.

Josh Kopel:
What role has mentorship played in your life?

David Meltzer,:
Well, it's the most crucial of all roles for the last 14 years, because the first part of my life, millionaire nine months out of law school, multimillionaire into my 20s. I was Midas. I did everything myself. I didn't need mentorship and I had to pay and learn those lessons. Now I have found the easiest and best way to be successful is to find people that sit in the situation that I want to be in. I tried to get as specific as possible now with that mentorship. I'll have a mentor for sleep. I'll have a mentor for my relationship with money. I will have a mentor to teach my kids to drive, whatever it is I want to do. Why should I pay the dummy tax? The key, I used to tell people, look, I'm successful because I asked people how I can be of service and value.

David Meltzer,:
I'm always asking how I could be of service and value. I'm successful now because I've learned to be radically humble, not by always asking how I can be of service and value, but I'm radically humble in the respect that I'm not afraid to ask people in person, on the phone, via email, media, radio, print, TV, social media, podcasts, et cetera, any and all that could help me. That's my new question. Everyone on average knows like a thousand people. If I get off this podcast and go and ask people, "Hey, do you know somebody can help me to show up to my free trainings on Friday? To help me with my mission of making people happy, so they make more money, help more people, have more fun." I'm asking on this podcast, please free, free, free come Fridays at 11:00 AM. Help me. Do you know anyone that wants to come? Join me. That's my biggest lesson of mentorship.

Josh Kopel:
Right on. I had a bunch of goals prior to the pandemic, and obviously all of those goals have changed. How do we reset and realign our goals with the new normal that now exists?

David Meltzer,:
Well, I'm of the philosophy there's always a new normal. I've been one who takes the habit of creating a habit of taking inventory of my values. There's always uncertainty because you can't tell me what's going to happen tomorrow can you? If you could, you and I would both be billionaires really quick, but because we've always lived under there. What happened through the pandemic is just a compressed uncertainty. It accelerated change at an abnormal rate, but there's always a new normal. I'm actually doing my training this Friday on reinventing, re-engineering and repurposing yourself. Utilizing the philosophy you've got to take inventory of your values every single day. Don't be afraid of being a hypocrite. Meaning, no matter what, whether it's the pandemic or the racial strife that we're going through, or some other thing that may happen, the stock market may go up or down.

David Meltzer,:
It doesn't matter. Take inventory of your values. Do not worry about being a hypocrite. If people like "Dave, man, you didn't say that a year ago." "Hey, you're right, because I learned some lessons. I know more than I know, and guess what I know about myself today? I don't know what I don't know, and I definitely don't know the future," but what I look at is what am I in control of? I'm in control of my mindset. I'm in control of my heart set, what I feel. I'm in control of what I say and what I hear and I'm also in control of what I do. By doing so I align those with my personal experience of giving and receiving values every day, not being afraid of being a hypocrite and saying, you know what? Tomorrow I might change my mind, which is what you're saying. After the pandemic, you changed your mind.

Josh Kopel:
Right.

David Meltzer,:
The people that are resilient can reinvent, repurpose and re-engineer themselves. They can smile through the struggles and they can utilize the margins of millionaires that are made during compressed times of uncertainty, like 2008, like '97, '91. Like the Great Depression, more millionaires and great companies are made by resilient people during those times, then people that are quitters.

Josh Kopel:
For sure, man, and there's so much fear out there today. There's especially a lot of fear in the hospitality industry, with people being afraid to go back to dine-in and all of that. I think building an emotional connection through branding, through social media is going to be critical. Do you have any thoughts on that? Any tips?

David Meltzer,:
Yeah. Number one, the thought on that is you're absolutely right. People buy on emotion for logical reasons, and fear is always the interference or corrosion between that and the vision that we have. Especially when you're talking about gatherings or more massive gatherings than individual gatherings. I think the key to it is understanding three components of branding that emotion, so that people feel comfortable. Number one, strength of your signal. You want to have credibility in order to effectuate what you're doing. The credibility could come from relieving any of the reasons that people feel uncomfortable. Whether you're running six feet apart, 25% inside, or you have outside, or everyone has a mask. I don't know what the actual way to do that is according to the business and the spacing and all the variables you have within the dining experience, but it can be done.

David Meltzer,:
Or you may market the strength of your signal to the second component, the spectrum of people that aren't afraid. There's millions of people that do not care whether they, anyone has a mask, glove and they will sit in a crowded bar right now and drink, and this is America. If that's the way they feel, then market to them. Load up your business. Just market to the right people. Have the right hook, have the right story and have the right ask, but know that here's the strength of my signal. I'm putting this message frequently out in a quality manner to this spectrum of people, people that don't, and aren't afraid, and then have that clear message of value. Of look, this is still quality food. Quality, I think there's a huge opportunity because people want to fill a void. They miss what they haven't had for 12 weeks. There is going to be a percentage of people that will not go out to eat for a long time. A certain percentage won't go out to eat till post-vaccine.

Josh Kopel:
Right.

David Meltzer,:
Okay, but I promise you within every area not only to dine-in, but there's a bigger audience that will even still dine out. Maybe that's your messaging, but remember, people buy on emotion for logical reasons. If you can address the way they feel, as you know, people will come back because of the way you make them feel, especially in hospitality, because you're selling an experience.

