Larry Gaynor is the Founder & CEO of TNG Worldwide. TNG is a Gallup-trained organization that focuses on its employees’ strengths and is what helped to make TNG a leader in the beauty industry. He is also the author of Take A Chance!

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Guest Resources

Take A Chance –  Take a Chance!: 101 Entrepreneurial Lessons for Making It Big. Grab your copy now!

3 Value Bombs

1) Success is often attributed more to luck or timing than solely to hard work and effort. It is a blend of circumstances, luck, and fate.

2) Entrepreneurs must constantly take risks, like expanding, opening new stores, or hiring competitors.

3) You should note that what is relevant today might not be tomorrow. With AI advancements, it is crucial to recognize its impact on your business.

Sponsors

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!

Netsuite: NetSuite, by Oracle, brings accounting, finance, inventory, and HR into ONE proven platform, helping you reduce costs everywhere. And now through April 15th, NetSuite is offering a one-of-a-kind flexible financing program! Head to NetSuite.com/fire!

Ziprecruiter: If you’re hiring for your business, you want to find the most talented people for your open roles before the competition scoops them up. The best way to do that? ZipRecruiter. And right now, you can try it for FREE at ZipRecruiter.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS:  Take A Chance with Larry Gaynor

[1:34] – Larry shares something he believes about becoming successful that most people disagree with.

• He believes success is often attributed to luck or timing rather than hard work and effort. It is a blend of circumstances, luck, and fate.

[2:10] – How did Stephen King become one of the top guys?

• His unparalleled imagination propelled him into the realm of horror, where he found a means to infuse humanity, much like Vincent Price and other luminaries.
• The result was a novel that resonated deeply with people, propelling him to become one of the top five best-selling authors globally through his continued dedication and prolific output.

[3:03] – How can you spot opportunities in your early days?

• During high school, while his peers were busy socializing and playing sports, he worked at his father’s hardware store in Detroit during the 1970s. At that time, TV shows like The Mod Squad and Miami Vice were popular, and one of the characters, Link, sported an afro hairstyle.
• Since many of their customers were African American, he inquired about afro maintenance, which led him to research and bring in afro haircare products from top US companies.
• Despite initial skepticism, they quickly became the largest seller of black haircare products in Detroit, thanks to their diverse customer base.
• Adjacent to their hardware store was a laundromat with a vending machine selling small detergent boxes. Recognizing the opportunity, Larry decided to sell large boxes of detergent and bleach. With the help of a wholesale distributor, he stocked up his station wagon and set up a display in front of the hardware store.
• The response was overwhelming; they sold out of all their products within a weekend. This led to expanding their laundry, health, and beauty aid offerings, eventually comprising 25% of their hardware business.

[5:22] – Larry shares about the early days when he saw an opportunity when he opened his retail store and how he knew he was on the right track.

• He opened a second store in Farmington Hills, where his customer base shifted to all white women. He offered discount health and beauty products with an impressive selection, but his first attempt at organizing the store’s layout failed within six months.
• It became clear that women brought babies and toddlers into the store, which he had never dealt with in the hardware store setting. In response, he introduced a substantial section dedicated to baby products.
• Realizing previous beliefs were wrong, they adapted to cater to infants and toddlers’ needs with teething bagels and Dum Dum suckers. This improved the shopping experience, resulting in more extended stays and increased spending.
• Despite the success, many would have stopped there. However, he decided to pivot from retail to wholesale distribution significantly.

[7:26] – Larry shares why he made a massive pivot from being a retailer to a wholesale distributor.

• The store was doing well, making $5 million in business. To know what to add, the owner asked customers for suggestions using clipboards and pens at the end of each aisle. They asked for products the owner could not add without becoming a wholesale distributor. So, he opened Naoko Manicure Centers within the store.
• The pivot was successful, leading to the closure of the retail store and the expansion of Naoko Manicure Centers until the pandemic.

[9:02] – Why did you decide to name your book Take a Chance?

• Growing up as an entrepreneur, competition has been Larry’s top priority.
• At 68, he still competes vigorously. When you draw the chance card in Monopoly, you face uncertainty—whether it is going to jail or getting $200. This uncertainty inspired the title of his book, “Take a Chance.”
• Entrepreneurs must constantly take risks, like expanding, opening new stores, or hiring competitors.
• It is a decision driven by intuition and conviction despite warnings from friends and family. You have to trust your instincts and take the chance to move forward. That is the essence of “Take a Chance.”

