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  • 7/22/2019 Nobs Business Success

    1/8ESSENT IAL BUS INESS KNOWLEDGE FOR H I GH ACH I EVERS

    I N T H I S S U M M A R Y

    Making Your Decisions Right 2

    What Separates the Winners from the Losers? 3

    The Two Most Important Sales Youll Ever Make 7

    Five Keys to Multiplied Cash Flow 8

    Dan Kennedy

    BUSINESSNO B.S.

    The Ultimate No Holds Barred

    Kick Butt Take No Prisoners

    Tough & Spirited Guide

    Most success books drive me crazy. Most of those authors

    have never managed a business or a workforce and

    wouldnt last a week if they had to do it for real. I

    look at all business books with suspicion. Most dont pass muster

    because their theories wouldnt hold up in real world conditions

    with real money, real employees and real customers.

    Now, this isnt your average business book.

    This is a go for the jugular success book. Because life is not a

    dress rehearsal and if youre going to dream, you might as well

    dream BIG.

    This business book is different. For a start, Im not one of those

    fuzzy-headed academics who write so many success books. Im not

    an accountant with tape around my glasses and pocket-protectors.

    Ive been on the firing line, making payroll, persuading bankers

    to sign on the dotted line, all while trying to satisfy customers and

    solve real problems. Ive tasted the highs of success and the bitter

    lows of bankruptcy.

    And Im not some egghead dishing up a bunch of theories aboutZen management, open-door management, creative management

    or any of that other garbage. Im a real entrepreneur who can

    show you how to take your business from $1.33 million to $44

    million in sales in just four years and then sell it for $177 million

    a year later. Or how to take your business from $2 million to $25

    million in sales in three years. Or from zero to $100,000 a month

    in just one year. Thats what I do for my clients, and thats what I

    can do for you.

    So enough philosophy lets get back to what its all about. At

    the end of the day its all about making money, lots and lots of

    money. If that offends you, youd better stop reading right now.

    Still with me? Then lets get to it.

    SUCCESS

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    ABOUT THE AUTHOR

    Dan Kennedy is an entrepreneur and has created, bought

    and sold a number of businesses. These days he is best

    known as a sought-after speaker and consultant in sales

    and marketing. He is the author of ten business books,

    and is recognised worldwide as an expert in direct

    marketing. He also conducts a multi-day boot camp where

    he presents his most cutting-edge entrepreneurial ideas,

    The Renegade Millionaire Boot Camp.

    At 49, Dan recently announced his semi-retirement. He

    lives in Ohio. You can find out more about Dan Kennedy

    at www.dankennedy.com or his Renegade Millionaire Boot

    Camp at www.renegademillionaire.com. You can also find

    several of his other No B.S. titles at www.nobsbooks.com.

    MAKING YOUR DECISIONS RIGHT

    Whether a business venture, relationship, marriage or

    career succeeds or fails, it all comes down to making a

    decision and then making that decision right.

    DANS KENNEDY ETERNAL TRUTH #1

    Every successful business begins with a decision.

    True, long-lasting success comes from the determination

    to make that decision right.

    Unsuccessful lives are marked by indecision and a lack ofdetermination.

    Trying doesnt work. If youre only trying out a business

    or career, you wont persevere through the hard times

    like losing a big client, messing up an important contract

    or facing the financial failure of corporate or personal

    bankruptcy. I know Ive been through it all and more.

    So have many other successful entrepreneurs and, if

    youre going to make it, youll probably go there too.

    At some point in our lives, most of us entrepreneurs will

    be accused of being workaholics. And while we mayscoff at the critics, thinking they are jealous of our busy

    and successful lives, its important to maintain balance.

    If youre like me, you find your business ventures and

    entrepreneurial enterprises fascinating. But youll also

    acknowledge that no success is worthwhile without the

    love and support of family and friends. Creative efforts at

    preserving balance are crucial.

    DANS KENNEDY ETERNAL TRUTH #2

    If its work it wont make you rich.

    A Venture magazine surveyed over 700 entrepreneurs who

    had owned their own businesses for at least 4 years and

    had incomes of over $90,000 a year. The research showed

    that the lines between work and play are obscured for

    most successful entrepreneurs.

