In the end, these things are broken down into 7 Success Skills.
The Main Lesson:
Failure is mandatory, plan accordingly. To learn in the real world, you must fail. You must test your hypothesis and often find that it was wrong (and something else was right). So give yourself the ability to learn (and fail) continuously without getting distracted by things like running out of food. This will lead to a successful hypothesis which can then lead to money through passion.
“Experimentation takes time. It takes money. And it takes room to fall and to fail.”
“Read about it, study it, and frankly, just do it. A lot of it is trail and error. All my experience comes from mistakes. Either making them yourself, or learning form someone else who has. It all counts…Mastery comes from doing. Either do it yourself, or learn it from someone who did.” Victor Cheng
The Main Lesson:
GIVE. Give, give, give; enjoy helping people improve their lives and the world. Give without expectation of getting anything back. Give to your mentors and your tribe, and your tribe will grow.
“You are the average of the five people you spend the most time with. And, on a bigger picture, you are the a reflection of the 20-30 people who give you the best advice” – Jim Rohn & Michael Ellsberg
“This turned out to be the most significant decision in my business career – to find someone who is massively successful and to go work for him.” – Eben Pagan
“Leadership is like a fountain. Imagine the leaders are the water near the top, ready to burst out of the fountain. The water about to burst out is being pushed up by water below it. If you want to succeed, find leaders who are doing amazing things in the world, and push them up. Find powerful people and help them reach their goals. If you’re of service to them, they will be of service back.” – Eben Pagan
“You can have anything you want in life, if you will just help other people get what they want.” – Zig Ziglar
The Main Lesson:
Marketing & sales are the core of any big change in the world. It’s the only way to make a difference or make money. It’s how you make things people want, and it’s how people see that they want what you’ve made. Every great figure throughout history, was a great marketer.
“if you’re serious about financial results in your life – whatever business you’re in, however large or small, and whether you’re an employee or an entrepreneur – you need to become lifelong student of marketing. Period.” – Michael Ellsberg
“Understand that no matter what you’re doing… nothing happens until something gets sold. Ever… The key to making money, and therefore living a life of less stress, is to cause someone to joyfully give you money in exchange for something that they perceive to be of greater value than the money they gave you. The key there is ‘joyfully’.” – Frank Kern
“success is it’s own skill. There’s the skill of the craft. Then there’s the skill of success. It’s an independent education… It takes about the same amount of effort to learn the skill of success as it does to learn the skill of the craft itself. ” – Michael Ellsberg
“In my experience, the skill of success breaks down into three things. The skill of marketing, the skill of sales, and the skill of leadership.” – Michael Ellsberg
“If you can get people who don’t know about you to know about you (marketing), and you can convert them into customers (sales), and once they’re customers, you can lead them from point A to point B, you can accomplish anything on the planet” – Michael Ellsberg
For the ‘How to Learn Them’ check out the how to in success skills 3 & 4.
The Main Lesson:
A key to success is to always learn useful knowledge.Bootstrapping is learning useful knowledge and increasing your cash flow without sacrificing huge amounts of time and money. It’s giving little to learn and make a lot.
“In a world of business, [bootstrapping] is a strategy that involves getting to the point of profitability as quickly as possible – even if the profits are small- and then continually reinvesting profits to fuel growth.”
“The essence of bootstrapping is keeping expenses low, generating income right away, and continually reinvesting as much of that income as effectively as possible into expanding your future income.”
Bootstrapping your knowledge is andragogy. Self teaching.
The Main Lesson:
If people know your name before you meet them, you’re set for success. Decide what you want people to think when they hear your name, and then make it so.
“Great brand, no resume – no problem. Great resume, no brand? Welcome to position #347 of the stack of five hundred equally great resumes” – Michael Ellsberg
“The essence of building your own brand. People having heard of you – and having a positive impression – before you’ve even met them. If you can create that effect, doors open for you. A close second, if that’s not possible, is people getting a good impression of o very quickly when they Google you” – Michael Ellsberg
“If people think ‘trustworthy, confident, intelligent, funny, hip, savvy, and up-and-coming’ when they hear your name, then that is your brand.
If people think ‘wannabe loser’ when they hear your name, then that is your brand.
And if people think absolutely nothing when they hear your name, then you have no brand.” – Michael Ellsberg
The Main Lesson:
Be the author of your own life; steer your own ship.Know what you want & how to get there, focus on what value you can give, make big decisions often, learn from every loss (and gain), find others who have achieved your goal and learn from them, never give into fear.
