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10 Great Quotes From 10 Great Business People

Derek — Tue, 27 Jan 2009 02:53:55 +0000

1. Jim Rohn

“Formal education will make you a living; self education will make you a fortune.”

2. Henry Ford

“Paying attention to simple little things that most men neglect makes a few men rich.”

3. Walt Disney

“All our dreams can come true – if we have the courage to pursue them.”

4. Peter Drucker

“Business has only two functions – marketing and innovation.”

5. Edwin H. Stuart

“Men who do things without being told draw the most wages.”

6. Vincent Lombardi

“Winning is a habit. Unfortunately so is losing”

7. J. Paul Getty

“To succeed in business, to reach the top, an individual must know all it is possible to know about that business.”

8. Sam Walton

“High expectations are the key to everything.”

9. Steve Jobs

“Your time is limited, so don’t waste it living someone else’s life.”

10. Warren Buffett

“I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.”

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When Companies Stop Growing, What Do They Do?

Derek — Mon, 08 Dec 2008 14:52:28 +0000

Photo Courtesy of Wolfgangstaudt

Have you reached a growth plateau? A place where everything you do no longer yields results? A place where your hard work goes unrewarded and unrecognized?

From fitness enthusiasts trying to break their bench-press record to bloggers looking to grow their website traffic, a plateau means they achieved some level of success, but can’t seem to take it to the next level.

You may feel like you reached your limit, but you refuse to accept stagnant growth.

A plateau is a temporary challenge — one more way for you to prove that you will remain incredible. So, here is how you can conquer your plateau and ensure long-term success.

Plateaus and Long-term Success

While growing your business, you will encounter several growth plateaus. They indicate that times are changing and its time for your business to follow. You could ignore them, but you need to overcome them for long-term success.

Just think how many businesses encounter a plateau and remain there for years. They ignore them because they convince themselves “what worked in the past will work in the future.” In reality, these companies are sitting in an open field while their competitors take effortless shots at their company.

So, ask yourself, has your business reached a plateau? If so, are you ready to try something new to break free?

The Plateau Energizes Growth

Some companies know that they need to conquer a plateau to achieve long-term success. So, they make growth their number one initiative and do everything in their power to sustain it. Now let me share a quick story of a company who executed this perfectly.

Two entrepreneurs, Stewart and Lynda Rae Resnick, bought farmland in 1987 that came with a 100-acre Pomegranate grove. Despite experts suggesting they chop down the Pomegranate trees and replace them with pistachios, they decided to “just see what happens.” They saw the plateau of opportunity.

POM Wonderful is what happened. They confronted the stagnant Pomegranate market with marketing prowess and innovation. They funded research that showed the health benefits of pomegranate juice, created original double bubble Pomegranate juice bottles, and found celebrity enthusiasts. Their plateau started to look much more like exponential growth.

In short, Stewart and Lynda Rae Resnick broke through the Pomegranate plateau by selling Pomegranate juice. It was a huge success (Newsweek reported that their sales rose from $12 million in 2003 to $91 million in 2006). They now enjoy significant market dominance and a bright international future.

We know that POM Wonderful is a great success story, but what are you doing to revolutionize your business? What are you doing to differentiate?

The Plateau Assassinates Business

Do you believe the old way is the only way? Do you ignore the tell-tale signs of the fast-approaching cliff because you are blinded by arrogance and your past success? Well, I’m here to tell you that as you approach this cliff, your protective ego and pride will fade as Chapter 11 hits you upside the head.

Let me tell you a quick story about a company who has remained on the growth plateau.

Microsoft has been on a growth plateau since the release of Windows XP. They face rigorous competition from Apple and continue to lose computer market share. Their repeated copy-cat attempts have failed them and Apple continues to gain more computer market share.

Overall, Microsoft coasted by on their market dominance and now it is being challenged. I’m not saying Microsoft will fall because they won’t. They are just heading down the wrong path and they need to fix it.

Do you currently enjoy a decent sized market share in your niche? What are you doing different than your competitors to maintain this? Are you still innovating your way out of your growth plateaus?

The Skill of Conquering Plateaus

Conquering a plateau is a skill. It can be learned, taught, and repeated. The more plateaus you conquer, the faster and more efficient you can conquer additional plateaus.