    This is hardly surprising. Just look at any successful

    entrepreneur and youll find that to them, work is play.

    I dont think of work as work and play asplay. Its all living.

    RICHARD BRANSON

    If youre anything like me or most entrepreneurs

    youre constantly starting new projects, businesses

    and ventures of all kinds. I cant help myself and its

    not just for the money either. To me, the thrill of the

    game, the excitement of the chase and the challenge of

    business are endlessly fascinating. If that makes me a

    workaholic, then Im guilty as charged.

    BECOMING YOUR OWN BOSS

    Lets be honest, many people come to entrepreneurship

    out of an overwhelming sense of frustration with their

    work and often, with their boss. But while many nine-

    to-fivers often daydream about the pleasures of escaping

    the boss, few give deep consideration to what it means

    to be the boss. While an employee has just one boss

    the entrepreneur has many.

    Nine-to-five may be no way to make a living, but being

    an entrepreneur is a 7-day a week, 24-hour a day job.

    Be prepared to miss out on the occasional kids birthday,

    dance recital or soccer game for the sake of making your

    venture a success and dont be surprised if that creates

    some challenges.

    As an entrepreneur, you may as well expect some flak

    from others even close friends and family members.

    They may accuse you of being a workahol ic, a

    gambler, a risk-taker, even a lunatic. Its not surprising

    really most people drift through life without making

    any firm decisions or taking any real risks. Without

    knowing it, we are all managing risk every day.

    Entrepreneurs take calculated risks they do their

    homework, add up the odds and have a parachute

    handy for the worst-case scenario.

    To succeed as an entrepreneur, you need to develop

    a thick skin. You need to put aside your need for

    acceptance from others. All successful entrepreneurs I

    know share a secret immunity to criticism.You need

    to set aside your excuses once and for all . Making

    money in business and making excuses are mutually

    exclusive, totally incompatible.

    The power you have as an entrepreneur comes from

    your refusal to make excuses or let anything defeat

    you.True power comes from total responsibility.

    And while this is great while its all beer and skittles,

    inevitably, things will go wrong. Youll need to discipline

    2 To order indiv idual summaries or books, simply contact our Customer Care People on 1300 88 14 16

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    employees and even let them go. Youll have to stretch

    your finances so thin you think they will snap. Youll

    have to throw your heart, and your money into your idea

    100% and then hope to God it flies.

    A LITTLE CRAZY? WELL MAYBE

    Some of my favourite entrepreneurs are so independent

    they are sometimes seen as a little crazy. Walt Disney

    bucked all expert opinion by building Disneyland with

    only one entrance. Amusement parks had always had

    multiple entrances. The Disneyland style increased

    merchandising revenue and was later adopted by many

    new amusement parks.

    Donald Trump is so famous he is known by just one

    name Trump. Most developers dont plaster their

    brand name all over their latest development for fear it

    will affect sales. But when Trump does it, the propertyprice increases 10-15%.

    THERES NO SUCCESS WITHOUT FAILURE

    Innovation and experimentation are integral to the

    entrepreneurial experience. So it is only natural that

    success is far from guaranteed and in fact failure will

    come with the territory.

    DAN KENNEDYS ETERNAL TRUTH #3

    Failure is part of the entrepreneurs daily experience.

    Im an expert in this area. Ive gone bankrupt both

    personally and as a corporation. Ive had cars

    repossessed and as a matter of fact there were times

    where if a burglar broke into my house, he might have

    left a donation. Ive been through it all and by sheer

    determination and perseverance, have come back to

    build up a truly successful business that gives me the

    lifestyle I love.

    Every entrepreneur needs to learn how to move

    on from failure; how to shake it off, bounce back,

    regroup, and start again from the beginning. One of

    my clients Joe Polish was a penniless, unemployed

    carpet cleaner who had been all but starved out of the

    business. Now carpet cleaners flock from all over the

    world to fill his seminars and his bank accounts.

    Another client who prefers not to be named went

    broke 3 times with 3 different companies. Now he

    has over 500 franchisees across the United States. He

    regularly tours his operations in his private jet.

