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Creating Wealth in the Next Generation Economy

balance Last century, we saw wealth created by large companies using economies of scale to keeps costs low so they could dominate markets. In the next generation economy [pdf], new wealth will be created by entrepreneurs through a network of great relationships built on trust.

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Trusting relationships will save you time and make you money. The question is, “How do you build this trust so you can build relationships?”

There’s a concept called equal consideration of interests – you place your interest equal to the other party. That sounds so simple, but we believe it deserves emphasis.

Win / lose. “I win, you lose” doesn’t work because it doesn’t build the trust that is necessary to have good relationships in tomorrow’s business world. Yet there are a lot of people who place their interest above everybody else’s.

Lose / win. “I lose, you win” ultimately fails because fulfilling relationships can’t be one-sided. Eventually frustration leads to anger and the relationship (if that’s what you call it) dissolves. Yet there are a lot of people who place everybody else’s interest above their own.

Neither one is the best path to building fulfilling relationships. There is a better way …

Win / win.
This is the perfect combination in today’s business world. Win / win is equal consideration of interests. Even if it benefits me, I won’t do it if it hurts you. We’ll work together to find a better way that is mutually beneficial. That’s the key to innovation – another 21st century necessity. What works today won’t be good enough tomorrow. By working together, we can find a better way than either of us could find on our own.

Moving quickly on a new venture

We just launched a new offline venture. We had an idea for a product. We talked it over with people in our network. Based on their recommendation, we revised it … a lot! But it was much better. We reached out to potential strategic partners and got them in place. Last week, one of those strategic partners began selling our product across the nation.

It probably would have taken us six to twelve months to do this if we didn’t have the right relationships in place. Instead, this all happened in about two months. That’s another 21st century mindset – once you spot an opportunity, you have to move very quickly.

It’s hard to do that if you have to develop the concept from scratch. You need to reach out to people and firms who have the infrastructure in place to help you capitalize on it. If they aren’t already in your network, it will take longer. So building trusting relationships is essential. But there are (at least) two points to consider …

Relationship building is a long-term investment.

It takes time to build your network. We have years of goodwill built up with some of our strategic partners. This helps get revenue-generation going quickly once you have the right idea. Don’t wait to build your network until you need it. It will probably be too late then. Make relationship building an everyday thing.

Trusting people solve problems quickly.

When you trust your partner and your partner trusts you, problems can be solved much more easily. As we’ve had issues, we’ve been able to deal with them very quickly. We can hear our partners considering our interests along with their own; they can hear us doing the same thing.

The best way we know to capitalize on an opportunity quickly is when two or more people, with trust already in place, consider their interests equally and seek mutually beneficial solutions. It’s the way to create wealth in the 21st century!

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Join us next time as we celebrate our one year anniversary! Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00262-111108.mp3

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The Less Money You Have the Better!

penny We were talking with one of our banker friends recently about start-ups. He said that people often look for money when they should ask if there’s a better way to run their business. Money isn’t always the best solution.

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In fact, sometimes not having a lot of money to get started is a good thing because it forces you to be innovative and look for ways to save money. Obviously, it is possible to have too little money. Most of us have probably experienced that a time or two.

The baker

He told us about a person who wanted to start a bakery. She thought she needed a storefront. Our banker friend asked her who her customers would be. She said it would be friends and family at first. Then she expected word-of-mouth to take it from there. So he suggested that she just use her own kitchen or find a way to use a commercial kitchen part-time, instead of spending money on rent, utilities and all the other costs of maintaining a store. She didn’t need much money if she used this operating strategy.

An internet business

A friend of ours is putting together a really cool web site. They want to have an active community. They were going to pay a developer quite a bit of money to put together the forum area. We talked him into using open-source software and having it custom designed after his community starts building. He cuts his start-up costs drastically!

A chiropractor

Our banker friend knew a chiropractor who thought he needed to rent office space so he had a place for his patients. Instead, he found a fellow chiropractor who had extra space. He rented from this chiropractor for five years. Then he secured his own location – one he knew he could afford based on the income stream he had established.

