After I Read 40 Books on Business - Here’s What Will Make You Rich

Summary

This video script offers a distilled wisdom from 40 business books, aiming to streamline the path to wealth. It categorizes insights into starting businesses with no money, selling effectively, marketing strategies, and financial management. The speaker, a self-made millionaire, shares key concepts such as leveraging strengths, creating contrarian business ideas, structuring business models, and the importance of execution. The summary also touches on persuasive selling, marketing with a unique selling proposition, and the financial discipline required for success.

Takeaways

• 📚 The speaker read 40 business books to distill the most valuable insights, highlighting the redundancy of filler content in many business resources.
• 💡 To start a business with no money, focus on leveraging your strengths and talents, as outlined in 'StrengthsFinder 2.0', rather than trying to improve weaknesses.
• 💡 'Zero to One' by Peter Thiel emphasizes the importance of contrarian thinking in generating billion-dollar business ideas that stand out from the competition.
• 📈 'Business Model Generation' provides a framework for visualizing and understanding the nine essential building blocks of any business model.
• 🚀 The concept of a Minimum Viable Product (MVP) from 'The Lean Startup' encourages entrepreneurs to test market demand with the simplest possible product before investing heavily in development.
• 🎯 'The 12 Week Year' suggests a more frequent review cycle for goals to increase productivity and maintain momentum throughout the year.
• 🤝 The importance of building rapport and setting the right frame before attempting to persuade or sell, as discussed in 'Pre-suasion' and 'The Art of the Deal'.
• 💬 Becoming attuned to the prospect's needs and thoughts, as highlighted in 'To Sell Is Human', is key to effective persuasion and negotiation.
• 🔑 Developing a unique selling proposition (USP) is crucial for standing out in the market, as explained with the metaphor of the 'Purple Cow'.
• 📊 'The Mom Test' advises against relying on friends and family for business feedback, instead advocating for gathering real-world data from potential customers.
• 📈 'Profit First' recommends prioritizing profit by taking a percentage of sales upfront, which can lead to a more efficient business operation.

Q & A

What is the main issue the speaker has with most business books?

The speaker finds that most business books have great concepts but are filled with filler content, making it time-consuming to extract the valuable information.

What is the speaker's approach to summarizing the key points from 40 business books?

The speaker categorizes the key points into four main areas: starting a business with no money, selling anything to anyone, marketing a business, and managing money like the top 1%.

According to the transcript, what is the first step to starting a business with no money?

The first step is to find your strengths, focusing on what you are already good at, as per the 'StrengthsFinder 2.0' concept.

What does the book 'Zero to One' by Peter Thiel suggest about billion-dollar business ideas?

'Zero to One' suggests that billion-dollar business ideas come from betting on a contrarian truth, a real truth about future human behavior that is not widely acknowledged or admitted.

What is the importance of creating a minimum viable product (MVP) as mentioned in 'The Lean Startup'?

Creating an MVP is important because it allows entrepreneurs to test the market with a basic version of their product without investing heavily in development, thus reducing risk and gauging demand effectively.

What is the '12 Week Year' concept and how does it benefit business execution?

The '12 Week Year' concept involves treating each quarter of the year as a separate year, with its own set of goals and deadlines. This approach increases productivity by creating more frequent deadlines and forcing regular evaluation of progress.

How does the speaker suggest using the book 'Pre-suasion' to improve sales?

The speaker suggests using 'Pre-suasion' to set a frame that makes people more receptive to your request before even asking, such as using price anchoring or considering non-verbal communication.

What is the significance of developing a unique selling proposition (USP) for marketing a business?

A unique selling proposition is significant because it makes a business stand out by being remarkable, compelling people to talk about it, which is essential for effective marketing and attracting customers.

According to 'The Mom Test', what is the recommended approach to gathering real-world data for marketing?

The recommended approach is to ask about people's lives in the context of your business rather than directly asking for their opinion on the business. This method helps gather more useful and unbiased data.

How does the book 'Building A Story Brand' suggest establishing a brand message?

'Building A Story Brand' suggests using a specific story structure in marketing that includes creating a character (the target customer), identifying their desires and problems, and positioning the business as the guide to overcome those problems.

What is the main principle behind the book 'Profit First' regarding business finances?

'Profit First' suggests changing the traditional financial formula from 'sales minus expenses equals profit' to 'sales minus profit equals expenses', emphasizing the importance of allocating profit first and forcing the business to become more efficient.

Why is it important for entrepreneurs to plan for taxes according to 'Tax-Free Wealth'?

It's important because the tax code is written in a way that includes numerous provisions to help taxpayers save money and increase wealth. Having a good accountant can help entrepreneurs take advantage of these tax breaks.

What does the book 'Thinking, Fast and Slow' suggest about the human brain's two systems for thinking?

'Thinking, Fast and Slow' suggests that the human brain has two systems: system one, which is fast and intuitive, and system two, which is slow and analytical. Understanding these systems can help avoid hasty decisions and unnecessary risks in business.

