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Leaders vs. Managers · Money And Wealth With John Hope Bryant

0:00
Speaker 1: Welcome the Money and Wealth with John O'Bryant, a production
0:03
Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Yo Sjah Brian,
0:16
Speaker 1: This is Money and Wealth on the Black Effect Network
0:19
Speaker 1: on iHeartRadio. Make sure you get my book Financial Literacy
0:22
Speaker 1: for all you sign up to this podcast. Tell all
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Speaker 1: your friends about it. It's my ministry of finance. Every
0:27
Speaker 1: Thursday drops new episodes. Make sure you also support Operation Hope.
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Speaker 1: Sign up a coaching and counseling Become an ATCV five member.
0:36
Speaker 1: It's my philanthropy by the way, and follow me on
0:39
Speaker 1: all social channels because we're always bringing the heat. And
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Speaker 1: here's some heat today. People say they're standing on business.
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Speaker 1: Don't know what they're talking about half the time? What
0:54
Speaker 1: business you're standing on? It's a nice phrase. Do we
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Speaker 1: even understand the difference between business and busyness? Right? People say, oh,
1:02
Speaker 1: I'm a small business owner, I'm a business owner, arm entrepreneur.
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Speaker 1: Do you know that there's a difference in those phrases.
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Speaker 1: I'm sorry, there's a difference in those definitions, right, Hello,
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Speaker 1: So a business owner, a small business owner is modeling
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Speaker 1: a standard business plan. So you're a business owner because
1:22
Speaker 1: you own a chick fil a franchise, you're a business owner.
1:25
Speaker 1: If you own a McDonald's franchise, you're a business owner.
1:28
Speaker 1: If you own a barbershop, you're a business owner. If
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Speaker 1: you own a nail salon, you're a business owner. If
1:34
Speaker 1: you own a traditional restaurant, you're a business owner. If
1:38
Speaker 1: you own a trash compacting business, a plumbing business, an
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Speaker 1: electric contracting business, yes, you are a business owner. There
1:49
Speaker 1: are many. You're a office supply company owner. Yes, you're
1:55
Speaker 1: a business owner. You're a consulting company owner. Yes, you're
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Speaker 1: a business owner. Congratulate. It's a big deal. It's serious,
2:04
Speaker 1: serious situation. You should be very proud of yourself. I'm serious.
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Speaker 1: I'm not like joking, like you know, you're a real
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Speaker 1: business owner, right, and you should be proud of that.
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Speaker 1: And so in that situation, my friend Howard Hugh and
2:24
Speaker 1: I we love this word situation. It's a situation. Everything's
2:27
Speaker 1: a situation. You can't either can't explain it, don't want to,
2:30
Speaker 1: don't want to get into details. You just call them
2:31
Speaker 1: the you know, it's a situation. She was it was
2:34
Speaker 1: a situation with her and him, and but yeah, I
2:36
Speaker 1: didn't really understand the situation and I didn't want to
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Speaker 1: get involved. The situation. Man, the situation was was crazy.
2:41
Speaker 1: You know, it just got to it became a whole
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Speaker 1: other kind of situation. All right. Back to the topic. So,
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Speaker 1: an entrepreneur is different. An entrepreneur's crazy. I'm an entrepreneur.
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Speaker 1: An entrepreneur works eighteen hours a day to keep from
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Speaker 1: getting a job. Is literally creates something out of nothing,
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Speaker 1: a new innovative idea. An entrepreneur as somebody who takes
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Speaker 1: a restaurant and and adds a club and connects it
3:09
Speaker 1: with a sanitation company and then connect'm making this up
3:12
Speaker 1: and and and and connects it with a plumbing company
3:15
Speaker 1: and then connects it with artificial intelligence and then rewires
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Speaker 1: it whole thing and then and it does it during
3:20
Speaker 1: the day versus at night. Just it's a it's a
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Speaker 1: new concept on an old thing. It's a new concept
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Speaker 1: of a new thing. It's a new thing. It's an innovation.
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Speaker 1: It's a it's a creation from from nothing, and it's
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Speaker 1: and then proving that new thing actually has value, and
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Speaker 1: then making it valuable and then taking that value to market,
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Speaker 1: and then and then creating marketable value from that thing.
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Speaker 1: Here's it. So, here's one example, business person versus entrepreneur.
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Speaker 1: People use these phrases interchangeably. They're not interchangeable. You can
3:53
Speaker 1: be an entrepreneur and be a small business owner. You
3:56
Speaker 1: can be an entrepreneur and be a big business owner.
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Speaker 1: You can be an entrepreneur and not be a business owner.
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Speaker 1: You can have an entrepreneurial mindset and run a nonprofit.
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Speaker 1: Run your life just as almost like a you know,
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Speaker 1: an entrepreneur mindset. If you're just running your life, what
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Speaker 1: might be an upgrade on being a hustler and I
4:12
Speaker 1: mean hustler in the positive sense of the phrase. You
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Speaker 1: can be a business owner and be entrepreneurial, and you
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Speaker 1: can be a business owner and be an entrepreneur. But
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Speaker 1: don't presume because you're a business owner you are an
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Speaker 1: entrepreneur that that is a bridge too far. And words matter,
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Speaker 1: definitions matter, And by the way, don't be an entrepreneur
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Speaker 1: and presume that you There are people who are entrepreneurs
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Speaker 1: who are horrible. Horrible business owners need to be need
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Speaker 1: to stay a million of ways away from actually running
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Speaker 1: and owning a business. Uh you know. This is analogous
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Speaker 1: to a great recording artist is a great uh you know,
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Speaker 1: a track star athlete or a great you know, performer
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Speaker 1: who has a business manager who handles the left brain
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Speaker 1: work while they handle the right brain work. Left brain
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Speaker 1: is analytical two plus twe equals four and all that stuff.
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Speaker 1: Left brain sorry, right bring is creative making the best,
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Speaker 1: most amazing music or whatever on the planet. But don't
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Speaker 1: confuse don't things. Because you have a genius in one area,
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Speaker 1: it automatically means you have a genius in another. That
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Speaker 1: is a mistake. To assume is to make an ass
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Speaker 1: out of you and me. Literally, that's how it's spelled.
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Speaker 1: So don't assume, right, don't. It's a horrible thing to
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Speaker 1: do in business or life is to make assumptions. Just
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Speaker 1: ask the question. Don't assume. Just ask the questions and
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Speaker 1: get the answers. So now let's let's get into an
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Speaker 1: unpack uh, the substance of titles and titling in business.
5:53
Speaker 1: Before I get to that, me deal with a one
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Speaker 1: huge misnomer. I've already dealt with one misnomer which is
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Speaker 1: not so huge, but business versus an entrepreneur, it's just
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Speaker 1: something that irritates me because I am an entrepreneur, I
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Speaker 1: am a business owner, I am an executive. These are
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Speaker 1: three different categories, and there are three different talents. And
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Speaker 1: I'm also a getted none person. I'm all at execution.
6:19
Speaker 1: I'm also a thought leader in some ways. These are
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Speaker 1: five different categories of talent. And so you want to
6:29
Speaker 1: be the Michael Jordan of your space, right, Michael Jordan
6:32
Speaker 1: was not just a great basketball player. He had he
6:34
Speaker 1: was had intellectual genius. He had strategy. He you know,
6:37
Speaker 1: he had placement, he knew timing, he knew you know,
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Speaker 1: he had you know anyway, so you he had you know,
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Speaker 1: he was high frequency, a high frequency thinker, and he
6:47
Speaker 1: was very observant of He could figure out what his
6:51
Speaker 1: opponent was doing, who is whoever is assigned to him.
6:55
Speaker 1: Within one and a half games, he had figured the
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Speaker 1: guy out. So he was paying attention not to his
6:59
Speaker 1: own game. He understood his own game. He's pay attention
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Speaker 1: to the other how he played the game. So we
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Speaker 1: can map out how to reverse engineer success in that situation.