He reduced his risk and conserved money by finding a better solution to get started. Because if you build it, they may not come. Test it out first!

The average entrepreneur starts his or her business with around $25,000. Sometimes the less money you have the better, because it forces you to think creatively and spend every penny wisely. Here are two entrepreneurs who did just that …

Bear Naked

Kelly Flatley is the co-owner of the all-natural snack food business, Bear Naked.
When her business was young, she didn’t go out and rent a large space to manufacture her product. No, she negotiated to use the commercial kitchen at a local market after they closed. She manufactured at night and made deliveries to her retail customers during the day. 

Sure, she worked some crazy hours. Don’t most entrepreneurs? That’s a concession for not having money. If you’re undercapitalized, you may have to get creative and make it up with “sweat equity”.

Newman’s Own

Years ago, we heard the story of how one of our favorites, Paul Newman, started Newman’s Own – his food products company that has donated millions to charity. The details here probably aren’t fully correct, but that’s not as important as understanding what he did.

He invested a small amount of money to start his business. He contracted with one company to manufacture the product. Another company sold it to grocery stores. He outsourced almost everything. His business was bringing in millions a year in sales, yet it only had one or two employees!

He did all this with very little money, but a whole lot of creativity! You can do it too!

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Get the tips and tools you need to be a BIGG success!
Subscribe to the Bigg Success Weekly – it’s FREE!

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Next time, we’ll discuss how something as simple as the font you choose can get people to do what you want. Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00256-110308.mp3

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Seth Godin on Tribes: Part 3

tribes
On The Bigg Success Show, we’ve been talking with Seth Godin about his incredible new book, Tribes. So far we’ve discussed:

Part I: what a tribe is, what the leader does, and why quality trumps quantity

Part II: why Seth became a leader, the power of one, and the importance of leverage

Today we wrap up our conversation. Let’s get to it!

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Change and chaos creates opportunity

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Tips to Manage More Than One Business from Home

afraid We were fortunate today to visit with Grant Griffiths on The Bigg Success Show. Grant is the President and Founder of G2 Web Media, a firm that designs custom blogs for individuals and businesses. He is also the man behind Home Office Warrior and Blog for Profit.

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marylynn
One thing we need to add to your list of credentials is that you’re a recovering lawyer.

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grant
That’s right. I went through the twelve step program and I’m now recovering!

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georgeYou have so many things going on, Grant, and that’s a bigg trend for entrepreneurs now – to find multiple streams of income. We’d like you to share some tips on how you juggle it all with the attention it needs.

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grantFirst, don’t pick businesses or income streams just for the sake of doing it. You have to be passionate about each one. For me, blogging is a passion; working at home is a passion. I spend a lot of time working, which is one of the advantages of working out a home office.

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marylynn
If you can’t sleep at 2 in the morning, you can get up and get something done, right?

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grantWhich is exactly what I was doing last night at 1 o’clock! One thing I do is really take advantage of technology. When you work out of your home, you have low overhead. Since we do, we shouldn’t cut corners when it comes to the technology because that is the key to being productive.

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marylynn
What are some tools that you can’t live without?

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grantI use the MacBook because I can take my office with me so I stay connected to my clients and freelancers. The other tool that I would not be without is my iPhone. A PDA smartphone is essential because you can’t always have your computer with you. Basically, I’m accessible and can access anything I need to 24 / 7. I may have created my own monster! But to do what we do, you have to stay connected because you really are the company.

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george
You left a traditional career to do this. What was your first step?

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grantI started blogging to promote my law practice a month after I moved my firm to my home office. I wanted to control overhead and I enjoy technology. I was looking for some other way, rather than spending thousands of dollars a year on Yellow Pages, to market my practice. I spent about six months investigating blogging because, frankly, I just didn’t get it! I think that’s a problem a lot of people have – figuring out how blogging is really marketing.

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georgeIf a business owner wants to start marketing their business through blogging, how would you suggest they get started if they’ve never done it before?

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grantIn my view, the first thing you have to do is pick out a niche – the more narrow you can make it, the better. Once you decide on that, start reading other blogs in that area. Don’t be discouraged that there are other bloggers in your niche because, if anything, that just shows you that maybe you’re on the right track with what you want to blog about. Jump in the conversation by commenting on blogs that you like. Drop a blogger an e-mail and ask them for help. Then just do it – do one, don’t over-think it.