Outlines

00:00

📚 Cutting Through Business Book Fluff

The speaker, a self-proclaimed millionaire businessman, critiques the filler content in many business books and shares his mission to distill the key points from 40 of them. He categorizes the insights into four key areas: starting a business with no money, selling effectively, marketing strategies, and financial management. The focus is on leveraging strengths, finding contrarian truths for business ideas, and the importance of networking. The summary also touches on the 'StrengthsFinder 2.0' concept and references 'How to Win Friends and Influence People' for networking tips.

05:01

🚀 Launching a Business with a Strong Plan

This section details the steps to start a business with no money, emphasizing the importance of identifying strengths, creating a contrarian business idea, and developing a clear business plan. The speaker uses 'Business Model Generation' to explain the nine building blocks of a business model and gives a practical example with 'Timmy's Membership Builders.' The summary also covers the creation of a minimum viable product (MVP) as suggested by 'The Lean Startup' and the importance of execution as highlighted in 'The 12 Week Year.'

10:02

🎯 Mastering the Art of Persuasion

The speaker discusses the art of persuasion, starting with setting the frame using 'Pre-suasion' techniques like price anchoring. Building rapport through regular check-ins is emphasized, as illustrated by Donald Trump's habits in 'The Art of the Deal.' The summary explains the importance of being attuned with prospects as per 'To Sell Is Human,' transforming sales negotiations into collaborations with calibrated questions from 'Never Split the Difference,' and the significance of securing a firm commitment using micro-commitments.

15:04

📈 Marketing Strategies for Business Growth

This section focuses on marketing strategies, starting with developing a unique selling proposition (USP) as introduced in 'Purple Cow.' The importance of gathering real-world data without bias is discussed using 'The Mom Test.' Establishing a brand message using a story structure from 'Building A Story Brand' is highlighted, along with creating upsells as taught in 'Dotcom Secrets' and driving up demand to create an 'oversubscribed' effect as explained in 'Oversubscribed.'

20:06

💼 Financial Management for Entrepreneurs

The speaker addresses financial management, starting with the importance of monitoring finances as advised in 'The Total Money Makeover.' The summary explains the concept of remaining profitable by prioritizing profit over growth as per 'Profit First' and the importance of tax planning using insights from 'Tax-Free Wealth.' The section concludes with the advice of making independent decisions based on data rather than being influenced by external factors, as discussed in 'The Intelligent Investor.'

25:07

🧘‍♂️ Risk Mitigation and Independent Thinking

The final section discusses the importance of mitigating risks as a business grows, using the thinking systems from 'Thinking, Fast and Slow.' The summary advises against making quick decisions based on emotions and emphasizes the importance of analytical thinking for long-term business success. It also includes a list of additional books for further exploration of business concepts.

Keywords

💡Filler content

Filler content refers to material that is included in a book, article, or speech but does not contribute significantly to the main points or arguments. In the context of the video, the speaker criticizes most business books for having great concepts but burying them under unnecessary filler content, which detracts from the valuable insights and makes it time-consuming for readers to extract the useful information.

💡StrengthsFinder 2.0

StrengthsFinder 2.0 is a book that emphasizes the importance of identifying and leveraging one's natural talents and strengths. The video mentions this book as a tool that helps individuals find their most powerful multipliers, suggesting that by focusing on what one is already good at, more progress can be made in less time. It contrasts with the societal tendency to focus on improving weaknesses.

💡Contrarian truth

A contrarian truth is a concept from the book 'Zero to One' by Peter Thiel, which the video references. It is a real truth about the future that is either not widely recognized or is actively denied by the majority. The video uses this term to explain how billion-dollar business ideas often stem from betting on such truths, as illustrated by examples like Steve Jobs' vision for the iPhone, which defied the conventional wisdom of the time.

💡Business Model Generation

Business Model Generation is a book that provides a methodology for breaking down any business model into nine essential building blocks. The video uses this concept to demonstrate how to structure a business idea clearly and visually, which is crucial for avoiding the inefficiency of running a business without a clear direction or focus.

💡Minimum Viable Product (MVP)

A Minimum Viable Product (MVP) is a version of a product with just enough features to satisfy early customers and provide feedback for future development. The video script discusses the importance of creating an MVP to avoid investing excessive time and resources into a product that may not meet the market's needs. It cites the example of Dropbox's founder using a video to simulate the product and generate interest.

💡Pre-suasion

Pre-suasion is a concept from the book of the same name, which the video mentions in the context of setting the frame before making a request or pitch. It involves making the audience more receptive to your message by subtly influencing their initial thoughts or perceptions. An example from the script is a consultant using humor to set an expectation of high value before quoting a price.

💡Rapport

Rapport refers to a harmonious or sympathetic relationship between people, which is important in building trust and connection. The video script discusses the importance of building rapport in sales, using the example of Donald Trump's frequent check-ins to maintain relationships, and Gary Vaynerchuk's emphasis on personal branding on social media to increase touch points with potential customers.