Josh Kopel:
Yeah.

David Meltzer,:
There's a big enough market now, you see every single spectrum of it that will show up, especially to fill a restaurant or a bar or a club.

Josh Kopel:
Have you had any a-ha moments personally or professionally through the pandemic?

David Meltzer,:
That's my favorite question. Yes, my a-ha moment lends itself to I don't know what I don't know. I travel 200 days a year. I speak around the world. I have a podcast, a TV show called Elevator Pitch. I live my life with productivity, accessibility, and in gratitude, telling people to be actually get paid for, and once again, I'm just a hypocrite because what I learned, the a-ha moment is that I could be a better husband and a better father. Those two things are much more important than being a better speaker, a better podcaster, a better TV star, a better, all these things that I had placed an incongruency upon my values with.

David Meltzer,:
Being surrounded by the greatest celebrities, athletes, entertainers, billionaires, executives, entrepreneurs, going to the greatest sporting events in the world, award shows and all those, I will tell you, my a-ha moment is if you offered me right now sideline tickets to the Super Bowl or I get to go to dinner with my family, all four of my kids, with my wife, I sell my tickets. No doubt. I'd go to dinner. That's not what I would have said. I would have justified why the Super Bowl would have been, even if I took one of my kids with me to be there, that experience does not value like it used to, to me. My a-ha moment is what I experience every night with three teenage daughters and a 10 year old son, and one of the best wives in the world, I'd rather go to dinner.

Josh Kopel:
I had the same thing. I guess my next question, my followup to that would be, in practical application. How have you managed to adjust your work/life balance? What boundaries have you set? What are the tools you use to reset?

David Meltzer,:
Yeah. For me, it was always, I keep my options open. I had picked and choose the businesses and opportunities that were most synergistic or supplementary to what was doing well now. All these adjustments I made were to allow the things like, I have a whole business that's based upon mass gathering events and using that as a backdrop to business. I have a TV show called Elevator Pitch. We couldn't go into studio. I went ahead, instead of forcing something, I went ahead and said, "What do I do that synergistic and supplementary to," and then what happened? The biggest challenge I had was handling all the business, because I moved so quickly that people wanted me.

David Meltzer,:
It was three or four speaking engagements a day, because I already had the systems in place to do an online workshop, presentation, mastermind, keynote. I already had the backdrops and the software and all of this. I already had built a brand and a relationship and put myself out there. It was literally, still is, how many of these things can I do in a day and still balance the other things that I want in my life? I worked most of the time, I'm just now, because they've opened up here, I'm in my normal studio, but the majority of the stuff I've done in the last 12 weeks is from a closet.

Josh Kopel:
I can totally, totally empathize with that. Are you happy?

David Meltzer,:
My whole goal in life is to empower others, and to empower others to be happy. You can't give what you don't have. Everything, my thermometer in my life and the first half of my life was my bank account. I identified and defined myself by my bank account. I got my self-importance and value and worth from my bank account. Now my bank account's just an ingredient of mercury in my bigger thermostat of happiness and joy. I'm not happy 100% of the time. What makes my life so extraordinary is I'm happier more of the percentage of the time every single day than I've ever been. I've just learned and I'm training myself and practicing to find the light, love and lessons and happiness in everything. Like a ferocious Buddha I stop, drop and roll whenever I'm unhappy, whenever I'm ego-based consciousness. it went from years of wasteful time, resources and money and unhappiness. To months, to weeks, to days, to hours. Now I usually range between minutes and moments.

Josh Kopel:
That's beautiful. You're also teaching other people how to do it. Can you talk about your weekly classes?

David Meltzer,:
Thank you for the softball, because that's most important to me is getting people to show up for free. Thousands of people now are doing it, and it's so cool because I started 20 years ago as a sales training to help people make more money. 14 years ago, I shifted it to my mission of trying to empower people, to empower people to be happy. Now, because of the pandemic, the online side, I used to, I joked around. I said, "I used to get at most, a hundred people, but I'd buy lunch for everyone."

David Meltzer,:
It used to cost me a lot of money on Fridays to get people to come for free. Now online, I don't have to buy anybody lunch, so it's great. Unless Taco Bell or someone wants to sponsor me and send out free food to everyone or get them to come in. That's cool. I do free trainings every Friday, 11:00 AM Pacific/2:00 PM Eastern. Every once in a while to justify the day, if I go on vacation or something, but the main goal is to empower others, to empower others to be happy. I don't sell anything. It's literally one hour of lecture, teaching and Q&A for everyone.

Josh Kopel:
That's David Meltzer. If you'd like to participate in his free weekly trainings, visit Dmeltzter.com. If you want to tell us your story, hear previous episodes, check out our video content or read our weekly blog go to JoshKopel.com. That's J-O-S-H-K-O-P-E-L.com. Thank you so much for listening to the show. You can subscribe wherever you get your podcasts, and while you're there, please leave us a review. A special thanks to Yelp for helping us spread the word to the whole hospitality community. I'm Josh Kopel. You've been listening to Full Comp.