    DAN KENNEDYS ETERNAL TRUTH #4

    How you deal with failure will decide whether you ever

    get the chance to deal with success.

    WHAT SEPARATES THE WINNERS FROM

    THE LOSERS?

    Theres a s ign over my office door that says:

    Whatever it takes

    I call it the entrepreneurs motto or job description.

    If that means you work long hours, you stop drawing

    salary, you loan money to your business, you spend

    days and nights dealing with bankers, employees and

    customers, then thats what you do.Whatever it takes.

    Make no mistake; entrepreneurial life is all about

    solving an endlessstream of problems. If you go

    into it thinking you will have fewer problems, think

    again! You will be burned out before you know it.

    To be in business is to be assaulted by

    relentless adversity and crisis; it comes with the

    territory.

    CARTER HENDERSON, AUTHOR OF WINNERS

    The difference between winners and losers in business

    is not that winners dont have problems. The real

    difference is that winners know how to turn problems

    into opportunities, and transform negatives into positives.

    Now dont get me wrong Im not talking about

    positive thinking here. Whistling in the dark isnt going

    to protect you from anything. I think of it in terms of

    Murphys Law anything that can go wrong, will go

    wrong. And thats why its crucial to have not just a Plan

    A, but a Plan B, C, D and maybe even E.

    Its a fact of life most projects take longer and cost

    more than expected. Fantastic deals turn sour, dream

    employees turn into demon employees, planes get

    delayed, stock markets crash and terrorists attack just

    when you least expect it. So why wait until then? Why

    not expect and plan for the unexpected?

    Sometimes Ive discovered that Plan B was actually better

    than Plan A which I would never have learned unless

    I had gone to the trouble to create a Plan B in the first

    place. Theres a million-dollar tip for you.

    Like anything, optimism can be a virtue or a vice. It all

    depends on how you use it. Theres a huge differencebetween foolish, unwarranted, idle optimism and earned,

    justifiable and deserved optimism.

    3To su bs cr ib e contac t Stan dford Ma na gement In st itute at ww w.s tand ford. com.au

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    Im not talking about sitting on your backside and saying

    things will get better. What Im talking about is the ability

    to dissect a crisis and find the opportunity hidden at its

    core. Its the instinct to act decisively on that opportunity

    and make the most of it.

    TESTING, TESTING

    Much as we as entrepreneurs may love our own

    business ideas, our opinion is not enough. Its crucial to

    get an assessment from the real marketplace.

    Start by asking your customers what they really want.

    One survey by a major electronics and appliance retailer

    showed customers hated waiting at home all day for

    deliveries. The retailer made on-time delivery a major

    selling point with fantastic results!

    Open your local Yellow Pages and look at the

    advertisements and selling points your counterparts or

    competitors use. Someone out there has got to be doing

    something right and they can give you valuable ideas.

    DANS KENNEDY ETERNAL TRUTH #5

    You cant trust your own judgement. Test, test, test.

    Direct mail is the ultimate in testable marketing. Using

    direct mail you can track the success of each marketingstrategy with perfect accuracy right down to the letter.

    You can split-test different strategies and compare the

    results. And if you dont have the time or resources to

    test, you can borrow a proven strategy and adapt it to

    fit your needs.

    In the world of direct marketing we dont even talk in

    terms of success and failure. We talk about testing what

    tests well, what doesnt. The proof is in the testing its

    the only way to find out what really works.

    SOMETHING BORROWED

    After all, you dont reinvent the wheel every time you get

    in your car. Why should you do it in marketing? Thats

    why I legally steal whatever I can but Im always

    mindful to ensure I dont infringe any copyrights or

    trademarks. What Im really talking about here is using

    strategies that others have already tested for you.

    The kind of creativity you use to paint a picture or write

    a novel is vastly overrated in the business world. Thefact is, most entrepreneurial fortunes are made without

    brand-new ideas.

    IF YOU CANT CHANGE THE PRODUCT, CHANGE

    THE PACKAGE

    From cheeseburgers with bacon, to Subways

    repositioning of its sandwiches as diet food, repackaging

    can revolutionise an old product.

    Make it Bigger

    Two words Supersize Me.

