Speeding to Wealth: How to Get on the Fast Track to Wealth and Not Get Derailed
In launching a new company the key focus and undertaking is creating sales to generate cash flow.
Dont File Bankruptcy! 866-837-0610
Speeding to Wealth: How to Get on the Fast Track to Wealth and Not Get Derailed
I was on a tennis school vacation in Florida. A windy freeze came into the Tampa area. I decided to cut my vacation short. The wind gusts were over 30 miles per hour. After an on ground delay of an hour, I boarded the plane. The captain told us to anticipate continued gusts and a bumpy ride into Newark Airport.
On our descent, I was relieved that there was not the expected turbulence. The bitter cold night was swept clean by the strong winds. We kept descending from one level to another. We were circling and circling. I looked out on the blackened landscape threaded with strands of lights from the houses below. I rationalized my impatience at the slow landing process: the ride was surprisingly expected I told myself.
Then, the captain’s voice broke the droning whirr of the plane. “We are having trouble getting one of the landing flaps to work. We are circling while we work on the mechanical issues.”
Suddenly, a nervous twinge gripped my stomach. The passengers became quiet. The plane’s noise and every motion became magnified.
My mind raced with numerous scenarios. The Captain’s voice again, “We believe we got it fixed. It may be a rough landing. There will be fire trucks and ambulances lining the runway.”
The plane rattled. In its final descent, the plane swayed from side to side as strong gusts buffeted the old reliable 737. The plane seemed to teeter as it approached the runway. The cabin was dead silent. The whirr seemed a gasping whine. The plane seemed to speed up as it came over the runway. Rotating red lights. Yellow lights. The runway appeared surreal. Ominous.
The plane hung over the runway. Then dropped heavily onto the concrete. Thud! Bounced up! Hit heavy again. Huge roar of engines reversing. Applause. We made it.
Fast Track Observation:
You face the same unanticipated and the unknown every waking moment whether you have an idea: are launching a company or attempting to go to the next level.
Just as a plane ride, you have a pre launch checklist; a launch plan; an in flight plan; a landing plan; a post landing plan. Depending on the context: the environment; the weather; the experience of the pilot; the condition of the plan; the fuel; the passenger load; the food supply, the flight is planned to minimize delays and problems and maximize comfort and the chances of an on time arrival.
If you are starting any new venture, whether a company or on going to the next level, you will be attempting to fly right and get to your destination on time.
Fast Track Insight:
In launching a new company the key focus and undertaking is creating sales to generate cash flow. In a previous article, it was emphasized that selling successfully depends on a number of factors in the pre-launch phase.
Fast Track Critical Observation:
Most companies or launches fail before they even get started – in the pre launch phase. So, even if the business gets off the ground, the fundamentals missed in the pre-launch stage ultimately may doom a company, its launch and it’s after launch. For example, in the maintenance of the plane, was the landing flap checked thoroughly? One missed detail can doom the entire plane or your entire launch or undertaking.
Getting off the Ground:
Concepts Issues and Obstacles that you may encounter:
1. When you start up a company, you are entering the uncharted territory or airspace. Its’ an unstructured world
where the unknown rules. When you take off, there is no guarantee you will land safely. There is always the
element of the unknown.
2. Most people and companies:
a. Do not believe you. You are an unknown or unknown in your new capacity.
3. Some potential partners and actual partners:
a. Are greedy
b. Are dishonest
c. Often are incompetent
d. Are arrogant (ego + ignorance)
e. Have a different hidden agenda
f. Act like they are in the “club” and you are not
g. Lack empathy
h. Often are juvenile and petty
Fast Track Key Point:
Before the first product sale, you will have to sell yourself many times to your current and future stakeholders – suppliers, investors, partners, employees, potential buyers.
This is the most overlooked aspect of starting a business or launching a new product. You are the creator, the visionary, the cheerleader, the marketer and the salesperson.
Fast Track Insight:
People do not like change. People guard the status quo. Throughout history people kill new Ideas and the people who create the new Ideas.
Fast Track Insight:
Remember, it is much easier to be skeptical. Why? So many things fail. Many people do not follow through; even fewer, complete what they committed to undertake.
Fast Track Fact:
There is an oversupply of Ideas and Transactions.
Everyone seems to have the next Big Idea. Transactions are in oversupply. Few transactions are good. Very few are very good.
There is an enormous built in defense mechanism to new ventures. They can waste a lot of people’s time and money. There is a reason for skepticism. The question becomes how do you get through the noise and clutter to be heard? How do you overcome programmed automatic?
Again, there is no fail safe method to presenting an Idea. But, in the end, the Idea must strike an emotional chord with the buyer/investor. Around every Idea is a Story. How credible is the Story – the assumptions? The more clear and simple the Idea usually the easier it is to sell.
Fast Track Insight:
In Sales it is more important that you understand why people buy than it is how to sell. People buy because of the collective benefits in the:
a. Idea
b. People
c. Story
d. Emotions
Fast Track Major Point:
At every step in a Sales Process, you are using timeless principles that work again and again. Sales are created using similar fundamentals.
