Very few companies have grown from a small mom and pop business to a billion-dollar corporation. If you live anywhere near the Philadelphia area, you have probably heard of the convenience store chain named Wawa. Wawa has enjoyed a cult-like following and has been expanding since its inception in 1902.
Join Jay on the latest Black Entrepreneur Blueprint podcast episode number 507 as he gives you seven lessons you can learn from Wawa and how you can implement them into your business.
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[00:00:12] [SPEAKER_00]: Welcome to BLACK ENTREPRENEUR BLUEPRINT, the number one podcast and resource for BLACK ENTREPRENEURS.
[00:00:19] [SPEAKER_00]: I'm your host Jay Jones and BLACK ENTREPRENEUR BLUEPRINT was created specifically to educate
[00:00:25] [SPEAKER_00]: and inspire BLACK ENTREPRENEURS to launch, build and grow successful sustainable businesses.
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[00:00:46] [SPEAKER_00]: us each and every week here at BLACK ENTREPRENEUR BLUEPRINT.
[00:00:50] [SPEAKER_00]: Welcome to the BEB family and get ready to elevate your entrepreneur IQ.
[00:01:00] [SPEAKER_00]: Welcome to the BLACK ENTREPRENEUR BLUEPRINT episode number 507.
[00:01:07] [SPEAKER_00]: I'm your host Jay Jones and today we have another outstanding and informative show
[00:01:11] [SPEAKER_00]: and story for you.
[00:01:12] [SPEAKER_00]: Today's show topic is What Every Entrepreneur Can Learn From The Wawa Convenience Stores.
[00:01:19] [SPEAKER_00]: What Every Entrepreneur Can Learn From The Wawa Convenience Stores.
[00:01:24] [SPEAKER_00]: Now many of you may be saying what the hell is Wawa, but if you live in the
[00:01:29] [SPEAKER_00]: Philadelphia or greater metropolitan area, Wawa is the preeminent convenience store
[00:01:35] [SPEAKER_00]: chain.
[00:01:36] [SPEAKER_00]: Now it's almost gathered like a cult like following because it has such fresh food.
[00:01:42] [SPEAKER_00]: It's very convenient and the stores always look nice.
[00:01:46] [SPEAKER_00]: So today I'm going to give you seven lessons that you can learn from the Wawa Convenience
[00:01:50] [SPEAKER_00]: Stores and I'm also going to show you how you can implement them in your business.
[00:01:55] [SPEAKER_00]: Now you're probably saying to yourself man Jay my business has nothing to do with
[00:01:59] [SPEAKER_00]: convenience stores but you're going to be happily surprised because any enterprise
[00:02:03] [SPEAKER_00]: that grows from a mom and pop business to over 988 locations and $13 billion a year in revenue
[00:02:12] [SPEAKER_00]: has some things that they do successfully and that's what we're going to talk about
[00:02:17] [SPEAKER_00]: today.
[00:02:17] [SPEAKER_00]: So 13 billion with the B. They're the number nine convenience store chain in the country.
[00:02:23] [SPEAKER_00]: So before we get to that content though, let me just share a few things with the
[00:02:28] [SPEAKER_00]: Black Entrepreneur Blueprint family.
[00:02:30] [SPEAKER_00]: First and foremost, I want to welcome all first time listeners to Black
[00:02:33] [SPEAKER_00]: Entrepreneur Blueprint.
[00:02:34] [SPEAKER_00]: Welcome to the B.
[00:02:35] [SPEAKER_00]: E. B. family.
[00:02:36] [SPEAKER_00]: Please stick around until the end of today's broadcast and I'm going to share
[00:02:40] [SPEAKER_00]: all my social media contact information and resource links such as the new revised
[00:02:46] [SPEAKER_00]: revamp B.
[00:02:47] [SPEAKER_00]: E. B. Academy, which is our online learning portal.
[00:02:50] [SPEAKER_00]: We have online group coaching.
[00:02:52] [SPEAKER_00]: We have collaboration with other B.
[00:02:55] [SPEAKER_00]: E. B. members and it's designed to help you elevate your entrepreneur IQ.
[00:02:59] [SPEAKER_00]: So go to new B.
[00:03:01] [SPEAKER_00]: E. B. Academy dot com for more information.
[00:03:04] [SPEAKER_00]: Now, let's get ready for today's show.
[00:03:06] [SPEAKER_00]: So I just gave you a little background on the history of the Wawa convenience store
[00:03:10] [SPEAKER_00]: chain, but I want to go a little more in depth so you can actually see the
[00:03:15] [SPEAKER_00]: trajectory from a mom and pop business all the way to a billion
[00:03:20] [SPEAKER_00]: dollar business.
[00:03:21] [SPEAKER_00]: And the crazy thing is guys, they're continuing to grow.
[00:03:24] [SPEAKER_00]: So one of the great things about Wawa is the way that they've morphed and
[00:03:29] [SPEAKER_00]: they've changed and grown.
[00:03:31] [SPEAKER_00]: And it's very strategic.
[00:03:33] [SPEAKER_00]: And I'm going to give you the seven things that you can learn from Wawa
[00:03:37] [SPEAKER_00]: convenience stores.
[00:03:38] [SPEAKER_00]: And we're going to start though with the history of Wawa.
[00:03:41] [SPEAKER_00]: So here's the abridged version of Wawa.
[00:03:44] [SPEAKER_00]: In 1902, George Wood founded the Wawa Dairy in Delaware County,
[00:03:49] [SPEAKER_00]: Pennsylvania.
[00:03:50] [SPEAKER_00]: And let me tell you why the stores call Wawa because it was actually
[00:03:54] [SPEAKER_00]: founded in a town called Wawa, Pennsylvania, WA, WA.
[00:03:59] [SPEAKER_00]: So that's where the name comes from.
[00:04:01] [SPEAKER_00]: So in 1902, a man named George Wood founded the Wawa Dairy in Delaware
[00:04:06] [SPEAKER_00]: County, PA.
[00:04:07] [SPEAKER_00]: And what he basically was doing, he was bottling fresh milk
[00:04:10] [SPEAKER_00]: products from his cows.
[00:04:12] [SPEAKER_00]: Now, the dairy produced and delivered certified Wawa milk to the
[00:04:16] [SPEAKER_00]: doorsteps of homes throughout the Philadelphia area.
[00:04:19] [SPEAKER_00]: So if you're old enough in the cities, I remember when I was a
[00:04:23] [SPEAKER_00]: little boy, I barely remember this.
[00:04:25] [SPEAKER_00]: We used to have a milk man that would deliver milk on our doorsteps.
[00:04:30] [SPEAKER_00]: In April of 1964, the first Wawa food market opened in Folsom,
[00:04:35] [SPEAKER_00]: Pennsylvania.
[00:04:36] [SPEAKER_00]: And by 1969, the first stores in New Jersey and Delaware opened.
[00:04:41] [SPEAKER_00]: Now, in 1970, Wawa stores were selling pre-made hoagies.
[00:04:46] [SPEAKER_00]: And for you guys outside of the Philadelphia region, a hoagie
[00:04:50] [SPEAKER_00]: is what you would call a hero or a sub sandwich.
[00:04:54] [SPEAKER_00]: But in Philly and surrounding areas, it's called the hoagie.
[00:04:57] [SPEAKER_00]: So in 1970, he was selling pre-made hoagies and sandwiches.
[00:05:01] [SPEAKER_00]: But in 1972, this is one great innovation.
[00:05:05] [SPEAKER_00]: They transitioned to built to order Wawa sandwiches.
[00:05:10] [SPEAKER_00]: And they actually separated the deli from the checkout counter
[00:05:13] [SPEAKER_00]: to make even speedier service. OK.
[00:05:16] [SPEAKER_00]: So a lot of times you have one checkout and you go to the checkout
[00:05:20] [SPEAKER_00]: and then you have to order your sandwich.
[00:05:22] [SPEAKER_00]: It would take them time to make it.