💡Value ladder

A value ladder is a marketing strategy that involves selling progressively higher-value products or services to existing customers. The video script explains how businesses can use this strategy to maximize revenue by offering a series of related products or services, starting with a basic offering and moving up to more expensive options, as illustrated by the example of a dental practice.

💡Oversubscription

Oversubscription is a marketing strategy where demand for a product or service is intentionally made to exceed supply, creating a sense of exclusivity and urgency. The video script discusses how this strategy can be used to reduce competition and allow for greater price flexibility, using the example of Rolex watches, which are highly sought after and placed on long waiting lists.

💡Profit First

Profit First is a method of financial management for businesses that emphasizes prioritizing profit over reinvestment. The video script references this concept from the book of the same name, explaining that by taking a portion of each sale as profit first, businesses are forced to operate more efficiently and avoid becoming cash-hungry as they grow.

💡Thinking fast and slow

Thinking fast and slow refers to the two systems of thought described in the book by Daniel Kahneman, which the video script mentions. System one is fast, intuitive, and prone to errors, while system two is slow, analytical, and more accurate. The video uses this concept to highlight the importance of not rushing to conclusions and taking unnecessary risks in business decisions.

Highlights

The author read 40 business books to distill key points for wealth creation, focusing on eliminating filler content.

Business books are categorized into four key areas: starting with no money, selling skills, marketing strategies, and financial management.

Identifying and leveraging personal strengths is crucial for success, as highlighted by 'StrengthsFinder 2.0'.

The importance of focusing on strengths over weaknesses for greater efficiency and success.

Finding a business idea with a contrarian truth can lead to billion-dollar businesses, as explained in 'Zero to One'.

Creating a business plan using the nine building blocks from 'Business Model Generation' for clarity and focus.

The concept of a minimum viable product (MVP) to test market demand without significant investment.

Executing a vision with discipline and the '12 Week Year' approach to accelerate business growth.

Setting the frame effectively before persuasion attempts, as discussed in 'Pre-suasion'.

Building rapport through regular communication to increase the likelihood of successful sales.

Becoming more persuasive by understanding the prospect's thoughts and attuning to them.

Transforming sales negotiations into collaborations using calibrated questions to address mutual concerns.

The necessity of securing a firm commitment in sales conversations to avoid wasted efforts.

Developing a unique selling proposition (USP) to stand out in the market, as emphasized in 'Purple Cow'.

Gathering real-world data through targeted questions rather than relying on close connections' opinions.

Establishing a brand message using the 'Hero's Journey' narrative structure to captivate the audience.

Creating upsells and a value ladder to maximize revenue from existing customers, as taught in 'Dotcom Secrets'.

Driving up demand by limiting supply and increasing prices to create an aura of exclusivity.

Monitoring finances closely and maintaining financial fitness for business sustainability.

Prioritizing profit to ensure business efficiency and avoiding cash-eating growth traps.

Planning for taxes strategically to maximize wealth and minimize unnecessary tax burdens.

Making data-driven decisions and not being swayed by market emotions, as illustrated in 'The Intelligent Investor'.

Mitigating risks as the business grows to ensure long-term stability and avoid hasty decisions.

Transcripts

- I just finished reading these 40 books about business,

so I can cut out all the fluff and save you time.

You see, I've got an issue with most business books.

They have some great concepts that anyone can learn from,

but they're buried under so much filler content

that it takes ages to get to the gold.

So as a millionaire businessman myself, I wondered

if I could use my knowledge to cut through all the waffle.

That's why over the last three months,

I've made it my mission to read all these books

and note down the key points

that will actually make you rich.

So I've divided them into four categories.

How to start with no money, how to sell anything to anyone,

how to market your business,

and how to manage your money like the 1%.

Now, you may think some of these categories may not appeal

to you, but trust me, put them together

and they could make you a force to be reckoned with

in the business world.

Let's get onto the first section.

(energetic upbeat music)

(paper rustling)

So how to start with no money

has got to be one of the most Googled questions ever,

so let's dive into it.

Step one is to find your strengths.

This seems pretty obvious,

however, society has conditioned us

to actually focus on improving our weaknesses

rather than doubling down on our strengths.

But the reality is, you can be 10 times more successful

as you focus on following the path of least resistance.

In other words, the stuff you are already good at.

"StrengthsFinder 2.0" says your strengths come down

to a simple equation.

Talent times investment equals strength.

Let's use golf as an example.

I enjoy playing at my local club, although I'm not bad.

I'm far from great.

Suppose you took both Tiger Woods and me at the age of 13

and gave us the same amount of coaching and practice.

I'm willing to bet that every hour he practiced would equate

to about 10 of mine.

This is because his inherent talent

for the sport is significantly higher,

given him a larger multiplier.

That's why this book is so great

as it helps you find your most powerful multiplier

so you can make more progress than others

in a shorter amount of time.