    Make it Smaller

    From the iPod Nano to Dinners for One

    Add to It

    Shampoo and conditioner in one. A camera in your

    mobile phone. A printer-fax-phone-copier. This one might

    be getting out of hand

    Subtract from It

    Fat-free, sugar-free, caffeine-free, preservative-free,

    organic.

    Do it Faster

    From ten-minute oil-changes to two-minute noodles,

    speed-dating to broadband, everything from intimacy to

    the internet can be done faster.

    Do it Slower

    A shoe shine. Your car washed by hand.

    Do it Cheaper

    Cubic Zirconias and Two-Dollar Stores.Do it More Expensive

    First class. Ferrari. Rolex. Prada. Gucci. You get the idea.

    POSITION, POSITION, POSITION

    It might be a buzzword, but positioning is one of the

    most important marketing concepts to get your head

    around. Positioning is all about controlling how your

    customers feel about your company and your product

    especially in relation to the businesses that compete for

    your customers.

    Ill set out the basics of positioning here my apologies

    if they seem obvious. Ive seen too many business people

    overlook the obvious and pay the price!

    Positioning Strategy #1 Name Your Success

    Whats in a name? More than you might think. Titles

    matter a lot. Ive battled with my publishers over the titles

    of nearly every one of my books.

    It may sound simple, but choose a name that tells your

    customers what you do. A few years ago I was asked

    to come up with a name for a weed killing spray. Thename I came up with? Kills Weeds Dead. I think it got the

    message across.

    And it is not just products that can benefit from a catchy

    4 To order indiv idual summaries or books, simply contact our Customer Care People on 1300 88 14 16

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    title. Services and processes can take off with the right

    name. Would you rather have a 10-Minute Oil Change

    or an Indy-500 Style 10-Minute Oil Change? One of my

    clients, Joe Polish, trains carpet cleaners to go around

    customers houses to quote the cleaning job.

    He dressed up the process by having the cleaners place

    stickers on stains and engage in other visible diagnostics.

    He ingeniously named it a Free Carpet Audit and made it

    part of his marketing strategy!

    Positioning Strategy #2 Your Price

    Price is always a big talking point in sales. Youll hear a

    lot about pricing strategy. Personally I would never want

    to be in a business that got its customers purely through

    the lure of the lowest price. Every business I get involved

    with sells itself on quality, value, service and unique

    benefits. The most stable markets are those with the

    highest quality products and services.

    DANS KENNEDY ETERNAL TRUTH #6

    Live by price Die by price.

    Im often out of the office travelling, so it can take a while

    for a new prospect to connect with me. I even have to

    schedule appointments for phone calls. But the lack of

    availability doesnt put prospects off on the contrary

    the less available I am, the more I seem to be in demand.

    Find a way to create exclusivity, and to project an image

    of more demand than supply. Before you know it your

    image will become a reality.

    Most business people have much more fear about raising

    prices than is really warranted. Remember The New Price

    Is Right ? It was a game show where contestants had to

    guess the correct price of common grocery items. Often

    they were wrong by 50% or more! It just goes to show

    that a customers perception of a fair price has a lot more

    to do with presentation than the customers idea of what

    the item should cost.

    Of course, some customers do research their purchases

    on the internet and just by looking around. But studies

    show that only about 10% of the population research their

    purchases and even then it is only large items like cars

    and major appliances.

    Positioning Strategy #3 An Image that Works

    A bank manager once said to me You cant be a

    company president. You arent wearing a tie. I was

    stunned, but I never forgot it. I f you want everyone to

    see you as a successful entrepreneur, you have to present

    yourself as one.

    DANS KENNEDY ETERNAL TRUTH #7

    We are often told Dont judge a book by its cover but

    the truth is, we cant help it.

    Be warned you will be judged that way too.

    I know how important testing is, so Ive even tested this

    concept. Ive tried giving seminars in jeans, sports coats

    and business suits. And like it or not, Ive always got the

    best reception with a suit.

    It might not be fair, it might be superficial and allowprejudices like racism and sexism to continue to thrive.

    But its a fact of life. You can either be morally outraged,

    or you can put your objections aside and get back to

    making money.

    There is an exception adver tising and direct mail.