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Speaker 1: Here's a bigger git. That's important. Leadership versus management, Leaders
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Speaker 1: versus managers. I made this mistake me, John O'Brien. I
7:20
Speaker 1: screwed this up time and time again. Is I built
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Speaker 1: close to fifty entities now around the world, three of
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Speaker 1: which are the largest in their category. The largest minority
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Speaker 1: owner of single family rental homes in America. Company I
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Speaker 1: built and sold and still have an ownership interest in it,
7:38
Speaker 1: but I don't run it anymore. That's the Promise Homes Company.
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Speaker 1: So a couple of years ago, built and still lead.
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Speaker 1: That's Operation Hope. Largest nonprofit financial literacy Promise Homes is
7:52
Speaker 1: for profit, the largest financial literacy financial coaching organization in America.
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Speaker 1: You know, forty plus states, three hundred physical offices, fifteen
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Speaker 1: hundred physical and satellite offices, millions of clients, billions of
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Speaker 1: dollars deployed on the for profit side, a few hundred
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Speaker 1: million dollars in that one business of activity and transactional value.
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Speaker 1: Then the largest financial inclusion holding company in the country,
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Speaker 1: four hundred employees. All that stuff. Okay, so does that
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Speaker 1: make me a leader or a manager? Well, I'm both.
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Speaker 1: In fact, I'm more than that if you listen to
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Speaker 1: the titles I mentioned earlier. My mistake was that I
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Speaker 1: could take somebody who was not even a manager a tactician,
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Speaker 1: and turn them into a manager there or no jump
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Speaker 1: over management, and make them a leader by giving them
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Speaker 1: a title because I like them. You can put wings
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Speaker 1: on a pig and hope it will fly. It won't.
9:00
Speaker 1: If you put wings on a pig and hope it
9:02
Speaker 1: to fly, it's not the pig's vault, it's yours. That's
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Speaker 1: what I was doing. I was taking people I cared about,
9:09
Speaker 1: I liked, I thought were amazing, giving them a title,
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Speaker 1: giving them a paycheck because they said they could do it,
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Speaker 1: they wanted it, they desired it, told me they could
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Speaker 1: handle it. Don't worry, had no experience in the situation
9:23
Speaker 1: we're talking to me about, telling me they could do
9:26
Speaker 1: romanticize what I was doing by looking at what I
9:29
Speaker 1: was doing. Oh my god, that's so easy. Not easy,
9:32
Speaker 1: and just fell right on their flat on their face
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Speaker 1: half the time. And you know, sometimes ruined the relationship
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Speaker 1: because I'm pushing them to be the best that I
9:44
Speaker 1: see in them. But what I see in them is
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Speaker 1: not what they see in themselves. How I see them
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Speaker 1: is not how they see themselves. I remember there was
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Speaker 1: one dude who worked for me and really talented in
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Speaker 1: many areas, really talented the areas, great, community, great with kids, great,
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Speaker 1: I mean great with anything black. It's in black issues
10:07
Speaker 1: great personality. And one day I noticed that on the
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Speaker 1: on the business card the signature line on the email
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Speaker 1: that we assigned to them at the company, and I
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Speaker 1: pay for the email title to change to regional CEO.
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Speaker 1: And I'm like, well, hell, I don't have a regional CEO.
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Speaker 1: Said I called check with my my, my, my upper manager,
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Speaker 1: like did did I change titles? Did I approve chitel
10:35
Speaker 1: title changes? And I just don't remember it. No, No,
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Speaker 1: you have regional you have market precedents and market leaders.
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Speaker 1: You don't have a regional CEO. You're the CEO, John,
10:43
Speaker 1: Thank you reminded me. Appreciate that. So I call this
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Speaker 1: person and I'm like, look, you know you already CEO
10:49
Speaker 1: chief executive officer. That's what that means. You got to
10:52
Speaker 1: write a check or call checks to be written, Like
10:55
Speaker 1: you got to hunt. CEO is a hunter, and this
11:00
Speaker 1: person didn't want to hunt. They wanted to flass. They
11:03
Speaker 1: wanted to have fun, they wanted to enjoy themselves. They
11:05
Speaker 1: wanted to chill. They wanted to go to parties and
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Speaker 1: receptions and go to the White House and go go
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Speaker 1: and go do what they do well. But I'm like
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Speaker 1: that that's only part of the job. It's a very
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Speaker 1: small part of the job. Actually, I hate going under
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Speaker 1: these receptions and all this stuff when all I'm doing
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Speaker 1: is just talking about blah blah blah. I want to
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Speaker 1: my problems have to have a beginning and middle and
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Speaker 1: an end, right. And so this person told me that
11:29
Speaker 1: they were good at a word i'd never heard of before, ideation.
11:34
Speaker 1: And I'm like, wow, okay, just taught me something, and
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Speaker 1: I've learned that word ideation. It's a really important word.
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Speaker 1: But I also realized I had put this person in
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Speaker 1: the wrong job. And to their credit, they quit. But
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Speaker 1: I had been paying them for a long time to
11:48
Speaker 1: not do the job that I asked them to do.
11:50
Speaker 1: They decided to do the job they wanted to do.
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Speaker 1: I mean I'd come in and they'd be in my
11:55
Speaker 1: office doing photo shoots in my office, right And I
11:58
Speaker 1: was out traveling trying to raise money, and I had
12:00
Speaker 1: to budget and they had to meet the budget. S
12:02
Speaker 1: if you're gonna have this time, you got to meet
12:03
Speaker 1: the butet you want to get rid of somebody quickly
12:06
Speaker 1: give them a fundraising goal. So is you got to go.
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Speaker 1: This is the payrollers X written utilities of Y and
12:15
Speaker 1: this is this region. If you want to be a
12:17
Speaker 1: regional CEO, you got to raise some regional money. And
12:20
Speaker 1: well they were gone pretty quick after that. Over thirty
12:25
Speaker 1: two years, I've seen it all right, and I've learned
12:28
Speaker 1: to admire and respect people for their talent. So that
12:30
Speaker 1: wasn't that person's mistake. That was mine. I screwed that
12:33
Speaker 1: up because I wanted them to be this and that,
12:36
Speaker 1: and I gave them a lot of free rein and
12:37
Speaker 1: they took it and took some more and some more
12:40
Speaker 1: and some more, and then blamed it on me when
12:41
Speaker 1: it didn't work out. It's okay, that's what you know what.
12:45
Speaker 1: That's what happens when you're in the big seat. So leaders, well,
12:51
Speaker 1: so somebody who's a tactical leader is somebody who you
12:54
Speaker 1: give a task to and you say do X, and
12:58
Speaker 1: they go do X. But if you don't tell them
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Speaker 1: the DUEX, they may just sit there. They're a tactical leader.
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Speaker 1: That's how their brain is wired. That's how the endorphins
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Speaker 1: fire in their brain. Please write this down, Please take
13:08
Speaker 1: notes on what I'm saying. Please do not run an office,
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Speaker 1: a department, a business of partied planning. Don't do anything.
13:16
Speaker 1: Don't run a club, don't run a don't run a
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Speaker 1: social event, don't run a nonprofit for profit, don't run
13:22
Speaker 1: your family unless you listen to this and understand. You
13:26
Speaker 1: got to put people in places the soil where they'll grow.
13:30
Speaker 1: You take a plant and put it on a concrete
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Speaker 1: it will die. I don't care how much you water it.
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Speaker 1: You got to put that plant in the right soil
13:38
Speaker 1: and then water the soil and then nurture it right.
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Speaker 1: And so if you put the wrong person in the
13:44
Speaker 1: wrong soil or the wrong place and then lecture them
13:47
Speaker 1: about how they're not doing the thing that you have
13:50
Speaker 1: in your head. Once again, you put wings on a
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Speaker 1: pig and hope it'll fly. It's not the pig's fault.
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Speaker 1: It's yours. You're the leader. Okay, I'm just giving away
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Speaker 1: a bit of what is coming up when I describe
14:01
Speaker 1: these different titles. There's also founder right. No organization will
14:15
Speaker 1: raise as much money in its emphasy as when the
14:17
Speaker 1: founders around and founders doing it because no one who
14:19
Speaker 1: washes rental cars, people who just work someplace will just
14:22
Speaker 1: bounce and leave. The founder doesn't get a day off.