Once you start thinking of weaknesses

as an expense you need to minimize,

your time will become so much more effective.

You can always find people who can make up

for your weaknesses.

"How to win friends and influence people,"

give some great networking techniques you can try out.

So before we move on, ask yourself this,

have you been trying to become successful

through fixing your weaknesses or through developing

and implying your innate strengths?

Step two, come up with an idea.

Now that you understand the importance of playing

to your strengths, it's equally as important

to choose a business idea where you have an advantage.

This is because every company

that goes belly up has one thing in common,

they couldn't outrun the competition.

"Zero to One" was written by Peter Thiel,

the man who sold PayPal to eBay for $1.5 billion.

(cash register rings)

What's even more impressive is that his original team

who received his personal mentorship,

went on to establish companies like YouTube and LinkedIn.

Given the number of successful businesses he's influenced,

it's clear that he's mastered the secret

of generating billion dollar ideas.

(cash register rings)

He says that billion dollar business ideas come

from betting on a contrarian truth.

This is a real truth about how people will act in the future

that they aren't aware of or don't want to admit.

Steve Jobs believed

that we didn't want a keypad on our phone.

Very few people agree with him,

especially as Blackberry was the most popular phone

at the time,

and that thing was literally riddled with buttons.

I bet you guys don't even remember Blackberrys,

but he believed in his vision

and was rewarded after releasing the iPhone

and changing the world forever.

This isn't an isolated example.

Uber believed that we would feel comfortable

getting into a stranger's car

and Netflix believed we would want to binge watch TV shows.

If you are struggling to come up with a contrarian truth,

then give "Start with Why" a read

as it will get you thinking in the right kind of way.

Perhaps you're not aiming

to start a billion dollar business,

but consider the things you believe can be improved

by adopting a slightly different approach.

People will probably think you're crazy at first,

but that's okay.

Going against the grain

lets you carve out a massive advantage

before anyone else even notices what you're up to.

This means you won't have to worry about competition

for a very long time.

Step three is create a plan.

Now you know what you're good at and you've got your idea.

You need to get very clear

on how your business is gonna be structured.

Otherwise, you're just gonna be running around

like a headless chicken,

not knowing where to focus your attention.

"Business Model Generation" is a collective effort

from 470 entrepreneurs, professors,

and CEOs across 45 different countries,

they were able to break down any business model

into the essential nine building blocks

that make up any business.

They believe that many business plans are overloaded

with text and that using visuals can be much more powerful.

Let's do it together so you can see how it's done.

Rather than boring you with a cliche lemonade stand example,

which, let's be real, no one's actually gonna do that.

I'm going to outline a business

that I reckon could be a real winner right now.

Let's call it Timmy's Membership Builders.

Firstly, Timmy loves watching educational YouTubers,

but gets frustrated because lots of the advice is generic

and doesn't really apply to him.

So Timmy decides this is what he wants to change.

He wants to create a way YouTubers can interact

with viewers on a more personal level

by building their membership platforms.

This is Timmy's value proposition.

Next, Timmy needs to identify his customers,

assuming that approximately nought.1% of YouTube subscribers

will want to join a membership,

he should collaborate with YouTubers

who have over 1 million subscribers.

This strategy will generate enough value

to justify his business venture.

Now, Timmy needs to figure out what channels he can use

to reach his customers.

He might choose email, DMs or even physical letters.

You are probably thinking

if a YouTuber has over a million subscribers,

then they're gonna be pretty hard to reach.

But I can tell you from experience,

if you have a good value proposition,

then someone on their team will see your message.

We aren't as unreachable as you might think.

Building customer relationships is the hardest part.

That's why Timmy may have to start off working for free

to build up some case studies

and then offer his first clients discounts

for referring him to their friends.

Focus less on what you can gain

and more on what you can give

as this form stronger relationships.

If you are struggling, then you can always read,

"Give and Take."

Now consider revenue streams.

Timmy could choose to charge a percentage of revenue

for managing memberships, freeing up the YouTuber

to concentrate on producing videos.

If Timmy took a 10% cut from a membership

of 10,000 people each paying $5 a month,

it would amount a $5,000 of monthly revenue.

As the membership grows, this figure will increase.

Now Timmy needs to work out what he needs

to make this all happen.

These include his key resources like a website,

key activities such as advertising,

and then key partnerships,

which may include working closely with a developer.

Finally, Timmy needs to calculate his costs.

If he can do this business

for less than what he expects to earn,

then he is on the right track.

If not, this evaluation will save him

from disappointment in the future.

That brings us to step four,

building a minimum viable product.

The harsh truth is many entrepreneurs put their head down

and work for months on a product,

but don't realize that they're building something

that no one actually wants to buy.

"The Lean Startup" suggests that

instead of working super hard

to create the most polished product,

you should create something called a minimum viable product

or MVP.

What's great about this is that

it doesn't actually have to cost you any money.

