Scott C: We are excited to have a very special guest with us, Scott Duffy. If you want to know who Scott Duffy is, he’s a TV online personality and Founder of the Breakthrough Mastermind. He began his career working for bestselling author and speaker, Tony Robbins. He went to work for several small businesses that became big brands like CBS SportsLine, NBC Internet, and FoxSports.com. Next, he founded Smart Charter, an online booking tool for private aviation, which was acquired by Richard Branson’s Virgin Group. Scott has got amazing stories to share with you about Richard Branson too. Scott is a champion for entrepreneurship. He’s been listed as a top ten keynote speaker by Entrepreneur Magazine. He’s spoken at the New York Stock Exchange and provided commentary in numerous media outlets including CNBC, Fox News, and CBS Radio. He’s the co-host of Business & Burgers and the bestselling author of Breakthrough, a roadmap for building a great company. We are so honored to have Scott Duffy join us. How are you doing?
Scott D: I’m good. How are you?
Scott C: I’m rock and rolling and keeping busy. You are all over the place. You are busy speaking everywhere I see you go, which is awesome. You’re absolutely loving life.
Scott D: It’s been an amazing year and I’m looking forward to 2019. It’s all good. The opportunity that all of us have now as entrepreneurs, whether we’re speakers or we have a note closing business, a training camp, whatever it is, is to have an impact leveraging social media, leveraging the tools that we didn’t have twenty years ago is so amazing. It used to be that big companies had every advantage because the cost of being an entrepreneur was so high. As a result, innovation moves slowly and things move slowly and a lot of people couldn’t jump in. They couldn’t do what they wanted to do. They couldn’t have the impact they wanted to have because there’s too much risk. Now, technology has changed the playing field. Social media has changed the playing field.
It’s cool because as entrepreneurs, we not only have access to the same tools as the big guys but they’re affordable. There’s an advantage to being small, to being an entrepreneur and the advantage is that you can get closer to customers. You can iterate faster. Now, small is the new big. Entrepreneurs are the new David. We like to smash down that Goliath every single day. It’s cool and this scares big companies because it used to be they could look outside their window and they could see all their competitors. It was that simple. Now there are millions of entrepreneurs nibbling at their feet, which is amazing.
Scott C: The landscape has totally changed. We’ve known each other for about eight years. I figured out the landscape has changed dramatically in the last eight years. It’s totally crazy. There are so many more options. We have the same tools. I was reading an article about how Starbucks runs this $24 billion company and their social media is run by seven people.
Scott D: I remember you were talking about Virgin. When I started Smart Charter, I remember we moved into this big office in Santa Monica at the airport. We had to go by email servers for this company. We had this big room and it had all of these servers in it and we needed our IT people. Everything was so expensive. Now you get Gmail and it’s free. That’s so cool. It’s hard for a big company because here’s what happens. What happens is that somebody wakes up and they have an idea and they share it with others. The company gets bigger. This is the way it used to happen. They get bigger and as a customer, I was buying that one thing from that company and let’s say it costs me $20 a month. What happens is over time, that company becomes more successful. It has to hire more people, which means it needs more space. Its costs continue to go up. What does it do? Either raise its prices or it goes out there and it adds new features in order to do so. Raise prices for the core product or you add more features or both.