Ray Dalio is someone I truly admire and his book Principles is intended as a pivotal masterpiece meant to change the business landscape.
Cocky? Sure.
After reading Principles, one thing is clear to me: this is a solid book and a must-read for anyone in any business.
I’m a huge fan of Tim Ferriss’s books. I loved The 4-Hour Workweek and The 4-Hour Chef.
So I was not surprised that his book Tools of Titans was a fantastic read. But was happy to find out there really is something for everyone in this book.
With this book, Ferriss has moved from books you can read fluidly cover-to-cover to more of an encyclopedic style.
“If you do what others won’t, you’ll have what others don’t.”
It’s a simple but incredibly powerful notion if you’re willing to go beyond the limits your peers build predecessors set, your success will exceed theirs.
It’s how we’ve thought about building my brick and mortar businesses, as well as our Online Businesses. Hands down, it’s worked.
Grant Cardone’s The 10x Rule: The Only Difference Between Success and Failure book goes deep into taking massive action is the only way to fulfill your true potential. That’s done by pushing beyond what others are doing, saying and thinking if you want to drive massive action that outpaces even their greatest successes.
The 10x Rule is simple as it is complex. Grant explains, most people live in one of three buckets:
If you want MORE, you can’t settle for the ordinary. You need to get to that fourth level of action—that’s the 10x Rule. And if you achieve it, you’ve all but guaranteed yourself success today and tomorrow.
All of this hinges on the notion of “Massive Action” which can help anyone push through challenges and risk aversion and move closer and closer to achieving your dreams. Whatever those dreams may entail.
Grant walks through exactly what to do, how to get started and how to keep going. Literally, all you have to do is follow the steps he’s outlined and you’ll be well- positioned for success. It couldn’t be easier.
In the book, Grant Cardone covers how we underestimate what we can achieve as humans and often shoot for goals that are mediocre. The 10X Rule says to take what you think you want and multiply that by 10.
Multiply that by ten too. No matter how much time and effort you think something will take it’s going to take a lot more, if you guess 10 times more you will likely be safe. Plan for that.
If you feel fear, you should act, don’t let your fear take over what you do.
Grant Cardone is a salesman. So when he feels fear he picks up the phone and dials, instead of figuring out what he’s going to say and how he’s going to react, he can get through 20-30 calls by just acting without thinking. When that happens – eventually fear completely subsides or becomes minimized.
Also the book also goes into a few mantras for achieving success. These mantras are: success is important, success is your duty, and there is no shortage of success.
If success is something you are interested in then you definitely need to take this books advice and plan to achieve a ton of it so as you aren’t going to be left behind.
Throughout the book, you’ll discover some of Grant’s most compelling secrets. These concepts have fueled his own achievements and continue to drive his brand forward.
If you would like to get more great insights from Grant Cardone – Read his book; The 10x Rule: The Only Difference Between Success and Failure.
So as you go about your day, keep in mind: “You’ll find everything you need to make success a way of life. And once you do, there’s nothing you can’t achieve.”
Talk Soon,
Dave Cane
“The only asset that can be kept safe from every threat and made to appreciate in value year after year is the relationship you have with your customers.”
– Dan Kennedy
Whatever business you’re in, your main role is that of a direct response marketer.
Nothing else is more important than you creating and overseeing marketing to get new customers, and increase the value of the customers you already have.
Ask Yourself: What’s the highest leverage use of my time, and what makes the cash register ring?
Sometimes as you scale up your business, your role can start to change, and you can distance yourself from the front-line marketing. That’s always a big mistake.
No one will ever understand the importance of creating and fine-tuning your business’s marketing like you will.
I came across this list from Dan Kennedy and when reading it I thought how brilliant it was-and those feelings haven’t changed.
I recommend you print off the list!
If you’re in the Direct Response Marketing game, and you’re not already asking yourself, “what can I do to increase revenue FAST?” every minute of the day. then I urge you to continue reading.
Freelance direct response copywriter Dean Rieck says: “Response is one of the five keys of successful direct marketing. And if you have that, the other four don’t matter.”
