Tai Lopez Shares 7 Steps to Launch a Business With No Money or Experience

http://ift.tt/2fJeaY4


Tai Lopez Shares 7 Steps to Launch a Business With No Money or Experience

How to go from idea to paying customers in one to eight weeks.
Tai Lopez Shares 7 Steps to Launch a Business With No Money or Experience
Image credit:

Mary Delaney – The Oracles

Content Provider
A brain trust of high-level entrepreneurs

Last year, 310 out of 100,000 people on average created new businesses each month in the U.S., according to the 2017 Kauffman Index of Startup Activity. Most entrepreneurs start businesses out of opportunity rather than necessity.

We asked investor, philanthropist, and member of The Oracles, Tai Lopez, for his take on how to capitalize on an opportunity and launch a business. If you’re unfamiliar with Lopez, he advises many multimillion-dollar businesses and is a social media marketing expert. In the last year, his Facebook following has grown from 600,000 to over six million.

“Thanks to modern technology, it’s possible to go from idea to paying customers within a short amount of time,” Lopez explains. “But most never get started because it’s overwhelming.”

Here’s how to get started:

1. Pick an idea that works for you.

“Most people think they know what they’re good at,” wrote Peter Drucker in Managing Oneself. “They are usually wrong.”

“That’s the most important principle I ever learned,” says Lopez. “A lot of entrepreneurs can’t figure out why their business is failing. But you can only build on strength. ‘Doing what you love’ usually only works for hobbies. Don’t build a business around your weakness.

“I love basketball, but I’m not good enough to play professionally. If I tried to pursue it as a career, I’d fail financially. So, I play basketball as a hobby but build businesses around things that come naturally to me: public speaking, making videos, and social media marketing.”

Lopez says take the time to become more self-aware. “If you’re talkative and like asking questions, maybe start a podcast or host events. If you’re organized, becoming a virtual assistant can be lucrative.”

2. Spot trends.

Another reason why startups fail, according to Lopez, is because the founder ignores trends. 

“For example, small businesses struggle with social media. More adults are ditching college for jobs. People want practical skills to get paid immediately. So, I created a multimillion-dollar business that teaches people how to manage social media for small businesses.

“View problems as opportunities to help people out. You’ll earn money as a reward for your solution and get paid in proportion to the problems you solve.”

3. Launch quickly.

Lopez shares what his first mentor, Joel Salatin, told him at 19 years old: “Tai, sometimes good enough is perfect.”

This philosophy means building prototypes that are just good enough versions to test in the market. “The biggest mistake new entrepreneurs make is creating something that no one wants to buy.

“By using prototyping, you focus on creating something that people will pay for, quickly and cheaply. ‘Speed of launch’ combats procrastination. We procrastinate because of perfectionism about the initial launch. Then we lose interest, and the project never gets off the ground.”

Never forget: Good enough is perfect.

4. Pivot around what customers want.

Lopez explains how entrepreneurs can learn a lot from Apple and Kodak. The iPhone has continually evolved from user requests and continues to dominate the smartphone market.

Conversely, although Kodak was the top photography brand for over a century and once “sure bet” stock, they ignored early warnings and didn’t pivot fast enough for the digital world. By 2012, the company went bankrupt.

“When it comes to growing your business, don’t fall in love with your idea. The idea gets you started but be willing to change. Improve your idea through experiments and tests. Otherwise, you’ll fail.”

5. Optimize your pricing.

“Most businesses get their pricing structure wrong,” says Lopez.

“In the book ‘Smart Pricing,’ two Wharton professors analyzed all the things you can do for positive repercussions for your business. Optimizing price is first. Most businesses’ prices are way too low or high.

“If you study economics, it’s the study of allocating scarce resources. Unless you’re a Saudi sheikh, most people only have a limited amount of money.

“So, focus on testing different prices to ensure demand for your offer. If people won’t pay a penny, shut the business down or do a massive pivot.

“But if the product sells well—or you can charge a premium price over similar products in the market—you’re ready to scale.”

6. Scale.

To scale, Lopez says you need two things: viral free marketing and paid advertising. But your product has to be good for it to work.

“The billionaire Charlie Munger said, ‘You can’t polish a turd.’ Some people try to advertise a turd idea. It doesn’t work.”

But you can polish a good idea. “If your idea is good, employ some controversy, humor, and drama in your marketing for free virality.” Lopez recently uploaded a highly provocative Instagram post to market his clothing line. 

“Once you have a hit product that’s going viral, invest in paid boosting. Most people try to boost too early, which is an expensive mistake. You’re trying to boost something that people don’t resonate with.”

