Episode 010 – Jerry West: shares how to survive a 7 Figure Tax Audit. Be a total badass in the SEO, SEM and affiliate marketing industries.
Today’s guest, Jerry West, has been around the entrepreneur world for a long time. Today, he is a keynote speaker, consultant, and mentor. His story is one of adversity and the struggle to overcome real, raw battles. Underneath Jerry’s success is the reality of what it takes to be successful. Jerry is in the supplement business and offers consulting to take business owners to the next level. He has used creativity to his advantage, like in the battle ensuring from his attempt to secure a dot-com using his name. Jerry’s success was a direct result of taking a creative approach. You can now visit http://jerrywest.com to easily connect with Jerry. The conversation today with Tony G, full of creative approaches to business hurdles, will have you inspired to think outside the box for your own dilemmas.
If you’re the smartest person in the room, you’re in the wrong room.
Early on, a mentor instilled in Jerry that when, not if, he made it big that he should give back. Jerry spends intentional time passing on wisdom he has acquired and acting as a resource for entrepreneurs in their early stages. His best advice? Always have a mentor. Or get a few. But you have to work with another human being to become a better human being. It is the same thing in business. Jerry knows we all need somebody to give us “a kick in the ass” when we need it. The accountability he has in his own life and business keep him focused. He has seen too many business owners, who answer to no one, become stagnant. If you find yourself getting sidetracked from what you set out to do, listen in to the vital role a mentor can play in your business and life on this episode of Entrepreneur Unplugged.
Identify what’s working in your business and what’s not.
Jerry knows one aspect of his business that is dominating. He offers insider information to utilize all that Facebook has to offer. His creativity is once again shining, as he maximizes the tools available and uses them to the advantage of his company. Jerry is reaching the exact demographic he is after and remains informed about competitors moves and the overall conversation in his industry. Jerry uses a Dr. Oz example to demonstrate strategic moves that generate business and reach your intended customer base. You can gain traction by putting to use the data readily available to you. Jerry is also familiar with what is not working in his business. Mainly, business stalls when Jerry acts as a bottleneck, or control freak, with the people he hires. He knows the business cannot grow as fast as it could if he could just release those reigns a bit. Tony G takes Jerry back in time to what his ten year old self might advise. Find out on this episode why it is difficult to take your own advice and put it into action as an entrepreneur.If you’re the smartest person in the room, you’re in the wrong room Click To Tweet
Advice from the other side of an audit.
What kind of issues did Jerry run into with the government? An IRS agent spent over a year in Jerry’s office during an audit. After the initial shock, Jerry was at a loss to provide the proper documentation needed. His long process to overcome an audit was more painful than a lubeless colonoscopy. The audit itself was difficult, but having an IRS agent in the business office, which is set up completely open to provide synergy, completely tanked all creative energy. Stress levels sky rocketed and business suffered. But Jerry took responsibility, admitted his fault, and fought to gain traction after this struggle. He learned how to publicly dust himself off and get back to work. Listen in for Jerry’s advice if you find yourself in a similar situation. Hear some tips in seeking out the best help to cut down on the lengthiness Jerry experienced. Learn from his mistakes because like Tony G says, “You don’t know what you don’t know.
Moving forward and running your ship.
Jerry’s outlook for 2016 is focused on beating his bad habit of bottlenecking. Rather than doing all the work himself or having his hands in every project, he’s focusing on landing the deals and training the right people to do the actual work. Sound familiar? In your own business, figure out how to get back to the things you love, and hand off the other work to people who love those aspects. Get focused, get out of your own way, and run your ship. Jerry is no longer stuck in an audit, or in the discouragement it brought. He knows the suffering, but he’s here to prove that you can get through that or any other struggle. How does Jerry do it? He’s found a way to stay focused and create habits that clear his mind and take him out of his “work mind.” If you are having trouble taking your own advice, take Jerry’s on this episode of Entrepreneur Unplugged.Take advice from your ten year old self on this episode of #EntrepreneurUnplugged Click To Tweet
OUTLINE OF THIS EPISODE
- [0:38] Tony G’s introduction of today’s guest, Jerry West.
- [2:25] Jerry’s take on domain names, extensions and securing your dot-com.
- [5:52] The 2016 outlook for Jerry West.
- [7:17] The importance of having a mentor.
- [8:22] What is working in Jerry’s business and what is not.
- [12:03] Jerry’s advice to his ten year old self?
- [15:29] A run in with the government and suffering through an audit.
- [17:56] Advice and take-away from Jerry’s audit ordeal.
- [19:12] What Jerry is looking forward to this year?
- [21:32] Last bit of inspiration and wisdom from Jerry.
RESOURCES AND LINKS MENTIONED ON THIS EPISODE
Jerry’s website: http://jerrywest.com