Simply put, Direct Response Marketing is designed to provoke an IMMEDIATE response from the customer, through clear CTAs (Calls To Action) and other techniques, in order to generate reactions and feedback while encouraging decision-making.
That’s all well and good, and to be honest it’s pretty self-explanatory, right?
Which is why we at Easy Online Biz Solutions make it our aim to arm marketers with every single tool they need to market efficiently. Because although this process sounds simple enough, the ins and outs can actually be quite challenging.
Generating a direct response from consumers isn’t as easy as it sounds. Sure, lots of people are taken in by mediocre advertising.
However, if you REALLY want to make the big bucks then you need to master the 10 rules from by Dan Kennedy’s book, ‘No B.S. Direct Marketing- The Ultimate No Holds Barred Kick Butt Take No Prisoners Direct Marketing For Non-Direct Marketing Businesses.’
Think of these as the 10 Commandments! Because in order to succeed thou shalt implement them wisely and then thou shalt get results…
“NOTHING, I mean nothing, goes out your door without offers.”
To generate a response from your consumers, you need an irresistible offer that is going to urge them into taking action IMMEDIATELY.
Ask yourself these questions, and NEVER end a ‘conversation’ with your audience without making the offer.
Dan states that you’ll find a lot of businesses get by with ‘implied offers’. They’ll give all their details but won’t ACTUALLY say what it is they’ll do for you.
But what REALLY generates a response is direct marketing that tells the consumer how your product can enhance their life, solve their problems, make their day better, etc. Also the steps they need to take in order to reap the benefits.
THIS is how you make money.
If you’re unfamiliar with direct-response copywriter John Carlton, I recommend you get familiar right now. A friend of Dan’s, John advises imagining your prospective customer as a gigantic sloth, unlikely to move, with it’s phone out of reach.
You need to think about this sloth when constructing your offer. Is a plain, mediocre offer going to cause that sloth to move, reach out for its phone and take action? Probably Not.
Your offer should generate a direct response. That’s the whole point. I reiterate my point about providing value to your prospects – if you can truly convince them that investing in your product/ service will answer their prayers and satisfy their current desires, then you’re onto a winner.
I’d like to turn your attention to Dan’s two sub-rules:
Anything you put together in your next strategy, whether it’s a flyer, an advert, a sales letter etc, make sure the pathway to taking action is clear for the Consumer…”with high sidewalls (to prevent the prospect from wandering off).”
If you’re currently sending things out WITHOUT clear instructions, STOP. Make some changes.
Dan says; “you need real, hard facts and data to make good, intelligent marketing decisions.”
Do you want to make unintelligent marketing decisions? Didn’t think so…
When making marketing decisions, it doesn’t matter what you and your colleagues think/feel, etc. It matters what your AUDIENCE thinks and feels.
“Tracking means accurately collecting all the information you need to determine what advertising is working and what isn’t. Which offer is pulling and which isn’t, what marketing has traction and what doesn’t.”
Ultimately, you’ll be able to know what your ROI is for each dollar. As long as you get systems in place to capture all the data you need, and make the time to get a thorough analysis underway.
Then what seems as a confusing drag will start to become profitable and easier the more you do it… Especially if your employees have a tendency to become lazy with or confused by the whole concept.
“From now on, ye shall spend no dollar without tracking ROI.”
If you’re the CEO of a giant company that is recognized worldwide, then by all means invest in brand identity. If you’re an entrepreneur investing your own capital, then take Dan’s advice – “focus on response and sales.”
Sure, you may actually build your brand without knowing along the way, which is awesome. But don’t spend time doing it on purpose. Dan states that there are many types of direct response ads that are designed to motivate qualified leads to step forward and take action, that succeed WITHOUT branding.
All they need is a clear CTA and BAM, sorted.
There are fortunes in the follow-up. Most marketers make the mistake of only following up with a lead on ONE occasion.
But to be a SMART marketer, you need to build out a way to continue this follow-up with your prospects.
Imagine somebody refers you to one of their closest friends. Or a business fellow, perhaps. What are you going to do? Simply say ‘thanks’ and move on?
NO NO NO!