“There’s other people having success in business, and I’m not, they know something that I don’t. So I actually have to learn what it is other people know.” – Joe Polish before becoming a multi-deca-millionaire
“There are two decisions you need to come to in order to be free, and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else. If you adopt those two views, you will go far.” – Dan Sullivan
“They’ve [the millionaires in this book] chosen to do whatever it takes to create the lives that they want, including exercising the effort and initiative to figure out what “whatever it takes” is. What they didn’t do is sit around, waiting for someone else to feed them the answer, give them the right opportunity, make things safe or easy for them.” – Michael Ellsberg
“A man’s real education begins after he has left school. True education is gained through the discipline of life… A man may be very learned and useless… Merely gathering knowledge may be the most useless work a man can do. What can you do to help and heal the world? That is the educational test. If a man can hold up his own end, he counts for one. If he could help ten or a hundred or a thousand other men hold up their ends, he counts for more… When a man is a master of his own sphere, whatever it may be, he has won his degree –he has entered the ream of wisdom” – Henry Ford
Here’s the condensed 19 pages of juicy entrepreneurial knowledge: grab it up, and use it well
Very useful post... thanks. Going to read your full notes later.
Thanks for the post - a nice big hit of millionaire thinking. Funny I've been wanting one of these 'what exact modes of thinking make people successful' posts in the back of my mind for a while now - guess it finally came true - yay!
Anyway I really think #5 'bootstrapping' should be put into law for all businesses. I find it absurd how people just go hmm I need to put down a capital outlay of my life savings but these projected sales figures show my market is good and demographics shows good stuff and my bank and backer says its good and blah blah blah just to open and fail in a few months leaving them with hundreds of thousands of dollars in debt. If only they bootstrapped they could get a taste of the market for their products and fail with a much lower outlay of cash. Our business infrastructure needs to accommodate bootstrapping. Franchises are the worst - not to pick out one company but read the Coldstone 'horror stories' if you dare to illustrate the point I'm trying to make. https://sites.google.com/site/coldstonefacts/horror-stories/content-list
You know how you go to a mall food court and there's ALWAYS one or two venues in the entire place which get absolutely no business and only last about a year or two before folding up to give it to another business which gets no customers and likewise flops? Bootstrapping would have stopped that from happening.
Fundamentally, I think life is about taking action. It's about drawing information from your surroundings, formulating that into a decision, and then finally acting on that decision. People who are successful and happy tend to be those who take a lot of action.
My beef with video games, TV, movies, and other sorts of passive entertainment isn't that there's NO value in them, or that they're fundamentally evil things. It's that they promote NOT taking action. When I see someone whose life is made up mostly of going to a mindless job and then coming home and indulging in passive entertainment, I think of their life as being on pause. Days spent that way just don't count.
A lot of what I think about is what makes people take action and what makes people abstain from taking action. I think about times that I've taken action, and times that I haven't, I think about others around me and their relationship with taking action, and I think about how we can all take action more frequently.
I got Jason Calacanis for a few minutes today during LAUNCH. I asked Jason what happened with TechCrunch ("different ideas" he said), what LAUNCH is all about (basically, awesomeness for startups) and what he wishes he'd done differently earlier in his career ("think bigger").
You can also see my LAUNCH coverage of Brian with Green Goose, and Adriana with Girls in Tech.
Here's the video with Jason. He committed to responding to comments posted on this blog, so if you have more questions for him, please post them below.