    Many people make their marketing and advertising

    material pretty (and expensive) but fail to deliver a

    compelling message. You are better served thinking

    of your marketing material as Salesmanship in Media

    rather than Advertising. Your message matters most.

    The wrong presentation for your market can sabotagethe best message. But a far more common problem is a

    spectacular presentation of nothing!

    Positioning Strategy #4 Appoint Yourself

    When were kids our parents decide when we are

    old enough to stay home by ourselves, or babysit

    our little brother or sister. At work our employers or

    managers give us promotions and appoint us to new

    responsibilities.

    As an entrepreneur, youll need to get used to appointing

    yourself. People ask me how I became a professional

    speaker. My answer is simple by being one!

    You dont need anyones permission to be successful.

    Expert positioning is all about self-appointment, self-

    promotion and self-belief.

    POSITIONING SUCCESS STORY

    A client of mine made a good living selling franchise

    and business opportunities, making about $5,000 a

    month in commissions. One day he realised that by

    pursuing customers, he was chasing them away. Hecame up with a brilliant idea.

    Early in his conversation with a new contact, he would

    ask for business and personal references. He would

    then call the references and ask various questions

    about the prospect s integrity, character and work

    ethic. By way of explanation, he would tell them he

    was qualifying the prospect for a lucrative business

    opportunity. The referee would immediately call the

    prospect who would suddenly feel like they were part

    of an elite group competing for a coveted opportunity.

    By changing his focus from selling to selecting my clientincreased his income from $60,000 to $500,000

    in just one year!

    5To su bs cr ib e contac t Stan dford Ma na gement In st itute at ww w.s tand ford. com.au

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    ENTREPRENEURS DO IT DIFFERENTLY

    An entrepreneur once said that the more he saw the

    official business world the more he started to wonder if

    he was really in business at all! What he was doing felt

    totally different. When I read that I instantly understood

    I felt exactly the same way.

    Small business owners tend to fix on one narrowly

    defined business and appoint themselves as the general

    manager. In essence, they buy themselves a job. Hopefully

    its a good job, and by stabilising first one operation, then

    two, three, four and more you might ultimately become

    quite rich.

    But true entrepreneurs do it differently. They are not

    married to a single business idea or opportunity. First and

    foremost, entrepreneurs make money with their ideas.

    They love the thrill of creating and launching a fledgling

    business. And they often get bored or restless with the

    mundane day-to-day management of a going concern.

    THE POT OF GOLD TCV

    The satisfied customer who trusts your business to meet

    their needs is enormously exploitable. And so many

    businesses lose customers and never do anything to get

    them back. The way to get customers who want to come

    back is to focus on Total Customer Value TCV.

    Here are a few things to remember when seeking to

    maximise your TCV:

    Aggressively expand the use of core services by your

    repeat customers.

    Diversify into joint ventures or hosting other businesses

    with a logical connection to your own.

    Exploit the potential of satisfied customers. They can

    become the best kind of advertising word of mouth.

    Most business owners think the reason to get a customer

    is to make a sale. I do it differently I make a sale to

    get a customer. Dont make the mistake of thinking all

    the value of your business is in the physical assets the

    shopfront, factory, equipment, inventory. All the real value

    is in the customers.

    Entrepreneurs think in terms of value not just sales and

    profits. They think about value not just right now, but for

    the long haul. The customer is a very important asset with

    lifetime value.

    THE SIX CORE SKILLS OF ENTREPRENEURS

    1. Ability to provide appealing products, services and offers

    2. Ability to manage for maximum profit

    3. Ability to retain customers and maximise value

    4. Ability to develop value and equity

    5. Ability to meet personal and lifestyle goals

    SALES & MARKETING BREAKTHROUGHS

    Its a sad fact of life that no-one gets rich dusting

    shelves, collecting garbage, keeping books or managing

    employees. Yet Im always surprised at how many

    entrepreneurs allow all their time to be taken up with

    these tasks. The real money in the world comes from

    sales and marketing and if you want to make money,thats where you need to invest your precious time.

    The first quantum leap in income will happen when you

    stop doing your thing and start marketing it!

    The worst marketing sin you can commit

    is to be boring.