You speak with the person who made the referral, and you ask them for their closest friend or business fellow’s details, so you can approach them personally.
Start up a sequence that involves a (SMS or Facebook) message, letter or email, with something free and valuable that is going to kickstart this new relationship.
No response? Send another message, letter or email. Keep at it!
I love this quote from Dan: “you can’t send a shy, timid Casper Milktoast guy out into the street to knock on a door of a home or walk into a business and beg in nearly a whisper for a few minutes of the prospect’s time . So you can’t do that with ad, flyer, letter or postcard either. Send Arnold Schwarzenegger instead.”
In a nutshell, your copy must be compelling enough to get your prospects to take immediate action.
Your vocabulary choices should aggravate your prospect’s problems so much so that they can almost FEEL the pain, and then soothe them immediately with whatever it is you’re offering, and how it can solve their issue.
Think about your audience.
Speak to them like they’re human beings which they are. Do this in a conversational tone that hooks them in with power words, packs a punch and sticks in their mind.
For A Limited Time!!!
“Multi-Million Dollar Copywriter unveils his deadly copywriting Secrets that will help you print money right before your eyes!”
NOTE: For further information on kick-ass sales copy, I urge you to read another of Dan Kennedy’s books “The Ultimate Sales Letter.”
Dan says that David Ogilvy once admitted: “only direct-response guys really knew what they are doing” and that his guys were guessing.
Who would you copy?
Bill Glazer is a ‘master’ at using mail-order newspapers and magazine advertisements that show clear calls to action. Next time you construct an offer, flip through the file for inspiration.
From this moment forth, you are (if not already) completely, wholly, ultimately results-driven.
Nobody EXCEPT your customers is going to put money into your business and personal back account. NOBODY ELSE. All that matters is what your customers think.
If you make sales, then your strategy has worked. If it doesn’t make sales, scrap it.
Last but not least…
Think of this as a regular diet.
Cut the crap. Purge the junk.
Stick to a new regime guaranteed to get results.
If your new business diet consists of mothing but the previous nine rules. I promise you that your direct response marketing efforts will pull through. Don’t let anything toxic strip through the crack.
As Dan says, “anything that doesn’t conform to the prior nine rules, do not let it in at all. Just say no. And bar the door.”
So keep in mind whatever business you’re in, your main role is that of a direct response marketer.
We are here to help. If you want any help, just Messenger us (Private Message Us) at our Facebook Messenger link – m.me/EasyOnlineBizSolutions
Talk Soon,
Nicky Cane
You’ve been told to work hard, save money, get out of debt, and live below your means. That advice is obsolete if you want to get ahead in life. Robert Kiyosaki argues these exact points in his new book, Rich Dad’s Increase Your Financial IQ.
Which is the latest volume in Kiyosaki’s popular “Rich Dad” series of books – two books include: Rich Dad Poor Dad, and Rich Dad’s Cashflow Quadrant.
These best-sellers have motivated many people (including my family) to take control of their financial lives. Both of these books have been summarized for you here.
“It is not real estate, stocks, mutual funds, businesses, or money that make a person rich. It is information, knowledge, wisdom, and know-how, a.k.a. financial intelligence, that makes one wealthy.” – Robert Kiyosaki.
Kiyosaki divides financial intelligence into five “Financial IQs”:
Most of the book is devoted to exploring these five aspects of financial intelligence in detail.
Many people fail to acquire wealth, Kiyosaki says, because they want the money without the work. He writes,“What many people do not realize is that it’s the process that makes them rich, not the money.”
It’s by learning to make money that you can continue to make money.
In order to make money, you must also learn to control your emotions. You must learn to defer gratification. Don’t sacrifice your financial future for a few bucks today.
According to Kiyosaki, the key to making money is learning to solve problems. “In order to grow wealthy you must come to terms with the fact that problems will never go away,” he writes.
Identify the problems preventing you from wealth, tackle them head-on, and the money will follow.
Once you’ve begun to make money, you need to protect it from the 7 financial predators.
Even though Kiyosaki lists seven possible pitfalls, he offers little practical advice for coping with them.