14:25
Speaker 1: It's not interested in the day off, and I didn't
14:27
Speaker 1: eve think that. They don't even think they're working. They're like,
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Speaker 1: this is my passion. I love this. Right, they're doing
14:31
Speaker 1: what they love. And that passion, that enthusiasm, that inner
14:36
Speaker 1: joy is infectious and people want to buy into that
14:39
Speaker 1: because you don't do business with companies. You do business
14:41
Speaker 1: with people. It's about relationship capital. Right. You don't need
14:45
Speaker 1: another attorney. Nobody needs to hire another attorney. They're one
14:47
Speaker 1: attorney for every four hundred people in America. You don't
14:49
Speaker 1: need to hire another attorney. Which you hire somebody you retain,
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Speaker 1: Somebody you respect, you admire you like you love you.
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Speaker 1: They make you laugh, you trust them, they get you.
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Speaker 1: And that's why you hire an atturn. Even though there's
15:01
Speaker 1: one attorney for every four hundred people, people still hiring attorneys, right,
15:05
Speaker 1: countains the same thing, and so on and so forth.
15:08
Speaker 1: It's about relationships. Okay, So tactician, let's explain that. Uh.
15:12
Speaker 1: And then you have manager, which literally means to manage. Right,
15:17
Speaker 1: By the way, I want you to unpack some of
15:18
Speaker 1: these words I'm using our society uses. Where does the
15:21
Speaker 1: word credit come from? It comes from the Latin word creditoe,
15:25
Speaker 1: which means credibility has nothing to do with money. What
15:27
Speaker 1: does the word capital come from. It comes from the
15:31
Speaker 1: Latin root word copy toass meaning knowledge in the head
15:34
Speaker 1: has nothing to do with capitalism, and money is not
15:37
Speaker 1: Your capital is in your head human capital. And then
15:41
Speaker 1: capitalism is an extension of that, using your human capital
15:44
Speaker 1: to produce and so on and so forth. Banking is
15:48
Speaker 1: a trust business. Trust I mean banking literally is a
15:51
Speaker 1: trust business has nothing to do ultimately with money. You
15:54
Speaker 1: know what, check is nothing better than something that has
15:57
Speaker 1: the the uh uh a barcode on it. It has
16:03
Speaker 1: it has the routing information, the bank acount information. That's
16:05
Speaker 1: something that confirms this you and all you're doing is
16:08
Speaker 1: using that check to transfer value from you to somebody else,
16:12
Speaker 1: and signing it is giving the authorization. You can literally
16:14
Speaker 1: sign somebody's T shirt and walk the T shirt in
16:17
Speaker 1: the bank and walk the person the bank. Whether don't
16:19
Speaker 1: try this, by the way, and blame it on me.
16:21
Speaker 1: You have an argument with the bank for a long time,
16:23
Speaker 1: but they'll be forced to sell to cash the T
16:26
Speaker 1: shirt at some point because it's a legal it's legal
16:28
Speaker 1: tender if you did it right. But it'll become a
16:32
Speaker 1: waste of everybody's time, and you'll never be invited to
16:34
Speaker 1: that bank ever again. But but literally, you can cash
16:37
Speaker 1: somebody's T shirt because you can write all the information
16:39
Speaker 1: that's needed to cash the check on the T shirt.
16:43
Speaker 1: That T shirt becomes the check. Which so this is
16:46
Speaker 1: a means of transferring value. Okay, back to the topic.
16:49
Speaker 1: So managers manage, They manage what you give them to manage.
16:55
Speaker 1: It's a box, it's a definition. It's pre defined. Again,
16:58
Speaker 1: just between an entrepreneur and a business person. Business person
17:00
Speaker 1: in an entrepreneur and as example, the business person has a
17:03
Speaker 1: pre defined business plan. McDonald's has already told you what
17:05
Speaker 1: success looks like. Just follow a business plan. Chick fil
17:08
Speaker 1: A's already told you. Taco Bill has already told you.
17:12
Speaker 1: You know, there's a business plan. If you follow it,
17:14
Speaker 1: there's an eighty percent change something over fifty percent chance
17:18
Speaker 1: that you'll be successful with big franchises, maybe even maybe
17:23
Speaker 1: an eighty ninety percent chance you'll be successful and hopefully
17:26
Speaker 1: also highly profitable. But you've got to follow the business plan.
17:30
Speaker 1: So a manager is following a business plan within the
17:33
Speaker 1: business that and they're managing that business or that part
17:37
Speaker 1: of the business plan. Don't assume because you're a manager
17:42
Speaker 1: someplace that you have now the skills to be automatically
17:45
Speaker 1: a business owner. A lot of people I know do
17:47
Speaker 1: this leave cash out there four on one K. Don't
17:50
Speaker 1: are clueless effect they have but an assistant that's company
17:53
Speaker 1: paid for, a secretary. Maybe they have an expense account
18:00
Speaker 1: they have different from an expense report. By the way,
18:02
Speaker 1: expensive report is reimbursable. Expense account is what the company provides.
18:05
Speaker 1: You told go entertain and do things on the company's time,
18:08
Speaker 1: buy things of the company's time. You have health insurance,
18:12
Speaker 1: you've got a free office, you've got travel, you have technology.
18:16
Speaker 1: I have friends who come to me like, I'm not
18:18
Speaker 1: going to become an entrepreneur just like you, John, I'm
18:20
Speaker 1: gonna go out here. I've got this idea. I listen
18:22
Speaker 1: to the idea. I'm like, well, the idea is a
18:23
Speaker 1: little hair brain, or the idea is light, or the
18:25
Speaker 1: ibre is not tight, or the ibrey is a maybe.
18:28
Speaker 1: Now what are you gonna do again? Well, I'm about
18:29
Speaker 1: to lead this cushy job in this six figure income
18:33
Speaker 1: and go out here become an entrepreneur. And I'm using
18:35
Speaker 1: my throw one k my savings to do it, and
18:38
Speaker 1: I'm like, no, don't do that. It's gotta be a
18:41
Speaker 1: train wreck. And they get mad at me for telling
18:44
Speaker 1: them straight what I'm thinking because I love them, and
18:49
Speaker 1: they crash. And then two years later, if they run
18:51
Speaker 1: through all their savings and then got a line of
18:54
Speaker 1: credit in their house, ran through that had to then
18:56
Speaker 1: sell the house. One of them come to me and say, John,
18:59
Speaker 1: wat didn't you tell me? I tried to tell you. You
19:01
Speaker 1: curse me out. But you know, they don't realize the
19:05
Speaker 1: hidden benefits of working inside of a company. And you're
19:07
Speaker 1: very successful because you have all this infrastructure around you.
19:10
Speaker 1: And so if you're in a fortune one thousand, fortune
19:12
Speaker 1: five hundred company and you're a manager, it's part of
19:15
Speaker 1: a larger team and the business plan has already been
19:18
Speaker 1: redefined the founder's founder, the CEOs made successful. All you
19:21
Speaker 1: have to do is execute on the on your management
19:23
Speaker 1: responsibilities and you look like a star. But that doesn't
19:26
Speaker 1: mean that you are a star. Doesn't mean you're going
19:27
Speaker 1: to be a star in your own orbit in your
19:29
Speaker 1: own universe. You're starting somebody else's orbit in universe. And
19:32
Speaker 1: that's why you're successful. I'm not saying you can't do
19:33
Speaker 1: it as an entrepreneur or a business owner. I'm just
19:35
Speaker 1: saying it's a completely different set of disciplines. Right As
19:38
Speaker 1: a as a manager, somebody else is doing everything else.
19:41
Speaker 1: As a business owner an entrepreneur, you're doing everything else,
19:44
Speaker 1: everything else. Is you right, Hey, Joe, you're doing that? Okay,
19:47
Speaker 1: Joe An, you're doing that. Okay, you're Joe and Joeanne.
19:49
Speaker 1: You're Joe and Joeann in this example, is you talking
19:52
Speaker 1: to you? Right? Okay? I'm twenty minutes into this podcast.
19:56
Speaker 1: I'm not giving you the definitions of the titles yet.
19:59
Speaker 1: Let me get into it, but I hope you found
20:01
Speaker 1: this entertaining. I certainly have been good therapy. And then
20:05
Speaker 1: my favorite position, which I misdiagnosed me for a long time.