    Breakthrough #1 There Are Riches In Niches!

    A small market or part of a larger market may be in

    desperate need of better products and services, whichyou can provide. One printing company discovered

    that many smaller hospitals and institutions didnt

    buy their forms because they came in packs of 1, 000

    or more. Small hospitals had no need for so many

    forms, and the company won a swathe of business by

    printing their standard forms in smaller packs. Niche

    marketing at its best.

    Breakthrough #2 Find a New Sales Medium

    Have you ever thought about marketing your product in a

    totally different way? Like the industrial cleaning company

    that took out an infomercial? The long-distance telephone

    company that sold through multi-level marketing? Or

    doctors who sell Botox through Tupperware-style parties?

    Now that gets attention.

    Breakthrough #3 A New Type of Guarantee Can

    Confuse Your Competitors

    Some people say guarantees are old-fashioned and dont

    work anymore. I disagree. I love marketing on the strength

    of guarantees. My experience shows guarantees work as well

    now as they did 25 years ago.

    Lee Iococca used this idea to help save Chrystler, with its

    seven year / 70,000 mile warranty along with the argument:

    If you want to know who builds them better, take a look

    6 To order indiv idual summaries or books, simply contact our Customer Care People on 1300 88 14 16

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    at who guarantees them longer. At the time this was a

    groundbreaking guarantee and got the publics attention

    selling lots of cars.

    One client who owned a chain of optical dispensers ran the

    Free Eyeglass Replacement Guarantee. This guarantee wassuch a point of difference, it sucked the customers right out

    of his competitors stores and increased sales by as much as

    800% in one of his stores! These days some bigger chains

    have adopted the replacement guarantee.

    My client, Guthy-Renker Corporation has Victoria Principal

    with the Bottom of the Jar Guarantee: Use the whole jar;

    return it empty if dissatisfied for a refund.

    Copywriting genius Gary Halbert (www.thegaryhalbertletter.

    com) came up with one of the best worded guarantees for

    skin care Ive ever seen:

    If your friends dont accuse you of having a facelift, return

    the empty jar

    Breakthrough #4 Exceptional Service Earns

    Word-of-Mouth Advertising

    Walt Disney thought every customer at Disneyland

    should be treated like a guest. Every staff member from

    the broom pushers to the ticket booth clerks are taught

    to direct customers to attractions and answer common

    questions. The Disney marketing motto is: Do what you

    do so well that people cant resist telling their friends aboutyou. Thats word-of-mouth advertising priceless.

    Breakthrough #5 The Strategic Alliance

    One problem facing every business is the high cost

    of bringing in customers. One good way to ethically

    hijack customers from another business with a desirable

    customer base is to give the merchant something free to

    give as a gift or premium to customers. It will usually

    be cheaper to buy customers this way than to win them

    through advertising.

    Michael Kimble CEO of Group M has won tens

    of thousands of customers using this kind of parasite

    marketing by convincing companies to include his offers

    in their mailouts to their customer list. All these lucrative

    arrangements began with a letter from Mike headlined

    FREE MONEY. He offers his hosts a generous bonus for

    each sale.

    DAN KENNEDYS ETERNAL TRUTH #8

    No one will ever be a bigger expert on your business than you.

    Breakthrough #6 Professionals on a Percentage

    Now Im an expert, but I encourage everyone to be

    careful with experts. Most experts are experts at getting

    their hands in your entrepreneurial pockets. Most of them

    couldnt run your business for a week. The best kind of

    experts will be happy to be paid on performance rather

    than task completion.

    Take me, for example. When I design a direct-mail ormarketing campaign for a client, I get paid a hefty fee.

    But my main compensation is 2-5% of the resulting sales.

    The best marketing experts will not tell you what to

    do. They will work with you to combine your intimate

    knowledge of your business with their expertise about

    marketing that works.

    DANS KENNEDY ETERNAL TRUTH #9

    Being willing to do whatever it takes is more important

    than knowing everything about how to do it.

    THE TWO MOST IMPORTANT SALES YOULLEVER MAKE

    The most important sale youll ever make is selling

    yourself on selling. Every business is about selling no

    matter what your product, youre going nowhere if no-one

    buys it. You need to be in selling mode 100% of the time

    so you might as well enjoy it.