[00:05:24] [SPEAKER_00]: So what they did was they separated that whole deli section
[00:05:27] [SPEAKER_00]: or made to order section and you would go in, you would buy your stuff
[00:05:32] [SPEAKER_00]: and then you would come over to the rest of the checkout.
[00:05:35] [SPEAKER_00]: In 1982, they followed the built to order hoagies with hot foods
[00:05:39] [SPEAKER_00]: like meatballs. Now, in 1992, Wawa introduced the shorty hoagie.
[00:05:45] [SPEAKER_00]: Now, shorty is only like a six inch hoagie.
[00:05:48] [SPEAKER_00]: OK. And now they also start holding its first hoagie day back in Philadelphia
[00:05:53] [SPEAKER_00]: at City Hall. So on Hoagie Day, you could go in and get like a free
[00:05:58] [SPEAKER_00]: or discounted hoagie from any Wawa.
[00:06:00] [SPEAKER_00]: So that's been going on guys for four decades.
[00:06:04] [SPEAKER_00]: So they're very innovative.
[00:06:06] [SPEAKER_00]: In 2002, Wawa introduced its famous touchscreen ordering kiosk
[00:06:11] [SPEAKER_00]: in all the stores.
[00:06:12] [SPEAKER_00]: So remember, I said that the deli was separate from the rest of the store.
[00:06:16] [SPEAKER_00]: So you can go up and on one side of the store, they had all these
[00:06:20] [SPEAKER_00]: touch screens where you can custom create your made to order hoagie.
[00:06:24] [SPEAKER_00]: If you want mayo, oil, you want both lettuce, tomatoes, whatever you want on it.
[00:06:29] [SPEAKER_00]: It's a touchscreen.
[00:06:30] [SPEAKER_00]: Then it would have upsells on there.
[00:06:32] [SPEAKER_00]: Do you want extra meat?
[00:06:33] [SPEAKER_00]: Do you want extra whatever?
[00:06:35] [SPEAKER_00]: But that way everything was systematized.
[00:06:37] [SPEAKER_00]: So now you had the four or five people working in the back
[00:06:40] [SPEAKER_00]: and the orders were coming up from the touchscreen.
[00:06:43] [SPEAKER_00]: It's no more, hey, I would like this and somebody writing it down.
[00:06:47] [SPEAKER_00]: So once again, very innovative.
[00:06:49] [SPEAKER_00]: And that was in 2002.
[00:06:52] [SPEAKER_00]: Now, between 2010 and 2012, Wawa expanded their built to order foods
[00:06:56] [SPEAKER_00]: and they started doing beverages with smoothies, frozen cappuccinos,
[00:07:01] [SPEAKER_00]: specialty drinks like lattes, macchiatoes and hot chocolate.
[00:07:05] [SPEAKER_00]: And so now in 2012, they also started opening another market,
[00:07:09] [SPEAKER_00]: which they're in Florida right now.
[00:07:12] [SPEAKER_00]: I know my in-laws have a have a second home in West Palm Beach.
[00:07:16] [SPEAKER_00]: And I know there's a couple of Wawa's around there.
[00:07:19] [SPEAKER_00]: And in 2020, they saw a whole new path to convenience,
[00:07:23] [SPEAKER_00]: open up with Wawa because now they have delivery and curbside pickup,
[00:07:27] [SPEAKER_00]: which launched nationwide.
[00:07:30] [SPEAKER_00]: And so while our guys has been super innovative, but I wanted to give you
[00:07:34] [SPEAKER_00]: a foundation of what Wawa is, where it started and where it is right now.
[00:07:41] [SPEAKER_00]: Once again, over 988 locations.
[00:07:44] [SPEAKER_00]: This is started by a mom and pop with a dairy farm over 13 billion
[00:07:50] [SPEAKER_00]: with a B in annual revenues and they're very customer friendly.
[00:07:55] [SPEAKER_00]: So you know, like if you go to Chick-fil-A and everybody is super nice,
[00:07:59] [SPEAKER_00]: that's the same thing with Wawa.
[00:08:01] [SPEAKER_00]: Now, we do have other convenience store
[00:08:04] [SPEAKER_00]: chains in the Philly metro area, but one that I tell you is not prevalent at all.
[00:08:09] [SPEAKER_00]: Is 7 11 and the reason is why Wawa has blown them out of the water.
[00:08:15] [SPEAKER_00]: 7 11 has been closing like crazy because they can't deal with the freshness
[00:08:20] [SPEAKER_00]: of the food, the convenience and the atmosphere.
[00:08:23] [SPEAKER_00]: Now, 7 11's meant most of them are franchise on
[00:08:28] [SPEAKER_00]: so they don't necessarily have the resources you go in there
[00:08:31] [SPEAKER_00]: and you get your food.
[00:08:33] [SPEAKER_00]: All the food is pre done, pre made.
[00:08:35] [SPEAKER_00]: It's not made to order.
[00:08:36] [SPEAKER_00]: Most of the stores are small and many of them don't have gas stations.
[00:08:41] [SPEAKER_00]: So while I now has implemented where all their new stores, which they build,
[00:08:45] [SPEAKER_00]: they don't usually buy anything they build from ground up,
[00:08:49] [SPEAKER_00]: have gas stations and they also have e chargers, electric chargers.
[00:08:54] [SPEAKER_00]: They have a partnership with Tesla.
[00:08:56] [SPEAKER_00]: So when you go to a while, why it is a totally different experience
[00:09:00] [SPEAKER_00]: than going to a 7 11.
[00:09:02] [SPEAKER_00]: So we really don't have 7 11's here.
[00:09:05] [SPEAKER_00]: Also, I liken it to something else.
[00:09:08] [SPEAKER_00]: I got one of my best friends is from New York and he always talks about New York
[00:09:12] [SPEAKER_00]: pizza and he's like, why would I go to Pizza Hut?
[00:09:15] [SPEAKER_00]: Domino's Papa John's when New York has the best pizza.
[00:09:19] [SPEAKER_00]: Same thing with Philly when it comes to Hogy's and cheese steaks.
[00:09:23] [SPEAKER_00]: There's no subways.
[00:09:24] [SPEAKER_00]: You can barely find a subway sandwich shop anywhere in Philly
[00:09:28] [SPEAKER_00]: because you got Hogy shops and cheese steaks shops on every corner.
[00:09:33] [SPEAKER_00]: And that's kind of how while has dominated the convenience store market.
[00:09:37] [SPEAKER_00]: It's funny because my oldest daughter's
[00:09:40] [SPEAKER_00]: fiance now is from New York and he had never seen a while before.
[00:09:46] [SPEAKER_00]: But every time he comes, he loves it.
[00:09:48] [SPEAKER_00]: So it's almost like a cult following because it's open 24 hours a day.
[00:09:53] [SPEAKER_00]: It's always clean, always well lit.
[00:09:55] [SPEAKER_00]: You have made to order 24 hours a day, seven days a week.
[00:10:00] [SPEAKER_00]: You got gas, you got everything that you need.
[00:10:03] [SPEAKER_00]: So now we're going to talk about what you can learn from Wawa.
[00:10:06] [SPEAKER_00]: And then I'm going to give you seven takeaways
[00:10:09] [SPEAKER_00]: that you can implement in your own business.
[00:10:11] [SPEAKER_00]: The first thing I want you guys to understand or learn from Wawa is production.
[00:10:17] [SPEAKER_00]: Now, remembering the story, Wawa was a dairy farm.
[00:10:21] [SPEAKER_00]: They produced their own milk.
[00:10:23] [SPEAKER_00]: OK.
[00:10:24] [SPEAKER_00]: They manufactured and produced their own milk.
[00:10:26] [SPEAKER_00]: One of the issues or problems with us specifically is
[00:10:30] [SPEAKER_00]: we don't manufacture anything.
[00:10:32] [SPEAKER_00]: OK, and I understand getting into manufacturing is hard.
[00:10:35] [SPEAKER_00]: But there's a thing called light manufacturing.
