Wealth and Wisdom

I met Norman two years ago. When we first started talking it was purely business. He needed good people to represent his company and we were looking for a great deal on equipment. Norman was the regional representative for Ektelon, the top racquetball equipment manufacturer. One of the main ways they promote their product and the sport is to sponsor players. In exchange for a great deal on equipment, the players are loyal to the brand, using only their equipment, wearing clothing with the company emblem, acting as ambassadors, selling equipment to players at the club.

It started out as a business relationship: he gained a team member who was a top salesman and teacher, he gained a top junior player with a ton of potential and a great attitude, we got a great deal on the best equipment in the world and a chance to be part of the team. Slowly, over the course of a couple years, this evolved into a mentorship. Every couple weeks we get together and play. Sometimes it turns into a full fledged lesson. Sometimes, while playing, he nudges us to play at a higher level.

What we have found is that the mentorship far outweighs any material gain, and the material gain is significant (this year alone we received almost $800 in equipment). The interesting thing is that this goes in both directions. We have become better players and leaders in our sport. We have a better understanding of why we play and what we want to accomplish. He gains a great deal of satisfaction from watching our progress. You can hear the pride in his voice whenever he says “son, you’re playing so much better!”

This is just one example of where a mentor has enriched my life. At several points in my career I’ve had people who actively showed me how to manage, lead, or sell.

Your mentor must profit as well

A one way relationship will not last. Your mentor must receive equal value, sometimes in cash, often in pride and satisfaction. My mentors gained in a wide range of ways. All had the satisfaction of watching me grow. Some were my manager, and my growth helped them achieve their business goals. One was able to take a promotion knowing he left the organization in capable hands.

Another way mentors grow is by learning from you. Sometimes this is because the teacher usually learns more than the student. Other times, they were weak in my area of strength, allowing me to return the favor.

Be a mentor to grow

Mentoring someone can be amazing. You feel so good helping someone grow. You are incredibly proud as you see them achieve higher and higher levels of success. Sometimes there is a financial gain, but this usually is a fringe benefit.

Probably the biggest way I personally benefit from being a mentor is my own growth. It is impossibly to walk away without becoming a better man.

How do I find a mentor?

This is the hard part. Sometimes you stumble on them and may not even realize you are being mentored. This often happens when you work for a good boss or business partner.

Most of the time you have to seek them out. Decide what you need help with and find someone who does it well. Find a way to get to know them. Be open to suggestions and ask their advice. Let them know how much you appreciate their help and support.

Often the hardest part is finding a way to get to know them. Some creative ways are:

• If it is business mentorship: develop an idea that is complementary to their market or area of expertise. Approach them to joint venture making it clear that you value their business experience as much as anything else.
• Another business mentorship idea: go to work for the mentor. If you do it right your mentor will take you under their wing and show you the ropes.
• Find out what activities they are involved in, then put yourself in their path. It is much easier to approach a fellow member of a charitable organization (or country club, etc) than a complete stranger.
• Look for connections. Do you have a common friend? How about a friend of a friend? It is always easier to be introduced that to make a cold call!
• Call them and ask. This may be the hardest way but can be quite effective. They should be impressed that you had the courage and initiative, and they should be flattered that you seek their advice.

When all else fails

Sometimes you just can’t find someone to help. Maybe it’s because you are just starting out and have so few contacts. Maybe your circle of friends and associates just walk in different circles.

I have personally run into this with our online businesses. I know sales. I understand my industry and business. My challenge is that internet marketing is an entirely new area for me. Trying to find internet entrepreneurs is a challenge. Oh, I can find them in forums and blogs. I’m talking about someone to sit down with and have a cup of coffee. And when I do find someone who has a business online I often find they know as little as me.

When you can’t find a mentor, one of the best things to do is go to your local book store. You gain much of the same benefit and wisdom from books. Just be sure to seek out books by (or about) people who have done it. Most books are written by academics. While they have a lot of knowledge it’s all based on book learning. You need someone who has been there, done that, and who can guide you through the challenges the real world throws your way.

I always try to steer clear of political topics at Wealth and Wisdom. This is a blog focused on wealth and life balance through entrepreneurship. It doesn’t matter if you are liberal or conservative, a democrat or a republican, my political views should not apply. Heck, I think most of us plug our noses when we vote!

Lately I’ve been seeing a lot of legislation that will have a profound impact on our lives. Much of it is being pushed surrounded by little fact and a lot of political rhetoric. What scares me is not the change but that so few people on either side of the aisle will base their opinion on facts and a rational thought process.

Recently it hit close to home. I read a horrific article about a man who went in for a routine gallbladder surgery and came out having lost both of his legs. To add insult to injury his family has no recourse, as this was done at a military hospital.

Why does this hit close to home? I was in the military and have experience both military and VA medicine. Neither was inspiring, and veterans care scares me. Why do I have such a negative view?

• During my 12 years of military service I was seen by a total of three doctors. This isn’t due to my incredible health. It’s because 90% of military health care is by corpsmen (essentially a registered nurse) and often isn’t under the supervision of any doctor.
• My wife can never again take Motrin or any NSAID because of an overdose. Yep, you guessed it, it was through a military doctor.
• I’ve had to go to VA hospitals a few times since I was honorably discharged. After these few experiences I know that I would rather die than be treated by the VA.

If you ever want to know what government health care is like visit a VA hospital. Look closely at the people. Look at the indifferent attitude of the employees. Ask about the credentials for the medical professionals. Watch the patients that are hanging around, hopeless and miserable. Look at the patients who – at 3:30 PM – are still waiting to be seen for their 8:00 AM appointment.