Your ability to conquer plateaus improves with experience because you learn how to think the right way. For example, have you noticed that with every new Olympics, the old world records fail to hold up? It’s not a coincidence. These old records were plateaus and athletes found ways to overcome them.

Or, from a blogging standpoint,many top bloggers keep getting bigger. While their brand equity plays a huge role in their continued success, they also continue to launch new features and new programs that help them maintain this success. They speak at conferences, launch new blogs, and leverage their connections to grow their reach.

So, if you find yourself on a plateau for an extend period of time, you need to list specific action plans that will help you break through it. For example, if you’re a blogger, do you plan on writing more? Guest posting? Or if you’re a businessman, do you plan on making additional sales calls? Building a website?

Why Do Companies Remain on The Plateau?

If conquering plateaus is a skill, you may be wondering why successful companies seemingly ignore the overwhelming evidence of failure and success. Well, join the club because it is perplexing. However, I do have four theories why companies fail to break out of their plateau.

Some large companies view the plateau as temporary. They blame the external environment for their lack-luster growth and use prior performance as reassurance for future growth. Or, to put this more simply, these companies don’t take accountability for their situation and assume its out of their control. (Take a look at almost every large company)

Other companies embrace new technology and new ways to do business, but they still reach a growth plateau. They most likely understand the problem and know they need to fix it, but they don’t know how to kick-start their break-away growth. (The Myspace giant is falling fast. They have the technology, but they are doing nothing).

Some companies believe they have no reason to change because of their past success. They reject new ideas and innovation because they assume they know best and continue doing their business model their way. (who feels bad for the recording industry? Not me!)

Finally, there are some companies with multiple product lines and multiple businesses on a plateau. Since each product and business is unique, they can’t use the same plan to spark exponential growth. Additionally, they can’t focus on all of their product lines because resources are limited. So, these companies sit there frozen and do nothing. (Hello, Yahoo).

Whatever the reasons, many companies rationalize their situation and shirk the responsibility. They fail to confront the plateau with full-force and they remain stranded in an open field while their competitors take shots at their company.

Are you guilty? Now is the time to figure out why and fix it.

How Do You Overcome The Growth Plateau?

Now there are the select few companies who “get it.” They are led by success-driven people, like me and you, and they’re looking to revolutionize their industry every single year. They may hate the sound of “plateau,” but they welcome it. They know that within every plateau lies hidden opportunity and they look for it.

But how do you overcome a plateau? How can you start improving your business so you can experience break-away growth?

There is no sure-fire formula, but here are some things to consider:

Seek Outside Consultation

Raise your hand if you are familiar with the “Curse of Knowledge.”

For those of you who kept their hand down, Chip and Dan Heath talk about the “Curse of Knowledge” in “Made to Stick.” Extensive research shows that when people know something, it is impossible for them to imagine not knowing it. In short, this phenomenon makes communication difficult.

Unfortunately, this adversely affects companies seeking growth as well.

Many companies are accustomed to the way they do business, which makes it hard for them to imagine doing it any other way.

Luckily, outside consultants solve this problem. They may not be experts at running your company your way, but they do provide valuable opinions on how you can take your company to the next level.

Implement a Process

Variable work schedules are hard to maintain and improve. Without process, it could take years to find out what you’re doing wrong. With a process, it can take less than an hour.

When I started blogging on the internet, I would spend hours on the computer and always feel like I got nothing done. To solve this, I did a 7 day study where I logged everything in an excel worksheet. It was tedious writing “7:30 a.m: washed my face and 8:15am: tied my shoe,” but it provided me some data and I was able to find out where I wasted most of my time.

In business, you want to capture all the things you need to do on a “To-Do” list and create a process for each one of them. It’s going to be tedious and boring, but are you going to turn down the chance to improve your business?

Find an Expert

Use this tip sparingly and with caution.

Experts know a great deal about their respective field, but I would never ask them for specific action plans to improve your company. Instead, you should use them as a resource to find out what other companies are doing right and then decide for yourself if it applies to your business.

Take Some Risks

Companies end up on the never-ending plateau because they stop taking risks. They do what’s safe, or what they call a “sure-thing.” Unfortunately, the only thing about a “sure-thing” is that you can guarantee yourself mediocre or below average results.