[00:10:38] [SPEAKER_00]: So I talked years ago about a popsicle business
[00:10:41] [SPEAKER_00]: where you can manufacture your own popsicles by literally buying
[00:10:46] [SPEAKER_00]: a deep freezer and different utensils where you can create the popsicles.
[00:10:51] [SPEAKER_00]: And now you can go and freeze the popsicles
[00:10:53] [SPEAKER_00]: and then you can manufacture the popsicles.
[00:10:56] [SPEAKER_00]: Very simple, light manufacturing.
[00:10:59] [SPEAKER_00]: There are other things that you can manufacture that are light also.
[00:11:02] [SPEAKER_00]: It could be cookies or whatever you want.
[00:11:04] [SPEAKER_00]: You look at a company called Insomnia Cookies.
[00:11:07] [SPEAKER_00]: They're a big company.
[00:11:09] [SPEAKER_00]: I think they were started in Philadelphia and they're all over the place.
[00:11:13] [SPEAKER_00]: All they do basically is manufacturing sell cookies with pre-made dough.
[00:11:19] [SPEAKER_00]: Auntie Ann's pretzels, their manufacturers mean they create the products that they sell.
[00:11:24] [SPEAKER_00]: So that's one thing production.
[00:11:26] [SPEAKER_00]: We need to start understanding and learning that, hey, we need to be producers,
[00:11:31] [SPEAKER_00]: not just the consumers.
[00:11:33] [SPEAKER_00]: So when you can control production, you can control everything else in the vertical.
[00:11:38] [SPEAKER_00]: And speaking of vertical, the next thing that you can learn from
[00:11:42] [SPEAKER_00]: Wawa is distribution.
[00:11:44] [SPEAKER_00]: And I'm going to give you the first iteration of distribution
[00:11:47] [SPEAKER_00]: and then a second iteration.
[00:11:50] [SPEAKER_00]: The first iteration of distribution was Wawa was delivering the milk directly
[00:11:55] [SPEAKER_00]: to homes, so they had the production facility where they produced the milk
[00:12:00] [SPEAKER_00]: from the cows and then their distribution was a delivery system
[00:12:04] [SPEAKER_00]: directly to the homes.
[00:12:06] [SPEAKER_00]: They had their fleet of trucks, you know, little milk trucks that would go
[00:12:09] [SPEAKER_00]: around and they would deliver.
[00:12:12] [SPEAKER_00]: That's their first iteration.
[00:12:14] [SPEAKER_00]: What they found out was it actually made more sense
[00:12:18] [SPEAKER_00]: and the economy economics, excuse me, was better if they created
[00:12:22] [SPEAKER_00]: their own distribution locations.
[00:12:25] [SPEAKER_00]: So what they did is they changed distribution to store locations
[00:12:29] [SPEAKER_00]: and they also increased the average order providing additional products to sell.
[00:12:35] [SPEAKER_00]: OK, so they sold other products like Dunkin' Donuts
[00:12:39] [SPEAKER_00]: and Dunkin' Coffee in the actual Wawa stores.
[00:12:43] [SPEAKER_00]: So you can learn distribution from Wawa.
[00:12:46] [SPEAKER_00]: The first iteration we're going to produce and we're going to distribute
[00:12:50] [SPEAKER_00]: and we're going to use our resources delivered directly to your home.
[00:12:54] [SPEAKER_00]: The transformation or second iteration, which became more economic
[00:12:59] [SPEAKER_00]: economically friendly for them was, you know what?
[00:13:03] [SPEAKER_00]: That's costing a whole lot of money.
[00:13:05] [SPEAKER_00]: Let's put up a location, a distribution point where now people
[00:13:09] [SPEAKER_00]: can come in and buy their milk.
[00:13:10] [SPEAKER_00]: But in addition to buying their milk, we're going to have other products
[00:13:14] [SPEAKER_00]: or services that they can buy, which is going to increase the average order value.
[00:13:20] [SPEAKER_00]: OK, now let's talk about vertical integration.
[00:13:24] [SPEAKER_00]: I talked about production and distribution.
[00:13:28] [SPEAKER_00]: So probably in the late 90s, you didn't see Dunkin'
[00:13:33] [SPEAKER_00]: Donuts, Coffee or Dunkin' Donuts, physical donuts in Wawa stores anymore.
[00:13:39] [SPEAKER_00]: So you used to come in and in the stores, there'd be a case
[00:13:42] [SPEAKER_00]: and there'll be a case that said Dunkin' Donuts and it have all the donuts in there.
[00:13:47] [SPEAKER_00]: And then right beside that, they would have Dunkin' Coffee
[00:13:49] [SPEAKER_00]: and where you can go and get your own coffee.
[00:13:52] [SPEAKER_00]: So in the early to mid, I guess it's the early to mid 90s,
[00:13:57] [SPEAKER_00]: they stopped offering Dunkin' products and they created their own donuts
[00:14:02] [SPEAKER_00]: and they created their own coffee, which people love.
[00:14:06] [SPEAKER_00]: Now let's get this understanding straight.
[00:14:09] [SPEAKER_00]: They're not in the back making donuts, right?
[00:14:11] [SPEAKER_00]: What they did was they contracted out with a donut manufacturer
[00:14:15] [SPEAKER_00]: and they labeled the donuts Wawa donuts versus Dunkin' Donuts.
[00:14:20] [SPEAKER_00]: And if you go to any supermarket, it's called private label.
[00:14:23] [SPEAKER_00]: So if you go to a giant or an Acme, a shop, right?
[00:14:26] [SPEAKER_00]: Wherever you shop and you see Walmart, right?
[00:14:31] [SPEAKER_00]: I forgot what Walmart's brand is called, but they have their own house brand.
[00:14:35] [SPEAKER_00]: So any supermarket or major retail chain has their own brand.
[00:14:41] [SPEAKER_00]: Now, they don't sit there and manufacture it.
[00:14:43] [SPEAKER_00]: They contract out with manufacturers to be able to put their name on it,
[00:14:48] [SPEAKER_00]: their label, which is called private labeling.
[00:14:50] [SPEAKER_00]: So now Wawa has private label their donuts.
[00:14:53] [SPEAKER_00]: And what normally happens is when you go direct to the manufacturer,
[00:14:58] [SPEAKER_00]: your cost is better, which obviously increases your profitability.
[00:15:02] [SPEAKER_00]: OK.
[00:15:03] [SPEAKER_00]: So the second iteration of distribution now was branding things in their name.
[00:15:10] [SPEAKER_00]: So you go and you can go by Wawa Ice Tea.
[00:15:13] [SPEAKER_00]: Now, they do manufacture their own ice teas, their teas and stuff.
[00:15:17] [SPEAKER_00]: But just like any other major chain, they have their house brand.
[00:15:21] [SPEAKER_00]: I think Walmart's is great value.
[00:15:24] [SPEAKER_00]: So anytime you buy great value products, that's a Walmart branded product.
[00:15:28] [SPEAKER_00]: OK, so we're talking about what you can learn from Wawa.
[00:15:32] [SPEAKER_00]: We talked about production and I just gave you two distribution items,
[00:15:38] [SPEAKER_00]: delivering the milk, the first iteration and the second distribution
[00:15:43] [SPEAKER_00]: iteration was they changed the distribution from going out,
[00:15:46] [SPEAKER_00]: delivering milk to having people come to them.
[00:15:49] [SPEAKER_00]: OK, I talked about vertical integration,
[00:15:52] [SPEAKER_00]: creating their own coffee and donuts to sell, cutting out Dunkin Donuts.
[00:15:57] [SPEAKER_00]: Now, I'm friends with a manager at one of the Wawa locations
[00:16:02] [SPEAKER_00]: and he told me years ago, he said they almost doubled their profitability
[00:16:08] [SPEAKER_00]: on the donuts by bringing them in the house.
[00:16:10] [SPEAKER_00]: And so when you're talking about a store, if you're not familiar with Wawa,
[00:16:16] [SPEAKER_00]: these stores, I don't care what time of day it is, they are always packed.
