The Global Small Business (GSB)
It is a business that typically has less than 15 people on the core team but isn't limited by geography. It can reach into cities all over the world and can easily be making millions in sales despite a relatively small headcount.
A great wave of change is about to seriously take off and a wedge will be driven between two classes of people.
- Those who are surfing this wave into the Entrepreneur Revolution.
- Those who are clinging to the Industrial Revolution and are in serious trouble, whether they know it or not.
OLD IDEA: WORK HARD NOW AND YOU WILL GET YOUR REWARDS LATER
Vs
NEW IDEA: THERE IS NO PAY DAY, THERE'S JUST LIFE
OLD IDEA: WORK ISN'T MEANT TO BE FUN
vs
NEW IDEA: FUN BUILDS YOUR BUSINESS
OLD IDEA: PROVE HOW SMART YOU ARE BY REMEMBERING ALL THE ANSWERS
Vs
NEW IDEA: SMART PEOPLE SURROUND THEMSELVES WITH SMARTER PEOPLE
Convergence
Convergence is when several unrelated ideas bump into each other and create massive, unpredictable results.
Digital cameras meet mobile phones and create camera phones. Camera phones meet social networking and, suddenly, news breaks on Twitter rather than on the BBC.
Google Maps bumps into precise sensor technology, packaged inside electric cars, and suddenly vehicles don't need human drivers.
There are three key part of an ‘Entrepreneur Brain'”: The reptile, The monkey and The Entrepreneur (Visionary).
The reptile – fight, flight, freeze, fornicate (highly emotional in a bad way – aggression, fear, panic, etc.).
The monkey – learn, remember, repeat, be safe (practical but not very emotionally intelligent).
The entrepreneur – get inspired, strategise, transform the world (emotionally intelligent – passionate, loving, humorous, etc.).
SEVEN HARD TRUTHS OF ENTREPRENEURSHIP
TRUTH 1: IT'S HARD AND IT GETS HARDER
TRUTH 2: NO ONE IS COMING TO SAVE YOU
TRUTH 3: IN ORDER TO DO THE WORK YOU LOVE, YOU HAVE TO WIN THE WORK
TRUTH 4: THINGS DON'T WORK FOR LONG
TRUTH 5: YOU ARE GOING TO FAIL
TRUTH 6: IT'S UNFAIR
TRUTH 7: YOU'RE NOT ENTITLED TO REWARDS
There are three keys that all successful entrepreneurs need if they are going to make the most of their ideas, talents, opportunities, and the times we're in.
Every entrepreneur will need:
Luck
Reputation
Vitality
THE ENTREPRENEUR SWEET SPOT
There are the three ingredients you need to hit the entrepreneur sweet spot:
Do something you're passionate about.
Do something you're good at.
Do something that makes money.
“If you work for an employer, you are in business already. You wake up each day and have 8 units of 1 hour of work to sell, you've got one client who bulk buys all of them for the year and uses them to fulfil their ambition. This, however, is a limiting way to earn money, because you can only sell your time once, to one buyer. A better way would be to figure out why they are buying your time, what problems you are solving for them, and then develop products and services that many people can buy.”
Ascending Transaction Model.
“Some ideas will earn millions, others won't be as successful, but the only way to find out how much money you'll be able to withdraw from your business is to build an ATM – an Ascending Transaction Model.”
Great businesses have four types of products that all serve a unique purpose:
Gifts
Products for Prospects (PFP)
Core offering
Products for Clients (PFC)
THE NINE MAXIMS TO CULTIVATE A CULTURE OF RESULTS
MAXIM 1: YOU GET WHAT YOU PITCH FOR… AND YOU ARE ALWAYS PITCHING
MAXIM 2: INFLUENCE COMES FROM OUTPUT… NOT CONFIDENCE
Influence is not about confidence, influence is about output. You can lack confidence, you can be racked by self-doubt and you can secretly fear an imminent alien invasion but if you create amazing output you will gather influence. Influencers are producers. We only know about influential people because of their prolific output
MAXIM 3: INCOME FOLLOWS ASSETS… NOT EFFORT
Your job each year is to create new assets. An asset is anything that would still be valuable if you or your team disappeared.
MAXIM 4: GET KNOWN BY THE SUCCESS OF YOUR CLIENTS
Rather than you beating the drum for yourself, beat the drum for your clients. Help them create a huge success story and then showcase it.
MAXIM 5: YOU ARE IN PARTNERSHIP WITH EVERYONE WHO TOUCHES YOUR BUSINESS
MAXIM 6: IDEAS ARE WORTHLESS, IMPLEMENTATION IS EVERYTHING
The value is in the implementation. It's one thing to know that an ATM would be good for your business, but it's dedication to excellent implementation that will produce the results.
Having an idea is easy. Creating something is difficult. Creating something takes focus, discipline and dedication.
MAXIM 7: RESULTS TELL THE TRUTH
Your job as an entrepreneur is to put forward your best guess as to what would be valuable, collect data and make changes. It's not wise to ignore the market because it's never wrong (although it can change its mind quickly at times).
MAXIM 8: IGNORE YOUR AWARENESS AT YOUR PERIL
Other than the feedback you receive from the market, all you have is your internal awareness to guide you. Your awareness is a full-body system that alerts you when something isn't right. Your awareness is a finely tuned instrument that gives a warning sign but doesn't give you the specific details.
MAXIM 9: IF YOU SPOT A PROBLEM, RAISE IT… BUT EXPECT TRAFFIC
CAOS (Concept, Audience, Offer, and Sales).
The CAOS challenge objective is to conduct a low-risk launch of a new product or service. You test the commercial response to a product or service by simply conducting sales meetings armed with little more than a brochure and a sign-up form.
The CAOS challenge can be used even if you have a business already, conduct a low-risk launch of a new product or service.