I’m not telling you to take risks to the extreme, but instead, you need to implement a process that manages some risk. You need to be doing something risky if you want to break out of your plateau.

Find Growth Opportunities

You know the importance of planning, but you don’t know how to find growth opportunities. Well, one of the easiest ways to do this is by creating Competitor Swipe Files.

Find 10 of your biggest competitors and create a one page summary about their business and their features. I don’t suggest you copy their features, but I do expect you to use them as a starting point for innovation.

Scale Business Down

Do you currently operate in too many businesses? If so, this may be your chance to scale it down and become specialized. This is your chance to focus on the 20% of your business that produces 80% of your sales. This is your chance to focus on your strengths.

When Steve Jobs took the CEO reigns at Apple again he came into a complete mess. Apple operated in too many businesses and they weren’t the market leaders in any of them. So, Steve Jobs started cutting products until they were left with the bare minimum. Then, he made Apple known for media and the iPod was a huge success.

Just remember, sometimes you need to minimize to maximize.

The Growth Plateau

I developed a love-hate relationship with the growth plateau. On the one hand, I’m frustrated that I stalled on my journey towards achieving my goals, but on the other hand, I’m glad to receive early warning signs of potential failure.

When you hit the growth plateau, you know exactly what you need to do and that is change. You need to change or innovate your way out of it or you might end up with a company with dwindling profit and sales.

So if you take away anything from this huge article I want you to realize that you need to treat every growth plateau as an opportunity. You need to treat every growth plateau as one more chance to differentiate yourself from the competition. Or, just one more way to completely overthrow your competition.

If only everything else could be so clear…

What Do You Think?

I want to know what you think. I also want you to tell me what you did to overcome any of your growth plateaus. Send me an e-mail or leave a comment.

Why People Buy Anything

Derek — Mon, 24 Nov 2008 19:55:15 +0000

This article is the 1st article in the Sales Training 101 article series.

Photo Courtesy of Volpelino

“Create value and people will buy.” It makes sense. Right?

Unfortunately, I don’t understand jargon like “create value.”

Do people really buy because the product “created value?”

Personally, I never went to a store and thought to myself, “Wow, this product really creates value. I need to buy it.” Quite frankly, I don’t know why I buy anything.

In the past 12 months, I bought two iPhones (1st generation and 2nd generation) and two computers (Mac Pro and a Macbook Air).

I didn’t need the stuff, but I bought it.

So, what are the main reasons why people buy? What makes someone like me buy 2 iPhones and 2 computers in the past 12 months?

The answers are much more simple than you think and successful people need to know them.

Community is Why People Buy

Have you ever walked through the office and had someone say “nice shirt?” Well, I bet the person who said “nice shirt” was wearing a similar shirt.

Or, have you ever been riding your Harley Davidson down the street and someone else on another Harley waved to you? Of course. You’re both HOGs (Harley Owner Group).

People are social creatures and they love to be a part of something – a community, a lifestyle, a Seth Godin Tribe. It doesn’t matter what you call it as long as people feel they are a part of something bigger.

Tip: you should create a community around your product or vision.

Scarcity is Why People Buy

Just imagine if you wanted to attend a training conference that only allowed 100 people to attend, but you forgot to buy your ticket in advance.

Luckily, when you checked eBay you saw there is one, and only one, ticket for sale.

Perfect!

The conference, which allows 100, has one ticket available and it is on eBay. You would be constantly refreshing that eBay auction and bidding on that ticket until you won it.

Not only is it the last one, but you want to be one of those 100 people.

Now ask yourself, what if 95 tickets were available for sale on eBay? Would you still be as excited?

Probably not.

There is no reason for a 100 person limit for a conference that has 5 attendees. Since the aura of scarcity no longer exists, people may lose excitement.

Tip: you should create a sense of scarcity around your product or idea.

Recognition is Why People Buy

Do you know one of the main reasons why people complain about work?

They feel unappreciated.

They drudge through their projects and finish them before the deadline, but they almost never receive a pat on the back and a compliment like “good job.” Instead, they’re given the next project and a new deadline.

The same applies to why people buy.

People buy products because they’re looking for recognition. They want to be recognized wearing the hottest new clothes and carrying the most technologically advanced phone. They want people to notice them.