The founder of Dropbox made a short video showing

how his file storage solution worked

and managed to increase his waiting list from 5,000

to 75,000 people in the space of a couple of days.

The amazing thing about this story is

that the video was fake.

The product didn't even actually exist yet,

but he was then able to use the waiting list

to convince investors that it was a good idea

and then he was able to make it into a reality.

There are so many ways

that you can make a free MVP nowadays,

especially with the help of AI.

If you want some inspiration

then the "ChatGPT Millionaire" is a great little read,

you could use your MVP to appeal to investors,

launch a Kickstarter campaign, find a business partner

or bootstrap by reinvesting the profits back

into building your business.

A crucial point to keep in mind is that

if you are starting with no money

and looking for any kind of funding,

you must provide undeniable proof of product demand.

Step five, execute your vision.

Now, having a plan, an idea,

and an MVP isn't that precious.

Lots of people make it to this stage,

but what really matters is the execution.

The crazy thing is most people have the capacity to double

or triple their income by consistently applying

what they already know.

The issue is people don't put in the work.

"The 12 Week Year" proposes a new way

to get more done in 12 weeks than 12 months.

It suggests that we should break our year into four

and think of those quarters as our year.

This may sound silly as it's still the same amount of time.

However, this way of thinking forces you

to confront your results every three months.

I don't know about you,

but personally, when I've got a deadline,

I work a lot harder.

My businesses have a different buzz around the office

when we're nearing the end of the year.

So by using this approach,

instead of having that buzz of motivation once,

we can have it four times a year,

as Parkinson law states, "Work expands

to fit the amount of time we allocate to it,"

therefore, applying the 12 week year approach,

we can actually achieve more

and make significant progress

towards building a business you want.

However, this 12 week approach only works

if you respect your deadlines.

If you are the type of person who battles

with procrastination,

then "Extreme Ownership" is worth a read.

It's packed with Navy SEAL tactics

to whip your discipline into shape.

Can you handle the truth?

- You can't handle the truth!

- Quick one from me before we get into the next section,

and forgive my voice, I'm filming this a few days after

as I've been quite ill.

One of the best ways to start an online business nowadays is

to turn your skills, passions,

and experiences into online courses,

exclusive membership sites, subscription podcasts,

thriving communities, personalized coaching and more.

These types of businesses are extremely cost effective

to set up and run.

They also have the upside of being extremely scalable.

I know multiple people making millions

using this business model, all from their laptop.

If any of that sounds interesting,

the Kajabi is the perfect tool for you.

It's the ultimate all in one platform

that helps people build successful online businesses

by unlocking predictable recurring revenue.

They're also sponsoring this portion of the video,

but before you skip, if you're an entrepreneur, trust me,

you wanna listen to this.

Recurring revenue is the holy grail in the business world.

I mean, there's a reason why everything's turning

into a subscription nowadays.

If you know how much money's coming in every month,

then it gives you the confidence you need

to expand your business

and eventually hire people without worrying too much

about your cash flow.

Kajabi is a great choice

as they don't take a cut from your revenue

because everything is owned and controlled by you,

so you keep 100% of what you earn.

So if this sounds like something you'd be interested in,

then right now Kajabi is offering a free 30 day trial

to start your business if you go to kajabi.com/mark.

So go to kajabi.com/mark

and join the creators and entrepreneurs

who have collectively made over $7 billion.

Right, let's get back to the books.

(energetic upbeat music)

(paper rustling)

So how to sell anything to anyone.

This section isn't just important for business,

but in all aspects of your life.

Maybe you wanna persuade your friend to help you,

your boss to listen to you

or even your parents to give you more pocket money.

The reality is we're all selling in some way,

although some of us are much better skilled at it

than others.

Step one, set the frame.

Believe it or not, most people fail

before they even ask for what they want

because they don't warm up whoever they're talking to

before trying to persuade them.

"Pre-suasion" shares techniques you can use

to make people more receptive towards your request

before even asking.

In this book, there's a story about a consultant

who was having a hard time

because people kept asking for discounts on his services,

so he came up with a clever trick,

before he tell them his price.

He joked, "Well, as you can see,

I can't exactly charge you a million for this."

After he started using this joke, guess what?

No one asked for a discount anymore

and he could happily charge $75,000

(cash register rings) for his expertise.

This sneaky little trick is called price anchoring.

It's all about that first piece of information

or that anchor that people latch onto.

They then base their understanding

of everything else around that,

framing, however, extends far beyond what we say.

Non-verbal communication makes up 55%

of all communication

and much of that is influenced by how we dress.

That's why I recommend considering

some of the advice in this little book "Style & The Man,"

remember, don't be in a hurry

when it comes to setting the frame

before asking for what you want.

Trust me, using these strategies can flip the whole scenario

in your favor.

Step two is build rapport.

"The Art of the Deal" starts

with Trump taking us through a week in his life.

The thing that struck out to me was the sheer amount

of calls he took per day.

