Top iTunes Business Podcast

47+ Million Downloads

SPI 734: Being a 10x Entrepreneur and Parent with Terry Rice—SPI Pro Expert In Residence

What is your personal philosophy? What are the thoughts that guide your actions? Understanding what drives you is the key to staying motivated and overcoming procrastination. This is how you 10x your business. Not only that, this is how you supercharge your personal life as well!

Tune in today because SPI Pro‘s new Expert in Residence, Terry Rice, is joining me to help us set up the routines for success at work and at home!

You’ll hear all about the EIR program, the newest innovation we’re introducing to serve our Pro members with next-level knowledge and support. Our experts play in the big leagues of online business. They’re the real deal with serious track records, so listen in on my chat with Terry to learn more!

So, how do you live your legacy? What are the business strategies that are also effective in parenting? How do you 10x your personal relationships and prioritize family as an entrepreneur?

Join Terry and me for this special Friday session to find out!

Today’s Guest

Terry Rice

Terry Rice is a business development consultant and staff writer at Entrepreneur magazine. He’s also the host of Launch Your Business, a podcast that helps entrepreneurs make money, save time, and avoid burnout. His previous experience includes internal consulting roles at Adobe and Facebook.

Based in Brooklyn, Terry is an instructor at New York University, speaks at business development events on behalf of Amazon and Google, and has been featured as a subject matter expert by Good Morning America.

You’ll Learn


SPI 734: Being a 10x Entrepreneur and Parent with Terry Rice—SPI Pro Expert In Residence

Terry Rice: What’s your personal philosophy? What are the thoughts that guide your words and your actions? Because at any given moment when you are feeling unmotivated, that should help you snap back into it.

My personal philosophy is live your legacy. Everyone’s always thinking about their legacy. How will I be remembered? You know, I want to be remembered as this person, that person, so on and so forth. Sweet. Do that now, then. Do it now. Right? Don’t wait to your deathbed to think, well, I hope that’s how they remember me.

If you act that way today, you will be living your legacy. So if I’m feeling unmotivated or just like impatient, I’m like, is that the legacy you want to leave behind? So the answer is no, just knock it off, right?

Pat Flynn: Today, I’m really excited because we’re going to be welcoming Terry Rice on the podcast and just having a chat to get to know him a little bit more, his philosophy for business, where he kind of came from. And this is really important because Terry, guess what, is going to be one of the first group of EIRs coming into SPI Pro later this month and later this year and into 2024.

What is an EIR? That is an Expert In Residence. We are making some big changes here at SPI to better serve our existing entrepreneurs in our audience, people who have established businesses, who need a little bit more strategic coaching and business planning and higher level conversations, and that’s why we’re bringing Terry on as an expert in residence.

That means they are a part of SPI now in a way that’s unlike anything we’ve ever done before. You’re going to hear from another EIR next week, and I will be, personally, an experin residencets inside of SPI Pro as well as Matt Gartland on the team too. And this means we’re going to show up more and more regularly inside of Pro for our members there.

And today we’re going to get to know Terry and his style and the way he runs entrepreneurship and the way he coaches so that you can see if this might be of interest to you in case you are in Pro already or are thinking about getting into Pro before 2024. So definitely check this out. This is Terry Rice, session 734.

And he’s just a wealth of information. He writes for Entrepreneur Magazine. He is a seasoned coach and leader, family man, very disciplined, and you’re going to hear some more about him.

Announcer: You’re listening to the Smart Passive Income Podcast, a proud member of the Entrepreneur Podcast Network, a show that’s all about working hard now, so you can sit back and reap the benefits later. And now your host, he recently visited Japan for the first time and knows it won’t be his last. Pat Flynn.

Pat Flynn: I want to know more about, you know me, I’m a big family guy. I have two kids, 13 and 11. Like tell me about your family. What’s that look like? What do you guys do like on the weekends? Like that kind of thing.

Terry Rice: It’s a lot of chaos because I have four kids and they’re all under eight years old.

Pat Flynn: Four kids?