7. Use a trainer.

Lopez recognizes that all world-class performers use trainers, coaches, and mentors. He applies the same principle to his own life. His basketball coach, Pooh Richardson, was an NBA pro basketball player for 10 years. His personal trainer is 2016 Mr. Olympia, Danny Hester. And his Brazilian Jiu Jitsu coach is Rigan Machado, widely regarded as one of the top competitors in the sport’s history.

“Regardless of the business you start, a mentor answers the stuff you can’t find online. They’ll cut your learning curve by years. Their personal experience calms and guides you through.

“There are three options when getting trained: in person (the best), online or books (easiest), or none (avoid).”

If you want to learn how to start your business in one to eight weeks, Lopez is offering a free training video on his website for Entrepreneur readers.


How to Win an Argument, According to Science (Infographic)

How to Win an Argument, According to Science (Infographic)

With a few simple tricks, you can consistently be on the winning side.
How to Win an Argument, According to Science (Infographic)
Image credit:

Courtneyk | Getty Images

Online Editorial Assistant

an hour ago

Whether you’re right or wrong, winning an argument can be a challenge. Luckily, with a few simple tricks, you can learn how to debate like a pro.

For starters, rather than coming off aggressively, start a conversation. Having a two-way discussion will show the other person that you’re open to hearing their ideas, and in turn, they’ll likely be eager to hear yours. You should also always let them speak first and ask them open-ended questions.

Related: How Arguments Can Move a Business Forward

Next, mirror your opponent and mimic the way they are positioned. Be sure not to make it too obvious, but if you see them sitting cross-legged, then do the same. According to research, people are more likely to believe someone who is positioned the same way as them. Of course, always make direct eye contact, and once they’re finished speaking, repeat some of the most important points they were trying to make so you know that you fully understand their point of view.

Related: Science Says These 9 Tactics Will Help You Win Any Argument

Now it’s your turn. When it comes to making your case, make sure you have all of your facts straight, use evidence such as studies to support your argument, end your questions with affirmative questions such as “right?” and “wouldn’t you?” and of course, never raise your voice.

To learn how you can always win an argument, check out SavingSpot’s infographic below.

Rose Leadem

Rose Leadem is an online editorial assistant at Entrepreneur Media Inc. 

Read more


5 Ways to Make Your Small Online Business Appear Bigger

5 Ways to Make Your Small Online Business Appear Bigger

As the owner of a startup or small business, there’s a certain stigma that comes with your size and lack of experience in the marketplace.

5 Ways to Make Your Small Online Business Appear Bigger

Image credit:

Shutterstock


From
Due
Content Provider
Due

Due

August 11, 2017

This story originally appeared on Due

When Kevin Plank first launched his now billion-dollar company Under Armour, one of his biggest challenges was conveying a professional image. He didn’t want people to know that he was working out of his grandmother’s basement. So he did everything possible in the beginning to make his small online business appear bigger.

He even carried around multiple business cards so that he could play to whatever audience necessary. Can you can relate?

Are you facing the startup stigma?

As the owner of a startup or small business, there’s a certain stigma that comes with your size and lack of experience in the marketplace. Have you experienced this personally?

Perhaps you resonate with Kevin Plank and Under Armour and are currently working out of a garage or basement while trying to hustle your way to your first few sales. Or maybe you’ve been around for a couple of years, but just can’t seem to get people to listen.

Right or wrong, the problem with being small is that people have been conditioned to think that size is directly correlated to quality/reliability/cost. They assume that, because you don’t have a big office with a full roster of employees, you must not be professional. This impression comes from the thousands of other tiny businesses and small startups that have failed over the years.

Random businesses that were small but appeared bigger

Do you know what Disney, Apple, Lotus Cars, Harley Davidson, Google, Mattel, Hewlett-Packard, Amazon, Maglite and the Yankee Candle Company all have in common? They were all small companies started in a garage by an entrepreneur with very little business acumen.

The marketplace forgets about stories like these and, as a result, continues to perpetuate the startup stigma. Unfortunately for you, this puts your company behind the proverbial 8-ball.

As you’ve figured out by now, the biggest point of contention in your pursuit of growth is the old chicken and egg dilemma. It’s hard to scale your business without money. The only trouble is that it’s difficult to make money when you don’t have experience. Ironically, you can’t gain experience unless you pick up clients, yet they want to see that you have a large, successful operation before giving you money.

If you don’t figure something out, you’ll end up spinning your wheels forever, never gaining any traction. While an innovative product and a willingness to hustle will take you a long way, it’s important that you tackle your image sooner rather than later. Starting from the bottom may make for a good story in a few years, but right now it could be holding you back.