I got Jason Calacanis for a few minutes today during LAUNCH. I asked Jason what happened with TechCrunch ("different ideas" he said), what LAUNCH is all about (basically, awesomeness for startups) and what he wishes he'd done differently earlier in his career ("think bigger"). You can also see my LAUNCH coverage of Brian with Green Goose, and Adriana with Girls in Tech. Here's the video with Jason. He committed to responding to comments posted on this blog, so if you have more questions for him, please post them below. Here's a transcript of the video: Jason Calacanis: That's quite a set up- I like it! Daniel: Thanks, thanks! Yeah, it's actually really inexpensive! J: So its a Kodak? D: Zi8, and it has an external mic- a really expensive microphone. J: I like it! It's a $2000 microphone with a $500 camera. D: It's a $200 microphone with a $100 camera! J: Oh OK, wow! D: So I'm here with Jason Calacanis, and I first saw you at Founder Conference up on stage! I was there and you seemed to be very entrepreneur friendly, also very polarizing. I don't really know you but tell me, what's your story, how did you end up doing this? J: Oh, you know there are a lot of stories of my life and a lot of ups and downs but the launch conference is my view of what a technology conference around launching should be. You have 100 companies here with small tables (????)....compliments 36 companies on stage who are just awesome companies. We had 700 people apply and actually 5 of these launch pad companies will get to be on stage with those 36 so we'll probably end up having 42-43 companies on stage. They each get five minutes to present their product, why they built it, the business model and then a very serious group of judges gives them feedback. Some of the most successful---it's an unbelievable group of people and then there's a grand jury of 15-16 members who will vote on the winners and there's 5 winners in each of two categories: 1.0 category= Brand new company, brand new product, 2.0 category= Existing company with a new product. D: I heard you say that if you guys make a profit you're going to invest that? J: Yeah, any profit from the event- and there looks like there might be $10,000-40,000 in profits for this event- we are going to invest in the companies. I am an angel investor so instead of taking a short-term profit we're taking a long-term worldview. Of course that will be a very small angel investment. Most companies are going to raise one half of a million dollars or $1M or more, but if we can put in $10-20K to a couple of them, we feel pretty good about that! We hope to do this every year, maybe multiple times a year! This is a conference for entrepreneurs, by entrepreneurs. The ticket prices are extremely affordable- $400 for bootstrapping start-ups. If you've raised money, or you're a lawyer, accountant, venture capitalist, angel investor, it's only $1000. And the other demo-like conferences are $3-5K to participate and some of them charge $20K to be on stage. Some of them charge $4K to have a table in the demo pit like this so we want to be extremely friendly, we don't need to make $1M in profit off of this, we just want to put on a great show and have people pay attention to the 140 companies. D: You seem like a guy who's willing to take risks...my audience is people who either are tech- entrepreneurs or want to be. What do you wish you knew 10 or 15 years ago? What mistakes to see you entrepreneurs making? J: The biggest mistake I made in my career is that I didn't go big enough. D: As in market size, or... J: Yeah. The scope of the products I built- I built products that appealed to a small vertical. And they were successful. Silicon Alley Reporter, my first magazine had under 1 million people who would be interested in it. D: And you sold that to Dow Jones. J: Yes. The second company, WebBlogs, Inc. was smaller, appealed to a couple million people, in Gadget Autoblog Joystick they had single-digit millions so maybe as a group, maybe collectively 5 million people. And my latest company, Mahalo, I'm building to appeal to everybody on the planet. A place where anybody can learn anything. Learn how to make a podcast, learn how to use that camera, learn how to do audio engineering, learn how to make vegan food, learn how to play the guitar, learn how to do math. I want to teach everybody everything with Mahalo. And I could have done that with the first two companies; I could have gone bigger. D: It takes the same amount of effort to start a company why not... J: That's what I always say. It takes amount of effort to build a small company as a big company, as a huge company. And what I mean by that is that the entrepreneur will put in the same amount of effort. He'll put in the 70, 80, 90, 100 hours a week regardless of the market size. You might as well swing for the fences. D: How would you apply that to mobile, for example? Mobile has a lot of promise, it feels like we've reached a tipping point, is that a great big space or ...? J: Huge! There are niche apps obviously but there are apps that will appeal to everybody so you have something like Angry Birds which everybody plays, from grandmothers to grandchildren, and everybody in between from rich people to poor people all play that. It's people on welfare playing angry birds and there are billionaires on private jets playing Angry Birds. There's an example of something that appeals to everybody, it's huge and makes 10's of millions of dollars- easily. But then you have niche applications that solve specific problem. Both are virtuous. It's OK to do niche stuff but if you're going to do something that's in a niche, after you get your foothold and you're successful, think "how can I do this for 10 verticals? or 100?" Or, "how can I take this success in a vertical and apply it to everywhere?" Foursquarer only worked in New York and San Francisco but now it's everywhere! The same thing with Yelp! Yelp was a local service for San Francisco foodies and now it's international. You can start in a vertical, that's virtuous and then go big. D: Just don't think small. Don't be thinking small, think big. J: Think big, take small steps. D: Any other last tips? J: Yeah- you miss 100% of shots you don't take. Take your shot. D: Would you be willing to respond to comments if I put this on a blog? J: Yeah! I will tweet it too- send me the URL. D: Awesome, Thanks Jason! . //