Tip: you should create a sense of recognition around your product and your idea. Just look at what Seth Godin did when he launched his new book, Tribes. He included a picture of each person who joined the Triiibes community on the inside of the cover jacket. People were ecstatic.

Prestige is Why People Buy

Why do people buy luxury items? Just why would someone spend $5,000 on a watch that tells the same time as a $30 watch?

The quality of time doesn’t change, the features are the same, and both watches run on batteries. Yet, there is a significant price difference.

The $5,000 watch carries an aura of prestige, whereas the $30 watch is just plain cheap.

However, prestige is not just about price.

You may remember how Steve Jobs lured Pepsi’s CEO, John Sculley, from Pepsi back in the day. Steve said, “Do you want to sell sugar water the rest of your life, or do you want to change the world?”

Do I even need to ask you what you think sounds more prestigious?

Tip: you should create an aura of prestige around your product or idea. Just be aware, prestige does not come from price, it’s created by positioning.

Needs is Why People Buy

When I started working on the internet, I was working from home while sitting on a cheap and uncomfortable chair from Staples and using a small monitor, which strained my eyes.

After talking to Chris Pearson, he said something that completely changed the way I thought about my home office: “Derek, if you’re going to be working on the internet, you may as well do it with the right equipment.”

He was right.

He convinced me to buy a Herman Miller Aeron chair and a 30″ Apple Cinema display. He made me feel like I needed it to be successful.

Tip: you should create an idea or product that people need. Once people feel they need it, they will be your number one supporter. For example, have you seen Apple’s new Iphone Your Life campaign? They are relating the Apple Iphone to every aspect of life so people feel they need it.

The Bottom Line

While I can’t define “create value,” these five reasons why people buy, will help you craft your personal and business brand so that you tap into people’s desires.

What Do You Think?

Why do you think people buy? Please leave a comment.

How to Be Incredible

Derek — Thu, 16 Oct 2008 21:46:46 +0000

Photo Courtesy of Tony the Misfit

“Be Incredible.”

Fantastic advice, but how exactly do you get started? How can you “be incredible?”

Far too many people want to be incredible, but they are often left wondering how to get started. They focus on abstract ideas and advice, but they do not come across specific ways to start being incredible.

I am going to change that. I am going to show you how you can be incredible.

1. Ignore Everyone Else

Warren Buffett became the richest man in the world using a selective contrarian investing style. When other people were running, he was on the front lines swinging the money bat full-force.

Following the herd means you are a part of the herd and they are average. Incredible people focus on themselves and their goals.

2. Become Action Oriented

John C. Maxwell once said, “A pessimist complains about the wind. An optimist expects it to change. A leader adjusts the sails.”

How simple, but effective.

Complaining and waiting is not how you become incredible. Big ideas are meaningless without action. You can’t use a sailboat to get where you want to be if you’re not willing to adjust the sails.

3. Focus On What You Control

As a sales person, how would you rather sell a product to a new customer? Would you prefer to spend 8 hours trying to convince one customer to buy your product or would you rather try to convince 8 customers in 8 hours (1 hour per customer) to buy your product?

You should always pick the latter because you can’t control one person, but you can control how many people you talk to.

4. Make Your Goal Public

Do you want to know the best way to lose weight? Wake up every morning and weigh yourself. Then, write it down and put it where you and everyone else will see it all day. You will adjust your lifestyle when you can’t escape the truth.

Incredible people are not ashamed of their goals. They are willing to share them with everyone and will not falter in face of criticism.

5. Create An Action Plan

Far too many people want to become millionaires. They want to become financially independent and retire wealthy. However, very few people realize what it takes to become a millionaire. For example, if you are 20 years old and want to become a millionaire by the time you are 30, you need to earn around 273 dollars per day and not spend a penny.

Incredible people keep their goals in mind and have specific action plans to attain these goals.

6. Monitor Your Progress

You developed a great action plan and keep your goal in mind daily, but you need to keep track of how you are doing. If you are are not achieving your daily goals you need to alter your action plan to adjust for your shortfalls.

Incredible people keep track of how they are doing in relation to their goals. They understand the world is changing and they look to change themselves to adapt.

