Four aspects of entrepreneurial success:

  1. A seller: someone to market the product
  2. An improver: someone to improve the product
  3. An organizer: someone to make sure things flow smoothly
  4. A pusher: someone to get people to do what they are supposed to do

Role you should not give up as business grows: seller

During first 2 stages of growth – order of priorities:

  1. selling
  2. pushing (to make sales)
  3. Improving (products and sales)
  4. Organizing

Priorities for a stage one business

Sequence and priority:

  1. Get the product ready enough to sell it, but don’t worry about perfecting it.
  2. Sell it.
  3. Then if it sells, make it better.

Optimum Selling Strategy

4 Questions to determine oss:

  1. Where are you going to find your customers?
  2. What product will you sell them first?
  3. How much will you charge for it?
  4. How will you convince them to buy it?

Where are you going to find your customers?

Do what everybody else is doing. Assemble a master list of media placements. A map where all the marketing activity in your industry is taking place. Objective is to find out where competition is advertising, how often they are advertising, how much they are spending on it.

What product will you sell them first?

steps to creating a pdt that can launch a business:

  1. Find out what products are currently hot in the market.
  2. Determine if your product idea fits that trend.
  3. If it does, set to go. If not, follow steps 4 and 5.
  4. Come up with me too versions of several hot products.
  5. Improve them in some way by adding features or benefits the originals lack. Find faults in them and turn them into opportunities. Compare hot products and figure out which characteristics are most appealing. Make list of shortcomings you notice.

How much will you charge for it?

Copy competition. Or give a discount. This is only for front end product.

How will you convince them to buy it?

Sales copy

Mastering the Copy Side Of Selling

Four Concepts Every Marketing Genius Must Know:

1. The difference between wants and needs.

  • Must stimulate emotions that will help you sell products

2. The difference between features and benefits.

  • Who are my target customers?
  • Why exactly do they want little things like ____ to be easy?
  • Keep going until have described very specific benefits or desires that important and true to you.
  • Should be based on emotions that are tempting or taunting to your customers.
  • Fantasies they dream about during the day or fears that keep them up at night.

3. How to establish your unique selling proposition for your product

  • Highlight one single benefit above the rest. When this benefit can be presented as uniquely characteristic of your product, you have an advertising proposition that can last and last and last.
  • Make it in some way better than the competition. Eg. Fedex
  • Make it in some way seem better than competition. Eg. 7 Up
  • Must make it beneficial to the customer
  • Look at other similar products and find gaps, unfilled customer wants, such as – faster service, better prices, superior quality, convenience, personal service, better guarantee.
  • Tell trade secrets that public does not know
  • 3 aspects of a solid USP
    • Appearance of uniqueness
    • Usefulness
    • Conceptual simplicity (nothing sells well that is difficult to explain)
    • Eg: The only selling from the stage program that is created by a former teacher turned seminar pitchman.

4. How to sell the USP

Once establish the USP, need to sell it. All effective sales efforts have 4 components:

  1. The Big Idea
    • Main idea used to sell pdt
    • Not USP
    • Idea big enough to sustain ad campaign
    • Look for something that excites me
    • Something that you would like to have yourself
    • Stop and ask if customer will be excited by idea like me
  2. The Big Promise
    • How would it improve your customer’s life?
    • Do headline and lead for ads
  3. Specific claims
    • What could a person do if he gets what you promised?
    • Just brainstorm without editing first
    • Then go back and make claims as specific as possible
  4. Proof of those claims
    • provide real life examples of people who gotten the benefit as a result of the promise delivered
    • Historical proof
    • anecdotal proof
    • testimonials

Cheat sheet for creating first advertising campaign

  • make a list of every feature of your product that you can think of
  • brainstorming with two of three creative types, make a separate list of every possible benefit those features can provide
  • identify a rising trend in your market – a trend that is just beginning
  • Ask yourself: “Which of my product benefits could tie into that trend?”
  • Identify those benefits as potential USPs
  • By talking to experienced industry professionals and interviewing potential customers, find out which of your potential USPs are the strongest
  • For each of those strong USPs, create a Big Idea
  • For each of those Big Ideas, create one or several headlines that express a Big Promise.
  • Working with a copywriter, make a list of claims for your product, including proof of those claims
  • Get at least two versions of the advertisement written – each version expressing a different copy approach – and test them
  • Take the version that works best, and make that the basis of all your sales and marketing efforts

As you roll out ad campaign, make plans to start the process again so you can keep your selling ahead of the market

Secondary – Yet Important – Priorities for Stage One Business

 

Your Perfect Day! How to Allocate Your Hours for Maximum Productivity
from Early to Rise by Michael Masterson

We all have the same number of hours each day to accomplish our goals. Nobody, rich or famous, has more than 24.

How we use those hours determines our success. Today, I would like to get back to a discussion we’ve been having on this topic in ETR for years, most recently last April.

I want to cover the two most commonly asked questions on how to allocate time for maximum productivity:

* How many hours, in total, should I work?
* What sort of activities should those hours be devoted to?

In particular, I am interested in the number of hours that should be devoted to planning and preparation versus taking action.