5 Practical ways to make your online business appear bigger

According to Steven Howard of Howard Marketing Services, corporate image management is built on the idea that, “Everything an organization does, and does not do, affects the perception of that organization and its performance, products and services. These perceptions affect its ability to recruit the financial resources, people and partnerships it needs to attain its goals and objectives.”

While there’s nothing wrong with being a small business — in fact, small businesses are often assumed to have better customer service and considered more trustworthy — you don’t want other people and organizations to confuse your size with a lack of professionalism or potential. That’s why you need to invest in image management.

You need to start thinking about your business from a third party vantage point. If you were looking at your business from the outside, what would your impression be? If you’re being honest, it’s possible that your business might look erratic, unprepared or inexperienced.

The good news is that, as long as you have a good business idea and a willingness to work hard and do whatever it takes to grow, you can fake it until you make it.

It’s never been easier to convey a professional image, while still remaining small and nimble. Let’s take a look at some specific tips, strategies and techniques:

1. Use a virtual office.

Working out of a garage, basement, spare bedroom or cramped office is totally acceptable. If it saves you money and allows you to put all of your resources into building the company, then it’s smart to remain as lean as possible.

But what happens when you get a meeting scheduled with a big-time sales prospect or investor and they want to swing by your office? Giving them your home address isn’t very professional. You need a more sophisticated image.

One solution is to use a virtual office. Depending on where you’re located and what you need, you can usually rent a virtual office for a few hundred dollars or less per month. Some even come with added services.

Take Jay Suites in New York City as an example. When you rent one of their virtual offices, you get a prestigious Manhattan mailing address, a local phone number, the ability to book conference rooms, access to a reception area and break room and an array of portable office services that allow you to work remotely from anywhere.

Depending on the plan you choose, a virtual office costs anywhere from $75 to $499 per month. That’s pretty good bang for your buck!

2. Create a domain-specific email address.

Your website says a lot about your company. But there’s one mistake that entrepreneurs and business owners keep making. Despite having a domain name that aligns with their brand, they continue to use a generic Gmail or Yahoo email address. Not only is this lazy, but it screams “unprofessional.”

For just a few dollars a month, you can create a domain-specific email address. So, instead of telling clients to reach you at Joey39402@gamil.com, you can simply ask them to shoot you an email at Joey@mycompany.com.

3. Pay for professional branding materials.

Even if you don’t have a big marketing budget, you can (and should) invest in some professional branding materials. For your online presence, this means investing in a quality logo, good images and powerful graphics. Offline, basic things like business cards, letterhead, presentation materials, banners and signs can all be purchased at very low prices.

4. Build up your social media following.

When people research your company and try to figure out who you are and what you do, they’re going to check out your social media following. If you have 37 followers, they’re going to be a little skeptical. However, if you have 3,700 followers, then there’s a greater chance they’ll take you seriously.

Building your social media following isn’t easy — however, it’s necessary. There are tons of techniques that people swear by. One of the best is to network with influencers that are involved with your target customer base.

“Pick 3-5 influencers and engage with their content. Write comments, engage in their community, and don’t be afraid to ask them questions,” entrepreneur Bhavik Sarkhed suggests. “By doing this you will put yourself and your profile on the radar of the influencer and their followers. This visibility will land you a bigger following but also put you on a path to become an influencer yourself.”

It’s also important that you remain consistent. You can’t post five times one day and then not share anything for two weeks. Try posting once or twice per day, every day, in addition to regularly interacting with followers and comments.

5. Use the right automation tools.

One of the awesome things about the internet tech boom is that there are lots of powerful automation tools. Many of these tools are free, or extremely affordable. Most give you the ability to handle larger scale responsibilities without committing a ton of resources and time.

If you have a task that needs to be streamlined, chances are, there’s an automation tool available. Common responsibilities that small businesses automate include project management, social media, customer service, employee scheduling, accounting and HR. For a look at some of the top automation tools that companies are currently using, check out this list.

Use the resources you have

The goal here isn’t to lie or be deceitful. If anyone directly asks you about your company and how many employees you have, tell them. Honesty is the best policy when building a business. Remember that growing a business is just as much about branding, market positioning, and image management.

You have access to tons of different tools and resources. The same ones entrepreneurs like Kevin Plank could have only dreamed of when first starting their businesses. Make sure you’re taking advantage of these opportunities and doing everything within your power to boost your image.

Bigger isn’t always better. I’ve found a strong image can get you a long way. Especially in the early days of running a small business or startup.

(By Serenity Gibbons)


More from Due

Due

|

Due is a payments, eCash, online invoicing, time tracking, global payments and digital wallet solution for freelancers, small business owners and companies of all sizes.


