Wealth and Wisdom

The other day I was asked how I could have the highest sales in the company yet I had the fewest quotes in our system.

There are two winners in any contest: the person who takes first place, and the first person to walk away.

Some people view sales as a numbers game, where the more projects you quote the more orders you win. They indescrimantly throw their time and resources after all projects. Most of these guys stink at sales and their numbers (and commission checks) reflect it!

My approach (and that of every high performance salesman I’ve met) is to focus on the winners. We pick the promissing projects and put all our resources into winning. We know that our time is precious. Unless an activity moves a key project closer to an order, we don’t waste our time!

People who know me well are familiar with my views on college. I am a huge believer in obtaining your education, and have seen first hand the impact this can have on your career or your business. I’ve earned two bachelors of science degrees working full time with a young family, and my wife has earned her bachelors of science in business while being a full time mother. I’m not bragging, I’m just making it clear how much I believe in college education!

I also am not a big fan of the traditional college experience. When you look at the cost it is hard to justify. This is both for adults going back to school and for our children. If you follow the traditional college path the costs are staggering, and the traditional college lifestyle is not what most of us are looking for. Colleges are infamous for their party lifestyles and for indoctrinating our children in belief systems that often run contrary to ours.

You gain little by going to an elite school

While studies have shown that an ivy league education will result in higher lifetime earnings alternative research disputes these findings.

Researchers Alan Krueger and Stacy Berg Dale questioned whether it was the school or the student that created the improved earnings. What they found was that it was the smarter, harder working, and better motivated students that got accepted to elite schools. When compared to similar students who chose to attend state schools there was minimal difference in earnings.

In other words, that elite education just costs you more with no gain in results (private colleges cost an average of 2.3 times the cost of state colleges).

Why you need a degree

Most of us realize the profound impact education has on our careers. In fact, this is the number one reason adults go back to college. How much of an impact does your education have on your career?

Having a Bachelor’s degree makes you three times more likely to keep your job while earning you 230% more money. Add to this the (often) better working environment and you have a pretty compelling case.

Then reality sets in

Earning your traditional college degree is expensive and hard:

• The average in state (public) degree will set you back $57,332. That comes up to $14,333 per year. Ouch!
• Time requirements: 4-5 hours per week per credit. Even if you go part time it will take up 24-30 hours per week.
• Lack of flexibility: traditional college requires you to go to class at their convenience. If you work full time this can create problems.
• The time it takes to earn your degree: traditional college (part time) will typically take you eight years to earn your degree. At that rate your be retired when…

We needed to find a better way

These were all challenges I faced as I was nearing the end of my military career. I knew I needed to earn my degree, but there was no way I could go the traditional route.

Along the way we ran into a lot of scams. I’m sure you’ve seen them – send us a check and we’ll sell you a diploma. Right…Let me see, you will sell me a PhD based on life experience…

We also ran into a lot of legitimate schools that were not friendly to adult learners. Some required you to spend time on campus (one required three weeks each summer). Others required you to take their classes which were expensive. Others just cost too much money.

It took a lot of research, and I made some mistakes, but I eventually found a way to earn my degree quicker, easier, and for much less money. As I earned a second degree – and helped my wife and friends earn their degrees – we fine tuned our process, tools, and tricks.

It wasn’t until a friend asked “how do you do it…”

Except for helping a few friends and family, we pretty much kept this to ourselves. It wasn’t that we were trying to keep it a secret, it was just that we didn’t think anyone else would be interested.

Then we started our son on our program. He was 15 and wanted to get a jump on his college. His plan was to earn his bachelors in business by the time he was 17, and then go to Texas A&M for his MBA.

Several friends saw what we were doing and started asking question. It quickly became apparent that no one was aware that there were better ways to earn your degree.

We created Education 2.0

For the last few months we’ve been putting all that we knew into a system. After two rounds of beta testing we are finally ready to role out our program.

Our goal was to make it easy to earn a four year degree:

• Accredited: you need a real degree that will be accepted by employers and colleges.
• Fast: you don’t have years to waste.  4+ years is way to long for most adults.
• Flexible: earn your degree on your own schedule working around work, family, and your personal life.
• Affordable: you should be able to earn your degree without taking out a second mortgage!
• Easy: we supply the roadmaps, tools, tricks, and techniques. All you have to do is study and earn your degree.

As a bonus to our Wealth and Wisdom readers, for the next two weeks we are offering 50% discount. Just type “wealthandwisdombonus” (without the parentheses) into the discount box at checkout!

Frustration

It all boiled over. They were not really mad to each other, but one night it all came to a head.

When I talked to Bob the next day he was exhausted. They had talked – and sometimes shouted – into the wee hours of the morning, but it wasn’t tired due to lack of sleep. He was drained emotionally.

Bob and his wife had spent the last two years trying to start an internet business. They spent a couple hours each day on web design, blogging, etc…They read ebooks and watched videos. They bought books and attended seminars. Month after month they poured their heart and soul into their business, but it was for nothing. They had made no money to date and felt lost.

As we talked he revealed how much it had taken out of them, and that they felt lost. They were trying thing after thing, applying the advice from a dozen gurus, and it was pulling them in too many directions.

But they could only see their biggest problem when they looked in the mirror. After quite a bit of soul searching, Bob started to accept that he was the problem. He was sabotaging the business in hundreds of little ways. It was never conscious, and there wasn’t any one thing you could put your finger on.