I’ve seen government healthcare and would rather be uninsured!

Health care reform facts

It took a lot of digging to find any actual facts. I found a ton of rhetoric. I found a lot of opinion. What is hard to find is anything concrete.

What we do know is that this is a 1000+ page bill. The expected cost over 10 years is $1.3B with a potential savings of $257B, resulting in a $1T cost to taxpayers. This data is from the Congressional Budget Office (CBO) and is non-partisan. Other groups are estimating the cost to be closer to $1.5T – 1.7T. After the 10 year period costs are expected to rise at 6.7% per year and there is nothing in the bill that will slow this growth.

The current thrust of the legislation is to increase coverage and reduce costs. How is that possible?

• Increase coverage: The plan will increase the eligibility for Medicaid income level to 133% of the poverty level. This will dramatically reduce the number of privately insured families shifting them to the public system.
• Decrease costs: The plan will cap payments to 5% higher than Medicare levels.
• Legislate acceptable coverage: Bureaucrats will determine what coverage you will receive.
• Individuals required to be covered by an acceptable plan: If you are not covered you will be taxed at 2% of your income up to the average cost.
• Medium and large corporations required to offer their employees an acceptable plan: Non-compliance will incur an 8% tax.

What does government healthcare mean to entrepreneurs?

Your insurance costs will go up dramatically. Even if you are not big enough to fall under the medium and large corporation status, the acceptable plan aspect and the reduced number of private participants will increase your insurance costs. Or you could chose to not offer health care. Since many of your employees won’t be eligible for public health care, it will make your company less attractive and you will lose employees.

What about entrepreneurs who don’t have employees? In these cases you will still be hit with additional costs:

1. You will be required to have insurance. If you don’t have insurance you will be taxed 2% of your income up to the cost of the average acceptable coverage. Either way you will pay.
2. The cost of insurance will go up. Since most entrepreneurs will be above the threshold for public insurance plans you will be forced into a private plan. Since the cost of private plans will go up…you get the idea.

What does government health care mean to individuals?

• Your health care costs will go up. You will see this either in reduced wages or in increased insurance costs.
• Your quality of health care will go down. By regulating the amount a doctor can charge (and to an extremely low level) we will drive the best doctors out of the system. What is left will be the average or substandard doctors. You also will see a reduction in available procedures. Bureaucrats will now decide what procedures are allowed.
• Your availability of health care will do down. When you reduce a doctor’s earnings you make the profession less desirable. Why should a doctor spend over a decade in training for average compensation? That question was rhetorical, and you will see few new doctors enter the system creating a massive shortage.

For months I had been seeing questions about getting a college degree come up on this and other blogs. College for working adults and finishing your degree were becoming hot topics. It was becoming apparent that people wanted to finish their degree but didn’t have the time or money to do it the traditional way.

About the same time my wife had friends ask us how our son (16 years old), and how he was already well on his way to earning his college degree. We thought it was common knowledge, but then one of her friends asked

“Can you teach us how?”

This one question got us thinking…why is no one doing this? It is so much quicker and easier than traditional school. It also costs far less.

In the end we wrote an ebook, added the necessary tools, and put together a program that took the guess work out of college. Don’t get me wrong, you still need to study. You still need to earn your credits; this isn’t a life experience, send us a check, and our diploma mill will send you a worthless piece of paper system! It is just a much better way to earn your degree.

We are now in the beta testing stage and are looking for a few qualified candidates. In return for your unbiased feedback you will get our program for free. We only have space for 5 more beta testers and it’s first come first serve.

If you are interested email me at Education2-0Beta@Wealth-and-Wisdom.com. You will get a free copy of the ebook, the templates, and all the bonus material. In exchange all we ask for is your honest feedback.

A couple weeks back I wrote about the need to take responsibility for your life. My post It’s all your fault touched on taking responsibility and how it can have a big impact on your life. Though it is a simple concept it has a profound effect on y0u life. In fact, you could say it is the foundation for all personal development.

What I didn’t go into was how it applies to business. Everyone is hit with the same problems, losing a top customer, having your best salesman quit to work for a competitor, watching bad economic conditions hurt our business. What differentiates the top performers is how they respond to stimuli and events.

Why some companies win while others lose

80% of companies refuse to take responsibility for the situation. They tell the board of directors that the economy is hitting everyone just as hard, it isn’t their fault that sales are down, hiding from responsibility, avoiding the blame.

The best 20% find solutions and opportunities. They realize that the economy stinks and will affect sales. The difference is that they know that they can choose their response. They can train their salesmen to find ways to help their customers be more efficient, more effective, and more profitable. They can proactively trim the fat from the budget without cutting into the things that matter: quality, service, and increasing sales. Instead of coming in with excuses and complaints they arrive to solve the problem.

The interesting thing is that the top 4% (the top 20% of the top 20%) magnify this attitude. These are the mavericks that dare to grow in the face of a recession. They focus so intently on their customer and his needs that nothing else matters. They help their customer weather the downturn, finding opportunities and solutions, never needing to cut margins or prices to keep their business.

This applies to every level of life and business

Everyone – from the receptionist to the CEO – can apply this attitude. Stop blaming others. Stop complaining. Start looking at what you are doing well and do it more. Ask yourself where you are deficient and cut it out. At the lowest levels of a company it will help you keep your job. At the highest levels it will help you keep the company and everyone’s job!