CHAPTER 15 Creating a Business You Love Flashcards
What is a common outcome for people who build a business?
Many end up with a business they just tolerate or even dislike.
This situation arises when individuals are desperate to start a business and prioritize profitability over personal fulfillment.
What should you figure out before creating a business you love?
Your ‘big why’ behind the business.
This refers to understanding the deeper purpose behind starting the business beyond just making money.
How does the author view money?
As stored-up freedom and energy.
The author believes that having money leads to better problems compared to having too little money.
What often drives people to seek higher purposes beyond money?
Making a positive impact, creating technologies, training people, or reducing suffering.
These motivations often emerge after achieving a certain level of monetary success.
What is the significance of knowing your ‘why’ in business?
It empowers you and provides direction.
As the saying goes, ‘If you don’t know where you’re going, any road will take you there.’
What is crucial for attracting the right clients?
Understanding that not all people resonate with your work.
Good marketing aims to attract ideal clients while repelling those who are not a good fit.
What lesson did the author’s son learn from his coach?
To ‘look through the corners’ while racing.
This metaphor applies to business, emphasizing the importance of long-term vision over short-term distractions.
What does the author suggest regarding opportunity cost?
It refers to what you give up when choosing between options, often in terms of time.
Opportunity cost is crucial for entrepreneurs as poor choices can lead to significant setbacks.
What is the ‘mastermind’ principle?
A group of like-minded entrepreneurs supporting each other in business growth.
This concept, popularized by Napoleon Hill, emphasizes collaboration and accountability.
What is essential for a great mastermind group?
Having great people who are givers and focus on creating value for others.
The quality of the group and community is more important than the format or structure.
What happens when a mastermind group has the right people?
It creates a sense of community and collective growth.
The saying, ‘A rising tide lifts all boats,’ illustrates the mutual benefits of collaboration in a great mastermind.
True or False: The author believes that chasing every shiny object is a good strategy in business.
False.
The author warns against being distracted by short-term tactics that compromise positioning and brand.
Fill in the blank: The Product Launch Formula is a tool to get you the _______ you love.
business.
This emphasizes the importance of aligning business goals with personal passions.
What is one of the most powerful exercises in the author’s workshops?
Getting clients to their ‘big why.’
This exercise is designed to help participants identify their deeper motivations for their business.
What can happen if you choose the wrong opportunity as an entrepreneur?
It can set you back weeks, months, or even years.
Opportunity cost is not just financial; it often involves significant time investment.
What is opportunity cost?
The cost of pursuing one opportunity over others, which can lead to significant time loss.
How does success affect opportunity cost?
The more successful you become, the more opportunities you have, increasing the potential opportunity cost.
What is ‘deal flow’?
The process of having multiple opportunities and deals available due to past successes.
Why is deal flow advantageous?
It allows individuals to leverage their success and resources to create more opportunities.
What is a common opportunity cost for entrepreneurs?
Time.
What analogy did Dean Graziosi use to explain opportunity cost?
A bookshelf that is full, where adding a new book requires removing an existing one.
What is essential for long-term success in business?
Being a perpetual student.
Why is continuous learning important in business?
Markets, clients, and competitors are constantly changing.
What mindset should you have regarding competitors in business?
Think in terms of ‘partners’ and ‘future partners’ instead of competitors.
How can competitors become partners?
By supporting each other through promotional partnerships.
What is the relationship between network and net worth?
Your network is your net worth.
What is the role of information in modern business?
Nearly every business should incorporate an information component to succeed.
How did Joe Polish grow his carpet cleaning business?
By offering a free report educating consumers on fraudulent selling techniques.
What is the significance of the ‘human touch’ in sales?
It makes selling easier by fostering personal connections.
What is ‘the corporate voice’?
A cold, impersonal way of communicating that can hinder sales.
What should you avoid in communication with clients?
Using the royal ‘we’ and impersonal language.
What is crucial for creating a great business?
Realizing that you are in control and can set your own rules.
What should you focus on when creating your business?
Getting clear on what the business looks like and how it aligns with your desired life.