20:10
Speaker 1: My favorite definition is leader. A leader sees a problem
20:14
Speaker 1: and wants to solve it. Problems at the beginnings, middles,
20:16
Speaker 1: and ends. Managers don't see problems who want to solve it.
20:18
Speaker 1: Here's always I've learned this one big rule about being
20:23
Speaker 1: a founder and a hunter. If I'm gonna get a know,
20:26
Speaker 1: I want to get a know from the boss. I
20:28
Speaker 1: want to get to know from the chief executive officer.
20:30
Speaker 1: The founder somebody who writes checks, not the one who
20:33
Speaker 1: catches it. The one who writes checks, the one who
20:36
Speaker 1: makes strategic decisions, vision decisions. I want that person to
20:39
Speaker 1: tell me no, this is not a good idea, because
20:41
Speaker 1: it takes the same injury to get to succeed big
20:44
Speaker 1: or to succeed small. It's the same energy to get
20:48
Speaker 1: a know from somebody that fifteen levels below the boss
20:51
Speaker 1: or the boss, it's the same energy. I'd rather get
20:53
Speaker 1: a know from the boss. I may learn something from
20:55
Speaker 1: the note, but a manager's job. Listen to me. Now.
21:00
Speaker 1: The manager's job is more often than not, to tell
21:03
Speaker 1: you no. I don't care what the idea is. You
21:07
Speaker 1: know why, please listen to this. This has dropped the
21:10
Speaker 1: mic because the manager knows this. They're saying to themselves,
21:15
Speaker 1: I don't get this is a great maybe great idea,
21:18
Speaker 1: crazy idea, unique idea of new product been brought to me.
21:22
Speaker 1: I've been using this old thing. It's not as good.
21:23
Speaker 1: But I don't get fired for saying no. I get
21:27
Speaker 1: fired for saying yes to the wrong thing. So the
21:31
Speaker 1: answer is no. I'm gonna repeat this. This is what
21:33
Speaker 1: a manager does. Now. It's not personal. Business is not personal.
21:37
Speaker 1: It's a gladiator sport. Don't take it personal. Listen. The
21:42
Speaker 1: manager's job is to tell you no unless you get
21:44
Speaker 1: very lucky, unless they like you, there's a relationship, you're
21:47
Speaker 1: hooking them up in some way. Who knows. I don't know.
21:50
Speaker 1: You showed up at the right time the right day,
21:52
Speaker 1: asked the right question when they were vulnerable or didn't
21:55
Speaker 1: have a solution. But typically the manager's job fifteen the
21:58
Speaker 1: manager of fifteen below levels. He love us below the boss.
22:01
Speaker 1: Their job is really to tell you no, because they
22:03
Speaker 1: don't get fired. But saying no no, only ever know
22:06
Speaker 1: they told you no. They'll say they're gonna tell the
22:08
Speaker 1: boss to tell their team. They know they won't. They're
22:09
Speaker 1: not telling anybody. You're gonna put that in your idea,
22:13
Speaker 1: a round file, the trash can or a foul cabinet,
22:16
Speaker 1: and I hope nobody ever sees it. They were gonna
22:19
Speaker 1: write a memo to themselves and filed away. Their job
22:23
Speaker 1: is to self preservation, by the way, to keep their job.
22:25
Speaker 1: Their thinking is is by the way wrong thinking. This
22:28
Speaker 1: is like the biblical story of the talents, where God
22:32
Speaker 1: rewarded people with these three people gave these different talents
22:35
Speaker 1: and one person took the talents and that it was
22:38
Speaker 1: three talents and went and made a bunch of money,
22:41
Speaker 1: and talents was like money back then, and then the
22:44
Speaker 1: person had to think two talents. They went and did
22:46
Speaker 1: real great too. I'm probably get the number of talents wrong,
22:49
Speaker 1: so don't jam me up on that. But the person
22:51
Speaker 1: who had one talent just buried it. And when when
22:56
Speaker 1: when the time came like, look, I've saved this one talent,
22:59
Speaker 1: how'd you say that? I just buried it. But you
23:01
Speaker 1: didn't grow it. No, I just buried it where didn't
23:03
Speaker 1: lose it. They gave that talent to the people who
23:06
Speaker 1: made money on the other tower because they were able
23:08
Speaker 1: to produce. They were able to Those were leaders. So
23:12
Speaker 1: a manager's job, they think is self preservation and they
23:15
Speaker 1: don't get fired for saying no. This gets fire for
23:18
Speaker 1: saying yes to the wrong thing. The answer is no.
23:21
Speaker 1: The leader's job is to say yes, because you don't
23:24
Speaker 1: grow the business unless you're saying yes to something. I
23:26
Speaker 1: went into this banker's office. Oh I wish I could
23:30
Speaker 1: remember this guy's name. I would love to give him credit.
23:33
Speaker 1: One of the reason I love doing this podcast I
23:34
Speaker 1: can finally give people public credit for all the stuff
23:37
Speaker 1: they did to help me in the course of my life.
23:42
Speaker 1: This bank was in Lancaster, California, and this banker was
23:48
Speaker 1: running this one location, Jack Cephis. It was Antelope Valley Bank,
23:55
Speaker 1: who was bought three times by somebody in the bank
23:57
Speaker 1: at this point is part of a larger conglomerate, but
23:59
Speaker 1: it was called a Low Valley bank. This guy named
24:01
Speaker 1: Jack Seat, it was good old boy. And I went
24:04
Speaker 1: to his office try to get a thousand dollars for
24:05
Speaker 1: Operation Hope. I drove an hour and a half from
24:07
Speaker 1: LA two hours wherever it is to try to get
24:09
Speaker 1: a thousand dollars donation for Operation Hope. But really I
24:12
Speaker 1: wanted I wanted the relationship capital with this guy. So
24:14
Speaker 1: I went to go to the boss man. I didn't
24:16
Speaker 1: go to the Seat, the community investment officer or the
24:18
Speaker 1: community affairs officer. But no, we disrespect to that. I'd
24:21
Speaker 1: have done that if Jack told me no or he
24:23
Speaker 1: doesn't want to see me out, because I really, at
24:25
Speaker 1: the end of the day, I want at least a
24:26
Speaker 1: thousand dollars and the relationship with the bank. But I
24:28
Speaker 1: want to again, I want to know from the boss.
24:30
Speaker 1: So I went and had. It was one branch and
24:33
Speaker 1: it was a glass office. He was the middle of
24:34
Speaker 1: the glass office old school banking, and his desk, his
24:38
Speaker 1: mahogany desk, was right in the middle of the middle
24:40
Speaker 1: of this glass office, in the middle of the one
24:42
Speaker 1: branch bank, right. And I went in to go see Jack,
24:45
Speaker 1: and I sat down. I had I had hoots. I
24:47
Speaker 1: had a kind of uh, you know, you just couldn't
24:52
Speaker 1: stop me. I sat down at this guy's desk, and
24:55
Speaker 1: I felt comfortable with the met little bit. I said, Jack,
24:57
Speaker 1: Can I be honest with you? Sure? John? Can I
25:00
Speaker 1: call you John here? Can I call you Jack? Sure?
25:03
Speaker 1: Why are you so lazy? Excuse me? No one's ever
25:05
Speaker 1: talked to him before this line. And I wasn't disrespectful.
25:07
Speaker 1: I thought it was being legit, Like you've got your
25:09
Speaker 1: feet up on a desk. There's nothing on your desk
25:12
Speaker 1: but a newspaper. There's a phone on your desk, your
25:15
Speaker 1: feet in the newspaper, and you're sitting there talking to me.
25:18
Speaker 1: But this was happening before I got there. Shouldn't you
25:21
Speaker 1: be doing stuff? He said, John, you clearly don't understand
25:23
Speaker 1: what a CEO does. Okay, explain to me. He said John.