Image by serhio

A problem facing many entrepreneurs just about everyone

Bob isn’t the only person with this challenge. Heck, it’s been one of my biggest issues. There are many reasons we get in the way of our success, but they can usually be distilled down to three main categories:

• Fear: This is probably the main reason, and often the fear is so subtle that we don’t consciously see it.
  • Failure: this is pretty self explanatory. You put a lot at risk when you try to start a business. This can be everything from your life’s savings to friendships to your professional reputation.
  • Success: why would succeeding be scary? Because we are worried about what others will think. Will my friends no longer want to spend time with me? Will my neighbors think I’m getting pretentious? Will my family start to expect me to support them financially and become their private welfare system or bank?
  • Uncertainty: no one knows what will happen. This uncertainty can be frightening in an of itself. I know I’ve lost sleep stressing over two possible outcomes-and both were good for me!
  • Embarrassment: what will the neighbors think? Will my family ridicule me? Will my friends stop hanging out with me? If I fall flat on my face what will everyone else say?
• DIY syndrome: most fledgling entrepreneurs are good workers. We get to this point in our life by standing on our own. This very trait makes it hard to outsource or delegate. Add to this the fact that we are usually pretty good at (and enjoy) all the minute tasks, and it makes it hard to let someone else take them over. The problem is that we become buried in the minutia instead of focusing on our high value tasks. As a result we never focus on the truly important, we spend all our time on the trivial, and our business flounders.
• Lack of confidence: many of our setbacks in life can trace back to a lack of confidence. If we don’t think we are capable or deserving, it makes us tentative and unwilling to try.

So what can I do?

Over the years I’ve learned a basic five step process to overcome this:

1. Recognize the issue: knowing you have a problem is the first step. Without this you don’t know what needs fixed and what to do next. Just acknowledging your fears and roadblocks is a major part of the solution.
2. Know what you want to accomplish. I’m talking about your major life’s purpose. Not having a purpose is like leaving Atlanta without knowing your destination. You wouldn’t be that stupid, so why do most people run their lives (and businesses) that way? Without a destination you are aimless and drift wherever life blows you.
   • What do you stand for and what do you want out of life?
   • How does your business fit into this?
   • Why are you in business?
   • What do you want your business to look like in the next few years?
3. List all your fears and write down the worst case scenario. It’s amazing what we are afraid of, and how improbable these doomsday visions are. Often you will find that your fears are minor and unlikely. If they are real, then you need to take steps to ensure they won’t happen and to minimize their impact on your life.
4. Write down the main jobs in your business and rank them by their value to your business. Focus 80% of your time on the high value jobs (usually sales, marketing, product development, and leadership). Outsource or delegate the remainder.
5. Work on improving your self confidence. There are a lot of tools out there to help, from books to tape series to seminars. And since confidence is built on our successes, you need to start succeeding. Go ahead and start small. Set a goal to get up at a certain time and do it. Pick up the phone and make that call you’ve been dreading. Take the first item on your task list and make it happen.

We weren’t sure what to expect. While I have been to more conferences that I care to remember, this was the first time we had been to an Entrepreneur Camp. Adding to the uncertainty was the lack of solid information on their website. Oh, it gave the date and time. It just was pretty vague on the agenda.

We arrived bright and early on Friday with a whole lot of expectations, hopes, and misgivings. While we hoped the event would be educational, it was the chance to network with entrepreneurs that excited us the most. We also were a  bit concerned, as we have gone to “entrepreneur networking” events in the past that turned out to be nothing more than thinly veiled hard sells filled with amateurs, con men, and plenty of weird people. What we found was…

Entrepreneur Camp rocks!

After a day at Entrepreneur Camp I now understand why they had so little information on the agenda. The individual sessions were put on by attendees, and they added or changed the schedule to fit the needs of the event. It was a bit chaotic, but it worked well. We had a chance to learn at a few sessions. Most important, we met a  ton of like minded entrepreneurs.

Social networking meets conference

One interesting thing about this event was that it was put on by the social networking generation. This is part of what drove the lack of concrete agenda. While I’m not a big social networking proponent – I find a lot of people use social networking to distract themselves instead of getting things done – I did find that it worked well.

While it is a Houston only event right now the social networking aspect makes it perfect to do in any city. In fact, their organization seems to be set up to do this.

So what did I gain in exchange for a day of my life?

The biggest benefit was the network. We met a lot of like minded people. While our political or religious viewpoints may be different we all were working to grow something bigger than ourselves. We all saw the lack of freedom and the frustration that defines employment and wanted to break free.

We talked to a range of entrepreneurs:

• Rank beginners who barely knew what an entrepreneur was
• Experienced entrepreneurs who had created multiple companies over the last couple decades.
• People trying to build the next Google.
• People who were trying to build a small company that would just provide a steady income.
• People (like us) who were looking to create multiple businesses that ultimately result in multiple streams of income that are not highly dependent on our work hours or employees.
• Tech entrepreneurs.
• Alternative energy entrepreneurs.
• Anything else you can imagine.

One common thread was that everyone needed help and information. Everyone, not just the beginners. They were looking for answers and someone to show them the way.

This got us thinking…

What do our readers need? What information can we provide that would be of service? How can we help them start and grow a business without it taking over their lives?

I have to admit I’m at fault that we don’t provide this. I co-opted the business idea and turned Wealth and Wisdom into my own pulpit. While we already provide a steady diet of posts on these topics, it’s been based on what I wanted to say on any given day.

What I’m talking about is information and resources for a specific topic. Too many people out there give a lot of info but always leave something (usually critical) out. The frustrating part is that they usually offer to show you what is missing for a (not so) low low price. We are looking to do something different.

Not just telling you what you need to do, not just telling you how to do it, but showing you the steps and tips needed.

What we need from you (your call to action)

We need your help identifying your areas of weakness. Do you need help with learning to speak in public? Are you looking to become a top salesman? Maybe you are looking to make the leap and start your own business.

Let us know what you need and we will create it or find someone who already has top notch information. You can either leave a comment or email me directly at brandt.smith@wealth-and-wisdom.com

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.