bwagy, the blog of Ben Young

I saw a tweet from a fellow business owner a few months back, they had stopped having coffees and networking as they weren’t building any immediate business out of it……. hmmm

Bit stupid to stop networking if you ask me.  Why? Well…

My theory basically is, no matter what you do, every person you meet at some stage in the next 5 years will either have a need for your service or will hold a conversation with someone who needs your service.  So no meeting is wasted! (as long as you impress them enough).

Yes this is a long term view – but successful business is built over the long term.  So don’t fret that every meeting has to turn over dollars; build relationships, think for the long term and it will pay off.

Don’t stop networking because money doesn’t come in straight away, keep at it, it pays off.

“First they ignore you, then they ridicule you, then they fight you, then you win.” – Mahatma Gandhi

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor…..Explore. Dream. Discover.” – Mark Twain

“If a man does his best, what else is there?” – General George Patton Jr

Life is really simple, but we insist on making it complicated. – Confucius

“Success consists of going from failure to failure without loss of enthusiasm.” – Winston Churchill

What I have is a page filled with some of my favourite quotes, over time I evolve them, add in new ones, keep it growing.  When things are tough I’ll sit down and give it a read.  It really helps… honestly it does.

I have put together a Google Doc to share with you guys, add your own in the comments and I’ll update it.  View the Inspirational Quotes.

What is the true value of time?

I’m not entirely sure to be honest but I think it depends how you measure it (and even then I don’t think it is valued highly enough).

What I do know is, it’s only when you have ‘no time’ that you fully realise your true value of time.

Impatience can be hugely costly… especially when achieving a vision.

Slow down, be patient, as the Mainland Cheese ad says “good things take time”.

Exception to the rule? When you are losing money (ie reactive) – then impatience to fix can be profitable.

#5 What should you charge?
Whatever you were earning per hour in your fixed job, charge three times that (at least) to maintain the same lifestyle in the long run.  If you are charging less you are doing yourself a disservice.

#6 Avoiding Financial Burdens
Get rid of all high level debts, do not go out on your own with huge credit card debt or car loans, try to clear these.  These will just give you un-needed stresses and pressures.

#7 Confronting your fears aka being courageous
Starting a business is super hard, going out on your own is even harder.  Be ready to get comfortable with confronting your fears.

Great little insight shared to me by Binu Paul a colleague of mine, we were talking about business, how you can get a gauge of it, especially when many industries are going through rapid change and what he says is true.

It doesn’t matter what the forecasts say, what’s happening tomorrow, at this point in time what you see is what you have.

(And you can’t really hide from that fact.)

You never know you may just get it.

I am the eldest of five kids, so in our household it was very much first in first served, if you wanted something you had to ask for it.

The analogy draws true for business, you are one of many, first in first served, if you don’t ask someone else will.

You’d be surprised at what happens just by asking, hey can I buy you a coffee? I have some neat ideas I’d like to run past you? or blatant I’d like your business what can I do to get it? Worst case you get a ‘no’.  Best case you get what you want.

So remember sometimes all you have to do is ask.

Whilst countries have been negotiating and battling it out for Free Trade Agreements (FTAs) the internet has been sneaking up on us.

It has quietly provided a restriction free global platform (few exceptions in places like China) of knowledge.  Free Trade Agreements aside at a local level it is going to have an impact.  Someone in India can offer the same service as you cheaper, faster and much more effectively.

Knowledge can flow freely around the world… ie

Local charities now compete with the likes of Kiva for funding.

Admin now has to compete with Virtual Assistants.

Local book store competes with Amazon.

It may not be true for your industry (yet) so look ahead, embrace the change and prepare for it.

If I can’t relate what you’re saying or who you are mentioning to my frame of reference I’m lost.

I do not really care if so and so said that.  If I have no idea who they are it doesn’t establish anything for me.

Remember who you are talking to and who or what they relate to.

As if you can make the connection they will get it.  Otherwise they are lost.

Just because you’re talking doesn’t mean I’m listening.

It’s easy to make the assumption that people are.

Question it.

Go back and check, is your market really listening? Or just brushing you aside?

This is absolute gold, an incredible succinct video from Jeff Bezos founder of Amazon.com.

httpv://www.youtube.com/watch?v=-hxX_Q5CnaA

In short:

1. Obsess about Customers.
2. Invent (you can invent your way out of any box if you believe you can).
3. Think long term.
4. It’s always day one. There is always invention in the future…(always new ways to obsess about customers).

Awesome huh?

Like fridays post – it has been said before…. but if you have an idea sitting in the back of your mind, irritating you – get it started!

What are the next steps? Write them down and TAKE THEM

Why am I bringing this up today? Well this week marks another huge week for me:

• Shipping my pre-orders of the The Best Ideas are Free.
• Wrapping up videos for the book (huge undertaking).
• Speaking on marketing (Topic: Why marketing just got small….real small) this friday (should have a video to share from it).
• Getting someone onboard part time to assist with some of my marketing activities.

If I hadn’t chased ideas and put them into action none of this would be happening, now, today.

This is the main reason you SHOULD blog:

httpv://www.youtube.com/watch?v=04Mc14gHrWs

Amongst the million ok dozen or so other reasons I have talked about…

(Video courtesy of Seth Godin & Tom Peters.  I also interviewed Tom Peters earlier this year.)

#2: Read lots!
Read lots and lots.  Read Autobiographies by other entrepreneurs who gave it a go. This helps your in untold ways (depending on your situation) – lessons, frames of reference, new perspectives.

#3: Tighten your belt
Whatever you were earning before, prepare to live on 1/3 of it.  And prepare to do for 6-9 months.  I know you think it sounds drastic, but ask anyone who has done this it sounds realistic. (You will be surprised at how much income you wasted before!)

#4: When do you quit? (your current job)
If possible get a fixed contract to go off (before you quit), this will help ease you into the process.  If you are the kind of person to procrastinate forever quit your job to put yourself in the deep end, in order to get you started faster.

You can learn a lot from infomercials.

Yes they are corny.

Yes they are known for flogging rubbish and….

Yes they do work.

Just by law of survival they wouldn’t be around if they didn’t.

Often you will see they have ‘but wait there’s more!’ and a bonus is introduced.

You see they establish value to a point where customers are on the verge of making the decision to purchase then tip them over the edge to a purchase through bonuses.  It’s the unexpected value.

Now it’s not the only way to sell but it is something you can use in your toolset, finding bonus value you can deliver that your competitors can’t deliver (or haven’t anticipated) that can help set you apart from the pack.

It’s the Bonus Prize!