It���s okay. You���re allowed to be wrong. – Gapingvoid

August 10, 2017

It’s okay. You’re allowed to be wrong.

Grown Up

 

It’s no wonder we’re afraid to be wrong.

As kids, being wrong meant lower scores on tests – which meant no college, which meant no job, which meant…

Well, we never let it get that far. We were too afraid.

Figuring out how to be wrong and live to tell the tale takes guts. Especially in the workplace. But it’s not just about what we’re willing to do — it’s about who’s around to support us.

That’s why we need to guarantee psychological safety for our teammates.

If we want people to make brave choices, we have to allow them to be wrong. A teammate who’s never secure in their position, or who feels like they have a foot out the door — that’s not who’s going to make your big choices and changes.

There’s no more detention or hall passes or whatever they used to threaten us with.

Now it’s just about doing things that make a difference.

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment

 

Not signed in

Name *

Email *

Website


A Comparison of Five Free MOOC Platforms for Educators

A Comparison of Five Free MOOC Platforms for Educators

There are a number of good options for educators looking to build their own MOOCs. Here is a look at five of the most interesting platforms.

John Swope is the founder of curricu.me, an online MOOC aggregator that allows users to build and share custom curriculum with their students, employees and friends. His favorite MOOC is Dan Ariely’s “A Beginner’s Guide to Irrational Behavior,” and his personal blog takes much inspiration from Ariely’s theories around irrational economics. You can follow him on Twitter and Google+.

By the end of 2013, most top universities had started to offer some sort of MOOC (massive open online course). Now, we are starting to see the MOOC product move into both the corporate and the private realm. Companies like Google and Tenaris are using MOOCs for training their employees, MongoDB is educating developers through the MOOC medium and thousands of private instructors are teaching classes on sites like Udemy.

If you are considering a MOOC for yourself or your organization, you’ll first need to determine which tool you will use to build the course. The following is an assessment of five popular free MOOC (and MOOC-like) platforms.

MOOC Comparison

edX

EdX is an open-source platform offered by edX.org. It is the same platform that universities such as Harvard and MIT use to offer courses to 100,000+ students. It was released as open source in March 2013, and the goal was to act as the WordPress for MOOC platforms, allowing users to use plug-ins to expand the core functionality. edX has a fast, modern feel, with the ability to accommodate large enrollments.

edX is suitable for organizations that want a modern, flexible, robust course-management platform. Although it is open source, investment will need to be made in both installation and some maintenance. But the return will be a platform that can provide best-in-class content to thousands of students.

Moodle

Moodle is an open-source learning management system (LMS) that allows users to build and offer online courses. It was built for traditional online classrooms rather than MOOCs, which attract a large number of students. It tends to be easier to install than edX, and there are hosted or one-click install options available.

Moodle is suited for organizations that want a full-featured, customizable LMS. The platform offers more than edX in terms of educational tools, analytics and SCORM compliance. The trade-off is that the platform is over 10 years old. The number of configuration options can be daunting, and system performance suffers with larger numbers of students.

CourseSites by Blackboard

CourseSites by Blackboard is an exceptionally robust platform. It has most of the features that Moodle has, including extensive teaching tools, reporting features and SCORM compliance. It is also cloud-based. You can set up a course in minutes and never have to worry about maintenance or upgrades.

The service is free for up to five live courses, and Blackboard has given no indication that this will change. The trade-off seems to be that your courses are branded with the Blackboard logo, and your students must register with Blackboard in order to join a course.

CourseSites is a good option for individuals — for example, a teacher who wants to migrate part of a curriculum to an online format — or organizations looking to start experimenting with online courses without having to install anything . The five-course maximum and the inability to brand your course place limitations on how this platform can be applied. But with the lowest maintenance costs and the highest number of features, CourseSites is a good option.

Udemy (free version)

From the beginning, Udemy has specialized in the private MOOC. Think of it as the YouTube of MOOCs. Instructors can build and host their own courses on the platform and then offer them to users for free or for a fee.

Udemy is for individuals who want to easily build basic courses and monetize them. The platform is full of coders, photographers, designers and other specialists who offer their knowledge in the form of an online course. Udemy’s most distinct strength is its base of 2,000,000 registered students. When you build a course on Udemy, you are able to reach this pool of potential students.

Versal (free version)

Versal is an intriguing new platform. Its major strengths are a sleek, intuitive user interface and a robust drag-and-drop functionality. A user can sign up for free and then build a course that includes mathematical expressions, image drill-downs and many more widgets, all without any coding knowledge. Users can also embed their published courses on other websites, such as personal blogs.