There are two ways to solve a budget crunch: decrease your spending or increase your income. Either will erase a budget deficit, but Kiyosaki believes (as I do) that in the long run, increasing income is a better solution.
Kiyosaki explains that it’s important to think of a budget surplus as a fixed expense. If you decide to save 10% of your income, then make this ten percent a fixed item in your budget.
Treat it just as you would any other bill. Pay yourself first. It’s also important to refuse to live below your means – instead increase your means.
I found this chapter to be the longest and most frustrating chapter of the entire book. It represents the core of Kiyosaki’s financial philosophy. However it’s not presented in a way that makes it relevant to the average person.
Leverage — borrowing money to increase the power of your own cash is good. If you have the financial intelligence to control the investment. But if you’re not in control of the investment, then leverage is risky.
“Most of the people being hurt by the real estate meltdown are people who were counting on the real estate market to keep going up and increasing their home’s value,” he writes.
They borrowed against their home’s inflated value, however had no control over whether the housing market rose or fell. This is a lack of financial intelligence.
Kiyosaki argues that one should use leverage to make low-risk investments, investments in which you, as the investor, have control. This sounds great, but he doesn’t provide any relevant examples.
He only discusses his recent purchase of a 300-unit, $17 million apartment complex in Tulsa, Oklahoma. I don’t know about you but I do not $17 million to invest into one investment. The average person might only have $17,000? or even $1,700 to invest with right now?
So we are left wondering at the end of this character on how does the average person make leverage work for them?
In order to improve your financial information, it’s important to:
“Ultimately,” Kiyosaki writes, “it is not the asset that makes you rich. Information makes you rich.”
Though an overview of the five Financial IQs forms the bulk of this 200-page book, it’s actually the last fifty pages that hold the most value. Where Kiyosaki discusses “the integrity of money” and explains how to develop your financial genius.
I like the idea of Rich Dad’s Increase Your Financial IQ. The book fills a niche about which little has been written.
It’s motivational. It’s a breath of fresh air and offers a perspective often missing in personal finance discussion. I also like that his writing always motivates me to action, pushing me to pursue my goals.
Diversification isn’t a hoax, or a scam. Other than Kiyosaki, it’s embraced by most financial authors I’ve ever read or heared about.
Diversification is a central belief of the modern portfolio theory. It’s backed by facts, not opinions.
In the book Kiyosaki says “The richest investor in the world, Warren Buffett, does not diversify.” His implication is that you should not diversify either, but that’s completely counter to what Buffett believes.
For 99% of all investors, Buffett recommends diversified index funds. So It’s duplicitous of Kiyosaki to pretend otherwise.
I hope you enjoyed my summary of Rich Dad’s Increase Your Financial IQ. If you would like to read it yourself you can get a copy here.
As always with Kiyosaki, there were more golden nuggets of information to be found in his book to really get you thinking.
If you want or need any help connect with us on one of our social media platforms or just Messenger us (Private Message Us) on our Facebook Messenger link – m.me/EasyOnlineBizSolution
I will leave you with this message: ‘if you do what you love – money will follow.’
Talk Soon,
Nicky Cane
“We don’t buy and sell stocks based upon what other people think the stock market is going to do
(I never have an opinion) but rather upon what we think the company is going to do.”
– Warren Buffett
I’m in awe of what Warren Buffett has accomplished. He continues to write, rewrite and break the rules of investing, business, and entrepreneurship. There’s an endless amount that can be learnt from Buffett’s decades in business.
One of the things that impresses me most, though, is that this is all Warren everything he’s accomplished has been on his terms. No one handed him the proverbial silver spoon.
He worked hard, thought outside the box and continued to innovate, elevate and accelerate. And it paid off big time.
Warren has been building his fortune for more than 60 years. As chairman and the single largest shareholder of Berkshire Hathaway for nearly 50 years, Warren’s investment decisions have been carefully watched and highly scrutinized. They’ve also, though, been so on-point it seems almost unfair—like he has a crystal ball hidden away somewhere.