25:27
Speaker 1: I've got an underwriter to underwrite loans. I've got a
25:30
Speaker 1: credit analysis do analysis of loans. I've gotten appraiser to
25:34
Speaker 1: appraise loans. I've got a receptionist to make sure the
25:37
Speaker 1: ear to put People like you don't get to my
25:39
Speaker 1: desk next time, because you need when you're a leader,
25:42
Speaker 1: you need a headspace. You need clarity to be able
25:44
Speaker 1: to do what you do, so you don't need a
25:45
Speaker 1: bunch of distractions. I walked through life by the way
25:47
Speaker 1: to this day consciously oblivities and most things around me
25:50
Speaker 1: because it just doesn't matter. Somebody asked me what I
25:52
Speaker 1: tell my twelve year my twelve year old or fifteen
25:54
Speaker 1: or eighteen year old self. They asked me that a
25:56
Speaker 1: few days ago, ask me for some advice on leadership.
25:59
Speaker 1: I say, ignore the boys, most people and what they're
26:02
Speaker 1: rambling about low frequency conversations just doesn't matter. It just
26:07
Speaker 1: doesn't matter. Gossipling about people. It just doesn't matter. Ignore it,
26:10
Speaker 1: keep it moving. Eagles don't fly in packs. You've never
26:13
Speaker 1: seen a flock of eagles. Eagles on high altitude birds,
26:18
Speaker 1: but buzzes love packs and the low altitude birds. And
26:21
Speaker 1: Turkey's got wings and can't fly its profiling. We're getting
26:26
Speaker 1: the other title definitions here. So Jack told me, you
26:29
Speaker 1: really understand what I did. So we went through all
26:31
Speaker 1: the different roles of everybody at the bank. Really try
26:34
Speaker 1: to you know. Really it was a great rap, right
26:37
Speaker 1: wrap on making John look stupid and taught me a lesson.
26:41
Speaker 1: And he said, my job is to read this newspaper,
26:45
Speaker 1: which you call newspaper, it's a Wall Street journal. My
26:47
Speaker 1: job is to get in every day with the clear head,
26:49
Speaker 1: no distractions, look out here and through this glass and
26:52
Speaker 1: see what's going on in the marketplace, in in my city,
26:55
Speaker 1: in my region. Read the walk, read the local newspapers.
26:58
Speaker 1: He was going on crime and opportunity and who's in trends.
27:01
Speaker 1: Read the Wall Street journals. He was going on markets
27:03
Speaker 1: and money in the world. And then they pick up
27:06
Speaker 1: that phone and connect these dots and grossing business for
27:10
Speaker 1: this bank and I. And the only reason you got
27:13
Speaker 1: here is I answered the phone when you called. And
27:15
Speaker 1: if I was busy appraising and doing another I wouldn't
27:17
Speaker 1: be able to answer your call. And you seem to
27:19
Speaker 1: be like a pretty special young man. What could I
27:20
Speaker 1: do for you? And he gave me that thousand dollars
27:23
Speaker 1: by the way, and we became dear friends. I called
27:25
Speaker 1: a few years ago to say thank you. Damn. That
27:27
Speaker 1: was one of my first donors Operation Hope. Operation Ope
27:29
Speaker 1: is now as seventy two million dollars annual operating budget.
27:32
Speaker 1: We've directed four point five billion dollars in capital, millions
27:35
Speaker 1: of clients. But it all started with this one client,
27:37
Speaker 1: one person helping one person get hooking up with one partner,
27:42
Speaker 1: getting you know, commitment from one donor, one thing at
27:46
Speaker 1: a time. All right, So now I've broken down in
27:59
Speaker 1: broad since leadership as differentiated from management. So Jack's job
28:04
Speaker 1: was to say yes to me, you want to that,
28:06
Speaker 1: that's the job of the boss. But if you can't
28:07
Speaker 1: get to the boss, get to the manager. And the
28:10
Speaker 1: manager's job is self preservation. So what do you want
28:12
Speaker 1: to do with the manager? Make them look good? Help
28:14
Speaker 1: you go there? He says, your idea, but it's their ideas,
28:17
Speaker 1: their credit, all right, Okay? Man? I remember and Bassaror
28:21
Speaker 1: Andrew Young told me one day I was I was
28:23
Speaker 1: working with President Bush the Son. I really loved the
28:26
Speaker 1: father and didn't know the son very well, but I
28:28
Speaker 1: was working with Bush the Sun and I wasn't really
28:30
Speaker 1: feeling him at that time. I gained respect for him
28:33
Speaker 1: over time, and he give me a shot to create
28:36
Speaker 1: a financial literacy council. And he told me in the
28:39
Speaker 1: meeting with the cabinet, his cabinet that he was going
28:42
Speaker 1: to do this with Eight months later it hadn't been done,
28:44
Speaker 1: and I was frustrated, and so I Bash Young was
28:46
Speaker 1: in DC. I was visiting him Washington, d C. How
28:49
Speaker 1: thing's going. Oh, it's crazy, it's not happening. And these people,
28:52
Speaker 1: I'm not sure they're serious. And he and he looked
28:54
Speaker 1: at me and said, John, stop it. Be skeptical, he
28:58
Speaker 1: said in Bassard Andrew Young King's right Army civil rights
29:01
Speaker 1: movement made modern Atlanta's international city. Be skeptical. But don't
29:05
Speaker 1: be cynical, because if you're cynical, you've lost hope. Your
29:09
Speaker 1: job is to go in there and listen to that
29:12
Speaker 1: Listen to that man, President Bush. Assume he's a good
29:15
Speaker 1: man with bad counsel. Assume he's a good man with
29:18
Speaker 1: bad counsel. Your job is going there and give that
29:22
Speaker 1: man good counsel, good advice and make him look good.
29:26
Speaker 1: And when he does the thing you're asking him to do,
29:28
Speaker 1: it's not your idea, it's his. Make him look good
29:32
Speaker 1: because there's only one client in Washington, d c. It's
29:34
Speaker 1: the President of the United States of America. You've got
29:37
Speaker 1: to make him or her, hopefully one of these days,
29:39
Speaker 1: look good. And I did exactly what he said. It
29:41
Speaker 1: it's not about you. It's it's not about me. Here
29:44
Speaker 1: is in you, it's we. You've got to do the
29:46
Speaker 1: work for we. Here it's about civil rights. You can't
29:48
Speaker 1: be a civil rights leader unless you have of a civil
29:50
Speaker 1: rights mentality, which is about the we. It's about helping
29:53
Speaker 1: all of God's children to come up. You're our ambassador
29:56
Speaker 1: for free your will. You're the dean of black capitalism
29:59
Speaker 1: in this example. Go go teach and be the great
30:03
Speaker 1: The greatest teacher is a great student. Be a student
30:06
Speaker 1: now and learn how to listen. God get you two
30:08
Speaker 1: years in one mouth, so he's listened twice as much
30:09
Speaker 1: as you talk. I shut up and went over and
30:12
Speaker 1: cut that deal and created the first ever President's Advisory
30:15
Speaker 1: Council of Financial Literacy. Became Vice chairman of it, Chairman
30:18
Speaker 1: of the Committey the Underserved. The chairman was Charles schwab
30:21
Speaker 1: By the way that was one of the president's friends.
30:23
Speaker 1: Of the donor to the president. He had had no
30:26
Speaker 1: involvement in this council whatsoever. I did all the work myself.
30:29
Speaker 1: But I was told the last minute, the President is
30:31
Speaker 1: going to make Charles Schwab, who had the name and
30:33
Speaker 1: the credibility. It was a billionaire even back then, Uh
30:36
Speaker 1: hesna make him chairman because that was his boy. And
30:38
Speaker 1: I was like, okay, and I was going to be
30:41
Speaker 1: a member of the council. I wasn't concerned about titles.
30:43
Speaker 1: And when I flew in the day that they signed
30:46
Speaker 1: the executive order to make ancial literacy, they fed the
30:49
Speaker 1: policy the US federal government. Yes, I did that all
30:52
Speaker 1: the way. You know, it's still work, more work to do,
30:54
Speaker 1: because we need to make the policy of the of
30:56
Speaker 1: the of the country and put it in schools. But
30:59
Speaker 1: that's all the thing. But when when he was assigned
31:02
Speaker 1: the executive order, he said, where's John's name on this thing?
31:05
Speaker 1: Why does John have a title? So he the president
31:08
Speaker 1: And again I had I did not have a great admiration.