[00:16:22] [SPEAKER_00]: And I'm going to give you a couple of takeaways, seven takeaways
[00:16:25] [SPEAKER_00]: about why why in their business model, but they are always packed.
[00:16:29] [SPEAKER_00]: They're always packed in the morning, people go into work.
[00:16:32] [SPEAKER_00]: They get their coffee, they get their gas, they get good fresh food.
[00:16:36] [SPEAKER_00]: And so they're always packed in the morning.
[00:16:38] [SPEAKER_00]: They packed at lunchtime.
[00:16:39] [SPEAKER_00]: People get off, you know, get out for lunch.
[00:16:42] [SPEAKER_00]: They may want a hoagie or or salad or hot sandwich.
[00:16:45] [SPEAKER_00]: Their food is very good.
[00:16:47] [SPEAKER_00]: Or they're coming in at night.
[00:16:48] [SPEAKER_00]: They don't feel like cooking or you're out at night.
[00:16:51] [SPEAKER_00]: You're partying or whatever.
[00:16:52] [SPEAKER_00]: It's three or four in the morning.
[00:16:54] [SPEAKER_00]: You want to grab something to eat.
[00:16:56] [SPEAKER_00]: You can always go to a while.
[00:16:58] [SPEAKER_00]: 24 7365, they do not close, not even on Christmas Day, New Year's Day.
[00:17:05] [SPEAKER_00]: It's it's consistency.
[00:17:07] [SPEAKER_00]: You always know what you're going to get when you go to a while.
[00:17:11] [SPEAKER_00]: OK, now innovation.
[00:17:14] [SPEAKER_00]: That's another thing that you can learn from Wawa,
[00:17:17] [SPEAKER_00]: but they separate their made to order food from the rest of the stores
[00:17:20] [SPEAKER_00]: and they separated themselves from the different convenience store chains.
[00:17:26] [SPEAKER_00]: Like I said, we don't even go to 711 around here.
[00:17:29] [SPEAKER_00]: You go to 711 is ridiculous because the only reason you may have gone
[00:17:34] [SPEAKER_00]: to 711 is for a lottery ticket for a while.
[00:17:38] [SPEAKER_00]: Why didn't sell lottery tickets like Powerball and stuff like that?
[00:17:42] [SPEAKER_00]: And so that would be like the only time I would go in if I bought
[00:17:45] [SPEAKER_00]: a lottery ticket at 711 because the stores are small.
[00:17:50] [SPEAKER_00]: They don't have a lot of the capital capitalization behind it
[00:17:53] [SPEAKER_00]: because most of them are franchise locations.
[00:17:56] [SPEAKER_00]: They sell pre-made food and yeah, it's a totally, totally different ball game.
[00:18:02] [SPEAKER_00]: OK, and as for innovation, I talked about earlier how they separated their deli.
[00:18:08] [SPEAKER_00]: Right. Brilliant.
[00:18:10] [SPEAKER_00]: It's a genius idea.
[00:18:12] [SPEAKER_00]: So you go you go to the kiosk, you type in whatever you want on your hoagie.
[00:18:16] [SPEAKER_00]: Now, trust me, they got more than hoagies.
[00:18:18] [SPEAKER_00]: They got all types of food, salad bowls.
[00:18:21] [SPEAKER_00]: They got pizza.
[00:18:22] [SPEAKER_00]: They got hamburger or anything you want.
[00:18:25] [SPEAKER_00]: You go type it in, then they'll give you it'll print it out.
[00:18:29] [SPEAKER_00]: You go up and grab your other stuff.
[00:18:31] [SPEAKER_00]: You go to the checkout register.
[00:18:33] [SPEAKER_00]: You pay for your hoagie that they're making.
[00:18:35] [SPEAKER_00]: And then you take the slip.
[00:18:37] [SPEAKER_00]: They'll stamp it paid and then you pay for your other stuff.
[00:18:40] [SPEAKER_00]: And then you go back and you get your hoagie in and out.
[00:18:43] [SPEAKER_00]: All right. Now, you may have to wait a little
[00:18:45] [SPEAKER_00]: because a lot of times they are super crowded, but it's innovation.
[00:18:49] [SPEAKER_00]: OK, so also in terms of innovation, in addition to that,
[00:18:56] [SPEAKER_00]: they started putting or building all of their stations with gas.
[00:19:00] [SPEAKER_00]: Now, a lot of the older Wild Wives, if you're really in the city
[00:19:04] [SPEAKER_00]: or downtown somewhere, you're not going to have room to build a gas station.
[00:19:08] [SPEAKER_00]: So what happens is I think they need an acre of land.
[00:19:13] [SPEAKER_00]: I believe that's what the manager told me in order to build a full size
[00:19:17] [SPEAKER_00]: Wild Wives, they do have the smaller ones in the city.
[00:19:21] [SPEAKER_00]: But anything that they're building and constructing it normally now
[00:19:25] [SPEAKER_00]: has a gas station attached to it, unless it's a right in the city.
[00:19:30] [SPEAKER_00]: OK, so very innovative.
[00:19:32] [SPEAKER_00]: They're always thinking ahead.
[00:19:34] [SPEAKER_00]: And I want you guys to understand this.
[00:19:36] [SPEAKER_00]: They started out delivering milk.
[00:19:40] [SPEAKER_00]: They were a dairy farm.
[00:19:42] [SPEAKER_00]: Now they are a multi billion dollar corporation
[00:19:46] [SPEAKER_00]: with thousands of employees, nine hundred and eighty eight locations
[00:19:51] [SPEAKER_00]: as of the end of twenty twenty three and continuing to grow and expand.
[00:19:57] [SPEAKER_00]: They're actually going into new markets and they found a formula.
[00:20:01] [SPEAKER_00]: And this is something I want you guys to think about.
[00:20:03] [SPEAKER_00]: They found a formula that works, right?
[00:20:06] [SPEAKER_00]: They found a unique selling proposition.
[00:20:09] [SPEAKER_00]: They created or carved out a space in the market
[00:20:12] [SPEAKER_00]: and they're taking that and they're continuing to duplicate it.
[00:20:16] [SPEAKER_00]: And that's what we need to understand and learn as entrepreneurs.
[00:20:20] [SPEAKER_00]: Where is your unique selling proposition?
[00:20:22] [SPEAKER_00]: Where do you fit in the landscape of the market?
[00:20:25] [SPEAKER_00]: And how can you duplicate and leverage that to scale your business?
[00:20:31] [SPEAKER_00]: One thing I want you guys to do just Google, why why?
[00:20:35] [SPEAKER_00]: Right? Or go to their website, why why dot com, but Google them
[00:20:39] [SPEAKER_00]: and you'll be able to read the true history and the long and great history.
[00:20:44] [SPEAKER_00]: I always tell people, I said, this is one of the greatest companies
[00:20:47] [SPEAKER_00]: that I have ever seen because I interact with them damn near every day or every
[00:20:52] [SPEAKER_00]: other day, I'll get gas from them or I'll go in and grab something to eat.
[00:20:56] [SPEAKER_00]: And they understand what their unique proposition is,
[00:21:00] [SPEAKER_00]: their unique sales proposition.
[00:21:02] [SPEAKER_00]: And let me give you seven takeaways from the why why story.
[00:21:07] [SPEAKER_00]: All right. Number one, why why understands what they are selling?
[00:21:12] [SPEAKER_00]: They understand what they are selling.
[00:21:14] [SPEAKER_00]: They are selling convenience, not price.
[00:21:17] [SPEAKER_00]: There's a reason these type of stores are called convenient stores
[00:21:22] [SPEAKER_00]: because they're not based on pricing.
[00:21:24] [SPEAKER_00]: They're based on convenience.
[00:21:26] [SPEAKER_00]: And guess what?
[00:21:27] [SPEAKER_00]: People will pay for convenience.
[00:21:29] [SPEAKER_00]: And it's funny because my girls will tell you this all the time.