We are talking between 50 and 100 calls.

This habit of regular check-ins kept Trump at the forefront

of people's minds, so when a business deal came up

that was advantageous for Trump

or he had something to sell, it was easier

to close the deal due to his multiple nurtured connections.

Today, we can achieve this

by building a personal brand on social media.

Gary V emphasizes this in his book, "Crushing It."

Having a personal brand increases our touch points

with people before we attempt to sell anything to them.

Therefore, increasing the likelihood of future sales.

Remember, people do business with people they like.

Step three, become more persuasive,

so now you've set the frame and built the rapport.

You need to be able to persuade people

to give you what you want.

"To Sell Is Human" argues that the most effective way

to do this is to attune with your prospect.

I know that sounds a bit wishy-washy,

but the experiment the book talks about

makes this all start to come together.

152 students were instructed to negotiate the sale

of a gas station.

They were divided into two main groups, buyers and sellers.

The buyer group was further split into three subgroups.

The first subgroup was instructed

to focus on being empathetic to the sellers,

the second on the seller's thoughts

and the third on their own role.

The highest number of successful deals came

from the subgroup that focus

on understanding the seller's thoughts.

Great deals always come when the buyers

and sellers are in tune with each other.

"Pitch Anything" makes a solid point,

that when most people pitch, they're too busy thinking about

what they want and not what their prospects are thinking.

They assume that the audience care

as much about their business as they do,

but here's the harsh truth, they don't.

Step four, collaborate effectively.

Now that you are attuned to each other,

what if you could transform a sales negotiation

into a collaboration, instead of a one-sided process?

Well, "Never Split the Difference" suggests you can

by asking something called calibrated questions.

Once you both feel like you understand each other,

you can then start using this technique

as it directs the other person's attention

towards your problems.

These types of questions normally start with what or how.

With the ultimate question being,

how am I supposed to do that?

Let's say your landlord was gonna put up your rent

at $1,700 a month and you didn't wanna pay that much.

You could say, it seems like,

you think your house is undervalued,

but how am I supposed to pay $1,700 a month

when I only make enough money to afford $1,500 a month?

The key is to say it in a genuine way

that doesn't seem confrontational.

They should hear, "I value your intelligence.

Can you please help me solve my problem?"

Asking this type of question

will make the other person think creatively

or even lower their price.

It's not a magic trick and it won't always work,

but it's definitely worth giving it a shot,

and here's a quick tip.

If you are on the receiving end of this tactic,

never let another person's problems become your problems.

Understand them for sure,

but remember, it's not your job to solve them

or you might just find yourself caught in this trap.

Good questions are really a superpower.

That's why it's worth giving "Better Small Talk" a read.

Step five is closing the deal.

You must never ever leave a conversation

with a potential buyer without a firm commitment.

Otherwise, all the hard work will be for nothing.

"Objections: The Ultimate Guide

for Mastering The Art and Science of Getting Past No"

recommends getting the potential buyer to agree

to a specific action on a fixed date.

This is known as micro commitment.

When trying to secure a commitment,

be prepared for potential objections.

For instance, if someone says, "I'm quite busy,

how about you call me next week to arrange something?"

A possible response could be,

"My week is also looking pretty packed

and I wanna make sure I can dedicate the appropriate amount

of time for our discussion to ensure you don't miss out.

Can we schedule our meeting right now?

Would Friday at 03:30 work for you?"

Obviously, you can adjust the time

to whatever works for you,

but see how that question makes it much easier

for the other person to say "Yes,"

rather than objecting again.

Of course, a bit of charisma

can always help close a deal as well.

Just think of the most popular closer

on the TV show "Suits," Harvey Specter.

Interestingly, the actor is completely different

from his role in the show,

so this proves that charisma can be faked to some degree.

If you are interested in learning more about this,

consider reading "The Charisma Myth."

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So how to market your business.

Let's face it, you could have the best product

or service in the world,

but what's the use if nobody knows about it?

Step one is developing your unique selling proposition.

Ever found yourself wondering why some businesses explode

and others just don't?

Why people rave about one business and ignore another?

Well, "Purple Cow" believes

that the key is being remarkable.

Every marketer is traditionally aware of the five Ps,

product, positioning, pricing, publicity, and promotion.

However, this book introduces a sixth P, the purple cow.

I know this might sound a bit strange, but stick with me.

Imagine you are driving along a country road

and you see a brown cow grazing.

It's so common that you hardly notice it,

much like the barrage of everyday marketing and advertising.

Now, imagine instead seeing a purple cow,

you'd stop the car, you'd get out,

you'd take a selfie with it.

It's noteworthy and you can't help but talk about it.

Imagine if your business was like that purple cow,

compelling people to talk about it.

So think about what makes your business unique,

what do you do better than anyone else?

What unique value do you offer to your customers?

Lots of businesses are using TikTok and YouTube

to stand out, especially restaurants,

who are coming up with unique dishes

that they're using as purple cows to draw in customers.