Terry Rice: Yeah. Yeah. I have a almost eight year old, a five year old, four year old and a two year old.

So that’s chaos. The weekends are interesting. Like they force us to be more organized than maybe you normally would. Because it’s like, look, we can’t just stay in the house. The kids will go nuts. So we have to proactively think about what we want to do. I think on my end that the best part about being a parent is actually paying attention to the moments between the moments.

Like the other day I saw like my older daughter helping one of my sons draw. And I was like, wow, that’s, that’s cool. You know, you can appreciate that. It’s, you know, but if you only focus on the times when they’re like asking for snacks or like waking up in the middle of the night, it’s, it’s a chore. So by design, I I really am focusing on those moments between the moments in appreciating them.

Otherwise it just feels like a job you have that you’re not getting paid for. It’s crazy, but it’s, it’s a lot of fun when you pay attention.

Pat Flynn: Where do you get like your parenting inspiration from? Like, do you read books about that kind of stuff? None of us knows how to do it until we were in it. So I’m curious, like, where did you, or what helped you figure it out?

Terry Rice: Two things. One is, when my first kid was on the way, I asked my friend Leo, I’m like, he had a kid already, I was like, Leo, what’s it like to be a dad? Like, what do you do? And he’s like, honestly, it’s not that hard. You decide, do you want to be a good parent or a piece of shit parent?

And you just go whichever direction makes sense. And I’m like, okay. Thanks, but it actually did make sense to me because if you ask me like, you know, my approach towards parenting I want to give my kids a childhood. They don’t have to recover from. Dang. Just that simple

Pat Flynn: I mean that there’s there’s layers to that right not just like Oh, I, I want to provide for them financially so that they aren’t, you know, growing up, you know, poor or anything like that and having those kinds of struggles.

But even just like how you discipline them, how you mentally kind of treat them and stuff. I like that framework because it’s just like that. It’s similar with me and April. April is my, my wife’s name. What’s your wife’s name? Dominique. Dominique. With April and I, we’re just like,

Hey, that’s not like what a good person would do. Would you want to be with a person who does that that kind of coaching if you will? So I like that that framework but four kids is a lot man two is plenty for us I don’t know how you guys do that.

Terry Rice: Yeah, it’s it’s a lot I would say Four is easier than one because your first one you’re like, I have no clue what the hell I’m doing. And by the time you get like, you know, two and three under the belt, you know, it’s like you figure it out, but it forces me to become more efficient. And I don’t want to sound too like podcasty right now, but it forced me to be more efficient with my time because I don’t have extra time.

Right. There’s no like burning the midnight oil. And you know how it is to like, you never know when your kid is going to be home unexpectedly for some holiday you forgot about, or they’re just sick or something like that. So by design, you set up systems, routines that allow you to operate your business, even if you have to pull yourself away from it.

So that’s my take on it. But Pat, I’m curious to know if you do this too. Like the more I started actually using my kids in my content, the more my brand grew, Oh, 100%. It’s like, how can I turn my bug into a feature? I’m going to talk about my kids more. And it’s like, started creating all this content around it.

And then even my workout videos, because I work out like five days a week. So I put more videos like that up. And what I’m doing is personifying lifestyle entrepreneurship. For sure. By being a personified version of who my audience wants to be. So yeah, it’s fun now to have that experience where they’re part of my business now, or at least my brand.

Pat Flynn: 100 percent saw that. I mean, as soon as. We had a baby back in 2009, and I shared that story, right? People started to gravitate more toward the fact that I was a family guy. And then the more that I would talk about them, the more that people would connect, right? That’s just more relatable. And you as a leader get to paint a picture of who it is that your audience can strive to be, but in their own way, of course.

And so I love that. I’m curious about when people hear, like, Oh, using my kids in con you didn’t phrase it this way, but it’s like, Oh, I’m going to put my kids in my content. There’s always sort of a, are we going too far with that? Are we, you know, I mean, obviously there’s like the privacy issues and the safety things, but also just like, are they consenting to that? Did you and Dominique have like discussions about those kinds of things? Like, okay, well, what makes sense for us? And what’s, where’s the line at?