In my quest to understand Warren’s methods and processes, I stumbled on Jeremy Miller’s book, Warren Buffett’s Ground Rules. The author Jeremy C. Miller is an investment analyst for a mutual fund company and a 15-year veteran of the financial industry.
Miller’s book is a must-read whether you’re a huge Warren Buffett fan or simply want to gain that critical edge in business and in life.
Ground Rules covers Warren’s first 14 years as a true business mogul, including his tenure at the helm of Buffett Partnership Limited.
While there’s lots to dive into in Ground Rules, what I find most fascinating is the fact that the book itself is based on 33 letters Warren wrote to his partners from 1956 to 1970, outlining his business strategies and philosophy.
Miller puts it all into his book with a powerful context and strong narrative that weaves every piece together and creates a solid work any entrepreneur, business leader or investor can learn from. You’ll find lots of important tidbits here, many of which can be directly applied to your business—even if you haven’t reached Warren Buffett status just yet.
Overall, the content in Ground Rules is perfect for the business leader or long-term investor who wants to protect their assets and grow their success. In fact, Warren himself endorsed this book and gave the author express permission to work with his letters. If that doesn’t speak to the quality of Ground Rules, I don’t know what does.
Warren Buffett’s Ground Rules Book Layout:This book is much more than a compilation of excerpts from Buffett’s letters, smartly organized by investment theme. Miller begins every chapter with an articulate and insightful synthesis, which helps the reader understand Buffett’s key ground rules on each theme.
Buffett’s correspondence with his early partners was folksy and insightful. Buffett never wrote an investment guide. These letters make up the closest thing investors will ever have to a Buffett textbook on investing.
Among Buffett’s early beliefs are:
I Personally found Ground Rules to be a powerful tour through the mind of a man who has consistently astonished the modern investment world. In this book, we get a better understanding of his unorthodox philosophy of diversification, which reversed what was then considered common knowledge when published.
We also get a unique opportunity to follow the development and reasoning behind Warren’s conservative long-term strategies, which have proven effective for decades despite endless movement in the marketplace.
This book is well worth reading and will make you rethink your financial, business and investing views…at least a little.
Talk Soon,
Nicky
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Do you have a hobby you wish you could indulge in all day?
An obsession that keeps you up at night?
Now is the perfect time to take that passion and make a living doing what you love.
In Gary Vaynerchuk’s book Crush It!: Why NOW Is the Time to Cash In on Your Passion, you will learn how to harness the power of the Internet to make their entrepreneurial dreams come true.
Online marketing guru Gary Vaynerchuk tells business owners what they need to do to boost their sales using the internet. He would know as build his family’s wine store from a $4 million business to a $60 million.
This book is comes in a trilogy of the evolution of social media – the other two are: “The Thank You Economy” and “Jab, Jab, Jab, Right Hook” (read my summary) which are a great read too.
Developing your personal brand is key to monetizing your passion online.
When you’re selling a very similar product/service/content to someone else, it’s your personal brand and liveability that will set you apart and keep people coming back.
It’s a must to build authenticity through your content.
Your personal brand will help determine which channels you’re going to use to market yourself.
For example, podcasting and video favours someone outgoing. But if you’re shy and lack confidence, then perhaps writing is more your thing – that’s more me.
Summarise your personal brand in a sentence. How are you different?
To everyone who is freaking out because they fear the noise and distraction of all the additional content on the Internet, you can relax.
Quality is a tremendous filter. Cream always rises, no matter how many cups of coffee you pour.
“Talking about what you love brings passion to the table. You come across more credible and entertaining when you talk about the thing you love. You also won’t need a script” – Simon Sinek.
To monetize your personal brand into a business using social marketing networks, two pillars need to be in place: product and content.
Great content is what you’re going to pump into your social media networks to draw eyeballs to your blog. It exists as a result of passion plus expertise, so make sure you can talk about your product like no one else.
If you could talk forever about it then you’ve picked the right product. No matter what it is. Stories are a great way of communicating content.
Ask yourself:
“Is marketing/tech/ sport my greatest passion?”
“Can I be the best blogger about this subject?”
The answers should both be ‘yes’.