Here’s what I mean:
You and people in general are all salespeople:
1. In sales, you need to persuade.
2. In sales, you need to evoke an emotion or emotions that motivate a person to buy.
3. The simple formula AIDA: Attention Interest Desire Action says that each of the four components of this formula
involves getting and holding a person’s attention and interest, igniting a desire, and getting the person to take
action.
a. A real question is: Are you a promoter and manipulator or do you have something a person really needs?
4. In the beginning as already noted, you and your IDEA are your first products.
a. You have to sell yourself.
b. You have to sell your idea.
5. You have to realize that selling is similar to dating. There is a match or sale or not for the following reasons:
a. There may be no chemistry
b. The other person is dating others; you are one of many
c. They have committed their time to one person or deal
d. They just had a bad experience with someone else and right now, they are gun shy.
e. You remind them of their last significant other – a similar deal – and they have no interest.
f. You are too inexperienced; they want someone who’s well traveled sophisticated etc.
Think about when someone is selling you. You evaluate whether there is a chemistry. You compare your buying experience to other similar experiences and sales people.
6. Now, in the sale or the exchange, there are emotions being evoked which could increase or decrease the sales
likelihood:
The Seven Positive Emotions The Seven Negative Emotions
1. Love 1. Fear (there are 6 basic fears)
2. Sex 2. Jealousy
3. Hope 3. Hatred
4. Faith 4. Revenge
5. Enthusiasm 5. Greed
6. Loyalty 6. Anger
7. Desire 7. Superstition
(Source: Succeed and Grow Rich through Persuasion – Napoleon Hill)
Any one or more of these emotions can motivate a buyer – in your case, a potential partner, investor, supplier, advisor, professional – to buy into and join your cause.
These emotions repeat time after time as other timeless principles for achievement in launching a business or going to the next level. Just as in planning a flight, there are certain key elements to get your business started or to the next level.
The game is won or lost in pre flight plan: the pre launch strategy or set up involving the following factors:
1. You are the first and most important sale.
2. You then must sell your Idea.
3. Most Ideas are intentions that rarely happen as advertised.
4. You must sell the Story enthusiastically.
Fast Track Observation:
Whatever you set out to accomplish is a series of steps or goals that either prove or disprove your idea.
Ultimately, you and the people you have “sold”, or have persuaded to buy, want to see Performance.
To achieve your goals requires:
1. Definite aim
2. Other people to be enrolled with you
3. Doing what it takes ethically to fulfill your promise
4. Testing your assumptions
5. Getting feedback
6. Honing your idea
7. Developing a clear plan
Fast Track Golden Nugget:
I repeat more times than not failure can be traced back to the Idea, and the people who set forth the pre launch thinking and strategy.
Fast Track Major/Giant Points:
1. People and businesses eliminate themselves from the game before it even starts or is launched!! Reread this. This
is the Big Big Point!!
2. The seeds of destruction are often sewn in the very beginning:
1. The wrong supplier or suppliers
2. The wrong partner or partners
3. The wrong investor or investors
4. The wrong product or service
5. The wrong market
6. The wrong technology
7. The wrong timeline
8. The wrong timing
Fast Track Major Wealth Point:
Most businesses do not succeed with the original Idea with which they started. It is more important that in the pre-launch launch and after launch stage that you have the right Entrepreneurial Mindset to be flexible, open and resourceful enough to adjust to the unknown constant change and feedback.
For example, Pay Pal started out with an entirely different idea of who their market was. But, in testing and refining their ideas in pre launch beginning and after product launch they came to a Huge Tipping Point. This leads to another major obstacle – fraud – which they tackled because of circumstances.
The solution to fraud became their core differentiator. They ate up enormous capital but had the staying power, flexibility openness and culture to find the optimal solution.
So, Fast Track Action Steps to Building a Business:
1. Be aware of the pre-launch/pre-sales stage
2. First look to yourself
3. What do you know about selling you? Can you persuade?
4. You require a certain confidence level; a certain character – which we will cover in another writing.
5. Do you have the courage to move forward and test your ideas and really listen to the feedback?
6. Most great successes listen, but ultimately they listen to their inner voice. Do you have the inner strength to follow your intuition and inner voice?
7. Play to your strengths.
8. Evaluate your weaknesses and get others whose strengths are your weaknesses.
9. Become a master in selling and human psychology.
10. Always keep in mind that anyone you sell wants to know what’s in it for them.
11. Search for models in other people and other companies. What did they do that you can apply?
12. Read in other areas and find associations and linkages to your business or life. This is the way to create tremendous value – going where no one else sees value.
For more content and FREE eBooks from AskDestiny visit:
www.askdestiny.com/blog
AskDestiny.com
AskDestinyr.com assists you in seeing the Big Picture and the Small Picture to find basic patterns and fundamentals that get you from the ordinary to the extraordinary. AskDestinyr helps you find your strengths by showing you how to examine yourself and your business from multiple perspectives.
AskDestinyr shows you how to develop an Entrepreneurial Mindset necessary for building wealth in business and life. By developing the Entrepreneurial Mindset you will be able to:
a. Juggle many variables
b. View opportunities from many different perspectives
c. Catapult yourself and your business to new heights using positive leverage.
By understanding and befriending yourself and your business, you can better assure a successful pre launch, launch post launch and get to the next level. Safe flying!
For more content and FREE eBooks from AskDestiny visit:
www.askdestiny.com/blog
Local Articles
Financial Services
Home