Terry Rice: Yeah, we, we did, but the line kept on shifting further out because initially it was like, we’ll talk about them then it’s like, okay, we’ll show them, but we won’t show their face.

So I’d put like an emoji over their face or something. And after a while, I was like, look, we live in Brooklyn, right? So at any given moment, when you’re walking down the street, you’re on someone’s ring cam, like you’re on camera, right? So you can’t like hide your kids from social media forever. It’s just how it goes.

We’re doing it in a tasteful way. Like I’m not having my kids like reenact stuff like, OK, eat lunch again and stuff like that. And it’s an integration into our lives, not an interruption, because that would drive me nuts. Like you see, the parents are like, OK, stop, do it again. Wait, no, I’m sure it’s like. We’re just capturing like this stuff on the fly.

Pat Flynn: Yeah, and what example are you setting for the kids doing that too? You know, it’s like, oh, I have to be just right for the piece of content that we’re creating. That’s, that’s not what we want to do. Your eight year old, are they getting interested in creating content themselves?

Terry Rice: Yeah, yeah, my, my daughter, we actually just started doing stop motion videos, which has been a lot of fun.

Pat Flynn: We went through a phase of that. That’s so fun.

Terry Rice: Yeah, it’s so basic. You’re like, okay, just move it a little bit. Do it again. Like, you know what I mean? So they’re doing that for hours. And they’re getting into the whole production value because they, they see like me making videos and their mom making videos too.

So what I’m doing is I want to see if I can actually bring them on is, it’s almost like like brand ambassadors because I’ve got four kids. If I can even just get free clothes for them, that saves a lot of money. But there’s a, there’s a bigger mission here. It’s going to sound kind of abstract, but I feel like my kids are going to be just like the popular kids, you know, just because they, they, they’re golden kids, like things that are genes and just like the way that our personalities are, my wife and my, myself, like we were popular in high school, nothing that matters, but I want them to use that to change the culture of their high school and I want to start with their clothing where they’re wearing very plain clothing like no logos that way these very popular kids. Hey, they weren’t they’re wearing stuff from amazon, too I don’t just spend a lot of money to look good. And for the kids that don’t have as much money.

It’s like great. I couldn’t spend a lot of money anyway. So I think we can just change the whole High school experience for a lot of kids who, you know, couldn’t afford all the flashy clothes. If we make that this part of our thing. So I know it sounds like a weird, like long term plan, but I think we can help a lot of people tangentially.

Pat Flynn: Yeah, no, I, I love that. I get, I get that. And then, so with their ages so close together too, they’ll probably be in the same schools for, you know, overlapping a little bit, which would be cool. My kids, my son is 13. He is about to go into high school, but he and his sister have been in the same school for about, six years together.

And it’s nice because they see each other and they, they help each other out and stuff. But next year is going to be a big year for us because he’s not just going to high school, but he’s also going to be joining the marching band. I was a huge marching band nerd, Terry. I did marching band in the summer between school years because I loved it so much.

It was drum corps, but it was similar to marching band. And then I went to college and did marching band too. Now my son is playing on the literal same exact trumpet that I played on. A couple Fridays ago, the high school invited the eighth graders to go and play during the halftime show. They played a couple songs.

And so he was on the field during a Friday night football game. And it was just like, I was in tears because I was just like, this is so trippy and wild. And like, he’s going into it and you know, it’s all on his own too. That’s the beauty of it. It’s like, he discovered this on his own. It wasn’t like, Oh, like you gotta be like me kind of thing.

And our daughter is a dancer and performs and is not afraid to get in front of people. And it’s just like, I think a lot of it has to do with the example that April and I, and especially me as an entrepreneur set, like getting out on stages and stuff. And so like, what’s maybe an example of, and I know it’s weird because we have microphones in our faces.

We’re trying to have a casual conversation, but honestly, it does kind of feel like a podcast still in like a great way. I mean, we’ll probably end up using a lot of this, but like, what’s a business strategy that you implement in your business that you also implement at home and why?