You can monetize any passion, but the level at which you can monetize will be affected by the size of your niche and whether you are able to differentiate yourself enough from the other players in it.”
First, you must know yourself. Choose the right medium, choose the right topic, create awesome content, and you can make a lot of money being happy.
“Passion is energy. Feel the power that comes from
focusing on what excites you.”
-Oprah Winfrey
Golden rules for success:
1. Love your family.
2. Work super hard.
3. Live your passion.
You should measure your success by how happy you are, not how big the business is or how much money you’ve made.
If you’re going to live and breath your business and personal brand, you have to love what you do. This is what will set you apart from the rest and make you jump out of bed each morning.
The Internet makes it possible for anyone to be 100 percent true to themselves and make serious cash by turning what they love most into their personal brand.
Storytelling is by far the most underrated skill in business.
When someone re-tweets what you say, they’re saying you’re worth paying attention to. You’re in business to serve your community.
Don’t ever forget it.
AUTHENTICITY:
Being authentic, and being perceived as such by your audience. This relies on your ability to ensure that every decision you make when it comes to your business is rooted in being true to yourself.
HUSTLE:
I’ve said over and over that if you live your passion and work the social networking tools to the max, opportunities to monetize will present themselves.
With one exception.
Someone with less passion and talent and poorer content can totally beat you if they’re willing to work longer and harder than you are.
So Hustle! Without it, you should just pack up your toys and go home.
PATIENCE:
Building a business and success takes time.
You have to live your passion. Think of building a business as a marathon, not a sprint.
You have to love what you do as it’s the only way you’ll keep going. And even if you fail, you won’t have any regrets because you were doing what you loved.
Creating a community is where the bulk of your hustle is going to go and where the bulk of your success will be determined.
Comment on other blogs and get a conversation going. Link back to your content. Also, comment when people reply to you.
It’s the quality of the conversation and community that matters most. Not the numbers.
Nothing in life ever goes exactly the way you think it will, and that goes for all of your carefully planned entrepreneurial dreams and goals. Reactionary business allows you to make a couple of crucial moves when the landscape starts to change.
“This is why every decision I make I weigh in terms of currency and legacy. Will this business deal make me money? Yes? Good. Will I be proud of how I made that money? Yes? Okay, then, let’s do this. If the answer is no, I don’t go there, ever. Legacy always wins.”
– Gary Vaynerchuk
Follow your passion, not the money.
Now that you’re in the public eye, you have to be careful with how you interact and respond to people. The internet is not very forgiving.
Think through every business decision before you make it. Take a long-term view.
The book is only a blueprint for how to act and what to do. But when you read it, the world will already be a very different world. Roll with the changes.
If there’s any message I want you to take away, it’s that true success—financial, personal, and professional—lies above all in loving your family, working hard, and living your passion
1. Identify your passion.
2. Make sure you can think of at least fifty awesome blog topics.
3. Answer the following questions:
1) Am I sure my passion is what I think it is?
2) Can I talk about it better than anyone else?
4. Name your personal brand.
You don’t have to refer to it anywhere in your content, but you should have a clear idea of what it is.
5. Buy your user name—.com or even .tv.
6. Choose your MAIN Medium:
video, audio, or the written word.
7. Start a WordPress or ClickFunnels account.
8. Hire a Web designer.
9. Include a Facebook Connect link, Call-to-Action buttons, Share Functions, and a button that invites people to do business with you in a prominent place on your blog.
10. Create a Facebook fan page.
11. Sign up for a Social Media Management Platform –
Buffer or Zoho Social (I love this one).
12. Select all of the platforms to which you want to distribute your content. Choosing Twitter and Facebook is imperative (vital); the others you can select according to your needs and preference.
13. Post your content fairly regularly.
14. Start creating community by leaving comments on other people’s blogs and forums and replying to comments to your own comment.
15. Use Twitter Search (or Search.Twitter) to find as many people as possible talking about your topic, and communicate with them.
16. Use BlogSearchGoogle.org to find more blogs that are relevant to your subject.
17. Join as many active Facebook fan pages and groups relating to your blog topic as possible.
18. Repeat steps 13 through 17 over and over and over and over and over.
19. Do it again.
20. And again.
21. When you feel your personal brand has gained sufficient attention and stickiness, start reaching out to advertisers and begin monetizing.