7. Keep Good Company

Isaac Newton once said, “If i have seen further than anyone else, it is because I was standing on the shoulder of giants.” Newton obviously knew the importance of the people around him.

In a quest for value, you don’t want to be a diamond surrounded by coal because you already won. Incredible people surround themselves with incredible people and it pushes them to become more incredible.

8. Ask For Help

Don’t waste your time trying to learn how to write on your own when you know people who are professional writers. There is no reason to reinvent the wheel. You should be humble enough to ask for help, and generous enough to reward your teacher with success.

Incredible people are not scared to seek help because they know it will expedite achieving their goals.

9. Use Fear Constructively

Do you know what drives me to wake up everyday and improve myself? I fear mediocrity. I fear being average and I do everything in my power to avoid it.

Incredible people will not settle for less than incredible.

10. Develop Confidence

The most experienced people often fail at seemingly simple goals, because as Stan Smith, the professional tennis player, once said, “experience tells you what to do; confidence allows you to do it.”

Incredible people have the conviction to carry out their actions and the confidence to make them succeed.

11. Focus On Your Strengths

If you are an excellent writer, you should write. If you are amazing at math, you should do math. Turning a weakness into a strength could take forever, but turning something you’re good at from a 7 to a 10, can be much easier.

Incredible people know how to discover their strengths and how to develop them.

12. Expect Incredible

Steve Jobs created an environment where excellence is expected. He teams with the best designers, the best partners, and hires the best people. He once was quoted as saying, “Be a yardstick of quality. People are not use to an environment where excellence is expected.”

Incredible people create environments where excellence is expected and anything less is unsatisfactory.

13. Compete With Yourself

Many people find themselves competing with other people, but this is a flawed approach. You may not be built the same way.

Incredible people compete with themselves. Not only is the competition fair, but you always have someone to beat.

14. Choose Incredible Heroes

Heroes are inspiring. Heroes are motivating. Heroes make you strive to become incredible.

When I started earning money on the internet (back in 2006), Darren Rowse was my hero. I read his blog religiously and acted on his advice. I earned six figures in 2007 on the internet because of Darren and I will never forget it.

Incredible people find incredible heroes and it drives them to become successful.

15. Make Incredible Mandatory

A co-worker told me a story of a boss who use to ask his employees, “is this the best you can do” before he read any of their work. It’s passive aggressive, but he made “the best” mandatory. He never settled for someone’s second best work and his employees delivered the best as a result.

Incredible people make incredible mandatory and there are no excuses.

Lets Start Incredible Today

These 15 tips will help you be incredible. However, it is up to you to apply it to your goals. Remember, making the choice to start your journey today is the first step to completing it. As Maria Robinson once said, “nobody can go back and start a new beginning, but anyone can start today and make a new ending.”

Incredible people start as soon as possible. So, what are you waiting for?

Three Reasons Why You Should Find A Business Partner

Derek — Mon, 13 Oct 2008 19:20:37 +0000

When I graduated college, I started a company and wanted to become rich. I worked endlessly. I gave up sleeping. I gave up going out. In less than 6 months, I was earning a full-time income off of the internet, but I was doing everything completely wrong.

I was making a last stand by myself. I got burnt out and beat down. I had no one to share my success and passion with. The money kept coming in but I was getting further and further away from achieving my goals. I needed to find a business partner.

1. You Can’t Be Good At Everything

Apple Computer Inc., founded by Steve Jobs and Steve Wozniak revolutionized the personal computer. Wozniak built it, Jobs delivered it to the masses.

You should find a partner who compliments your strengths. This will allow you both to focus on what you’re good at so you can deliver something amazing.

2. Sometimes You Need A Spotter

The difference between a successful workout and an iron bar crashing down and crushing your chest can be as little as 1 pound. Gym rats solve this threat by having a spotter watch over them during their workout.

You should find a partner to help you prevent a potential fiasco since sometimes all you need is an extra set of eyes.

3. The More Relationships The Better

Would you feel more comfortable trusting someone you know as opposed to someone you don’t? Of course. This is why relationships are the key to business success.

When you take on a business partner, you are potentially doubling the amount of relationships at your disposal, which can double your chance of success.

Bonus Tip: Choose your business partner carefully. He will help set the pace of your company and your productivity.

So, what made you decide whether or not to have a business partner?