Friday, April 15, 2005

[TV] Big Bucks!

Big Bucks! by Ken Blanchard & Sheldon Bowles outlines three highly controllable tests to pass in order to become rich.

Read the 1 page synopsis ...

The Test of Joy: You can't make money unless you're having FUN.

1. You need the exuberance of fun to sustain the hard work of making money.
2. Having fun turns work into play. I don't want anyone to work for me; I want them to play with me.
3. The fun has to come first. Then success follows. [See ‘The Test of Purpose’.]
4. Any business can make money if you know the secrets of making money.
5. People who know the secrets of making money naturally enjoy good luck.
6. If you don't love the business and you want to make big bucks, try Las Vegas.

Successful business means you love the customer using the product AND being a raving fan. It isn’t about great systems, but how they add to customer enjoyment.

FUN provides COMMITMENT and INTENSITY - which means FOCUS (a tunnel vision focus on the customer's enjoyment of the product or service) - which leads to SUCCESS - which means Making Money.

The Test of Purpose: Making money is MORE IMPORTANT than having fun.

If your main purpose is to have fun, the business will NEVER be successful. When making money bumps into having fun, then making money has to take top billing. We are talking about a lifetime dedication to putting money out of front as the priority of my business life. But the fun has to come first.

This doesn't mean you have to renounce everything else in life and do only business. There’s even room in your business life for lots of things aside from money making. I just need to become a peak performer, not a workaholic. How do I avoid burnout? By being intentional about it. Schedule down-time.

I need to know my motivation. “To make the world a better place.”

NB: The fun of making money is more important than the fun of doing business.

The Test of Creativity: Income LESS Expenses = Profit

Income limits how much money you can make. The Goal: decide how much I want to make and then make that amount the difference between my income and expenses.

Time is an essential part of this formula. There is a big difference between profits of $100,000 a month or $100,000 a year. You have to: 1) prioritise money making tasks first; and 2) have a mania about getting whatever you have to do done now and not one hour from now or even ten minutes from now. It’s often the difference between being a winner and an also-ran.

To make big money, create sales. Create new products. Find new uses or markets for existing products. Reach out to people and convince them they need products or services they are currently doing without. Show how you can help them. Cost-cutting is easy. Selling is tough.

Perpetual Prosperity comes to those who can help Others. When you help others realise their full potential, the result is a whole new pie of riches, … and some of the slices may come back to you.

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