22. Enjoy the ride.
If you like Crush It Book Summary then here is the link, so you can read the full book too.
The book “Crush It!: Why NOW Is the Time to Cash In on Your Passion” gives a detailed blueprint of internet marketing which is not entirely covered in this summary.
If you are looking to be present everywhere on social media, I suggest you should buy this book.
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Talk Soon,
Nicky
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”
~Colin Powell
Here’s some advice; as you build your business, put an equal focus on investing the proceeds of your business with the concept of ‘planting flags.’
Most people who come into their first fortune from their own business, soon lose it all.
Just because you’re great at generating cash through your business, it doesn’t mean you’re any good at protecting it, and making it work for you in the long term.
Here’s just 6 things most newly-wealthy people do which causes them to lose all their money (avoid these at all costs).
Anyway, today I want to talk to you about what you’re doing to feed your mind with the right information to maximise your chances of success in business.
At the end of the day, the main thing which separates you from the super wealthy is knowledge and the application of that knowledge.
Everything they do and have done to get where they are, can be learned.
Which biographies about successful entrepreneurs and business people are you reading right now?
If there’s one common “secret” I see over and over again in these biographies, it’s the willingness to put in hard, focused work. Everyone wants shortcuts, and there are some systems that can simplify and automate the selling process. However hard work is the real secret to success.
Look at people like Ray Kroc, who started with very little at the age of 52 when he built McDonald’s, a tremendous global corporation that’s still thriving years after his death.
Ray Kroc’s Biography – Grinding It Out: The Making of McDonalds
And there’s Bill Gates. On the day he dropped out of college, he told his father that he wasn’t going back. His father said, “Son, you’ve just thrown your whole life away.” Of course, we all know the Bill Gates story didn’t turn out that way.
Biography – Bill Gates: The Life and Business Lessons of Bill Gates
He worked his tail off, and you know the rest of the Microsoft story.
He was so focused at one point in 1981 that he called and told his mom that he wasn’t going to call or come over for his usual Sunday lunch for the next six months. Weeks would go by when he would barely leave his office and he wouldn’t even go home to shower for days.
There’s a book called The Secret by Rhonda Byrne that made the rounds in the self-help circle over 10 years ago. It’s main message is that you can affirm your way to success. But the truth is, success really isn’t a secret at all.
Download The Secret Book Summary Here!
When you read books about people who have actually turned small sums of money into huge fortunes, you’ll find out they didn’t use The Secret to make themselves the successes they are today.
They didn’t just sit around and affirm their success, chant positive things, and get their minds right. All that has its place – attitude definitely plays a big role in success, there’s no question about that – but it’s hardly the major component in business success.
The most successful people all worked hard, focused constantly on what they wanted, and practiced dramatic self-discipline and sacrifice to get where they are today.
I encourage you to read the stories of other successful people, the ones that are mostly told in biographies (don’t just read autobiographies – they’re too unreliable), and you’ll find that it took a lot of work for that success to happen. They serve as models for the rest of us.
If you want to be successful at anything… business, sports, music… you do have to devote the time, energy, and effort to what you’ve chosen. One expert said it takes 10,000 hours of dedication to master something.
But here’s the thing. If you’re going to spend that much time and energy giving yourself to an endeavor, it better be something you love. Because there’s a price that has to be paid for success in anything.
That’s reality. And that’s the real secret.
If you get into it, and it’s the right thing, what you thought was work really isn’t work after all. You end up devoting a lot of hours to it, and the payoff both in financial terms and in what you become and achieve is well worth the effort that’s involved to get there.
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Nicky
I finished re-reading the book ‘The E-Myth Revisited: Why Most Small businesses Don’t Work and What to Do About It’ by Michael E. Gerber.
This book explains why 80% of small businesses fail especially in the first 3-5 years. Also how to overcome common mistakes in business, so you can build a successful business that not only works but is also deeply rewarding for you (and your stakeholders).