31:12
Speaker 1: I just didn't, you know. I brought the hype about
31:15
Speaker 1: who George Bush was, the son George W. Bush, and
31:18
Speaker 1: versus having my own opinion about him. It was actually
31:20
Speaker 1: a nice guy, very nice guy. Did more for Africa
31:22
Speaker 1: than the president before. Since, yeah, I said it, I've
31:25
Speaker 1: said things great, the great things about I love Bill Clinton.
31:27
Speaker 1: I love you know anyway, Obama was dignity rich president,
31:31
Speaker 1: no drama Obama. And I've said that great Johnson. I
31:34
Speaker 1: said great things about democratic presidents, and there's some great
31:36
Speaker 1: things about Republican presidents. George. But George H. W. Bush
31:39
Speaker 1: was a George H. W. Bush was fantastic George W. Bush.
31:43
Speaker 1: It was a moderate. Actually, George W. Bush was People
31:46
Speaker 1: would love to have George W. Bush back. Now they
31:48
Speaker 1: based only the crazy stuff this seeing in these days
31:51
Speaker 1: Ronald Reagan created as signing Martin Luther King's holiday. Did
31:54
Speaker 1: you know that? Anyway? George W. Bush, who didn't owe
31:58
Speaker 1: me a thing, wrote in the Executive Order vice chairman
32:02
Speaker 1: just because he could. He's the President the United States.
32:04
Speaker 1: He's like John Bryant is vice chairman. Just wrote it
32:07
Speaker 1: in because it was the right thing to do. And
32:09
Speaker 1: I ended up doing the work on the council. I
32:11
Speaker 1: became effectively the chief operating officer. I worked with Charles
32:13
Speaker 1: Schwab's daughter Carrie Schwab Palme Ranz, who's fantastic being. We
32:18
Speaker 1: basically worked together because Charles was busy. Charshwab was running
32:21
Speaker 1: at Schwab and Company and was busy running his busy.
32:24
Speaker 1: He was doing this as a favor of the country.
32:26
Speaker 1: So me and Carrie worked together to operationalize this. Jene
32:31
Speaker 1: Roscoe on my team helped me and we killed the game. Right.
32:35
Speaker 1: That's standing on business, by the way, without taking credit.
32:40
Speaker 1: First time I've said this publicly, by the way. All right,
32:42
Speaker 1: so here are the titles. I got twenty minutes to
32:45
Speaker 1: actually unpack with the whole topic of this thing was about.
32:48
Speaker 1: And hopefully, hopefully I haven't wasted your time. Hopefully I've
32:51
Speaker 1: entertained you a little bit. Chief Executive Officer write this
32:55
Speaker 1: down a role. The CEO is the highest ranking executive
32:59
Speaker 1: in the company responsible for the overall vision, strategy, and
33:02
Speaker 1: management of the organization. The CEO makes major corporate decisions,
33:06
Speaker 1: manages the overall operations, and acts as the main point
33:09
Speaker 1: of communication between the Board of directors and the company.
33:13
Speaker 1: That's what i am. I'm CEO. I'm also Chairman of
33:16
Speaker 1: the board. I'll get to that in a minute, right,
33:18
Speaker 1: So I'm chairman of the board. I'm chief executive officer
33:21
Speaker 1: right until recently I was also I'm actually, you know,
33:25
Speaker 1: I have a chief strategic officers, chief strategy officer, but
33:28
Speaker 1: really I'm not the chief strategist. I would be disrespecting
33:33
Speaker 1: my chief strategy officer at Operation Hope. So I'm saying
33:35
Speaker 1: that I'm the chief vision officer. Also responsibility strategic vision,
33:40
Speaker 1: strategic planning. This is the CEO resource allocation, money, company culture.
33:49
Speaker 1: The culture is not the most important thing in business,
33:51
Speaker 1: is the only thing in business. I learned that from
33:53
Speaker 1: a CEO of Costco. I think you might have been
33:56
Speaker 1: a co founder actually and communication with stakeholders including shareholders,
34:01
Speaker 1: government entities, the customers and the public. Chief Operating Officer COO.
34:08
Speaker 1: So the first one was CEO. You see these titles,
34:10
Speaker 1: No one who explains you what they are. The COO
34:15
Speaker 1: oversees the day to day operational functions of the company,
34:18
Speaker 1: ensuring that the business runs smoothly and efficiently. The CEO
34:21
Speaker 1: often reports directly to the CEO and second in command
34:26
Speaker 1: responsibilities operations, management, process optimization, imp implementing business strategies, and
34:34
Speaker 1: coordinating between different departments. This is the person where AI
34:37
Speaker 1: artificial intelligence is going to sit by the way as
34:40
Speaker 1: becomes part of our world. Here's a title that often
34:44
Speaker 1: competes with CEO for prominence. These titles often sit at
34:49
Speaker 1: the same level below the CEO. It's the chief financial
34:51
Speaker 1: officer in my biggest company, my biggest organization. I have
34:55
Speaker 1: a president in CFO, a president and chief financial officer,
34:59
Speaker 1: which is very need combination of titles. That's Brian Betts,
35:02
Speaker 1: who runs Operation Hope for me. Because money as financial
35:05
Speaker 1: literacy organization is extraordinarily important, so I've combined titles there.
35:12
Speaker 1: Chief financial officer. The CFO manages the company's financial actions.
35:16
Speaker 1: They are responsible for financial planning, risk management, record keeping, auditing,
35:22
Speaker 1: et cetera, budgeting, financial reporting to hire, management and stakeholders.
35:28
Speaker 1: The board CEO, etc. Responsibilities budgeting, financial forecasting, investment analysis,
35:35
Speaker 1: ensuring compliance with financial regulations very important, and managing financial risk.
35:41
Speaker 1: And I'll add to that audits. I love audits because
35:44
Speaker 1: audits set you free. Somebody wants to and you'll see me.
35:47
Speaker 1: I'm gonna do a piece on people try to kill
35:50
Speaker 1: me in business. I'm a whole series on that people
35:52
Speaker 1: can try to kill me my own life in business, jealousy, envy, whatever,
35:57
Speaker 1: and I built it. They want it, but they couldn't
36:01
Speaker 1: take me out because you know they oftentime they'd say, oh,
36:05
Speaker 1: John's messing with the money, which is wasn't true. I
36:08
Speaker 1: was making some money and my records were always tight
36:12
Speaker 1: and right, and financial audits will set you free. Financial
36:16
Speaker 1: audits will set you free. They don't lie. I love
36:19
Speaker 1: math that doesn't have an opinion, So watch out of
36:22
Speaker 1: that episode. Okay, then you have this is now the
36:26
Speaker 1: next level in the C suite, chief marketing officer CMO,
36:30
Speaker 1: and as a president by the way, in here the
36:34
Speaker 1: president is right below. Typically the chief executive officer, and
36:40
Speaker 1: the president presides over in executes on behalf of the CEO.
36:47
Speaker 1: And typically you have a president and CEO is being
36:50
Speaker 1: groomed often to become the CEO of the organization. And
36:54
Speaker 1: because your CEO does not mean you chairman of the board,
36:56
Speaker 1: by the way, there's a different function. So you have
36:58
Speaker 1: a chief executive officer in most companies, that's it. You
37:01
Speaker 1: have a president of most companies, that's it. Sometimes you'll
37:04
Speaker 1: have a president in COO. Sometimes you'll have a chairman
37:07
Speaker 1: and president in or the chairman and president sometimes You
37:13
Speaker 1: often see chairman in CEO. That's big ball, that's top
37:17
Speaker 1: of the mart The CMO chief Marketing officer leads to
37:21
Speaker 1: companies marketing initiatives, focuses on brand management, market research, product marketing,
37:26
Speaker 1: and customer outreach responsibilities, marketing strategy, advertising, brand development, market analysis,
37:34
Speaker 1: and customer engagement. Chief Information Officers CIO. This is becoming
37:40
Speaker 1: even more important in this day and age because we
37:44
Speaker 1: live in a technology centric world. Role CIO is responsible
37:47
Speaker 1: for the information, technology and computer systems that supports enterprise goals.
37:52
Speaker 1: This role actually might get elevated to that top C
37:55
Speaker 1: suite that talks to you about CEO, president, CFO, COO.