If you want to dive more into creating videos,

then "YouTube Secrets," which is down here just like that,

gives you a really good insight into making viral content.

Step two, gather real world data.

If you want any hope marketing your product or service,

then you need to know what people think about it.

However, this is where most people make the mistake

of asking the people closest to them for their thoughts.

This results in them just giving you blind encouragement

and generic support, which might be good

for boosting your ego,

but it won't help you market your product.

"The Mom Test" offers a solution to this problem.

It says that instead of saying,

"Here's my business, what do you think?"

You should instead ask about their life

in the context of your business.

I know this sounds confusing,

but let me give you an example.

Say you are starting an online course business

that teaches people how to play the piano

from the comfort of their own home.

Instead of asking your friends and family

if they liked the idea, talk about them,

if they play the piano,

you could ask about the initial challenges they faced,

the solutions they seeked out,

and any frustrations they had with the solutions they found.

If they don't play the piano,

you could slightly tweak the questions.

This is an extremely smart way

to get useful data on your business

as it's almost impossible for anyone, even your mum,

to give you blind support and encouragement.

You can use this information to help identify "Blue Oceans,"

which are areas of a market with low competition,

but very high demand.

Step three, establish your brand message.

Despite having a USP

and necessary data, many new entrepreneurs struggle

to capture the attention of potential customers.

People don't like feeling sold to

and because of this, it's hard to get someone

to listen long enough to actually get them

to want to buy from you.

"Building A Story Brand" says the solution is used

in a specific story structure in your marketing

that cuts through the noise and holds people's attention.

You first need to create a character.

This character isn't your business,

it's your target customer.

This is because everyone sees themselves

as the main character in their story.

You need to make it very clear what this character wants.

At this stage, it's best to stick to the universal desires,

like, building wealth and status,

higher quality relationships or increased health.

Next, your character should face a specific problem related

to your product that they want to overcome.

For instance,

if you are running a piano teaching business,

the external problem they'd want to overcome is,

not being good enough at playing the piano.

Their internal struggle might be questioning

their own abilities and if they're good enough,

here, you can introduce your business as their guide

to overcoming this problem

and share past success stories to establish your authority.

Both these elements build trust in you and your business.

You need to be able to get this message across

in multiple formats,

but one of the most crucial is with writing.

That's why it's worth giving "Copywriting Secrets" a read.

The main takeaway here is

to portray your potential customers

as heroes in your marketing.

This narrative structure,

commonly known as "The Hero's Journey,"

is frequently used in TV shows and films.

If you make people into the hero of your story,

they'll sit up and listen.

Once you've sold to someone once, it's so much easier

to sell to them again with the right strategy.

That's why step four is create upsells.

It's actually shocking how many businesses are leaving

so much money on the table by not using this technique.

"Dotcom Secrets" teaches you exactly

how to build a value ladder and sell higher price products

and services to your existing customers.

You've probably already seen this in action

at your local dentist and not even thought about it.

Normally, a dental practice starts off

by selling you a simple checkup.

Next, they might offer you teeth cleaning,

then teeth whitening.

After that, a retainer and before you know it,

they've pushed you all the way up the ladder

to their most expensive product, cosmetic surgery.

This approach can be applied

to any business you are starting.

If customers have a great experience

with your lower priced products,

they're likely to continue climbing the ladder.

It's also important to remember

if you don't provide options for them

to spend more money with you,

they may end up going to one of your competitors.

Ideally, you shouldn't have to upsell people face to face.

"Expert Secrets" outlines a way you can use

the perfect webinar model to upsell many people at once,

whilst keeping that personal feel,

but how do you make sure you never run out of customers

to climb your value ladder?

That's where step five comes in, driving up demand.

If you followed all of the steps so far,

you should have plenty of demand,

but instead of trying to sell to everyone,

you could try and limit your product or service

and increase the price.

"Oversubscribed" states that every product

that is oversubscribed has people that didn't get it,

even though they were willing to buy it.

Rolex has mastered this strategy better than most.

If you wanna purchase a new Rolex,

you have to visit an authorized store,

join a long waiting list and patiently wait.

This process can take up to four years

before you're offered the chance to buy a watch.

Some people never receive the call

as Rolex doesn't deem them the right customer

for their brand.

Does this sound a bit snobby? Possibly.

But does it work? Absolutely.

If your product is seen as oversubscribed,

competition becomes less of a concern

and you have the flexibility

to set your prices as you see fit.

It's all about following

the "Don't Make Me Think" principle.

You've got to make it very easy for your customers

to understand your website and messaging.

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So, how to manage your money like the 1%.

This section is absolutely crucial.

You won't believe how many people are amazing

at almost everything else

but struggle when it comes to handling their cash.

This is a big reason why one out

of every three people earning over 100 grand a year

are still living paycheck to paycheck.

Step one, monitor your finances.