Terry Rice: It’s discipline. So on my end, like with my daily schedule, everything is planned out.

I know I’m going to wake up around 5am. I’m going to read or I’m going to journal. After that, get the kids ready to go to school. After that, I’m going to work out when I get home. I do critical or creative work first. Take a break and then do admin or live coaching with my clients afterwards. So everything is just very regimented, very structured.

Same thing though. So come dinner time. I love dinner time because like there’s like there’s six of us. I think six, yeah, six of us. So I’m like, all right, I am. So I’m like, all right, here’s how it’s going to go. I’m first going to put out all the main dishes. You’ll get that. I’m then going to bring out the drinks.

You’ll get that. I’m going to go around and ask if anyone wants seconds. You’ll get your seconds. I’m going to go around again. Ask if he wants another drink. Like, you’re not all going to be asking me like I want this. I want that. I want because you’ll drive me nuts. So I truly believe that discipline is destiny and all you have to do is say, okay, well, what’s my vision for my future for my family for my business and then enact routines that are aligned with that vision.

So it’s it’s it’s basic, but I’m also very pragmatic and stoic. So that’s the approach we take. It’s just like, you gotta be regimented.

Pat Flynn: Yeah. Do you have a military background?

Terry Rice: I don’t. My dad fought in Vietnam. And he didn’t talk about it too much, but now that I think about it a lot of the routines he had might have come from that.

Like, I didn’t, I never think about it until recently but he would shine his shoes every morning. And I’m like, what are you, like, like, what’s your deal? But his routines I think got drilled into him back then. So that’s probably why.

Pat Flynn: That makes sense. I love that answer. And I just asked that because that is a very regimented way of going about things.

And, you know, John Lee Dumas, for example, is a friend of the brand. And you know, him as a podcaster as well. He’s a machine and he’s from military background. So he has these regiments and he has to do that. And I would imagine that that keeps a lot of the chaos under control in the house, at least as much as possible.

I mean, there’s always going to be just like in business things that, you know, go wrong or Yeah. But then you can go back to those regimented systems to get back to some normalcy and keep making progress. So you do a lot of coaching. Obviously you have a number of clients. What’s your style of coaching?

I’m curious. I’d love to be a fly on the wall and like, listen to you coach somebody cause everybody has a different sort of style. We all are doing it often for the same reasons, but we get there in different ways. What’s, what’s like your way of style and of coaching?

Terry Rice: Yeah. The, the first thing is having a filter for who I’ll coach in the first place.

So if anyone wants help from me, if they want to, if anyone can take my courses and go through those programs, that’s fine. But if I’m working with you one on one, I have to make sure that even as the seller of my services, I’m still a buyer, right? So can’t read the guy’s name, but that’s what he says.

Always be the buyer because you’re buying into a relationship with someone. So what I want to do is make sure that there’s a good personality fit, first of all. Second of all, are you going to put in the work? Because on my end, like I don’t know the easy way of getting things done. I know a clear way, but it takes a lot of hard work, a lot of determination.

And just you can’t, you know, just kind of back out because things are challenging. So as I’m screening people, they seem like. they’ll ask for all this stuff, but never actually do anything I can’t work with them because you’re you won’t get your desired result. You’re gonna you might blame it on me I’m never gonna get a testimonial from your referral and I’m gonna feel like I ripped you off because you didn’t do your work. So that’s the initial screen I’m looking forward to you. Are you someone who actually takes action and from there? My style is okay. Well cool like here’s what worked for me and my clients, I know this to be true. Which of these pathways would you like to choose? Cause I’m not going to make one up for you right now. I’m not going to experiment on your dime.

So it’s people who can just get along with the process that I’ve developed that I know is going to work and where I can feel confident that the only variable to success is them. That’s it. Everything else will work because it’s worked for me, it’s worked for my clients. So people who will buy into the system and actually take action, like that’s my crew.

