Those Early Morning Runners... Who Are They? What Are They Up To?
By Michael Masterson
As I pulled out of my driveway onto Ocean Boulevard at 6:00 a.m. this morning, the street was dark and deserted -- except for one lone runner huffing and puffing his way along the beach side of the road. I wondered what he did for a living. I was sure he was successful. It's 6:15 now, and I'm in my office. For the next hour, I will be completely undisturbed. If there's a soul in the office next to mine, he's someone like me -- someone wanting to get a jump on the day. Today, I'll spend my hour writing. Then, at 7:15, Coach Yari will come by and put me through a PACE workout. It will be intense but quick. The entire thing, including warming up and stretching, takes only 20 minutes. When that is over, I will have exercised, gotten myself organized, written a chapter of my next book... and there will still be an hour before work officially begins. Early risers. What's with us? Do we really accomplish more than night owls? Or do we just think we do? Tell us what you think at: AskMichael@ETRFeedback.com. -----------------------------------------------------Highly Recommended ----------------------------------------------------- Not an Early Riser? - Every person has the same 24 hours in a day to accomplish his or her goals. It's what is done with that available time that separates those who succeed from those who fail. Getting up early is just one part of it. You can learn to manage your time and become much more productive. Find out more here...
"You always have two choices: your commitment versus your fear." Sammy Davis Jr. As The Redhead and I were chatting with some new friends between sessions at the Early to Rise Bootcamp, a big guy approached our little group. To other attendees, his tattoos, piercings, the skull on the front of his black tee -- and the large yellow letters reading "CORONER" on his back -- may have seemed a bit menacing. All I saw was a brother biker. A kindred spirit. "I'm Clayton," I said, extending my hand. "You on a bike? What do you ride?" "I'm Chad," said the biker. "I brought a custom chopper with me." "Cool," I said. "I ride a Screaming Eagle Electra Glide and The Redhead here rides a Heritage Softail with a big bore kit in it. You attending the ETR Bootcamp?" Chad frowned and nodded. "Uh huh. Not really sure it's going to do me any good, though." "How come? What kind of business do you have?" "I want to sell motorcycle parts online." I saw the problem immediately. In fact, I saw a whole rat's nest of huge problems for a bootstrap marketer like Chad. "How are you going to solve the inventory thing?" I asked. See, the way I saw it, Chad had two choices... Choice #1: He could fork over a bundle to stock a warehouse with inventory. But that's money he should be using to build his website and prospect list. Plus, it's extremely risky to stock up when you're just starting out and have no idea which parts you'll need lots of and which ones you won't. Choice #2: He could try to find manufacturers or wholesalers who'd let him sell out of their inventories and then drop-ship for him. But finding a supplier willing to do that is easier said than done. Plus, even if Chad found a supplier who'd work with him, he'd only be able to sell the parts they carried -- which would put him at a huge disadvantage compared to his far-better-heeled competitors. And then there was what I felt was an even bigger problem: Lousy margins. Say a part costs $100 wholesale and the list price is $200. Chad's 100 percent mark-up sounds impressive -- but his margin would only be 50 percent. He'd only get to keep half of the money his customers spent with him. And if he ever planned to offer a discount or put stuff on sale, he'd keep even less. In addition, there are three excellent reasons why the parts business is not exactly an ideal one for direct marketers: FIRST, start-up and promotional costs can be huge. Chad would need to offer thousands of parts. That means he'd need to build a massive, costly website and/or create, print, and mail big, expensive catalogs to his prospects. SECOND, he'd never know who his best prospects were at any given time. Since he couldn't know who was about to need which part -- and then send those people the right promo at the right time -- he'd be condemned to pull-marketing Hell. Instead of creating a product funnel that allowed him to use low-cost products to attract prospects and convert them into paying customers -- and then increase their buying frequency and average purchase by pushing regular outbound promotions at them -- he'd have to wait for customers to come to him and hope that every possible prospect and customer knew where to find him. AND THIRD, many parts customers may only buy once -- just to get the one part they need. Spending big money to attract one-shot customers is no way to build a fast-growing business. The final nail in the lid of Chad's business idea: The field he was looking to enter is a crowded one. He'd be competing with huge companies with massive marketing budgets -- like Arlen Ness... J&P Cycles... Dennis Kirk... and even Harley friggin' Davidson. The only solution to this dilemma would be to specialize in something that none of those companies offer -- something absolutely unique. That's a huge challenge given the number of companies offering their own lines of unique, custom products. But failing that, Chad's new company would be dead on arrival. The Coroner's Solution I am thrilled to be able to tell you that Chad found a brilliant solution at the ETR Bootcamp. And thanks to this ONE, SIMPLE IDEA... - His inventory cost is now next to nothing...
- Instead of margins of 50 percent or less, Chad gets to keep between 90 percent and 100 percent of every revenue dollar he earns...
- Instead of having to spend five or even six figures to create a huge website and catalog, his start-up expenses are practically zero...
- His new model is 100 percent compatible with the push-marketing / customer-funnel model. He can also take advantage of search engine optimization to pull prospects and customers to him, and...