[10:35] – A timeout to thank our sponsors!

• HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
• Ziprecruiter: If you’re hiring for your business, you want to find the most talented people for your open roles before the competition scoops them up. The best way to do that? ZipRecruiter. And right now, you can try it for FREE at ZipRecruiter.com/fire!
• Netsuite: NetSuite, by Oracle, brings accounting, finance, inventory, and HR into ONE proven platform, helping you reduce costs everywhere. And now through April 15th, NetSuite is offering a one-of-a-kind flexible financing program! Head to NetSuite.com/fire!

[13:59] – Larry talks about The Gallup Organization and how it changed his management mindset and his team.

• When most people hear the name “Gallup,” they associate it with Gallup polls, which have existed for many years. However, polling makes up only a tiny fraction of their overall business. Their primary focus is customer and employee engagement—and training for companies, including major players like the Ritz Carlton and many S&P 500 companies.
• Larry found Gallup due to his poor management style. As an entrepreneur, managing people was not his strength; he was more focused on taking risks. However, when his employees made mistakes, his initial reaction was to terminate them immediately, which was not the best practice.
• Larry discovered Gallup’s approach prioritizes concentrating on strengths rather than weaknesses. The “StrengthsFinder 2.0” assessment test is the primary tool used, and it is one of the top 10 business books of all time, with over 30 million copies sold. With the help of this test, individuals can recognize their top five strengths from a list of 34 talents identified by Gallup.
• Larry’s strengths, including focus, helped him write a book in two months. Embracing Gallup’s philosophy transformed his company’s culture and performance overnight. He sent his team for training and encouraged all employees to take the test and read the book, resulting in a profound transformation towards success.

[16:34] – How did you know the correct time to take the most significant chance of your career?

• In Feb 2020, they started making PPE products like gloves, masks, sanitizers, and disinfectants. When the pandemic hit, they manufactured over 200 brands and products, making up 30-40% of their business. Larry had emphasized the importance of curses, luck, and magic in their business.
• The pandemic led to business closures, but their company remained open as an essential service. Their competitors had to shut down, while others, including funeral homes, nursing homes, doctors, and nurses, began reaching out for PPE supplies.
• Larry cut off over 50% of their business, worth over $20 million, and focused solely on manufacturing PPE due to significant manufacturers’ shutdown.
• During high demand, their company operated 24/7 to provide PPE to makeshift hospitals, funeral homes, and other clients. They brought in gloves and masks, even chartering a FedEx jet. Despite facing losses, this shift changed everything for the company.
• Larry believes the financial losses they endured that year were worth it, considering the impact they made and the lives they helped save during and after the crisis.

[19:03] – What led you to write your book – Taking the Chance?

• In 2013, Larry pioneered beauty distribution on Amazon. During the pandemic, their products saw a surge in demand due to the closure of traditional stores. Even after reopening, demand for their spa products, including foil and massage sheets, persists.
• The company became one of Amazon’s top 200 beauty sellers due to customers frequently buying nitrile gloves. Sales of these gloves reached between 80,000 and 200,000 boxes weekly, making them the best-selling item on Amazon.
• Their business grew by 44% in 2023 and is set to increase further this year. The shift to manufacturing in 2020 permanently transformed the company, leading them towards success.

[20:29] – Larry gives his takeaway.

• You should note that what is relevant today might not be tomorrow. With AI advancements, it is crucial to recognize its impact on your business. As with the emergence of computers, the internet, and smartphones, the AI revolution will transform even more. Failure to anticipate and adapt to these changes could risk your business’s future. To stay ahead, continually assess the AI revolution’s impact and be ready to evolve accordingly.

[21:48] – Larry gives his call to action.

• Take A Chance – Take a Chance!: 101 Entrepreneurial Lessons for Making It Big. Grab your copy now!

[22:24] – Thank you to our Sponsors!

• HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
• Netsuite: NetSuite, by Oracle, brings accounting, finance, inventory, and HR into ONE proven platform, helping you reduce costs everywhere. And now through April 15th, NetSuite is offering a one-of-a-kind flexible financing program! Head to NetSuite.com/fire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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