Pat Flynn: Yeah, no, that makes sense. I mean, that first part is so important because if they’re not going to take action, then nothing you say really will even matter. And it’s just wasting everybody’s time. But as far as getting them to the result, it’s like, you know, it’s going to work, but there’s different paths and you’re going to give them some options that might make sense for them.

Are you, do you ask a lot of questions? Are you more of a, all right, here are your marching orders go? How do you get a person to, who maybe even is kind of timid to take an action because they’re scared or they’ve never done this before. How do you motivate? Some people respond to bootcamp drill sergeant.

Other people respond to hugs, right? How do you help a person through a tough time?

Terry Rice: What I started doing With my more high end and long term clients is we do a lot of mindset and vision work first. So say, okay, cool. Let’s establish your vision for your life and your business. That’s not easy. It’s challenging, right?

Everyone’s like, oh, just tell me how to get more clients. I’m like, no, let’s start with your vision. What do you want that to look like? After that, what’s your personal philosophy? What are the thoughts that guide your words and your actions? Because at any given moment when you are feeling unmotivated, You should be able to say to yourself, okay, what’s my personal philosophy that should help you snap back into it.

My personal philosophy is live your legacy. What does that mean? It means everyone’s always thinking about their legacy. How will I be remembered? You know, I want to be remembered as this person, that person, so on and so forth. Sweet. Do that now, then. Do it now. Right? Don’t wait to your deathbed to think, well, I hope that’s how they remember me.

If you act that way today, you will be living your legacy. So at any given moment, if I’m feeling unmotivated or just like impatient or whatever, I’m like, is that the legacy you want to leave behind? So the answer is no, just knock it off, right? So, vision, personal philosophy, and the last thing is epic thoughts, because that’s gonna help you build your confidence.

And epic thoughts are when you jot down ten difficult things you’ve done in your life that proved to you, hey, I’ve done challenging things before and I’m ready for the next one too. So those three foundational tools, I have actually a suite of 15 tools I go through. Those three tools initially are normally enough for me to get people motivated, for them to get out of ruts, like whatever it may be.

Because this is information they gave me that’s aligned with their future as well as their mindset.

Pat Flynn: That’s so good. It’s so structured again, regimented. Yeah. And you have that process and I see it and I feel it and I’m, I’m excited for. Your clients and obviously everybody in EIR who’s going to be working with you, which is, which is great.

Terry Rice: You know, every entrepreneur is all about, Oh, how do I 10X? You know, how do I get exponential growth in the book? 10X is easier than 2X. I think it’s a great book. But what if we just focus on 10X in our personal relationships to our personal life as well? Not just our business. What if we put that much effort into growing our connections that we have in our community?

So I’ll give you an example. The other day my wife and I had a slight disagreement, like nothing, nothing huge. Like, you know, just casual stuff. No one’s like throwing and yelling or anything like that. But you know how it goes. I’m like, shoot, I gotta, I gotta apologize eventually. But then you have all these reasons why it’s not your fault.

You know, like she should have done this, blah, blah, blah, kishmackity, but instead I was like, no, like I want to 10 X this relationship and to go 10 X, you have to get rid of the 80 percent that’s been holding you back and focus on the 20%, right? What are the good parts about you, your business, whatever it may be.

So it’s like the 20%, you know, that, that, that really shows up effectively in this relationship is going to go freaking apologize. And the 80 percent that would have been, you know, more ego driven or like dragged it out or more like that guy’s not going to help anything right now. So, you know, we talked about systems and optimization, but I want people to apply that to their personal life to their relationships, their health, both mental and physical, because why should we only transform our business, right?

If we have the skill, if we have this drive, let’s cross other areas as well.

Pat Flynn: That’s huge. That was great, especially because of all that’s happening with you coming into the EIR. I mean, the whole point of the Circle community that we have inside of Pro and inside of the All Access Pass is to allow for those relationships to be stronger within the community, right? So it speaks directly to that. And I love taking it not just from the business aspect. And yes, business relationships are definitely important. I wouldn’t be where I’m at today without the relationships that I’ve had. And I’m sure the same is for every entrepreneur out there who has been successful.

