“All my daughter really wants from me is a few minutes of my undivided attention… the richer people get the more money they spend trying to “

Dorothée Loorbach

I am bad with money

It has taken me many years to admit this to myself. It was only by admitting it that I have been able to take the steps to put my family on a path to financial freedom.

I have a long standing belief that if I am a good person and do good work, the “money thing” will sort itself out. This has proven to be a poor approach to a well balanced life.

I still have had a lot to learn about my relationship to money. Many of the lessons shared in this video resonate with my own (poor) relationship to money. I am so optimistic that the future will be better that I don’t hold myself to the discipline of saving and investing my money. It has taken several business failures and a clear objective reflection on my poor money decisions to start to accumulate money over the last few years.

10 lessons about money from Dorothée Loorbach

Dorothée was “successful” in her job and made a lot of money… and then she spent it all… until she was broke, unable even to bake her little daughter a birthday cake. She had to face her own flawed beliefs about money and how they were damaging her ability to live a life that matters.

The 10 Lessons on Money from the Video

  • 4:49 #1 Money is important
  • 5:55 #2 Money equals time
  • 7:00 #3 Money equals value
  • 8:03 #4 What people say doesn’t matter
  • 9:49 #5 What people say matters
  • 10:58 #6 It’s really simple
  • 11:33 #7 It’s not that easy
  • 13:05 #8 Being broke sucks
  • 14:35 #9 Stay Broke
  • 15:54 #10 Money is not important

What are you beliefs about money? Are they having a positive impact on your approach to life?

If you are to build a great business, you need to know how to hire great people.  There are 3 things you want to see in a person to know that they will make a lasting positive impact on the organisation.

  1. Can they do the job today
  2. Will they do the job long term
  3. Do they fit with the team

What do you look for in people when you are deciding whether to make an offer?  What red flags have you identified?

This is a wonderful 10 minute speech by Brian Brault, Chairman of the Entrepreneurs’ Organisation, during a United Nations Global meeting on how Entrepreneurship can make a difference to the UN Developmental Goals.

Creating a Shared Future for Entrepreneurs and Micro, Small and Medium-sized Enterprises in the framework of the UN Sustainable Development Goals.

I have met Brian several times over the last 13 years that I have been a member of the Entrepreneurs’ Organisation. He is an inspiration and I am glad that he had this opportunity to share such an important message to the world’s ambassadors and governments.

I am proud to say that Brian attended my classes (during EO’s Global Leadership Academy) on how to give a persuasive speech 😉

Thanks, Brian, for your time and dedication as a leader of EO.

“The people in the market for boring are spoiled for choice” Rich Mulholland

“All the good shit is reserved for those who put their hands up.” Rich Mulholland

All the good stuff is just beyond the rejection, the looking like a fool, the bad first impression, the being laughed at…  if you censor yourself, you close off access to the good stuff.

Here’s Rich Mulholland’s Passion Direct via Video…

I am a fan of Rich Mulholland. He shares passion, some f**-bombs and some great personal stories as he tells you to take the risk that you know you need to take but are waiting for a better moment. The lesson: that moment will never come.

Let’s celebrate fall-forward risks, let’s celebrate epic fails and people who test the limits. A little bit of self-delusion and self-belief might just lead you to create your dream.

Keep Up with Rich

You should follow Rich on his YouTube Channel the Get Rich Quick show.

Here’s a video of me hanging out with Rich at the Entrepreneurs’ Organisation Global Leadership Conference:

This is a guest post from April Abboud.

April Abboud is a successful American entrepreneur who has moved to the Middle East.  She gave up the business she grew, the culture she knew and having family close by to start a family in a land thousands of miles away.  She has chosen to challenge herself all through her life.

April was recently asked to be the Moderator and Welcoming Speaker for the regional Global Student Entrepreneur Awards.  She shared a powerful story about the need for each of us to face difficulties in our lives:

The Regional Global Student Entrepreneur Awards

The Man who Helped the Butterfly

A man found a cocoon of a butterfly. One day a small opening appeared. He sat and watched the butterfly for several hours as it struggled to force its body through that little hole.

It stopped moving. It seemed to have stopped making progress. It appeared as if it had gotten as far as it could, and it could go no further.

The man decided to help. He took a pair of scissors and cut off the remaining cocoon. The butterfly emerged easily.

The butterfly had a sluggish, swollen body and small, shriveled wings.  The man continued to watch the butterfly.  He waited for the wings to grow and expand to be able to support the body.  He waited for the body to shrink to the beautiful proportions of a butterfly.

He waited.  Neither happened!

The butterfly spent the rest of its life crawling around with a swollen body and shriveled wings.

The butterfly never was able to fly.