[00:21:33] [SPEAKER_00]: You know, dad always says, I don't mind paying for convenience.
[00:21:35] [SPEAKER_00]: That's right. They understand what they're selling.
[00:21:38] [SPEAKER_00]: They're selling convenience.
[00:21:39] [SPEAKER_00]: If you want the cheapest water, you better go bottle of water.
[00:21:43] [SPEAKER_00]: You better go to Walmart or something.
[00:21:45] [SPEAKER_00]: You're not going to get it out of out of why why.
[00:21:48] [SPEAKER_00]: But once again, they're strategically located and they're in high traffic areas.
[00:21:54] [SPEAKER_00]: So they know geographically they're supposed to what they should get
[00:21:57] [SPEAKER_00]: traffic and perform the way they should perform.
[00:22:01] [SPEAKER_00]: So that's takeaway number one.
[00:22:03] [SPEAKER_00]: Takeaway number two.
[00:22:05] [SPEAKER_00]: Why why understands who they're selling to?
[00:22:08] [SPEAKER_00]: They're selling to people going to work who need a good quality meal, food and gas.
[00:22:13] [SPEAKER_00]: They also have clean customer friendly stores
[00:22:16] [SPEAKER_00]: so they understand who they're selling to.
[00:22:19] [SPEAKER_00]: So every morning, why why is packed?
[00:22:22] [SPEAKER_00]: They do thousands of customers out of each location today.
[00:22:26] [SPEAKER_00]: I should have asked my man how many customers they get a day.
[00:22:29] [SPEAKER_00]: But they understand who they're selling to.
[00:22:33] [SPEAKER_00]: You got the rush hour crowd in the morning.
[00:22:36] [SPEAKER_00]: You got the lunch crowd, then you got the after work dinner crowd.
[00:22:41] [SPEAKER_00]: And then you have the late night crowd, people that have been partying
[00:22:44] [SPEAKER_00]: or they work different shifts.
[00:22:46] [SPEAKER_00]: They're always open, but they understand they've changed their food now
[00:22:51] [SPEAKER_00]: to add dinner food before they would normally just sandwiches,
[00:22:55] [SPEAKER_00]: breakfast sandwiches, you know, hoagies and stuff like that.
[00:22:58] [SPEAKER_00]: And now they have more dinner food like hamburgers and pizza.
[00:23:02] [SPEAKER_00]: And one of the things I will say about why why they'll try stuff
[00:23:06] [SPEAKER_00]: and if the response is not good, they'll pull it back. OK.
[00:23:10] [SPEAKER_00]: Now, I'll be honest with you, I tried the hamburger one time
[00:23:13] [SPEAKER_00]: and it tasted like meatloaf.
[00:23:16] [SPEAKER_00]: Now, I don't know if they've changed it or not.
[00:23:18] [SPEAKER_00]: But one of the things that why why does
[00:23:21] [SPEAKER_00]: is they don't have a physical grill.
[00:23:24] [SPEAKER_00]: So everything is done with convection ovens.
[00:23:27] [SPEAKER_00]: So if you have a physical grill, that means you need an exhaust.
[00:23:32] [SPEAKER_00]: And it's a totally different permitted type thing.
[00:23:35] [SPEAKER_00]: So if you're in the city of Philadelphia
[00:23:37] [SPEAKER_00]: and you're in the bottom of an apartment building,
[00:23:40] [SPEAKER_00]: it's going to be super hard to have like a grill there.
[00:23:43] [SPEAKER_00]: It's going to be expensive.
[00:23:45] [SPEAKER_00]: So while I cooks with convection ovens, OK, microwaves and convection ovens.
[00:23:50] [SPEAKER_00]: So you're not going to see, you know, them frying cheese.
[00:23:54] [SPEAKER_00]: That's why they don't sell cheese steaks
[00:23:55] [SPEAKER_00]: because you're not going to see a grill in there.
[00:23:58] [SPEAKER_00]: Take away number three,
[00:24:00] [SPEAKER_00]: why why understands the economies of scale? OK.
[00:24:04] [SPEAKER_00]: So by controlling vertical integration from the production,
[00:24:08] [SPEAKER_00]: the shipping and the distribution.
[00:24:10] [SPEAKER_00]: Oh, I forgot to tell you to why why has its own big delivery trucks
[00:24:14] [SPEAKER_00]: with nine hundred and eighty eight locations.
[00:24:17] [SPEAKER_00]: It makes sense to control your own distribution.
[00:24:20] [SPEAKER_00]: So you'll see 18 wheelers with the Y.
[00:24:23] [SPEAKER_00]: Y logo and the wording on the trucks.
[00:24:26] [SPEAKER_00]: My brother in law, my sister's former husband
[00:24:30] [SPEAKER_00]: used to be a driver for why why.
[00:24:33] [SPEAKER_00]: And so the benefits start day one.
[00:24:35] [SPEAKER_00]: So it's a great company into and of itself.
[00:24:38] [SPEAKER_00]: The benefits start day one.
[00:24:40] [SPEAKER_00]: They have great pay.
[00:24:42] [SPEAKER_00]: A lot of the managers are making over six figures easily.
[00:24:45] [SPEAKER_00]: Now, once again, it's retail, so your hours are going to be crazy.
[00:24:48] [SPEAKER_00]: But they really they really pour into their employees.
[00:24:53] [SPEAKER_00]: And I know it may sound like a thankless job.
[00:24:56] [SPEAKER_00]: Oh, you work at why why or you're a manager at why why.
[00:24:59] [SPEAKER_00]: But they actually pay very well.
[00:25:01] [SPEAKER_00]: So economies of scale, production and distribution of their products,
[00:25:05] [SPEAKER_00]: owning the product and distributing the product to the end user.
[00:25:10] [SPEAKER_00]: That's number three, understanding the economies of scale.
[00:25:13] [SPEAKER_00]: The fourth thing that you can take away from why why
[00:25:16] [SPEAKER_00]: is innovation of order technology.
[00:25:19] [SPEAKER_00]: I mentioned the touchscreen for the made to order food.
[00:25:23] [SPEAKER_00]: They separated that from the checkout line, guys, to increase efficiency.
[00:25:28] [SPEAKER_00]: So it ain't what you do. It's how you do it, right?
[00:25:31] [SPEAKER_00]: So now you go over when you first come in with most people doing why why.
[00:25:35] [SPEAKER_00]: If they're going to get a made to order, Hogy sandwich or whatever,
[00:25:39] [SPEAKER_00]: they're going to go over to the touch kiosk first.
[00:25:41] [SPEAKER_00]: They're going to go put that in.
[00:25:43] [SPEAKER_00]: It'll spit out a receipt for you right there.
[00:25:46] [SPEAKER_00]: And then they'll go get the rest of their food or whatever they're getting.
[00:25:50] [SPEAKER_00]: And then they'll go right up to the register.
[00:25:52] [SPEAKER_00]: They'll hand the clerk the slip for the takeout.
[00:25:56] [SPEAKER_00]: They'll stamp it paid and then they go wait for their food.
[00:26:00] [SPEAKER_00]: OK, their whole year sandwich, whatever breakfast sandwich, whatever they want.
[00:26:03] [SPEAKER_00]: But innovation of order technology.
[00:26:06] [SPEAKER_00]: OK, so they were able to make things more efficient.
[00:26:10] [SPEAKER_00]: And so if you have a business, that's why systems are so critical
[00:26:14] [SPEAKER_00]: to the efficiency and the productivity of your business.
[00:26:17] [SPEAKER_00]: So you need to understand how innovation can help you be more profitable.
[00:26:24] [SPEAKER_00]: It's just like automotive building.
[00:26:27] [SPEAKER_00]: So when Ford started to build the cars and pieces as opposed to,
[00:26:31] [SPEAKER_00]: you know, everybody working on one car, somebody does this,
[00:26:34] [SPEAKER_00]: then the next station does this, so on and so forth.