Versal can’t fairly be called a MOOC platform, because it lacks certain MOOC elements. In particular, there is currently no forum or discussion functionality. Instead, it can be thought of as a strong tutorial platform.

Versal is most suited to individuals who want to quickly build sleek tutorials — for example, a teacher who builds an assignment for his students, or a musician who builds a short course on music theory and posts it on his or her blog. Versal is a young product, and the company is planning to develop some of the features that its platform currently lacks. This is one to keep an eye on.

Which platform you choose depends on what assumptions you make about your course. Most of these platforms offer demos on their site. It helps to be able to play around in a course and try to imagine your content with a similar look and feel. Finally, don’t worry about changing your mind early on. These platforms all rely on much of the same content (YouTube videos, PDFs, quizzes, etc), so it is easy to migrate a course halfway through the building process.





More On

Feb
26
2014






How to Create the Perfect Infographic Infographic – e-Learning Infographics

Other Infographics

How to Create the Perfect Infographic Infographic

Posted on August 10, 2017

How to Create the Perfect Infographic Infographic

How to Create the Perfect Infographic Infographic

Infographics are powerful to communicate detailed information in a way that people can grasp quickly. However, you cannot just slap some images together, call it an infographic, and expect the page views to come pouring in. If you want to create a successful infographic, you have to follow a few different steps.

This infographic provide quick tips to create the perfect infographic that will be shared and read. It highlights simple best practices like: defining a goal, including a call-to-action, use a consistent color palette, and more.

Once you have created your infographic your work is only half done. You need to release it out into the world. There are three main tactics you can use to promote your creation.

See also:

Via: http://ift.tt/2wLuL0D


Embed This Education Infographic on your Site or Blog! Copy and Paste the following code!

 



The unbearable lightness of knowledge working – E-Learning Curve Blog

“In my view, organisational performance is highly dependent on worker ability and motivation”


1

The unbearable lightness of knowledge working

Here’s an interesting article that’s been rattling around the web for a while now, but worth revisiting: according to Jared Sandberg at the WSJ –

In the Information Age, so much is worked on in a day at the office but so little gets done. In the past, people could see the fruits of their labor immediately: a chair made or a ball bearing produced. But it can be hard to find gratification from work that is largely invisible, or from delivering goods that are often metaphorical. You can’t even leave your mark on a document in increasingly paperless offices. It can be even harder trying to measure it all.

Doing a job well provides tangible benefits

Doing a job well is gratifying and provides tangible benefits

In Ireland recently, a survey by the recruitment company Executive Connections suggested that most people in the job market are on the move not, as you might imagine for greater remuneration, but because of a perceived lack of career progression and satisfaction with their current role; people really do have an inherent need for, and are motivated by responsibilities in their job.

As learning practitioners – and particularly in e-learning – we’re aware of the importance of motivating and rewarding learners. Many of us have first-hand experience of the numbingly dull exercise of proceeding through linear old skool CBT-style courseware. We try to design, develop, and deliver engaging and interactive  experiences that will reward our learners, or at least evoke a degree of satisfaction when they accomplish a task or successfully complete an activity, and we also know about the statistics of the high drop-out rates for e-learning programmes.

I’m wondering if there’s a relationship between these two phenomena? In my view, organisational performance is highly dependent on worker ability and motivation.

Ability depends on educational development, experience, and training; developing this facility is an ongoing process that doesn’t reap immediate rewards. However, motivation can be improved quickly. As a guideline, there are broadly seven strategies for motivation.

  • Positive reinforcement / high expectations
  • Effective discipline and punishment
  • Treating people fairly
  • Satisfying employees needs
  • Setting work related goals
  • Restructuring jobs
  • Base rewards on job performance

These are the basic strategies, though the mix varies from situation to situation/workplace to workplace. In the under- or unmotivated worker (including those who drop out of e-learning courses for example) we can say that there is a disconnect between an individuals actual state and some desired state: so how do we resolve this disconnect, and ultimately support knowledge workers find increased psychological satisfaction in their professional endeavours?

Answers on a postcard please.

References:

Sandberg, J. (2008) A Modern Conundrum: When Work’s Invisible, So Are Its Satisfactions. The Wall Street Journal [Internet]. Available from: http://ift.tt/RXNABi
SB120338000214975633.html?mod=psp_editors_picks
[Accessed 12th July 2017]

Related

Social networks, long tails, social tiesJuly 19, 2017In “E-Learning”

The Problem of KnowledgeSeptember 30, 2010In “E-Learning”

Irish Learning Showcase 2010 in DublinJuly 16, 2010In “E-Learning”

.

.