#QOTD - 190118

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One thing that differentiates great business leaders is their ability to negotiate deals. Almost universally, they have a well thought out plan based on extensive data gathering before they even begin negotiations. They are also highly observant of body language and behavior during a negotiation because those two thing tell them a great deal about someone and the status of the negotiation.

During negotiations, they have a distinct ability to detach themselves from events that might otherwise cause them to get angry or flustered. That ability makes it nearly impossible to manipulate them emotionally. By contrast, most people let their emotions rule when faced with any negotiation, and as a result, are quickly crushed by a more skilled opponent.

#QOTD - 190116

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The biggest difference that separates wealthy entrepreneurs from the rest is how they make their money. Their success is driven by their ability to design and build a business and marketing machine that produces lots of passive income. They don’t trade their personal time for money. They multiply their personal time for money. Studies have shown that most wealthy entrepreneurs have at least SEVEN distinct streams of income. Compare that to most people who have a job or singular small business!

Think about what you were taught in school. Did your parents and educators encourage you to go find a good job? Wealthy entrepreneurs don’t think that way. They are wired to have other people work for them, or to leverage the talents of other people so those talents produce even more passive income. This is a mindset that almost anyone can adopt and apply. Rather than trading your time for money, find ways to leverage or multiply your resources in ways that produce ongoing streams of income which are not directly tied to the hours you have available.

#QOTD - 190114

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Experienced entrepreneurs value their time. Every moment counts. Movers and shakers are constantly working new deals. They don't get emotionally attached or married to any of them and they don't waste time on lengthy business plans. They are always in adaptive mode, but utilize extensive reality checks to validate their initiatives. If an idea isn't working out, they know when to cut their losses and free up that time to try something else.

Part of being a winner is knowing when enough is enough. Sometimes you have to give up the fight and walk away, and move on to something that's more productive. Value your time and make sure that every minute and hour multiplies the value of your investments. Get comfortable with saying no when the benefits are unclear.

#QOTD - 190111

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When customers turn to you and make a purchase, a lot has already gone into their thinking. First and foremost, they have reached the decision to trust and respect your ability to serve their personal needs. They have decided that you’re a reliable leader who will perform as promised. Otherwise, they would quickly dismiss you from consideration.

Since trust and respect is such a critical element in every customer relationship, you should evaluate whether you are truly doing everything you can to give your customers the benefits and options they expect (and need) to improve their life as much as possible.

#QOTD - 190109

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The entrepreneurs behind massively successful ventures tend to surround themselves with like-minded people. However, they don't engage in "networking" like most people. Their objective is seldom about trying to get something out of the relationship to benefit the business or themselves. Rather, they focus on building special and trusted ("got your back") relationships and friendships where the personal relationship itself is its own reward. They prefer to see or visit people 1-1 rather than participate in disconnected group events or social media style communication.

#QOTD - 190107

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People are always watching what you say and do, so manage your brand and messaging very carefully. Customers are watching. Potential investors are watching. The world is watching. The internet and social media has forever changed the way people communicate. It provides vast amounts of information about individuals and businesses, so great branding and consistent message clarity is vital.

Accordingy, your brand’s perceived value must be easy to communicate, understand and share. Don’t make people work too hard … becase they won’t. Good leaders are always out in the marketplace listening to people and telling the story of the brand. Your message will always be your master. What you say and do will determine the market’s perception of your value. So, be genuine in all things and educate people about your creation. Then trust them to make intelligent choices accordingly.

#QOTD - 190104

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Never expect to be an overnight success. The founders of massively successful businesses have a sense of urgency, but understand that nothing happens overnight. They test, test, and test some more. They conduct diversified marketing campaigns. They know the strength of the rope versus a single strand. Often, they just do something, knowing that eventually something will come to them.

They know that the creation of massive value in an industry often comes after years, even decades, of commitment to a market space. They learn to be patient. They know how to wait for the right opportunity at the right time. However, once they hit on a compelling option, they have a bias toward action that drives them to take urgent steps. For them, timing is untethered from the quarter-driven mind-set of the typical corporation. Prepare yourself for the day when the right opportunity appears and then pounce on it.

#QOTD - 190102

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The search for capital infusion should be an expansion strategy for a proven company rather than a startup strategy. Why? Chasing after capital is a distraction from a company’s core responsibility — reaching profitable customers by building the best product or service possible.

If you study world-class companies, you will find that their founders often bootstrapped it themselves until well on the way. They didn't pitch for capital. They focused on profits. Positive cash flow serves to remove the need for heavy infusions of capital and allows a company founder to pay overhead and staff. They use proven marketing techniques to build a network of loyal customers who love the product or service, and can be called upon to provide testimonials and referrals to later clients, thereby accelerating growth.

#QOTD - 181231

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If you study self-made billionaires, they might seem like inveterate risk takers. However, in general, they are distinguished not by the level of risk they take, but by their attitude towards risk. They acknowledge risk in almost all activities, but view risk in relative terms rather than absolute terms. By contrast, most people measure risk in absolute terms. For example, "Will this business succeed or fail?"

Self-made billionaires consistently view risk in terms of which option presents the greatest opportunity. If the opportunity is right, but it is a risky venture, they’ll look for ways to mitigate the risk. To them, it’s a greater risk to lose the opportunity. Opportunity foregone is one of the riskiest things you could ever do.