[00:26:37] [SPEAKER_00]: You see that also in modular home building,
[00:26:41] [SPEAKER_00]: where instead of you putting all the stuff down at the site
[00:26:44] [SPEAKER_00]: and your carpenters and everybody come and work on it,
[00:26:48] [SPEAKER_00]: you got one guy, all he does is build roofs.
[00:26:51] [SPEAKER_00]: The other guy, all they do is build trusses or doors or whatever.
[00:26:55] [SPEAKER_00]: And that's the automation or the innovation of technology
[00:26:59] [SPEAKER_00]: when it comes to your business. OK, now think about
[00:27:04] [SPEAKER_00]: artificial intelligence right now.
[00:27:05] [SPEAKER_00]: Are you using chat GPT?
[00:27:07] [SPEAKER_00]: Are you using co-pilot?
[00:27:09] [SPEAKER_00]: Are you using Gemini?
[00:27:12] [SPEAKER_00]: Are you using artificial intelligence or innovation
[00:27:16] [SPEAKER_00]: to help you become more productive?
[00:27:19] [SPEAKER_00]: I know I'm using right now a software called in video.
[00:27:23] [SPEAKER_00]: I am V.I.D.E.O.
[00:27:26] [SPEAKER_00]: Dot I.O. To create a lot of my videos.
[00:27:30] [SPEAKER_00]: You put in a synopsis and it'll literally create you a video
[00:27:34] [SPEAKER_00]: based on what you put in.
[00:27:36] [SPEAKER_00]: And then you can go and edit it, change the images,
[00:27:38] [SPEAKER_00]: the videos, the pictures, the wording, the text and all of that stuff.
[00:27:42] [SPEAKER_00]: But innovation of order technology.
[00:27:45] [SPEAKER_00]: And remember, guys, when I talk about innovation,
[00:27:49] [SPEAKER_00]: innovation is designed to scale and leverage your business
[00:27:53] [SPEAKER_00]: to be more efficient and more profitable.
[00:27:57] [SPEAKER_00]: So that's the fourth takeaway.
[00:27:59] [SPEAKER_00]: OK, the fifth takeaway you can learn from Wawa is expansion
[00:28:04] [SPEAKER_00]: and the way they expand is systematic, right?
[00:28:08] [SPEAKER_00]: So a lot of times people want to expand their business
[00:28:10] [SPEAKER_00]: before they're actually ready.
[00:28:12] [SPEAKER_00]: So Wawa is always expanding, right?
[00:28:16] [SPEAKER_00]: All the new stores, as I mentioned, have gas stations.
[00:28:19] [SPEAKER_00]: They introduce new food items like pizza and burgers
[00:28:22] [SPEAKER_00]: and they're expanding to new regions.
[00:28:25] [SPEAKER_00]: So expansion, not just the physical expansion,
[00:28:28] [SPEAKER_00]: but the expansion of product offerings.
[00:28:31] [SPEAKER_00]: How can we maximize this store location to be more profitable?
[00:28:36] [SPEAKER_00]: What products or services do our customers need or want
[00:28:41] [SPEAKER_00]: that we can deliver in a profitable manner?
[00:28:44] [SPEAKER_00]: So you need to always think about expansion.
[00:28:47] [SPEAKER_00]: I tell you guys all the time, there's no such thing as standing
[00:28:50] [SPEAKER_00]: still as an entrepreneur.
[00:28:52] [SPEAKER_00]: You're either going forward or you're going backward.
[00:28:55] [SPEAKER_00]: If you're going to stay status quo from where you are,
[00:28:58] [SPEAKER_00]: you know, if you're staying in the same place for a year,
[00:29:00] [SPEAKER_00]: guess what? People are going to pass you by. OK?
[00:29:03] [SPEAKER_00]: You have to understand that you need to always move forward.
[00:29:09] [SPEAKER_00]: So number five expansion,
[00:29:12] [SPEAKER_00]: number six takeaway from Wawa, additional revenue streams,
[00:29:18] [SPEAKER_00]: additional revenue streams.
[00:29:20] [SPEAKER_00]: So while I ain't and I'm going to read this,
[00:29:23] [SPEAKER_00]: has launched its own retail media network called the Goose Media Network.
[00:29:28] [SPEAKER_00]: The new retail media network will support customers,
[00:29:32] [SPEAKER_00]: convenience store shopping experience in new ways by allowing them
[00:29:36] [SPEAKER_00]: to engage with partner brands through custom ads and campaign
[00:29:40] [SPEAKER_00]: across a variety of digital channels.
[00:29:43] [SPEAKER_00]: So their ads on the gas pumps outside,
[00:29:46] [SPEAKER_00]: there's signage out front.
[00:29:48] [SPEAKER_00]: You have ads on the inside of the boards where you can order.
[00:29:52] [SPEAKER_00]: And so once again, they're adding or creating additional revenue streams
[00:29:58] [SPEAKER_00]: by something that they're already doing.
[00:30:01] [SPEAKER_00]: And a lot of times, guys, we we sleep on this, right?
[00:30:05] [SPEAKER_00]: And I'll use the simple example of affiliate products.
[00:30:09] [SPEAKER_00]: So if you're an entrepreneur and you have your business
[00:30:12] [SPEAKER_00]: and I'm going to use the example of just say a fitness trainer, right?
[00:30:17] [SPEAKER_00]: So you're already making your money, your training people.
[00:30:20] [SPEAKER_00]: And, you know, you're making your revenue that way.
[00:30:23] [SPEAKER_00]: You've built up your database because you've been listening to J.
[00:30:26] [SPEAKER_00]: Jones and black entrepreneur blueprint.
[00:30:28] [SPEAKER_00]: So you know, your database is your most important thing
[00:30:31] [SPEAKER_00]: that you have in your business.
[00:30:33] [SPEAKER_00]: And this physical trainer says, you know what?
[00:30:36] [SPEAKER_00]: I need some additional revenue streams.
[00:30:38] [SPEAKER_00]: Instead of creating my own supplement brand,
[00:30:41] [SPEAKER_00]: I'm going to send out an email to all of my clients,
[00:30:45] [SPEAKER_00]: everybody in my database.
[00:30:47] [SPEAKER_00]: And I'm going to offer them an affiliate link to this great
[00:30:51] [SPEAKER_00]: supplement that is going to help them lose weight.
[00:30:54] [SPEAKER_00]: OK, all you're literally doing is sending out an email
[00:30:58] [SPEAKER_00]: to your database with an affiliate link,
[00:31:01] [SPEAKER_00]: which basically does all the work with a video sales letter.
[00:31:05] [SPEAKER_00]: And when you sell that supplement to your customer base of thousands
[00:31:10] [SPEAKER_00]: of people, then guess what?
[00:31:12] [SPEAKER_00]: You created additional revenue streams.
[00:31:15] [SPEAKER_00]: And that's something that while I was done with this retail media network.
[00:31:20] [SPEAKER_00]: So now one of the things they can do is they can go to somebody
[00:31:23] [SPEAKER_00]: or partners like five hour energy or whoever say, hey, you know,
[00:31:28] [SPEAKER_00]: we have this network now where you can advertise your product
[00:31:31] [SPEAKER_00]: right here in front of all of our captive customers
[00:31:34] [SPEAKER_00]: are millions upon millions of customers that we get each day.
[00:31:38] [SPEAKER_00]: You can connect directly with them.
[00:31:40] [SPEAKER_00]: So think about additional revenue streams
[00:31:43] [SPEAKER_00]: and it doesn't have to be something crazy like you creating
[00:31:47] [SPEAKER_00]: a whole brand new product.
[00:31:49] [SPEAKER_00]: You can look at affiliate offers, you know, where you can have
[00:31:53] [SPEAKER_00]: something that's synergistic to your business and then create
[00:31:57] [SPEAKER_00]: that additional revenue stream very simply.
[00:32:00] [SPEAKER_00]: Now, I just did an episode about two to three weeks ago
[00:32:04] [SPEAKER_00]: about a case study where I was doing affiliate marketing
[00:32:07] [SPEAKER_00]: and the thing has been growing and growing and growing.
