I've been reading an interesting book called Viral Loop, by Adam L. Penenberg. In a part of the book that doesn't seem to flow with the rest, but perhaps explains the rest of the book better than the rest of the book, Penenberg goes on a tangent about human nature and the societal and human need to be connected with others, and yet be special. It jives with some of my recent thinking about business and life. Here are a few questions to get you thinking:
Why does that 3-9 year old boy or girl that you've never met before come up to you at the park and yell, "Watch what I can do!"?
Who was the most popular girl or boy at your school? Why? Were they actually the most interesting person? Why did almost everyone want to be friends with them?
Why do lunchrooms/cafeterias in every circumstance have tables that are full and tables that are empty? Why do you sit at the table that you do (likely the full one in some circumstances, and the empty one in others)?
Are the most popular movie actors and actresses the best actors/actresses?
Why do some businesses with great ideas fail? And yet why do you know what a Snuggie is?
Why do you like certain people, companies, products, candidates?
Why do combat troops follow certain leaders into battle against all odds?
Why do some sports teams/athletes know they can win no matter what?
Why did you share that funny quip on facebook? Why did you talk about or share that app with your coworker or family member or friend?
Why have or haven't you used the incentive program from work that pays you money if you bring in a new employee?
Why is it hard to sell something you aren't excited about?
Why do you make more noise when someone walks in the room?
Why did you share your food at dinner stating, "This is delicious, try some!"? And why did you equally enthusiastically say, "Ugh! This is disgusting! Here, try some."?
Something awesome, new, wonderful, cool, exciting, hilarious, lame, stupid, thought provoking or touching, just isn't that great without someone to share it with.
Robert Kiyosaki (author of the Rich Dad, Poor Dad series) talks about having the necessary business skills to succeed and building a BI triangle. He also states that every person and family and business all have a BI triangle that needs to be in balance to be a success.
Penenberg talks about the need for a product to be good, sharable, and easy to use in order to become a viral loop. You have to want to share it, or you won't...even if they pay you.
This is why incentive programs don't work well, but social media does. What matters in the equation is me...or you. How you touch your customer, friend, family member is more important than you or your product--because it includes them.
People repost that stupid facebook message because it makes them feel important and connected. People don't talk to strangers because they don't want to feel stupid (or get mugged). People sit alone at a table because sitting alone makes them feel safer than the chance of being rejected at the big table. People love to watch Brad Pitt because they wish they could bring him home for dinner. They watch Steve Buscemi because he's a great actor and happens to be in the film (how many of you had to look up who Steve is?). That little kid wants you to watch him, because an awesome trick isn't awesome unless someone can see how awesome it is. And because if no one watches him, he'll have to admit that he's not that awesome. Nobody wants that.
They say people can judge if they like a person in less than 5 seconds. The first impression is the most important impression because nobody likes changing their minds--they are usually right (or else they'd inherently be wrong...and once again Nobody wants that!). I think people can judge a business, or a website in the same amount of time. Only the cyber world functions much faster than the real world. This is both a blessing and a curse. You can become a success much faster, or a failure much faster. But you don't have as much time to make adjustments.
So, how do you make your business or yourself a success? You feed the need others have to be special and feel connected (this is often called customer service). You make yourself popular. The only problem is that I don't know the answer to the question: why was that boy/girl in school popular?
I'm convinced I'm going to have to watch all those horrible 90's chick flicks about high school girls becoming popular to understand.
Other thought provoking questions why does Pareto's law hold true in so many instances? Is the reverse also true?
Showing posts with label Kiyosaki. Show all posts
Showing posts with label Kiyosaki. Show all posts
Friday, August 8, 2014
Thursday, April 3, 2014
Do you need to be a mechanic to run a mechanic shop?
