Ep 14. ABC’s Secret Millionaire James Malinchak – 9 Steps to Success for the Entrepreneur
You may have seen James on ABC’s hit TV show Secret Millionaire. James is one of the highest paid public speakers today and someone I have developed a relationship with over the past year. Today we dive into 9 Steps to Success for the Entrepreneur.
- The Question Every Entrepreneur Needs to Ask Daily – What’s the fastest way to the cash – Entrepreneurs can get caught up in the product or the service and can lose sight of the fact that they are running a business. In order for a business to survive, it needs net income. James likes to say “money freedom gives you time freedom”. Simply asking what’s the fastest way to the cash helps him stay focused on driving net income from the business so he can have the freedom to live the life he desires.
- Why Most People Set Goals the Wrong Way – This is an exercise taught at many top business schools. Many people set goals the wrong way. They identify a goal, and imagine how they can get there. This can be similar to looking up a big mountain and asking “how the heck do I climb this big mountain?” Pacing is putting yourself at the end result you desire, turning back and looking at where you are today (metaphorically), and creating your plan from where you want to be BACK to where you are. This will change your thinking! One way to start pacing is to reach out to others who have already accomplished what you desire, and ask them what the steps were that helped them succeed.
- The #1 Most Profitable and Lucrative Skill Every Entrepreneur Should Learn – Public speaking. You do not need to be a professional speaker, but the most successful entrepreneurs develop the skill of speaking to an audience and positioning themselves in a manner that compels people to do business with them. This takes their business to a whole new level, and that is because there is a perception that you must be the best if you were asked to speak at a group. There is an implied level of credibility that comes when you step onto the stage. The more you can speak, the better you can be positioned and thought of as a leader in your market, which translates to an increase in business.
- Why Do People Buy? – People take action (buy) for 2 reasons – to avoid pain or to gain pleasure. This helps drive your messaging to the customer. Specifically how your product or service can help alleviate their pain or help get them to a pleasure they desire.
- What Would He Do If He Had to Start All Over? – If he were in my shoes, just starting his entrepreneurial journey with limited resources, a computer and an internet connection, what would he do? “You don’t have to be great to get started, but you have to get started to be great.” -Les Brown
- Call to action at the end of every single interview. That call to action would drive everyone to one opt in page where you can gather their email. Then take them through a email series of 3 videos offering great content, and at the end of video 4, extend an offer to buy your business program.
- The money is in the list. James is able to get hundreds of people to attend his Big Money Speaker Bootcamps because he has a list to market to.
- Always Remember, You are Running a Business. – Many people get caught up in the hype of “if I just dream big” or “if I have enough passion” that everything will work. You need to logically think about how your market, how you prospect, how you get people on your list, etc.
- “You can get everything you want in life if you just help enough other people get what they want.” -Zig Ziglar – For Secret Millionaire, James approached ABC with a plan to help THEM boost ratings. Why would he do this? He was thinking like the buyer, and knew that without ratings, the show would not get renewed. James fit the demographic they were looking for for a specific episode (tall, dark haired, male who could command a room, etc.), but there was one problem. They had already selected another guy for that episode! Since James came to them and showed them how he could help ABC get everything they wanted (ratings), the original guy got bumped and James was moved into the spot
- Don’t Fill Your Ego, Fill Your Bank Account – Most people who go on Secret Millionaire have their time in the lime light, and go back to their normal lives. James didn’t care about filling his ego by being on the show, he cared about filling his bank account. If you remember what he said in #5 above, where is the money? The money is in the list! So James went on Secret Millionaire with a specific goal of adding 70,000 people to his email list by having a product launch the day after the show aired, and had a list of affiliates lined up to direct traffic there. James had a plan, and it worked!
- True Growth Comes When You Stretch Outside Your Comfort Zone – Most people will just switch back to the old way of doing things. Don’t do that! Keep stretching, keep growing. When you want to resist, you must persist.
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