The Universe is Wise

The man, in his kindness and haste, did not understand nature.  The restricting cocoon and the struggle is necessary.  As the butterfly squeezes through the tiny opening, fluid from the body is forced into its wings.  This long, tiring, intense struggle for escape is necessary for the butterfly to fly once it fights its way to freedom from the closed cocoon.

This is not only the nature of butterflies.  It is the nature of life.  It is our nature.  If we do not have adversity and strife on our journey we cannot carry the weight that our dreams require of us. Everyone has gone through something that has changed them in a way that they could never go back to the person they once were. Some understand this difficulty for what it really is:  Growth.

As an entrepreneur, I have often made the choice to travel the road less taken, one filled with uncertainty and fear.  I dare to make the world a better place and somehow along the way find the courage to believe in my wings and let myself fly.

We must give ourselves permission to accept the struggles, for in them we find our true original, authentic self.

To those who crawl around swollen with desire we become leaders. Fierce are those with restrictions, strengthened by their journey, that not only find their wings but take to flight.

Follow April…

You can follow April on Linkedin https://www.linkedin.com/in/aprilabboud/

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Today’s Rhetorical Journey video

I’m committed to sharing 1 new youtube video each week for the whole of 2017.  This is week 4 and my video today is “How to Improve your Sales Process (4 Personal Habits to Develop)

PS As of last night…  I’ve updated my channel graphical look.  I’d welcome your thoughts on the new look Rhetorical Journey Channel page.  If you’re not already a subscriber to the youtube channel…  What are you waiting for?  Seriously…  people pay me good money to talk and here you get me for free and in your comfy home.

How to Improve your Sales Process (4 Personal Habits to Develop)

If you are reading this via email, watch the video on the blog here: How to Improve your Sales Process (4 Personal Habits to Develop)

Your Questions, Comments and Ideas…

My best blog posts have always come from interactions with readers…  comments, questions via email, twitter, facebook…  I’d love your help to think about ideas for future videos.  What questions do you have?  What topics should I cover?  What lessons should I share by video?  I read all the comments 😉

 

Yesterday I shared an interview with Christoph Magnussen reviewing lessons from #EOLA16.

screen-shot-2016-12-12-at-23-02-34Here’s another smidgin of wisdom from Entrepreneurs’ Organisation Leadership Academy 2016.  In this video, Rich Mulholland, an entrepreneur from South Africa shares his reflections on two key moments during the leadership academy:  A re-enactment of the Martin Luther King “I Have a Dream” speech, and a session with Warren Rustand speaking about his time as Appointments Secretary to President Gerald Ford.

Rich’s message: Take control of your time.

I love Rich’s idea about protecting your time in the short term:  If someone asks him for a meeting, he says “If you want to meet today or tomorrow, I can give you 15 minutes; if you want to meet next week, I can give you 30 minutes… if you can wait 2 weeks, I can give you an hour” – Most people say “I’ll take 15 minutes” and he can hold them to it when the clock ticks to 15 because they chose 15.

If you are seeing this by email, here is the video: Rich Mulholland: Take your Time

If you liked this post, you will also like Becoming Strategically Unavailable and Jedi Productivity #4: Obi Wan’s Guide to Saying “No”.

2016-12-06-12-02-49
Overlooking the White House

I was in Washington DC the last 6 days teaching on the Entrepreneurs’ Organisation Leadership Academy 2016.  We had 28 leaders from all around the world – China, Nepal, Mexico, India, Pakistan, Canada, Germany, Australia, USA, UK.  The White House was being prepared for the inauguration of the next US President.

Christophe Magnussen is an inspiring entrepreneur from Germany. We made a short video up on the roof of our hotel, overlooking the winter evening sky of Washington DC.

Interview with Christoph Magnussen

If you are seeing this by email, here is the video: Interview with Christoph Magnussen

Christoph has some great tips on entrepreneurship and productivity over on his youtube channel.  I like the work he puts in to making the videos engaging and fast moving.

The Key to a Killer Keynote Talk

Here, Christoph took some time with another Leadership Academy attendee, Rich Mulholland from South Africa to discuss how to become a better keynote speaker:

If you are seeing this by email, here is the video: Interview Rich Mulholland

Don’t waste time in meetings

If you are seeing this by email, here is the video: Don’t waste time in meetings

If you can’t sell, you can’t lead

If you are seeing this by email, here is the video: If you can’t sell, you can’t lead

How to effective work Remotely

If you are seeing this by email, here is the video: How to effective work Remotely

I receive a couple of regular email newsletters.  I am very strict about unsubscribing if the content is not worth the interruption to my day.

Peter Diamandis sends out an excellent email newsletter called Abundance Insider, and it is full of ideas that make me sit back and reflect on the world.  I originally met Peter Diamandis at an Entrepreneurs’ Organisation event in Istanbul, Turkey about 5 years ago.