When I was a teenager and young adult (I'd like to think I'm still a young adult (but with more wisdom) and since I often work with 80 and 90 year olds, I am still a young adult by comparison) I used to stand around my parent's kitchen, leaning or sitting on the counter tops, listening to my family members discuss many topics. Since my father worked at Fidelity Investments conversations often revolved around investing and his customers who would call in for advice or to move money around buying and selling stocks, bonds, and mutual funds. I learned concepts such as "buy low, sell high", "invest early and often", "diversify", "the power of compounding interest", and to ask the question "why do you want to buy that mutual fund", as that was the most common beginning to most stories.
As I got older, my oldest brother ventured out into several businesses (some that I was a part of--lawn maintenance/landscaping, some that I wanted to be a part of but was not--real estate, and some that I did not want to be a part of but affected my world--bee keeping!). I was then introduced to a whole new world of concepts. I miss those days of staying up way past my bedtime soaking in the aspirations of my brother and learning about his and other people's successes and failures (from these alone, I could probably write a book). There are several ideas that I continue to come back to from time to time and expand upon as I gain new knowledge and understanding. One in particular still seems to haunt me.
I was probably in my late teens or early twenties and was interested in cars, especially about fixing them. My brother had a jeep and had rebuilt and improved several systems on it. I had seen the jeep in various phases of rebuild sitting under my parent's carport throughout my high school years, but had very little experience in fixing cars myself. I had an old Plymouth Horizon in high school that I had bought from another brother. I had replaced the door handle several times (poor design and huge muscles-ha), the wiper blades, the tires, mickey moused the exhaust system up with hangers, the brakes (mostly my best friend who later became a car mechanic did this one), and packed my wheel bearings once (thank goodness my older brother showed up while I was attempting this one with no prior training and went easy on me--but that is another story). In any case, I wanted to know more, but did not have a suitable mentor, so I began taking classes at the local applied technology center. I thought that being a car mechanic would be a good job to have to work on the side while I went to school for a bachelor's degree, rather than working at McDonald's.
One day while discussing business in the kitchen, my brother must have been trying to get something through my thick skull. Finally he asked, "could you run a car mechanic shop?" "No, I'm not a mechanic yet. But one day I will be able to run a shop." I replied. "Wrong! You don't need to be able to fix cars to run a mechanic shop!" he said. "But I'm learning how to fix cars" I protested. He must have been exasperated. It's a wonder he even tried to continue, but he explained that running a business and working in a business are two different skill sets altogether. I don't remember the specifics, but that phrase still haunts me while I think about running a business--any kind of business--"you don't need to be able to fix cars to run a mechanic shop". I don't think he even realized the full importance of his idea. Larry Miller is not a great basketball player. Michael Jordan is not a car manufacturer or car salesman. I'm not even sure that Ray Crock could make a cheeseburger.
Robert Kiyosaki, author of the Rich Dad, Poor Dad book series and associated products makes the distinction between a small business or specialist "S" and a big business "B". Small business owners own a job. Big business owners own an asset. S jobs: dentist, lawyer, accountant, doctor, etc. B jobs: business owner of a system. I was stuck in my mentality of becoming a specialist--a car mechanic--then becoming an owner of a mom and pop mechanic shop (an "S" or owner of a job). While he was trying to take me to the mentality of going straight to a "B" (owner of Jiffy Lube chain).
What I find interesting at the moment is that I have become a more highly paid "S"--a physical therapist--and am about to open a clinic (where I will own the job). I guess I am still working on elevating my mentality. What is also interesting, is that my lawyer says that my wife cannot be a part owner in the business because she is not a physical therapist. Professional companies (pllc, pcorp) cannot be owned by anyone outside the profession, supposedly to protect the public from greedy business people and ensure proper services (you can sue the whole company and individual professional for malpractice etc. because they are all members of the same profession). So I am forced to be an owner of an "S". Interestingly this also affects taxation. A work around seen throughout the professional world is to have another company own proprietary information and service marks and real estate and rent or lease this to the underlying professional company. In other words a "B" company can own what makes the "S" company go 'round, but cannot own the "S" company. The "S" company is never a true asset because it cannot be easily sold (small market--only the professionals in the particular category--in this case only a physical therapist would be interested in buying a PT clinic, because it could not legally be bought or run by anyone else), or bequeathed, and cannot legally be divided into shares for an IPO. In essence, all the "S" company does, is allow you to own a job. It's a "B" company that holds all the magic.