    The second most important sale is selling you on yourself.

    Entrepreneurs need to sell even more than other business

    people they need to sell and re-sell themselves on their

    ideas, goals and ventures every day. So a lot of it comes

    down to believing in yourself. Do you believe you have

    what it takes to be an entrepreneur?

    Once you have closed these two sales, you will have what

    it takes to win in any business.

    DAN KENNEDYS ETERNAL TRUTH #10

    The ability to win is easily transferred from one business

    to another.

    BETTER GET A LAWYER, SONEntrepreneurs are often shocked at the ease with which

    they can be slapped with a lawsuit. Theyre even more

    shocked when they get their lawyers bill. If you are

    involved in a lawsuit, do as much of the work yourself

    as you can especially things like photocopying, which

    will cost a small fortune if you let your lawyers office do

    it for you.

    DANS KENNEDY ETERNAL TRUTH #11

    Talk is cheap until you get a lawyer.

    Accountants can be just as infuriating to the entrepreneur,

    but for different reasons. A good accountant is essential,

    but most entrepreneurs dont take kindly to the

    7To su bs cr ib e contac t Stan dford Ma na gement In st itute at ww w.s tand ford. com.au

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    conservative and penny-pinching approach that comes

    naturally to most accountants. Of course, youll bless their

    pocket protectors when you pass your first tax audit, but

    thats no consolation when theyre raining on your latest

    entrepreneurial parade.

    DANS KENNEDY ETERNAL TRUTH #12

    No-one will ever care about your business as much

    as you do.

    Many entrepreneurs just grab the first warm body that

    walks by often a spouse or family member, which

    creates a whole new world of problems. But even if

    you use normal recruiting channels you will need to

    kiss a lot of frogs before finding a real jewel of an

    employee you will want to keep forever.

    Your employees arent going to care as much aboutyour business as you do. So you will need to develop,

    reward and promote the employees you want to keep.

    DANS KENNEDY ETERNAL TRUTH #13

    Cashflow is King.

    FIVE KEYS TO MULTIPLIED CASH FLOW

    In business, happiness is positive cashflow. These tips will

    help you to increase cashflow immediately.

    Reduce & Control Expenses

    Entrepreneurs tend to focus on growing the business so

    cutting costs may go against the grain. But even with sales

    growth, out of control expenditure can still drive you into

    bankruptcy. Monitor your outgoings it may be the key

    to your survival.

    Increase Leverage

    Extend credit terms, use balloon payments on lease

    agreements, refinance, let bills wait, do whatever it takes

    to improve cash flow.

    Get Paid

    Tighten credit policies, do reference and credit checks. Cut off

    past-due clients and implement a strict collection procedure.

    Increase Sales

    Grow sales strategically to prevent blowouts growing so

    fast you exceed the capacity of your business to deliver

    can be disastrous.

    DANS KENNEDY ETERNAL TRUTH #14

    If you cant make money without money, you probably

    cant make money with money.

    Peak productivity is the use of your

    time, energy, intelligence, resources andopportunities in a manner calculated to bringyou measurably closer to meaningful goals.

    Outstanding success in any business is the result of

    strategically focusing your time on the activities youre

    very good at and get excited about. When you are

    devoting yourself to the highest value responsibilities

    and the aspects of the business you have a real passion

    for, you will truly be on top of your game.

    DAN KENNEDYS ETERNAL TRUTH #15

    There is never enough time or any other re source!

    Entrepreneurs learn to work with what theyve got.

    What does the quintessential entrepreneur want

    most? Wealth? Power? Prominence? No, in truth,

    the entrepreneur longs for the same overwhelming

    human reward everyone else does: understanding and

    appreciation. I understand you, and I appreciate you. I

    hope thats come through in this summary and you will

    want to move on from reading my summary to having

    some sort of continuing relationship.

    You can find more about Dan Kennedy at:

    www.dankennedy.com

    You can find the full No BS Business Success book, along

    with No BS Sales Success and No BS Time Management for

    Entrepreneurs (all by Dan Kennedy) at:

    www.nobsbooks.com

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