I have always resented any time I’ve had to spend to get ready to do a job. I want to get to it immediately. I don’t want to sit around researching the task, assessing potential problems, and then figuring out the best way to approach it.

This is especially true when I am inspired. Driven by some vision of what could be, I feel maniacally compelled to realize that vision as fast as humanly possible. People who work with me are sometimes stressed by my eagerness to get going.

I believe this drive to action has been a big factor in my success as an entrepreneur. But, in my early career, my disdain for planning and preparation was a major waste of time — mine and that of those who worked for me.

I can’t tell you how many construction projects and marketing plans I had to trash and start.

As time passed, I begrudgingly accepted the necessity of getting ready. I still have the urge to get going on any new project immediately, but I’ve trained myself to take some time to assess the situation and make plans.

The balance between planning, preparation, and action I found was expressed perfectly in the title of a book on entrepreneurship I published in 2008: Ready, Fire, Aim.

The idea, in a nutshell, is this:

* Action is the most important thing. Careers and projects are killed much more often by a reluctance to act than by acting too soon.
* Still, some planning and preparation is helpful.
* Get it roughly right as soon as you can, and then start. You can work out the kinks later.

Thus, Ready, Fire, Aim.

That is a good general guide for how to organize your time. But it doesn’t tell you how much time you should spend getting ready.

Earlier this year, I asked more than a dozen successful businesspeople how much preparation and planning they did each day. I was also curious to know how many hours they worked.

Here are the results of my little survey:

Seventy-six percent said they work more than eight hours a day. The range was wide — four to 12 hours. But the average was 9.3.

Most of them considered “planning” to be a vital part of their day. In fact, as a group, they spend an average of an hour doing just that. But all of them felt that “taking action” was the most important part.

For nearly all of them, the workday begins early — before 9 a.m. About half begin at or before 8 a.m.

Many begin working before they get to the office by reading e-mail or gathering information for from newspapers or online publications.

Not many — only about 20 percent — take work home with them at night. But a majority put in at least a few hours on the weekend.

* Many took pains to say they “make family a priority after work” and “spend time with the kids during dinner or at bedtime.” I couldn’t help but be suspicious of these responses. I didn’t ask if they were neglecting their families, but they seemed to want to assure me they were not. Maybe there was a little guilt going on there.

I thought it would be interesting to compare the results of my survey with my own practices, as well as with the work habits of Ben Franklin (ETR’s muse) and Donald Trump, America’s most visible entrepreneur.

A typical day for me looks like this:

Part One: Early Morning

* 6:30 Wake up, smile, think positively.
* 7:00 Walk or run on the beach, then yoga.
* 7:30 Eat a high-protein breakfast while reading the newspaper.
* 8:00 Read poetry, philosophy, etc., looking for one good idea.
* 8:30 Write/edit poetry or fiction.
* 10:00 Write/edit non-fiction book.

Part Two: Mid-Day

* 11:30 Go to office, meet with G, go over day’s schedule.
* 12:00 Do one important business task.
* 12:30 Jiu Jitsu
* 1:00 Have a protein shake while reading.
* 1:30 Business (Action!)
* 4:00 Two 15-minute meetings
* 4:30 Respond to e-mails.
* 5:00 Plan the next day.

Part Three: Late Afternoon

* 5:30 Go to Joe’s for espresso, and finish all priority tasks.

Part Four: Evening

* 7:30 Home, enjoying a glass of wine and a crossword on the porch
* 8:00 Dinner and conversation with K
* 9:00 Mindless entertainment
* 10:00 In bed reading
* 11:30 Lights out

Add it up and you have the following 24-hour breakdown:

* 7 hours of sleep
* 4.5 hours of planning, preparing, and reading
* 8.5 hours of action
* 4 hours of socializing and relaxation

How does this compare to Ben Franklin’s schedule?

Here’s how he recorded it in his autobiography:

* 4:00 Wake up and wash, breakfast.
* 5:00 (He didn’t say.)
* 8:00 Work.
* 12:00 Read while eating lunch.
* 2:00 Work.
* 6:00 Think about “What good have I done today?”
* 6:30 Relax and recreate.
* 9:00 Sleep.

Because Ben left three morning hours unaccounted for, it’s difficult to estimate his time blocks precisely. But assuming those three hours were equally divided between leisure (he was devoted to it), reading, and work, his 24-hour breakdown would look like this:

* 7 hours of sleep
* 3.5 hours of planning, preparation, and reading
* 9 hours of action
* 3.5 hours of relaxation and recreation

That’s remarkably close to my schedule. Being a fan of Ben, I’m happy about that.

What about Donald Trump?

He gets up early too — usually at 5:30. He spends several hours reading newspapers. (He reads half a dozen at a time.) He arrives at the office at 8:30 and works till dinnertime — or, if he has no dinner plans, till about 10:00 p.m. He’s usually in bed by 11:00 or 11:30.

His workday consists of non-stop meetings and phone calls. Being in the construction and development business, it’s safe to assume that one-third of that time is spent on planning and preparation.