The following comes from one of Peter’s emails and I decided it was worth sharing on my blog.

Over to Peter…

Every week I send out a “Tech Blog” like this one. If you want to sign up, go to Diamandis.com and sign up for this and Abundance Insider.

9 key lessons derived from 150 startups

This week, I had a chance to sit down with my brilliant friend Bill Gross, the CEO and Founder of Idealab.

Bill is a startup guru… to say the least.

Over the last 25 years, within Idealab, Bill has come up with over 1,000 startup ideas and started 150 companies.

This blog is about some of the key lessons Bill has learned about entrepreneurship, turning ideas into companies, investing, and helping them succeed.

What is Idealab?

Idealab is the longest running technology incubator around today.

Founded by Bill Gross in 1996, Idealab has built an incredible ecosystem optimized to ideate, start, build, and grow great technology startups.

So far, their track record is unparalleled. Of the 150 companies they launched, 45 have now gone public or had M&A activities, and 45 are still active now. And, importantly, they’ve had 60 failures.

If you’re familiar with the technology startup world, you know that typically less than 1 in 10 startups succeed.

Bill and I sat down to talk about the lessons he’s learned over the years in my Abundance 360 webinar this week, and here are my top learnings…

9 Key Lessons from 150 Startups

As both entrepreneurs and investors, take these lessons to heart. They are based on a lot of experience.

1. It’s easier when YOU are the customer.

When your startup company idea solves a problem that YOU have (and fundamentally understand), and you are the customer, it’s going to be easier to reach “product-market fit.”

YOU can be a good judge of whether you are meeting the need. Not someone else…

You can ask yourself: Am I winning at the goal that I have? Does this feel right? Would I use this thing?

If you aren’t the customer, the alternative is having to constantly ask your prospective customers for feedback – not an easy thing to do accurately.

2. If you have an idea, test it!

If you think you have a good idea, the first thing you should do is: test it!

At Idealab, the philosophy is: How do we test an idea as quickly, and as cheaply, as possible to see if people want it? In Eric Ries’ excellent book, Lean Startup, it’s called putting out a “minimally viable product,” or MVP.

Here’s the story behind one of Bill’s ‘minimally minimal’ product tests…

Bill was in the process of buying a car. He thought that the old-school way of dealing with dealerships and retail firms was painfully slow and inefficient.

His idea: people might actually buy a car online. (A revolutionary idea back in 1998.)

So he tested it, bringing in entrepreneur Scott Painter to lead the test period and, in success, to be the CEO of the resulting startup.

Within 30 days, they’d launched a simple website that allowed users to configure and buy a car with a $1,000 deposit. What buyers didn’t know is that they weren’t actually buying a real car. Idealab had not developed the relationships with the car manufacturers needed to implement.

The website was just a front to test a simple question: “Would a prospective customer actually put their credit card into a web form to buy something as expensive as a car?”

The first night, their site sold four cars. The test had worked and the test site was shut down.

That concept became Cars Direct, which, in 2004, expanded into other markets and subsequently changed its name to Internet Brands. In June 2014, the company announced that it had been acquired by Kohlberg Kravis Roberts (KKR) for $1.1 billion.

3. Create a culture that rewards killing ideas.

As I’ve discussed with regard to Google’s moonshot factory ‘X’, Idealab also believes in killing ideas quickly.

Bill explains, “We kill a lot of ideas. There is no risk to our people; nobody gets fired. In fact, people get praised when we kill something. We save a lot of money when we kill a bad idea.”

It is so critically important that this notion is ingrained into your culture – otherwise, it will never work. Reward your people for finding ways ideas won’t work before you invest heavily in them.

4. Equity unlocks human potential.

Equity is an extraordinarily powerful incentive – Bill believes everyone should have it.

All of the employees at Idealab have equity in the company, from the CEO to the receptionist.

Bill describes it as follows: “Equity unlocks human potential. It’s not only about the money, it’s about the feeling of ownership you have in a venture. When you have just a 1% stake in something, it changes the way you think about things. It incentivizes people to use their brainpower, to feel ownership in that thing’s success.”

I call this capturing “shower time mindshare.” When people feel like they have ownership in an idea, they can’t stop thinking about it. The more ideas your stakeholders contribute, the better off your chances are at succeeding.

5. TIMING is the most important factor in startup success.

This is probably one of the most important lessons from Bill’s learnings.

In fact, I wrote a whole blog on it here.

To summarize: Bill investigated how five key factors affected the success of the 125 companies in his portfolio at Idealab and 125 companies outside of his portfolio.