"The Total Money Makeover,"

while not specifically focused on business finances,

it does offer some valuable principles

for keeping your money under control,

which can be applied to business finances as well.

Here's the major takeaway for all you entrepreneurs,

keep a sharp eye on your finances.

It's so easy to get caught up in the daily hustle and bustle

of running your business,

that you lose sight of your numbers

and before you know it, you're in a financial pickle

without even realizing it.

Think about it.

Financial laziness is a lot sneakier

than physical laziness.

It's not like you are forced to confront it

every time you look in the mirror,

you can just brush it under the rug

and only start panicking when it's too late.

So if you feel like you've lost touch

with your financial situation,

here's a little reality check for you.

Ask yourself this,

if all your revenue stopped coming in tomorrow,

could you keep your business afloat

for at least three months?

If the answer's no, then sorry to break it to you,

but you're financially outta shape.

It's time to hit the financial gym.

That brings us onto step two, remain profitable.

You might think being profitable,

it's the same as being financially stable,

but they're actually pretty different.

Most businesses morph into cash hungry beasts.

This is because when most ambitious entrepreneurs

make sales, they pump most of that sales revenue

back into growing their business and guess what happens?

Their expenses shoot up,

but they think it's fine

as they make their profits once their business is bigger.

However, the profits never come

because when sales drop, expenses stay high,

which causes the business to bleed money

and eventually collapse.

"Profit First" urges entrepreneurs

to think about profit in a different way.

The traditional way is sales minus expenses equals profit,

but "Profit First" says,

"You should instead flip the formula around

to sales minus profit equals expenses."

By taking a portion of each sale

and allocating it to profit, you force your business

to become more efficient.

That's the funny thing about having less money to spend.

You actually start to discover you can run things

for far less than you initially thought.

Step three, plan for taxes.

Did you know the average taxpayer in the US

will spend an estimated $524,625,

around a third of their lifetime earnings

on various state and federal taxes,

and that's the average person.

As an entrepreneur, you're gonna be paying a lot more.

Many people think the tax system is evil

and just there to get your money.

However, "Tax-Free Wealth" states

that the IRS has written a tax code in a way

to save us money, that's right.

The book states that the current tax code contains

over 5,800 pages and only 30 of those address

how to pay taxes.

This means that the IRS dedicated 5,770 pages

or 99.5% of the code to help us avoid taxes

and therefore increase our wealth.

It's very similar in the UK

and other Western countries,

as they want to help stimulate the economy

above taking your money.

That's why it's really worth getting a great accountant

who can take advantage

of all the tax breaks you are entitled to.

Step four is playing your own game.

To be a successful entrepreneur,

you need to base your decisions on data

and not be easily led by others.

"The Intelligent Investor"

is one of my all-time favorite investing books.

It discusses a scenario that perfectly applies

to both running a business and investing in one.

Imagine owning a small business that costs you $1,000.

and you have a business partner called Mr. Market.

Every single day he pops in

and tells you how much he thinks your piece

of the business is worth.

Not only that, but he's always ready to buy your share

or sell you more at that price.

Sometimes Mr. Market seems to hit the nail on the head.

His valuation makes sense

based on what's happening in the business

and what the future looks like,

but at other times, Mr. Market gets a bit carried away

with his emotions and the price he offers

can seem, well, a little bit crazy.

Now, if you are a savvy investor or a smart business person,

are you gonna let Mr. Market's daily chat

sway your own opinion of your $1,000 stake in the business?

Well, you shouldn't.

Most of the time you'd be smarter to make up your own mind

about what your investment is worth.

Remember, most people are driven by their emotions.

If you wanna see long-term success,

you've gotta think rationally

with your business and investment.

Step five is mitigating risks.

When you're in the early stages of business,

you have to take big risks and think quickly,

but as your business grows, it makes sense to slow down

and think about mitigating

as many unnecessary risks as possible.

I've had many multimillionaire friends that didn't do this

and ended up losing everything.

Thinking fast and slow outlines

that your brain actually has two ways of thinking.

System one is fast and intuitive,

and system two is slow and analytical.

Listen to this question

and answer it in your head as fast as you can.

A bat and ball cost $1 and 10 cents in total.

The bat costs $1 more than the ball.

How much does the ball cost?

If you're like most people, you'll have answered

that the ball costs you 10 cents, which is incorrect.

The answer is actually 5 cents.

This is because your thinking system one came up

with the quick answer.

Then when your system two activated,

you started to understand

why 5 cents was the correct answer.

It's crucial to understand this,

so you don't jump to conclusions

and take on more risks than necessary in your business.

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I had five books left over

that don't really fit neatly into the four sections,

but they're definitely great books to pick up

if you wanna dive even deeper into business.

Feel free to take a screenshot and add them to your list

if you find the titles interesting.

And if you wanna keep learning,

then you should watch this video next

where I read 40 different books all about money,

but don't click on it just yet.

Make sure to subscribe if you wanna grow your wealth.

Okay, I'll see you over there.