So, roughly speaking, his 24 hours would be broken down as follows:

* 6.5 hours of sleep
* 5.5 hours of planning, preparation, and reading
* 9.5 hours of action
* 2.5 hours of relaxation and recreation

Interesting, don’t you think?

Do this right now. Take a look at yesterday’s calendar and figure out how your workday compares.
Wealth Attraction Secrets That Can Turn You into Your Own ATM Machine

Imagine for a moment you are a pitcher toiling in the minors for years.

You are good, just not great… frustrated you think if only you had that “missing ingredient” to put you over the top—put you into “The Show”, the MAJORS.

Then you get a phone call which changes your life. In fact, its so mind boggling that you think it’s a joke, that’s because it’s “The GREG MADDUX…” 4 Time Cy Young, 350 game winner and FUTURE HALL OF FAMER, Greg Maddux!

All Greg wants to do is personally coach you for 30 days and give you “his” inside secrets to executing three different pitches. Once he does— you are remarkably transformed into a major leaguer… just like that!

Or what if you’re a swimmer on your high-school swim team. You are up for a big tournament in 30 days… this is THE one you need to win to get that college scholarship!

Problem is, there’s LOTS of competition and you might not be good enough.

That is until your coach comes into practice with MICHAEL PHELPS, 8 time OLYMPIC GOLD WINNER Michael Phelps… and he personally coaches you for 30 days and gives you “the missing ingredient”, that will boost your endurance and speed 10x times to what it normally is. CHA-CHING college was just paid for!

There you are… struggling like every other American through the greatest economic crisis of the 21st century… bills are paying off… your house needs repairs (or maybe you are about to lose it).

To add insult to injury your new business is NOT taking off. You are at your breaking point—and then it happens:

The co-founder of the 1st Home Shopping Network and personal mentor to no less than 4 billionaires contacts you.

This rich man wants to give you the “missing ingredient” you need to attract wealth — the one that will turn you into a mean, lean, money making atm machine!

And the best part? He is guaranteeing your success in just 30 days!

RING! Pick up the phone… it’s the billionaire mentor and he wants to make you an offer you can’t refuse!

Click here to get all the inside details…

Remember, these are typical hours for entrepreneurs. If you are a doctor or a dishwasher, you might have a very different schedule.

Nevertheless, my guess is that — despite what we wanted to believe when we bought and enjoyed Timothy Ferriss’s book The Four-Hour Work Week — being successful in life requires three or four hours of getting ready every day and eight or nine hours of taking action.

Jason Holland, ETR’s editor, did some additional research on this topic. Here’s some of what he found:

* The results of one study done by psychologists Linda Stroh and Jeanne Brett indicated that managers who work longer hours are more satisfied with their work lives. Those who work the longest hours also make more money.
* Twenty CEOs and executives surveyed about their daily routines for Yahoo! Finance are, without exception, early risers. They wake up before 6:00 a.m. and spend their first few hours exercising or “gathering information” from newspapers and online sources. Some of them also check their e-mail. Lou D’Ambrosio, chief executive officer at Avaya Communications, for example, is “on e-mail literally within one minute after waking up.” He says he spends an hour at home in the morning doing e-mail to jumpstart his day.

Longtime ETR readers know that I believe e-mail is the wrong way to start your day. It will besiege you with dozens, if not hundreds, of OPPs (other people’s problems). It will drain your energy and waste your time. If you can possibly avoid it, it is much, much better to do your e-mail once a day, in the late afternoon, before you leave the office.

None of what I’ve said so far should astound you. It’s all good common sense. It’s what we’ve been saying at ETR for years.

But it’s one thing to recognize a good practice and quite another thing to use it.

Most people who read this essay will think to themselves, “I should do that. I should wake up early and spend that extra time working on my long-term goals.” They’ll think it, but they won’t do it.

To maximize your productivity, try it for a few weeks and see how it works for you. And since how the way you begin your day has a major effect on how productive you will be in the afternoon and evening, follow these four easy rules:

* Begin with a high-protein meal for long-term energy production without a mid-morning crash. For me, it’s two eggs on a slice of high-fiber toast, several glasses of water, and a cup of coffee.
* Do something physical to wake up your body. For me, it’s a combination of walking or sprinting and 15 minutes of stretching (usually yoga).
* Make your first task a meaningful one. By meaningful, I mean an important-but-not-urgent task, something that will move you along toward a long-term, life-changing goal. For me right now, that involves writing poetry or fiction. For you, it could be something related to making money or advancing your career.
* Do something to stimulate your mind. I like to read poetry or philosophy. I know it sounds pretentious, but it works for me.

By the way, my informal survey produced a number of very interesting comments and suggestions, some of which I’m incorporating into my own workday.

One of my respondents, for example, said, “My whole day is determined by the first hour. If that is spent well then I know the day will be good. If something interferes and I don’t get that good hour in, I find myself fighting to get meaningful work done. Nowadays I do that meaningful work at home. And I do it on a yellow pad. I’ve been pushing back the hour I come into the office. Now I’m coming in about 11:00 a.m.”

If you’d like to read other comments from my survey, go here.

© 2012 My Life Journal Suffusion theme by Sayontan Sinha