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marylynn
How do you stay sane?

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grantHave a very understanding spouse! Spend time with your spouse and children. Get out of the home office – take your laptop and run to your favorite coffee shop or whatever – to be around other people.

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marylynn
Yeah, don’t turn into a hermit!

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grantWell, I tell people that my wife stuck me in the basement to keep me out of her hair! Another way to stay sane is to create your own water cooler. That’s where social media comes in. I’ve gotten some of the best answers to my questions by using LinkedIn and Twitter.

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georgeAnd I always find great articles to read thanks to Grant’s tweets. He’s one of my favorite tweeple!

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We recommend to all of our audience who are on Twitter – follow Grant! Thanks so much for the great advice, Grant!

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Get the tips and tools you need to be a BIGG success!
Subscribe to the Bigg Success Weekly – it’s FREE!

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Next time, we’ll ask a question – should we try to get kids to be more like adults or get adults to be more like kids? Until then, here’s to your bigg success!

 

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Are You Afraid of Success?

afraid We won’t name names. However, we’ve all seen it – usually with a celebrity – a person who is on the verge of bigg success, but then they go through a meltdown.

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We wonder what could have caused it. Usually, it’s a very individual thing but there are some common reasons:

#1 – Self-doubt
You’re not sure that you can handle bigg success. You worry about what you don’t know. You dwell on what you don’t have (a common worry is not having the right degree). You tell yourself all the reasons why you don’t deserve this level of success, even though you’re so close to it.

#2 – Fear of loss
If you become more successful than your friends, what will they think? Will they still be your friends? Will they be jealous of your success? You know the answer to these questions already. What kind of friend wouldn’t be thrilled with your bigg success?

#3 – Fear of embarrassment
This fear is a carry-over from childhood – that adolescent fear of standing out from the group. You’re afraid of what people will think if they see you fail. Which leads us to …

#4 – Fear of failure
You may think that it’s better to have never experienced bigg success, than to have it and then lose it. Somehow it’s better to never get there. But why do you assume it will be fleeting?

The net result is that we talk ourselves out of succeeding bigg. We accept that it’s better to be part of the crowd than to blaze our own trail. We feel more comfortable. It seems less risky. But we’re wrong!

How to conquer your fear of bigg success

#1 – Self-talk is so important.

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marylynnAs a first-time entrepreneur, fear has crept in on occasion. I’ve been lucky to have George around. He’s helped me understand that negative self-talk isn’t going to help you succeed. You have to turn it around.

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georgeEven as an experienced business owner, I still have to battle that little voice that impedes bigg success. You just have to constantly keep telling yourself why you will do it.

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Think of all the things you’ve done right to get this far. Remind yourself of the obstacles that you faced and how you overcame them. Focus on the things that have already gone your way.

#2 – You don’t have to get it perfect; you just have to keep going.
It certainly hasn’t been perfect up to this point, has it? So why would it have to be perfect from here on out? Enjoy the journey. Enjoy the growth you’re experiencing.

Every time we reach another plateau, we celebrate our victory. Then we look back and realize the victory had already occurred. We grew. We learned so much. That’s the real joy of bigg success!

#3 – Success comes one level at a time.
Sure you have to keep your eye on that ultimate goal. But you get there one step at a time. You only have to take the next step.

You’ve learned enough to know how to do that. Perhaps more importantly, you’ve already learned how to find out anything you don’t already know.

#4 – Surround yourself with people who have made it.
We can’t possibly over-emphasize this point. Develop a support network of mentors and coaches. People who were once where you are now, but are now where you want to be.

Don’t be afraid to take those little steps that lead to bigg success!

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Get the tips and tools you need to be a BIGG success!
Subscribe to the Bigg Success Weekly – it’s FREE!

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Evidence shows that more and more of us are running two businesses simultaneously. Next time, we’ll get some tips from an expert who’s doing just that. Until then, here’s to your bigg success!

 

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