[00:32:10] [SPEAKER_00]: So if you're looking for additional revenue streams,
[00:32:13] [SPEAKER_00]: make sure you check out that episode where I talk about making
[00:32:17] [SPEAKER_00]: over $1,000 in like 10 days with affiliate marketing.
[00:32:21] [SPEAKER_00]: OK. And what we're talking about today, guys, is what every
[00:32:25] [SPEAKER_00]: entrepreneur can learn from the Wawa convenience stores
[00:32:29] [SPEAKER_00]: and takeaway number one, Wawa understands what they're selling.
[00:32:33] [SPEAKER_00]: Takeaway number two, Wawa understands who they're selling to.
[00:32:37] [SPEAKER_00]: They understand their customer base.
[00:32:38] [SPEAKER_00]: Number three, they understand the economies of scale
[00:32:41] [SPEAKER_00]: by controlling the whole vertical from production to distribution
[00:32:46] [SPEAKER_00]: to the end user.
[00:32:47] [SPEAKER_00]: Number four, the innovation of order technology and just
[00:32:51] [SPEAKER_00]: innovation in general.
[00:32:53] [SPEAKER_00]: Number five, expansion.
[00:32:54] [SPEAKER_00]: They're always looking to expand.
[00:32:56] [SPEAKER_00]: Number six, I just talked about additional revenue streams.
[00:32:59] [SPEAKER_00]: And number seven is control control.
[00:33:03] [SPEAKER_00]: And when you're an entrepreneur, control is very important.
[00:33:07] [SPEAKER_00]: Wawa is a privately owned company.
[00:33:11] [SPEAKER_00]: Now, they do have an ESOP plan, employee stock option plan
[00:33:15] [SPEAKER_00]: where employees own a 40 percent stake in the company.
[00:33:18] [SPEAKER_00]: But it is privately owned.
[00:33:21] [SPEAKER_00]: They're not on NASDAQ.
[00:33:22] [SPEAKER_00]: They're not on the New York Stock Exchange.
[00:33:24] [SPEAKER_00]: So they built a 13 billion dollar company
[00:33:29] [SPEAKER_00]: from a mom and pop dairy farm
[00:33:32] [SPEAKER_00]: that is completely controlled by the families, privately owned.
[00:33:39] [SPEAKER_00]: Now, the employees have stock options, but they have no say so
[00:33:42] [SPEAKER_00]: in the direction of the company.
[00:33:45] [SPEAKER_00]: OK, and the rest of the stock is owned by family members and executives.
[00:33:51] [SPEAKER_00]: So why? Why is a privately held company?
[00:33:55] [SPEAKER_00]: They control it. No board of directors.
[00:33:58] [SPEAKER_00]: Outside board of directors is going to say, hey, you're fired.
[00:34:02] [SPEAKER_00]: Everything is internal.
[00:34:03] [SPEAKER_00]: And when you have control, you can move and do things as you see fit.
[00:34:08] [SPEAKER_00]: Right? So you're not beholden to an outside board or your stock prices.
[00:34:14] [SPEAKER_00]: Obviously, you want your stock prices to continue to rise.
[00:34:17] [SPEAKER_00]: And it's almost like UPS, which is privately held.
[00:34:21] [SPEAKER_00]: And a lot of drivers for UPS retired millionaires
[00:34:25] [SPEAKER_00]: is because they have an ESOP program, employee stock ownership program.
[00:34:29] [SPEAKER_00]: But they're privately held companies.
[00:34:31] [SPEAKER_00]: So that control is key.
[00:34:33] [SPEAKER_00]: And coming from the beginnings of a mom and pop business,
[00:34:37] [SPEAKER_00]: being able to come and create a 13 billion dollar business a year.
[00:34:42] [SPEAKER_00]: And here's the beauty of it, guys.
[00:34:44] [SPEAKER_00]: They're not even thinking about stopping.
[00:34:46] [SPEAKER_00]: They're expanding in all types of different regions
[00:34:50] [SPEAKER_00]: and they're not just expanding every time they grow.
[00:34:53] [SPEAKER_00]: They're trying to make it better and better.
[00:34:54] [SPEAKER_00]: Learning from what they've done, the feedback they get from the customers
[00:34:59] [SPEAKER_00]: and then trying to make their business better.
[00:35:02] [SPEAKER_00]: Before I get to the last segment of the show, guys,
[00:35:04] [SPEAKER_00]: let me just give you my social media contact information and resource links
[00:35:07] [SPEAKER_00]: super quick.
[00:35:08] [SPEAKER_00]: Everything I'm about to tell you is on the website, black entrepreneur,
[00:35:12] [SPEAKER_00]: blueprint dot com.
[00:35:14] [SPEAKER_00]: You can go there and you'll find everything I'm about to tell you.
[00:35:17] [SPEAKER_00]: If you're lazy, take the shortcut.
[00:35:19] [SPEAKER_00]: Go to B.E.B.Connect.com.
[00:35:21] [SPEAKER_00]: So I mentioned at the top of the show, the new revised revamp B.E.B. Academy.
[00:35:26] [SPEAKER_00]: Guys, go to new B.E.B. Academy dot com.
[00:35:30] [SPEAKER_00]: Check out the short video and I'm looking forward to seeing you in the academy
[00:35:34] [SPEAKER_00]: for live group coaching.
[00:35:36] [SPEAKER_00]: We have courses and we have collaboration, which is the most important thing.
[00:35:40] [SPEAKER_00]: Now, if you want to get in touch with me anything long family,
[00:35:44] [SPEAKER_00]: hit me on my email, J.Jones at black entrepreneur blueprint dot com.
[00:35:47] [SPEAKER_00]: J.A.Y.
[00:35:49] [SPEAKER_00]: J.O.N.E.S. at black entrepreneur blueprint dot com Facebook,
[00:35:52] [SPEAKER_00]: black entrepreneur blueprint Twitter, J.Jones, zero zero one J.A.Y.
[00:35:58] [SPEAKER_00]: J.O.N.E.S. zero zero one Instagram.
[00:36:01] [SPEAKER_00]: I have two I.G. accounts.
[00:36:03] [SPEAKER_00]: The first one is J.Jones for real J.A.Y.
[00:36:07] [SPEAKER_00]: J.O.N.E.S. the number four R.E.A.L.
[00:36:11] [SPEAKER_00]: Second one is black entrepreneur blueprint LinkedIn.
[00:36:14] [SPEAKER_00]: Guys, connect with me there.
[00:36:15] [SPEAKER_00]: Go to LinkedIn type in J.Jones black entrepreneur blueprint.
[00:36:19] [SPEAKER_00]: Also, YouTube family, make sure you go and subscribe to the YouTube channel.
[00:36:24] [SPEAKER_00]: Go to YouTube type in black entrepreneur blueprint.
[00:36:26] [SPEAKER_00]: We have additional content on YouTube that is not on the show.
[00:36:30] [SPEAKER_00]: And for all you first time listeners,
[00:36:32] [SPEAKER_00]: make sure that you subscribe wherever you're listening to this or watching this.
[00:36:37] [SPEAKER_00]: Make sure you subscribe.
[00:36:38] [SPEAKER_00]: We drop every Monday morning, five a.m.
[00:36:41] [SPEAKER_00]: Eastern Standard Time.
[00:36:42] [SPEAKER_00]: You're going to get new heat from J.Jones and black entrepreneur blueprint.
[00:36:46] [SPEAKER_00]: So please subscribe that way you'll be alerted to anything new that's coming up
[00:36:50] [SPEAKER_00]: and when the show drops.
[00:36:52] [SPEAKER_00]: Now, let's get ready for the last segment of the show, which is going to be super short.
[00:36:58] [SPEAKER_00]: OK, so the last thing I want to talk about guys is vision.
[00:37:02] [SPEAKER_00]: And I tell people all the time, everything that started all your major
[00:37:08] [SPEAKER_00]: companies, be it Fortune 500 Fortune 100 companies, they started with a vision.