- He has products that are absolutely unique -- and no competitors. The only place in the world you can get them is from Chad himself.
So what was this brainstorm that made what Chad paid to attend the Early to Rise Bootcamp the bargain of the century? Well, let's just say that Chad will NOT be selling motorcycle parts. He'll be selling information: e-books, courses, videos, and maybe even live workshops to people who want to maintain, build, and customize their own motorcycles. Brilliant, right? Right! And Chad learned something else -- something even more valuable. And in the process, he re-taught it to me: He learned about the astonishing power of persistence. See, when Chad was laboring under his flawed idea, he ran into one obstacle after another. He could have simply given up... cancelled his reservation for the ETR Bootcamp... stayed home, saved his money, and gone for a putt-putt on that cool chopper of his instead. But Chad had a dream. And he absolutely refused to give up, even when it looked hopeless. He simply kept working, investing in knowledge and thinking until he found the simple solution that empowered him to spend the rest of his life doing something he loves. And unless I miss my guess, he'll get rich as a result. [Ed. Note: Couldn't make it to ETR's Info-Marketing Bootcamp? You can still hear what Clayton Makepeace and a dozen other Internet business-building experts told Chad and his 200 fellow attendees. And, just like Chad, you can walk away with a solid foundation for your very own profitable business. Just check out our Bootcamp Home Study Program here.] -----------------------------------------------------Highly Recommended ----------------------------------------------------- Ready for Your Own "Set It and Forget It" Online Business? - You can automate sales, marketing, product delivery, and more with simple software programs. In the Internet Money Club, Brian Edmondson shows you where to find the best programs - free. And how to use them effectively. Find out more here...
The World's Quickest, Easiest Performance Review
By Michael Masterson
I don't like formal performance reviews. I find them awkward and unproductive. But I do think it's important to get and give feedback. I do that with the people who report to me by discussing their progress with them on a regular basis. I call these interactions three-question reviews. I ask: - What is your biggest challenge right now?
- How can I help you do a better job?
In answering these questions, my fellow interlocutor will usually identify his own strengths and weaknesses. This makes it easier for me to provide critical input. I feel like I'm coaching rather than criticizing. In fact, that's how I think of it. The employee has to carry the ball. All I can do is hand it to him and encourage him to go. The first time you try a three-minute review it might seem artificial. But after a few times, it will become a low-stress, high-return habit. And you'll notice the benefits immediately. You'll both have more clarity about your goals and how they need to be achieved. When you're giving a three-question review, it's important to have positive feelings about the employee while you are discussing his problems and shortcomings. Get the frustration out of your head before you start talking. Think, "I really like this person and want him to succeed." When you're the one being reviewed -- either formally or through this method -- it's important to listen actively. That means paying close attention to what is being said, repeating key phrases, and asking questions when you have them. And maintain a humble mindset. Think, "It's okay to be imperfect. I will get better in the future." Look at the criticism you get as an opportunity to improve yourself. Thank your boss at the end. -----------------------------------------------------Highly Recommended ----------------------------------------------------- How many of the following foods regularly appear on your grocery list? - Oranges, apples, and peaches
- Tuna and chicken
- Spinach
Most people think of these foods as unquestionably healthy. In fact, eating them exposes you to all kinds of risks. If you are concerned about the food you eat, take a look at Going Green, Cheap and Easy from Total Health Breakthroughs, ETR's sister publication. To find out the truth about many of today's most popular and "healthy" foods, check it out here.
The Parable of the Professor and the Bucket
By Michael Masterson A philosophy professor and his student stand in a warehouse. A large tin bucket and several boxes are in front of them. The professor picks up a box that contains large rocks, each one about four inches in diameter, and pours them into the bucket. The stones reach the top of the bucket, and he asks the student if it is full. "It is," the student replies. The professor takes another box, this one containing stones about one inch in diameter, and pours them over the rocks in the bucket. The smaller stones fill in the spaces between the rocks. Again, he asks the student if the bucket is full. The student looks and says, "It is." The professor then pours in the contents of a third box, this one containing small pebbles. Again, the student looks in and agrees that the bucket is full. Finally, the professor pours a box of sand on top of the rocks, stones, and pebbles. And once more, for the fourth time, the student has to acknowledge that the bucket is full. "The lesson," the professor tells the student, "is to do the most important thing first, and each lesser thing in order of its priority. In this way, you will be able to fill up your life four times, instead of just once. If you do the unimportant things first, you'll be filling your bucket with sand... and there won't be room for anything else."
Latest News -
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You don't need to buy a single ounce of gold to make money in the gold market. If gold goes nowhere, you should still make money. If precious metals continue to rise (even slowly), you could make a fortune. And if the metals soar? Let's just say your grandchildren will be thanking you... Discover the secret behind this "No-Gold Gold Rush" right here.
Today's Words That Work: Interlocutor An interlocutor (in-ter-LOK-yuh-ter) -- from the Latin for "to speak between" -- is a person who takes part in a conversation. Example (as used by Michael Masterson today): "In answering these [three] questions, my fellow interlocutor will usually identify his own strengths and weaknesses."
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