38:01
Speaker 1: You might see a CIO up there. Sometimes this role
38:05
Speaker 1: involves overseeing the I T department, ensuring that the company's
38:08
Speaker 1: technology supports its objectives, responsibilities, IT strategy, cyber security systems
38:14
Speaker 1: management AI will be added to this artificial intelligence, and
38:17
Speaker 1: ensuring that technology investments aligned with business goes. Chief Technology
38:23
Speaker 1: Officer CTO, which correlates with the CIO. By the way,
38:29
Speaker 1: the CTO focuses on the technological direction of the company. Well,
38:33
Speaker 1: maybe this person actually might be up there with THEE
38:36
Speaker 1: the reports, right the CEO and the CIO. Yeah, they
38:41
Speaker 1: both could be up there, or the CIO might flow
38:44
Speaker 1: through the c to let's not. Don't get confused, just
38:47
Speaker 1: follow the titles. The chief Technology Officer focuses. The CTO
38:52
Speaker 1: focuses on the technological direction of the company more often
38:56
Speaker 1: often more on the development and innovative side, compared to
38:59
Speaker 1: the CIO, who focuses on the IT infrastructure side. You
39:03
Speaker 1: got that. So it's like the CTO is like the strategists,
39:06
Speaker 1: the technology strategists, and the CIO is a plumber, the
39:10
Speaker 1: technology plumber. They work parallel, correlate, one for one can
39:15
Speaker 1: on top of the other structurally, depending on the type
39:18
Speaker 1: of company we're talking about. The next level down is
39:20
Speaker 1: senior management. And by the way, the board of directors
39:24
Speaker 1: does not run the company. People get this confused if
39:26
Speaker 1: you ever see a board running the company. As a
39:27
Speaker 1: mismanaged company, the board sets the policies and procedures, the
39:31
Speaker 1: standards for the company. Board of directors, it represents the
39:36
Speaker 1: shareholders and stakeholders as a stakeholder group, but the board
39:40
Speaker 1: should not be running the company. You might see a
39:43
Speaker 1: title that says non executive chairman, which means that person's
39:46
Speaker 1: a hands off chairman. They're just doing board management. They
39:50
Speaker 1: don't want to be bothered. You have an executive chairman
39:53
Speaker 1: who was somebody like me who's nosey, has got his
39:55
Speaker 1: nose and everything, who is very involved in the management.
39:58
Speaker 1: But they don't have They don't want to use a word.
40:02
Speaker 1: But it's been the word. It's been misused. I can't
40:04
Speaker 1: use this word. They don't. They don't. They don't overrule.
40:09
Speaker 1: I was gonna use another word, start a tea. They
40:11
Speaker 1: don't overrule the the CEO, right, uh, unless they are
40:17
Speaker 1: the CEO. But the sexative chairman has it's normally consulted
40:20
Speaker 1: with all important decisions. Okay, here's the next level down
40:24
Speaker 1: senior management levels, right. Vice president. These are corporate vice
40:27
Speaker 1: presidents because you have many companies like the banking industry.
40:30
Speaker 1: Really the vice president title now is really somebody running
40:33
Speaker 1: could be somebody who's running a branch, could be. But
40:37
Speaker 1: a corporate vice president who works in the corporate office
40:40
Speaker 1: is a whole different beast. They are a corporate officer
40:43
Speaker 1: of the company. Vps are senior executives who who head
40:47
Speaker 1: major divisions or functions within the company, such as sales,
40:50
Speaker 1: human resources, or product development. Now watch titles. Now that
40:54
Speaker 1: I've told you this, watch titles, It'll all start making
40:56
Speaker 1: sense to you. They report to the c suite executives
41:03
Speaker 1: responsibilities overseeing departmental objectives, strategic planning within the division, within
41:09
Speaker 1: their division, within their division. Where I said, how manager
41:13
Speaker 1: can confuse that they can do the whole job because
41:15
Speaker 1: there's to teach strategic planning within their division or group
41:19
Speaker 1: managing teams, ensuring that their department aligns with company objectives. Right.
41:24
Speaker 1: Corporate VPS General Council This is atturney basically for the company,
41:29
Speaker 1: exclusive to the company. Inside the company, I have a
41:31
Speaker 1: general Council. The GC is the chief legal officer responsible
41:36
Speaker 1: for overseeing the legal aspects of the business. By the way,
41:39
Speaker 1: did you know that the US ambassador, when assigned to
41:42
Speaker 1: a country, is effectively the President of the United States
41:45
Speaker 1: in that country, unless the President of United States shows
41:47
Speaker 1: up in that country. They're the president's representatives in that country.
41:51
Speaker 1: That's what an ambassador is. They report to the State
41:53
Speaker 1: Department Secretary of State. But if somebody is all they
41:57
Speaker 1: have given the mandate. They're managing the mandate given to them.
42:00
Speaker 1: That Secretary of State who was talking on behalf of
42:02
Speaker 1: the president saying foreign policy, they're you know, left alone.
42:06
Speaker 1: They're they're the big baller shot call in that country.
42:09
Speaker 1: All things flow with regards to the United States of
42:11
Speaker 1: America through them all right back to this. So General
42:15
Speaker 1: Counsel is the chief legal officer, okay, for the company
42:18
Speaker 1: legal responsibilities, legal stra Are you enjoying this or am
42:21
Speaker 1: I putting you to sleep? As you can tell me,
42:24
Speaker 1: I'm sort of enjoying it. No one teaches you this
42:26
Speaker 1: stuff like is what we don't know that we don't
42:29
Speaker 1: know this killing is what we think we know. Here
42:31
Speaker 1: we go responsibilities legal strategy, managing legal risks, ensuring compliance
42:36
Speaker 1: with laws and regulations, and overseeing the legal department. Directors.
42:41
Speaker 1: This is not a board director. This is a director
42:43
Speaker 1: within the corporation. Directors are senior managers responsible for specific
42:47
Speaker 1: functions or departments within the company below the level of
42:51
Speaker 1: the corporate VP. They are one level below vps and
42:54
Speaker 1: managed significant parts of the organization. Responsibilities departmental management, resource
42:59
Speaker 1: out location, implementing strategies set by the executive team, and
43:03
Speaker 1: reporting on departmental performance. By the way, these are for
43:06
Speaker 1: profit and nonprofit entities alike, and a lot of governments
43:10
Speaker 1: could get a lot of insight to how to manage
43:12
Speaker 1: based on what I'm saying structurally here mineral management. Watching
43:17
Speaker 1: these people, they're either very very very very good and
43:20
Speaker 1: you'll love them, or their train wrecks and they will
43:22
Speaker 1: make your life miserable. Managers Role managers oversee specific teams
43:28
Speaker 1: or projects within a department. They are responsible for executing
43:32
Speaker 1: the strategics, the strategies set by directors and senior management,
43:36
Speaker 1: and they're often left alone with budgets and responsibilities. That's
43:39
Speaker 1: why you got to if you have a great one,
43:40
Speaker 1: my god, they'll just transform your company and make you
43:43
Speaker 1: look good. They have a bad one who So when
43:48
Speaker 1: you deal with somebody you know in a government agency
43:50
Speaker 1: or whatever, and they're telling you off and they don't
43:53
Speaker 1: seem to care. They're a manager and they've been left
43:57
Speaker 1: alone and no one tells them anything. They have base
44:00
Speaker 1: the actor like that as CEO or whatever responsibilities day
44:06
Speaker 1: to day team management, project execution, performance reviews, and ensuring
44:10
Speaker 1: that their team meets it meets their objectives. Project managers.
44:14
Speaker 1: I love project managers, love love love project manager. I
44:17
Speaker 1: have a great one, Bill Fair, who works in my office.
44:19
Speaker 1: As an example, who's my deputy chief of staff, but
44:22
Speaker 1: he does project management, amongst other things. Role project managers
44:26
Speaker 1: are responsible for planning, executing, and closing projects with specific
44:30
Speaker 1: timelines and budgets. By the way, my executive assistant Tina
44:33
Speaker 1: Fair is a project manager. My travelistant Deborah Collins is
44:36
Speaker 1: a project manager. My confecial assistant Sir James is a
44:39
Speaker 1: project manager. My chief of staff Rachel is a is
44:44
Speaker 1: a multitasking project manager. She has several titles. I think
44:49
Speaker 1: she's the she's chief, she's executive senior vice president. I
44:54
Speaker 1: think she's chief administrative officer. She's got another title and
44:58
Speaker 1: then she's chief of staff. To me, yeah, she's put
45:01
Speaker 1: me for thirty plus years. She's a baller and she
45:03
Speaker 1: does project management still because she's pared away once she's done, right,
45:08
Speaker 1: But she has help now, So okay, so we got that.