[00:37:14] [SPEAKER_00]: It was an idea before it became anything else.
[00:37:18] [SPEAKER_00]: And so is the same thing true with Wawa.
[00:37:21] [SPEAKER_00]: It was a man that had a dairy farm that sold milk.
[00:37:26] [SPEAKER_00]: Think about that in 1902.
[00:37:29] [SPEAKER_00]: George Wood had a dairy farm and a vision.
[00:37:33] [SPEAKER_00]: And from 1902 until now, 2024, he's built that company and transformed it
[00:37:39] [SPEAKER_00]: into a billion dollar, multi-billion dollar company with 988 locations
[00:37:46] [SPEAKER_00]: and growing thousands of employees and it's privately owned.
[00:37:50] [SPEAKER_00]: So when you tell people or let me say this,
[00:37:54] [SPEAKER_00]: you have to be very diligent when you tell people your dreams
[00:38:01] [SPEAKER_00]: because there are people out there that are not going to understand your visions
[00:38:05] [SPEAKER_00]: and your dreams. And the reason is those visions and dreams weren't given to them.
[00:38:10] [SPEAKER_00]: So guard your visions and your dreams very carefully and share it with people
[00:38:15] [SPEAKER_00]: that only you think need to know it, because a lot of times what's going to
[00:38:20] [SPEAKER_00]: happen is people are going to dissuade you, not necessarily on purpose,
[00:38:24] [SPEAKER_00]: but they're going to think that your visions and dreams are out of this world.
[00:38:29] [SPEAKER_00]: Now, I'm not saying that George Wood knew that he was going to build a conglomerate.
[00:38:34] [SPEAKER_00]: But what I am going to tell you is if he did not start it,
[00:38:37] [SPEAKER_00]: it definitely wouldn't be here.
[00:38:39] [SPEAKER_00]: And that's one of the things that I want you guys to really understand and think
[00:38:43] [SPEAKER_00]: about if you're not an entrepreneur yet and you're thinking about it,
[00:38:47] [SPEAKER_00]: go ahead and make the jump.
[00:38:49] [SPEAKER_00]: I'm not saying quit your job, but start working on your business because you
[00:38:53] [SPEAKER_00]: never know where it's going to lead.
[00:38:55] [SPEAKER_00]: OK, I guarantee you this
[00:38:58] [SPEAKER_00]: guy's over there milking cows, delivering milk.
[00:39:01] [SPEAKER_00]: He never thought about nine hundred and eighty eight locations and billions of
[00:39:05] [SPEAKER_00]: dollars a year in revenues, but it all starts from that seed,
[00:39:09] [SPEAKER_00]: that dream, that vision that somebody has.
[00:39:12] [SPEAKER_00]: So don't let anybody take your vision from you and cultivate that dream,
[00:39:17] [SPEAKER_00]: cultivate that vision.
[00:39:19] [SPEAKER_00]: A lot of times entrepreneurs, you know, we're want your penores.
[00:39:23] [SPEAKER_00]: We want this, but it has to have action behind it to make it come to
[00:39:28] [SPEAKER_00]: fruition. So stop BSing around,
[00:39:31] [SPEAKER_00]: stop wasting your time doing stuff that's not going to be productive.
[00:39:35] [SPEAKER_00]: It's not moving you from point A to point B and focus, man.
[00:39:40] [SPEAKER_00]: Focus, test things out, try things because you never know.
[00:39:44] [SPEAKER_00]: You might just be the next big thing or your business just might be the next
[00:39:49] [SPEAKER_00]: big thing. Now, your aspirations may not be to be a billion dollar business.
[00:39:54] [SPEAKER_00]: You may have aspirations that you just want to be a six figure business.
[00:39:58] [SPEAKER_00]: You may just want to make five thousand dollars a month on the side.
[00:40:02] [SPEAKER_00]: Whatever that is, don't let anybody dissuade you from going after it
[00:40:07] [SPEAKER_00]: because it's all about the gifts that you've been giving and how you use those
[00:40:12] [SPEAKER_00]: gifts, your creativity.
[00:40:15] [SPEAKER_00]: Remember, you're giving a dream and a vision, not your wife, not your husband,
[00:40:19] [SPEAKER_00]: not your partner, not your brother, not your sister, not your mother,
[00:40:22] [SPEAKER_00]: not your father.
[00:40:24] [SPEAKER_00]: You are giving specific dreams and visions.
[00:40:27] [SPEAKER_00]: And why the hell wouldn't you try to live them out?
[00:40:31] [SPEAKER_00]: I'm not saying quit your job today, guys, but if you have any inkling of becoming
[00:40:35] [SPEAKER_00]: an entrepreneur, I'm telling you right now,
[00:40:39] [SPEAKER_00]: this is the best time to do it, the technology, the ability
[00:40:45] [SPEAKER_00]: to interact with people, resources, the connectivity.
[00:40:49] [SPEAKER_00]: You know, back in the day when I started, I had to pay for newspaper ads,
[00:40:53] [SPEAKER_00]: radio ads and all of that.
[00:40:54] [SPEAKER_00]: Now you can create a social media account for free and build an audience.
[00:40:59] [SPEAKER_00]: So if you think if you're thinking about it, guys, stop playing games,
[00:41:04] [SPEAKER_00]: go ahead and do something.
[00:41:06] [SPEAKER_00]: I always say there is six letters and three little words to be due
[00:41:12] [SPEAKER_00]: to be due to be a successful entrepreneur.
[00:41:16] [SPEAKER_00]: You have to do something.
[00:41:17] [SPEAKER_00]: You have to put action behind it to be a successful whatever you want to do.
[00:41:23] [SPEAKER_00]: Then you have to put the action behind it.
[00:41:25] [SPEAKER_00]: So stop playing games.
[00:41:26] [SPEAKER_00]: And if you're already an entrepreneur, it's time to level up.
[00:41:30] [SPEAKER_00]: It's time to elevate your entrepreneur IQ.
[00:41:34] [SPEAKER_00]: You're not going to get where you need to get to if you're not investing in
[00:41:37] [SPEAKER_00]: yourself, so make sure you invest in yourself.
[00:41:40] [SPEAKER_00]: And I'm going to leave you guys at that.
[00:41:42] [SPEAKER_00]: Now I say this each and every week because it's true, guys,
[00:41:45] [SPEAKER_00]: we get more and more downloads because of the B.E.B. family.
[00:41:48] [SPEAKER_00]: I appreciate you guys so much.
[00:41:50] [SPEAKER_00]: Please continue to share the podcast.
[00:41:53] [SPEAKER_00]: That's what I really want to ask you guys that share the podcast with three
[00:41:57] [SPEAKER_00]: people that you think would enjoy what the B.E.B.
[00:42:00] [SPEAKER_00]: platform is all about just three people.
[00:42:03] [SPEAKER_00]: Send them a link or whatever.
[00:42:05] [SPEAKER_00]: You can continue to share so we can continue to grow to get this good
[00:42:08] [SPEAKER_00]: word out here.
[00:42:09] [SPEAKER_00]: And once again, we get more and more downloads because of you.
[00:42:12] [SPEAKER_00]: I truly appreciate it.
[00:42:13] [SPEAKER_00]: The podcast, the whole B.E.B.
[00:42:16] [SPEAKER_00]: ecosystem, it's all designed guys to help elevate your entrepreneur IQ and help
[00:42:21] [SPEAKER_00]: you live the life that you're destined to live.
[00:42:24] [SPEAKER_00]: Remember, it's not about me.
[00:42:26] [SPEAKER_00]: It's not about you.
[00:42:27] [SPEAKER_00]: It's about us.
[00:42:28] [SPEAKER_00]: It's about building an economic power base in the worldwide black community
[00:42:31] [SPEAKER_00]: by building and supporting black owned businesses.
[00:42:34] [SPEAKER_00]: Love you guys.
[00:42:35] [SPEAKER_00]: See you same time next week.
[00:42:37] [SPEAKER_00]: Peace.