But to take that into the home as well, which is again, ties back into what I love about you, Terry, is, is, is you’re thinking about your wife and your kids. And a lot of us here at SPI, that’s why we’re doing what we’re doing is for that as well. And it would be a shame to have the ability and the resources now to grow your business and not apply those things in the household or with your friends or with your family or kids as well.

Terry Rice: Yeah. I don’t want to have a multi bajillion dollar business. And my kids are calling me Terry. So, I’m okay with being more present and maybe not making a multiple jillion dollars.

Pat Flynn: What’s an epic thought that you have? Or have had?

Terry Rice: there’s all the basic ones.

Like, oh, I got out of grad school. I got a job at Facebook. That’s cute. But I think it’s this, to be honest, and you can probably align with this. It’s surviving 2020 with a bunch of kids at home. Dude. Like, to be honest. Like. Like. Like. It’s hard for me to have a bad day ever since they went back to school.

That’s not to sound like a jerk, but it’s like for 18 months, they were home every single day, 18 months, every single day, no, like in person school, none of that stuff. And for me to come out of that and actually increase my revenue, not decrease, that’s, that’s an epic thought, right? So yeah, dude. Yeah.

How about you? Let’s get one of your epic thoughts.

Pat Flynn: Yeah. I mean, I’m like, that made me think of 2020. You know, that was an incredibly tough time, but to seize the opportunity that it provided, right? Was, was what happened just like what you did. I mean, I went live every day for 365 days in March of 2020.

We’re starting in March of 2020. And over here at SPI, I mean, we changed our business model. I mean, we launched our SPI Pro community. Which then enabled us to go, wow, this community thing is not just working. This is the future. And for us to take the lead on that and now build the all access pass and now the EIR program inside of SPI Pro and bring people on like you, it’s just like.

Wow. That was an epic thought. I mean, that was, as many people are quoting today, a 10x thought, right? This 10x is easier than 2x Ben Hardy. Everybody’s using that terminology now and I love it because that’s going to mean, okay, it’s not just doing the same things better, the same things more efficiently.

It’s we got to change the way we think we got to, we got to think more epically, like you said. And I love that to go back to a little bit more personal stuff. Let’s say you magically get a day off from the kids and the business. I don’t know if that ever happens, but if you do, you get to do whatever you want.

What are you doing?

Terry Rice: I’m going to answer that. I’m going to ask you the same question back. So get ready for that. Okay. I already know. My day would start out pretty early still. I would still do some journaling, some reading, and I would get a really good workout in like a killer, killer workout. Like I want to like end myself during this workout, like I just work out really intensely. Like it’s, it’s like, I’ll, I can show you some videos, but I’m just going at it.

Pat Flynn: Like, and you look great, I mean.

Terry Rice: So I would get that workout in and then get some kind of like sushi. Cause I don’t want anything too heavy. I just want something light to fuel up. Here in Brooklyn, I mean, they’re, they’re everywhere. There’s this place called float where you’re like in a sensory deprivation chamber and you’re floating in water. So I would do that for like an hour or see where my mind goes. And then after that, I would do this. I would take the the subway. I live in the Brooklyn, I’ll take the subway up to the Bronx where my first job in New York City was.

Pat Flynn: Where my dad’s from.

Terry Rice: And just look at it, think about how far I’ve come since then, and then probably go home and play with my kids. So that’s, that’s all I need.

Pat Flynn: That was, wow. Okay, not what I was expecting, but I love that. And so still getting the workout in, still going through your routine, that’s obviously become a part of your life.

And, and it’s like you can’t imagine not doing that. I love this, the sensory deprivation stuff to let your mind go to where it wants to go so that you can have more epic thoughts. And then again, back to the kids. That’s what I love about you. It’s like, just like me, family man, you’re here for the, for to support the family, but also your clients at the same time.