The factors he considered were:

  1. Quality of the Idea: How new is It? Is there a unique truth in the idea? Are there competitive moats you can build around it?
  2. The Team & Execution: How efficient is the team? How effective is it? How adaptable?
  3. The Business Model: Do you have a clear path to revenues?
  4. Financing: Can companies that raise more money than others out succeed where the others would fail?
  5. Timing: Are you too early? Just early? Too late? Right on time? Did that matter a lot?

Of these 250 companies, Bill picked 10 in each category: five companies that turned into billion-dollar companies, and five that everyone thought would be billion-dollar companies but failed.

The question: Which of the five variables accounted more for successes?

What was the MOST Important Factor? TIMING.

Timing accounted for 42 percent of the successes relative to failures.

Team and Execution came next.

You need to ask yourself: Is the world really ready for my product right now?

Bill explains, “You really need to look at the signals and be honest about what they are telling you. Go out to market – test if people want your product. If there aren’t enough people, hoard money and conserve momentum.”

Sometimes if you are a few years too early, you can hunker down and wait until the market is ready…

6. Startups don’t have to be in Silicon Valley – you can scale from almost anywhere these days.

Bill explains, “I really believe startups can scale everywhere. Talent is everywhere. Money is now everywhere. In Silicon Valley, talent is everywhere, but it’s moving from company to company. Other places are actually much more stable to start a company.”

Exponential technologies have democratized access to many of the resources you need to build a company. Great founders can build great technology companies all over the world.

7. Adaptability and flexibility are the most important characteristics of a good CEO.

When Idealab decides to pursue a new business, their greatest challenge is finding a CEO. So, as you can imagine, they have a lot of experience searching for and evaluating CEOs.

So what does Bill look for in his top candidates? Adaptability and flexibility.

He goes on, “Of course you need integrity, hard work, and smarts. But it is very much the case that the business that you start is going to be different than the one you build. If you are so obstinate and not flexible to what the customers are saying, you’re not going to succeed.”

Mike Tyson has a great quote in this regard: “Everybody has a plan until you get punched in the face.”

8. Trial Periods are great ways to test “Talent Fit.”

When hiring people, interviews are tough ways to evaluate a person’s skills, mindset and cultural fit.

Working on a project together is a much better indicator.

At Idealab, Bill says, “We really try to work with people. Sign someone up for 30 to 90 days, work on the project together, then see if there’s a there there.”

9. Passion should be the reason you do a startup.

It’s cliché now, but it’s just the truth – you have to be driven by passion or you won’t be able to handle the complexities and hard times you’ll face in building your company.

Bill agrees: “Personal passion should be the dwarfing factor in choosing a startup to do of your own. Every startup I’ve done has had heartache. You have to be so in love with the idea, with the solution, that you can tolerate almost anything to make it happen. I have no idea how you could pick a business based on analysis and not on heart.”

Join Peter

This is the sort of conversation we explore at my 250-person executive mastermind group called Abundance 360.

The program is highly selective. If you’d like to be considered, apply here. Share this with your friends, especially if they are interested in any of the areas outlined above.

P.S. Every week I send out a “Tech Blog” like this one. If you want to sign up, go to Diamandis.com and sign up for this and Abundance Insider.

P.P.S. My dear friend Dan Sullivan and I have a podcast called Exponential Wisdom. Our conversations focus on the exponential technologies creating abundance, the human-technology collaboration, and entrepreneurship. Head here to listen and subscribe: a360.com/podcast

What is charisma?   Charisma means “special gift” in Greek.  It is something that allows some people to magnetically attract others to them and their projects.

Is it innate or can it be learnt?  According to John Antonakis, Marika Fenley and Sue Liechti in the Harvard Business Review June 2012 article “Learning Charisma”, it is learnt.

How to Learn Charisma

“After executives were trained in these tactics, the leadership ratings observers gave them rose by about 60%.” John Antonakis

Learn these 17 Specific Charismatic Tactics

  1. Metaphors, Similes and Analogies
  2. Stories and Anecdotes
  3. Contrasts
  4. Rhetorical Questions
  5. Three Part Lists
  6. Expressions of Moral Conviction
  7. Reflection of Group’s Sentiments
  8. The setting of High Goals
  9. Conveying Confidence in High Goals
  10. Animated Voice
  11. Facial Expressions
  12. Gestures
  13. Create a Sense of Urgency
  14. Invoking History
  15. Using Repetition
  16. Talking about Sacrifice
  17. Humour

Practice these tactics with video (check out my email based course to lead you through 10 weeks of practice).  Practice these tactics with your peers.  Practice leads to doubling the usage of these tactics in everyday life.  Use of these tactics led to ratings of competence increasing by 60%.

These tactics work because they create an emotional connection between speaker and audience.

Check out the HBR June 2012 article Learning Charisma.