As I got older, my oldest brother ventured out into several businesses (some that I was a part of--lawn maintenance/landscaping, some that I wanted to be a part of but was not--real estate, and some that I did not want to be a part of but affected my world--bee keeping!). I was then introduced to a whole new world of concepts. I miss those days of staying up way past my bedtime soaking in the aspirations of my brother and learning about his and other people's successes and failures (from these alone, I could probably write a book). There are several ideas that I continue to come back to from time to time and expand upon as I gain new knowledge and understanding. One in particular still seems to haunt me.
I was probably in my late teens or early twenties and was interested in cars, especially about fixing them. My brother had a jeep and had rebuilt and improved several systems on it. I had seen the jeep in various phases of rebuild sitting under my parent's carport throughout my high school years, but had very little experience in fixing cars myself. I had an old Plymouth Horizon in high school that I had bought from another brother. I had replaced the door handle several times (poor design and huge muscles-ha), the wiper blades, the tires, mickey moused the exhaust system up with hangers, the brakes (mostly my best friend who later became a car mechanic did this one), and packed my wheel bearings once (thank goodness my older brother showed up while I was attempting this one with no prior training and went easy on me--but that is another story). In any case, I wanted to know more, but did not have a suitable mentor, so I began taking classes at the local applied technology center. I thought that being a car mechanic would be a good job to have to work on the side while I went to school for a bachelor's degree, rather than working at McDonald's.
One day while discussing business in the kitchen, my brother must have been trying to get something through my thick skull. Finally he asked, "could you run a car mechanic shop?" "No, I'm not a mechanic yet. But one day I will be able to run a shop." I replied. "Wrong! You don't need to be able to fix cars to run a mechanic shop!" he said. "But I'm learning how to fix cars" I protested. He must have been exasperated. It's a wonder he even tried to continue, but he explained that running a business and working in a business are two different skill sets altogether. I don't remember the specifics, but that phrase still haunts me while I think about running a business--any kind of business--"you don't need to be able to fix cars to run a mechanic shop". I don't think he even realized the full importance of his idea. Larry Miller is not a great basketball player. Michael Jordan is not a car manufacturer or car salesman. I'm not even sure that Ray Crock could make a cheeseburger.
Robert Kiyosaki, author of the Rich Dad, Poor Dad book series and associated products makes the distinction between a small business or specialist "S" and a big business "B". Small business owners own a job. Big business owners own an asset. S jobs: dentist, lawyer, accountant, doctor, etc. B jobs: business owner of a system. I was stuck in my mentality of becoming a specialist--a car mechanic--then becoming an owner of a mom and pop mechanic shop (an "S" or owner of a job). While he was trying to take me to the mentality of going straight to a "B" (owner of Jiffy Lube chain).
What I find interesting at the moment is that I have become a more highly paid "S"--a physical therapist--and am about to open a clinic (where I will own the job). I guess I am still working on elevating my mentality. What is also interesting, is that my lawyer says that my wife cannot be a part owner in the business because she is not a physical therapist. Professional companies (pllc, pcorp) cannot be owned by anyone outside the profession, supposedly to protect the public from greedy business people and ensure proper services (you can sue the whole company and individual professional for malpractice etc. because they are all members of the same profession). So I am forced to be an owner of an "S". Interestingly this also affects taxation. A work around seen throughout the professional world is to have another company own proprietary information and service marks and real estate and rent or lease this to the underlying professional company. In other words a "B" company can own what makes the "S" company go 'round, but cannot own the "S" company. The "S" company is never a true asset because it cannot be easily sold (small market--only the professionals in the particular category--in this case only a physical therapist would be interested in buying a PT clinic, because it could not legally be bought or run by anyone else), or bequeathed, and cannot legally be divided into shares for an IPO. In essence, all the "S" company does, is allow you to own a job. It's a "B" company that holds all the magic.
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