276: Million Dollar Ideas in Sixty Seconds

In May 2013, James attended a conference put on by the Guerrilla Business School in Los Angeles. In this podcast, James discusses part of the information he learned at this conference. From the onset he details business as a two part entity. Buying and creating something and then selling it for a profit. James points out that business are not easy, but they are simple. James delves into the basics of starting a business and how you can turn an idea into a million dollar idea.

James points out the importance of a good habit to get into is taking notes at a seminar, typing them up, and then keeping them for review. He discusses the art of negotiation, and the tactics of persuasion, and how these things can lead to million dollar ideas. He also discusses advice from Keith Cunningham, Bill Wallace, and Bo Eason in regards to customer relations, and leadership in business.

Key Points

  • Attended the Guerrilla Business School Conference in Los Angeles in May 2013
  • Business surrounds the process of buying and selling, but often times people put most of their efforts into administration.
  • How to come up with ideas in 60 seconds
    • Solve pain for others
    • Solve problems for people for profit
    • Look for problems, solve problem.
    • Don’t look for opportunities, look for problems.
    • After problem, comes no problem.
  • If you want to start a business, then you need to solve a problem.
  • How to increase your profits:
    • Make a wealth plan instead of an income plan
    • Create context with blog editors who can promote your business and blog posts
    • Be a good people person, be a good networker with successful people, be better at understanding online marketing.
    • Offer higher ticket products, because you will have a higher profit margin.
  • Negotiating + Marketing
    • You have to be an excellent marketer in order to sell your product
    • The objective of negotiating is always a win-win outcome
      • Ask for what you want, ask & you shall receive. Ask for a better deal, it's okay to want for a better deal.
      • Create infinity and commonality.
      • State a win-win intention at the outset of any negotiation.
      • Create a semi-reason why you are entitled to more favorable terms
      • Asks these questions to drive the price down: What’s the price if I pick it up? When is the sale? What is the sale price? When is the sale? Why are you penalizing me for paying now?
    • Negotiate with an objective in mind, you should never go first in negotiating.
    • Seven magic words to say in negotiating: what’s the least you can live with?
    • Business is about building long-term relationships. Negotiating is all about both parties getting what they want.
    • Discusses advice on customer service from Keith Cunningham, and Bill Wallace.
    • Bo Eason speaks of leadership, and the importance of storytelling.
    • Keep an ear out for Part Two, coming out next week!