Ensure your business isn’t among those by building a company that’s based on systems and not on the work of a single individual.
The MAIN key idea of the book is this – your business is really an extension of who you are. So transforming your business starts with transforming yourself.
Here’s our overview of the 3 key segments of the book – the E-Myth, the Turn-Key Revolution, and how to build a successful small business.
It’s a myth that small businesses are started by true-blue entrepreneurs. The truth is, most businesses are started by people who were initially working for others. They are good at what they do, decide to go into business and make the fatal assumption that their strong technical skills are enough for them to run a technical business.
We all have multi-faceted personalities, with often-conflicting traits.
A business owner is not just an entrepreneur, a manager or a technician. He is all 3 personalities rolled into one at the same time. Hence, he has to deal with their differing tendencies, needs and wants.
In order for businesses to grow and evolve, the business owner must be willing to change to meet the business needs. Gerber explains the 3 growth stages of businesses – Infancy, Adolescence, and Maturity.
Businesses fail due to the owners’ inability to perform the roles required of them. The key is to start your business with the expectation and plan for it to grow and work without you.
You also need a business model that will allow you to balance all 3 personalities. So the Entrepreneur drives the business, the Manager ensures it’s sustainable, and the Technician can stay in touch with the nuts and bolts of the work being done.
Your business is not your life, and it is imperative that you work on the business and not in it. You should build your business such that you can duplicate it.
Regardless of whether you actually sell or franchise it in the future, this is the best way to ensure your business is successful and is not dependent on you.
To do that, the concept of the “Business Format Franchise” comes into play. It’s where the franchisee is not only given the right to market a known product, but also an entire system for doing business.
Unlike the high failure rates of conventional business, Business Format Franchises have a 95% success rate.
Get a copy of the book now for more mojo and powerful examples!
The “Franchise Prototype” is where ideas are incubated, tested and perfected until they work predictably before they are deployed in business.
Using the example of McDonald’s, Gerber explains how every detail (from how long french fries are left in the warming bin) is tested and standardized. Which is done with the goal of leaving nothing to chance and operational discretion.
Your goal is to create such a prototype for your business, so it can be successfully cloned into thousands more like it. Just like a successful franchise. But, it must fulfill 6 criteria or rules:
1. Provide consistent value to your stakeholders, beyond expectations.
2. Be operable by people with the lowest possible level of skill.
3. Demonstrate precision and order.
4. Capture all the work to be done in operations manuals.
5. Provide a consistent and predictable service to the customer.
6. Use consistent systems/ codes to create a duplicatable business with same or similar Brand(e.g. colour, dress, facilities).
These criteria are covered in more detail in the book.
Your Prototype will constantly evolve as part of your business development process. What it means you need to constantly refine your business with the Innovation-Quantification-Orchestration loop (more details in the book).
This is more than just a habit or process. When you fully immerse yourself in continuous improvement, you feel a deeper connection with your work and enjoy a deeper level of fulfillment.
Your business should support your life goals, not be your life goals. That way, you can work on your business and not in it.
To do that one must follow…
In a nutshell, the 7 parts of the process are:
• Determine your Primary Aim (your life goals);
• State your Strategic Objective, i.e. how your business will look like when it’s “done”, and how it will help you to achieve your Primary Aim;
• Develop your Organizational Strategy, so you can start testing, documenting and building roles today, toward your ideal future organization;
• Establish your Management Strategy, so a predictable experience can be replicated by anyone you hire;
• Identify your People Strategy, i.e. get your team to do what you want them to do;
• Develop your Marketing Strategy. By understanding your customers’ perceived needs and then constructing and testing a Prototype that meets those needs.
• Put in place your Systems Strategy, including your hard systems, soft systems, and information systems to deliver your customer promise.
Read the book for more details! This is a must-read for any business owner or aspiring entrepreneur.
Get ACCESS to our Best FREE Tools and Resources for Entrepreneurs by visiting our Tips and Tools page or
If you want any help, just Messenger us (Private Message Us) on our Facebook Messenger link – m.me/EasyOnlineBizSolution
Talk Soon,
Nicky