For me, it would be a full day out in the water. I would probably wake up earlier than you. I would have my fishing gear already packed in the truck. And I would go to a lake and just fish all day. That, to me, is my sensory deprivation tank. And it’s a place where I can escape all the craziness of all the businesses, and the craziness of family too, but also escape…

And really I find myself, I get it, I get really in the zone, right? Like I am in deep, just focus time when I’m out in the water and it’s sad too, because the time goes by so quickly when you’re in that just focus zone. Like I feel like a 12 hour day of fishing is like 30 minutes. Like it is really, cause there’s nothing else you can do, but focus on the lure and the fish and where you’re at and you’re in nature and it’s just like primal feeling a little bit.

Maybe if I could snap my fingers and make it even more of a perfect day, I would be out in the water, like in the middle of the woods. I would have like a tent and I don’t camp. I don’t do that stuff very often, but to have it already set up for me and just go and be in nature and maybe I. Catch my own food and I, like, am able to go, wow, like, I can actually survive out here on my own.

I don’t know, just, just get away from tech, I guess, is, is my perfect day, which doesn’t often happen.

Terry Rice: Yeah, I like that a lot though. I mean, it’s like, one thing you realize is that you don’t need things, you need experiences and emotions. 100%. And I think the more people realize that, they won’t have what’s called a hedonistic adaptation.

Which essentially means as soon as you keep on getting more stuff you want more and more and more and you’re never happy. But if you just really lock in on the feelings and the emotions and the experiences, then you’re like I can be actually be happy right now I don’t need like this thing that’s far from the future that I’m trying to achieve.

It’s like it’s here right now so yeah, when you mention that’s what we think of I think it’s awesome.

Pat Flynn: If anybody’s listening to this right now, we’re watching I literally told Terry at the beginning of this call like hey, you know, we have this podcast scheduled, let’s do the podcast podcast, like official thing later.

Let’s just chat. Let’s just have a casual conversation. I think we’re going to use this Terry. I think this is it feels right. It feels right because we’re getting to know you. And the whole point of this is you are now part of the SPI crew in a special way. You’re part of the first group of experts in residence here.

And, and like to finish off, I just want to ask you like, what made you say yes to this opportunity? I’m curious. I know, you know, the brand, obviously you’ve been following for a while, but now you’re part of it. What, why do you want to be a part of it? And how do you think that might help you?

Terry Rice: Well, my business was built on community and I’ll explain when I first started out as an entrepreneur, I taught at both New York University as well as General Assembly.

And I was teaching three workshops per week to other entrepreneurs and business owners, and it was great because first of all, I had like a home base, you know, working by myself for the first time. I had a home base to go. People recognize me. They see me, but I was able to help people in real time and also see the impact of my work, right?

So it wasn’t just like I consulted them real quick. Okay, I’ll never see again. Like no, they’re coming in next week, man. So hopefully you did a good job with them. If not, you can make some tweaks. But it gave me more accountability in regards to the work that I did with people because I knew they’re going to come back.

I’m going to come back. I can’t avoid this. And I think sometimes when you’re like, you know, an online guru, you’re like, okay, whatever. I’ll just sign off today. It’s like, no, dude, I gotta, I gotta go there in person and it’s a real thing. So with SPI, with SPI Pro, that’s, that’s what I see is another opportunity to have a community that I’m a part of, that I’m a leader in, and I can actually see the impact I’m having, but it keeps me accountable too, right? You can’t just say, try stuff and sign off, you actually have to show up for people and help them. And on my end, I mean, that’s really how I grew the most, because just getting peppered with questions, week after week after week, that’s how I got stronger.

And that’s also, I got more comfortable saying, I don’t know, let’s go research it and figure it out. So I’m just really happy to have that same opportunity I had at the beginning of my career now and doing so obviously with you and through the SPI community.

Pat Flynn: It just makes perfect sense with you and your vibe to come in here.

And like you said, it’s like now you are being held accountable by the community to continue to show up and not just show up with the circle that you’ve built, but our circles together. And I think that’s, what’s really amazing here. And imagine the cross pollination that’s going to happen between the brands.