45:12
Speaker 1: That did that. Entry Level and associates Associates and analysts.
45:17
Speaker 1: Role associates are analysts are typically entry level positions. This
45:21
Speaker 1: is the tacticians providing support within the department. They are
45:24
Speaker 1: often involved in data analysis, research and administrative tasks. Responsibilities
45:30
Speaker 1: data gathering, analysis, reporting, supporting senior team leaders, team managers,
45:36
Speaker 1: and assisting in various tasks within the department assistants and
45:40
Speaker 1: coordinators roles. They wrote. These roles are typically administration, administrative
45:46
Speaker 1: and nature, providing support to managers and executives. By the way,
45:49
Speaker 1: I've found some I found some of my great leaders,
45:51
Speaker 1: greatest leaders as administrators as assistants. Because if somebody has
45:59
Speaker 1: real talent or leadership, they're just being asked to do
46:01
Speaker 1: a task, They're gonna show it. It's gonna be obvious,
46:04
Speaker 1: and you just your job is to identify that talent
46:06
Speaker 1: and put them in the right soil and help them
46:08
Speaker 1: and just keep promoting them until they hit the Peter
46:11
Speaker 1: principle where they really they're beyond their skis, so to speak,
46:15
Speaker 1: and then back them off so to a level where
46:17
Speaker 1: they're comfortable doing that job. But I've had some people
46:21
Speaker 1: like Rachel by the way, she started as a great example.
46:24
Speaker 1: She literally started as a receptionist thirty two years ago.
46:28
Speaker 1: She's now the third highest ranking person in all my organizations,
46:33
Speaker 1: balling doing really well, you know, good net worth, good income,
46:38
Speaker 1: lots of responsibilities. But she just kept seeing that talent,
46:41
Speaker 1: kept seeing that talent, kept seeing that talent. Lands Triggs
46:44
Speaker 1: started as a manager and now he was a project manager. Actually,
46:49
Speaker 1: now he's probably number well, he's in the top five,
46:53
Speaker 1: top six in the organization. He's president of a huge division,
46:57
Speaker 1: president of programs that operational. He's probably serbad be a
47:00
Speaker 1: top four leader. Just great guide Lands Triggs. His legacy
47:05
Speaker 1: is intact. So I find a lot of talent at
47:08
Speaker 1: that lower level scheduling, communication, document management, assistant with smooth
47:12
Speaker 1: operations of daily tasks. It's part of what assistance and
47:14
Speaker 1: coordinators do. Partnership structures. Okay, I'm gonna do this really quick,
47:19
Speaker 1: so I'm running out of time. Partners this is like
47:22
Speaker 1: law firms and consulting firms. Okay, partners In partnerships such
47:27
Speaker 1: as law firms or consulting firms, partners are co owners
47:30
Speaker 1: of the firm and have a share in the profits
47:32
Speaker 1: that you know that so whenever you see a partners,
47:35
Speaker 1: that's a baller, that's a business owner, so to speak.
47:38
Speaker 1: There are the own part of the business and these
47:44
Speaker 1: they are the most senior members responsible for client acquisition
47:49
Speaker 1: and management, getting clients, and I often play a significant
47:52
Speaker 1: role in the firm strategic direction. So in a law firm,
47:57
Speaker 1: you typically don't have a CEO. You have the most
48:00
Speaker 1: senior partner. As an example, consulting firms, I have migrated
48:04
Speaker 1: to a CEO function most of the time big consulting firms,
48:07
Speaker 1: but responsibilities client relations, business development, mentoring junior staff, and
48:15
Speaker 1: contributing to firm strategy. But you know, at a law firm,
48:17
Speaker 1: your job is to do law to get more clients.
48:20
Speaker 1: So it's not really all that complicated in that sense.
48:23
Speaker 1: So they can deal with just having you know, a
48:25
Speaker 1: basically a committee of the partners who out and hunt. Right,
48:28
Speaker 1: somebody's gonna hunt. Somebody's gotta hunt too. By the way,
48:34
Speaker 1: it is literally business and business and somebody's just passing
48:36
Speaker 1: papers around and having meetings and spending money. Get that
48:40
Speaker 1: person away from the checkbook as soon as possible. They're
48:42
Speaker 1: gonna drive you. They're gonna drive you into a ditch.
48:45
Speaker 1: You need somebody. You need somebody at the top who
48:48
Speaker 1: can execute, who sees problems that they can solve and
48:52
Speaker 1: have timelines to solve it. They manage money well, they
48:55
Speaker 1: manage budgets well, They hunt really well. They go and
49:00
Speaker 1: get the customer and drag it to the ground. Don't
49:03
Speaker 1: drag them to the ground, but I mean and bring
49:05
Speaker 1: them into the cave. And club it. I don't mean
49:09
Speaker 1: like literally, but I mean capitalist is a gladiator sport.
49:12
Speaker 1: You need somebody who can hunt. Junior partners. Associated partners
49:16
Speaker 1: role Junior partners or associate partners are partners with lessen
49:20
Speaker 1: authority or ownership stake. They are on the path of
49:23
Speaker 1: becoming full partners. The responsibilities include managing client accounts, business development,
49:28
Speaker 1: and overseeing projects or teams. Senior associates their role is
49:34
Speaker 1: they are experienced professionals who support partners in managing client
49:37
Speaker 1: work and leading projects. Their responsibilities include leading client engagement,
49:42
Speaker 1: managing junior staff, and contributing to business development. Associates their
49:47
Speaker 1: role associates are in partnerships are typically professionals who are
49:50
Speaker 1: responsible for executing client work under the supervision of partners
49:53
Speaker 1: and senior associates. They are not owners. Responsibilities search, research, analysis, drafting, ports,
50:00
Speaker 1: in supporting senior team members, and delivering client services. The
50:05
Speaker 1: structure ensurers and responsibilities are clearly delineated, with each level
50:10
Speaker 1: accountable for specific aspects of the businesses operations. In the
50:13
Speaker 1: strategic direction, I long for efficient management and growth of
50:16
Speaker 1: the enterprise. Now there's more to this. I've given you
50:19
Speaker 1: the broad swash but who's ever told you this stuff?
50:24
Speaker 1: Like where do you get this from? So hopefully this
50:27
Speaker 1: has been helpful. Of course, you can ask me questions
50:29
Speaker 1: on social media. I'm happy to answer them in more detail.
50:31
Speaker 1: I'll go live from time to time with my book
50:33
Speaker 1: Financial Literacy for All and do a book club event.
50:35
Speaker 1: You can ask me even questions there. But never be
50:39
Speaker 1: ashamed of asking questions. I ask Quincy Jones, incredible genius
50:44
Speaker 1: and music dear friend, brother, Quincy, how'd you get so smart? Man? Answer?
50:49
Speaker 1: I'm just nosy as hell. I want to know everything
50:52
Speaker 1: about everything. That's why God gave you two ears and
50:55
Speaker 1: one mouth. If you listen twice as much as you talk,
50:56
Speaker 1: I'm nosy as hell. What about you, O'Briant. Get the
51:01
Speaker 1: book Financial loci for All. Donated to a library or
51:03
Speaker 1: title I school in your family's name. Get the book yourself,
51:06
Speaker 1: send a review, put a review online where you bought
51:09
Speaker 1: the book. Make sure we keep it number one and
51:11
Speaker 1: number two across the country as it's been for the
51:13
Speaker 1: last few months. Tell your friends about this podcast series,
51:16
Speaker 1: spread this around, pass it around and subscribe to all
51:20
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Speaker 1: want to support Operation show but as a donor yourself,
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Speaker 1: love and light. Let's go change the world. Money and
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Speaker 1: Wealth with John O'Brien is a production of the Black
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