But more than that, it’s like, you’ll be able to even grow in your career here. And you’re going to help others grow in their career here because of you. I mean, there’s going to be some people who really resonate with your style and what you have to say, and even more than they would with me. And I know it’s interesting cause like SPI was synonymous with Pat Flynn for so long.

But what we’ve realized is that there’s so many more amazing experts and people out there who can help and even help even better than I could. And I’m just so grateful to have you in the crew and it’s just going to be a really fun time. Like, honestly, I couldn’t be more grateful for you, man.

Terry Rice: Yeah, I mean, I appreciate it too, Pat.

When I first started out, I just, I stalked you online, right? So I mean, like, I think my old website, I pretty much took verbatim all your sections and a lot of your input too. So, so I appreciate it. It’s great. Like eight years later, you know, becoming a partner with you. So I appreciate it as well.

Pat Flynn: Full circle, man. Full circle. For anybody who’s out there listening, who wants to like be a part of this, obviously, SPI Pro is there and Terry’s, you know, involved in there, But also outside of SPI Pro, where can people go to see what you have going on? And I know you write for entrepreneur and you have a lot of amazing articles there, but where else can people go to follow your work?

Terry Rice: My podcast Launch Your Business, which fortunately Pat was the first guest ever on. So let’s go for that as well as on social media. It’s Terry Rice on Instagram and Twitter, and I’m pretty active on LinkedIn as well.

Pat Flynn: Nice, man. I appreciate you. All the best to you and the family. We’ll see you inside of Pro.

Terry Rice: Awesome. Looking forward to it.

Pat Flynn: All right. I hope you enjoyed that conversation with Terry Rice. You’ve gotten to know him a little bit better today. And again, if you are a part of SPI Pro, you can look forward to seeing Terry show up regularly in there for you as an SPI Pro Expert In Residence. This is a brand new program, a brand new value add that we’re adding to SPI Pro.

And those members are going to get access to Terry and next week’s EIR that you’re going to hear here on a Friday episode of SPI. I myself am an EIR that’s going to be officially coming on board and you’re going to see me more regularly in there as well. So this is an amazing program. We’re adding a lot more value and we’re doing something that connects more communities together and brings other experts, other voices, other styles into the mix.

And it’s always just great to get to know people a little bit more. And I love Terry’s take on a lot of things and philosophy on parenting and business. I’m just excited to help all of you inside of Pro along with Terry and our other Experts In Residence. If you want to learn more, head on over to That program, if you’re listening to this, by the time this episode comes out, it’s going to be coming out later this month at the end of 2024, excuse me, 2023. But obviously if you’re listening to this in 2024, it’s already in existence and you’ll see not just Terry but other members of the EIR program inside of SPI Pro.

And we’re just trying to innovate here on our side to try to bring more value to you. And I hope you enjoyed this episode today. So make sure you hit that subscribe button on the app that you’re listening to right now. And I look forward to serving you next Wednesday in another interview and next Friday with another EIR that we’re going to feature here and introduce you to.

So look out for that. And thank you so much. I appreciate you and definitely check out if you want to get more information about Terry, who he is and what he has to offer. And if you are already a Pro member, look out, we’ve got a lot of stuff coming your way. If you’re interested in Pro, head on over to for more and I look forward to seeing you next week. Cheers.

Thank you so much for listening to the Smart Passive Income podcast at I’m your host, Pat Flynn. Sound editing by Duncan Brown. Our senior producer is David Grabowski, and our executive producer is Matt Gartland. The Smart Passive Income Podcast is a production of SPI Media, and a proud member of the Entrepreneur Podcast Network. Catch you next week!

Share this post

Smart Passive Income Podcast

with Pat Flynn

Weekly interviews, strategy, and advice for building your online business the smart way.

Get Unstuck in just 5 minutes, for free

Our weekly Unstuck newsletter helps online entrepreneurs break through mental blocks, blind spots, and skill gaps. It’s the best 5-minute read you’ll find in your inbox.

Free newsletter. Unsubscribe anytime.

Join 135k+