How To Create A Business That Is Founded On A "Productocracy" with MJ DeMarco

Welcome to this episode of the Real Fast Results podcast! MJ DeMarco is today’s special guest.  He is an author and successful business owner.  MJ wrote a book called The Millionaire Fastlane.   In it, he describes how he built a company, basically, from the ground up, and then he was able to sell this company for millions of dollars. DeMarco is also the founder and administrator at TheFastlaneForum.com, which is a worldwide discussion forum that’s dedicated to the advancement of fast lane entrepreneurship.  This forum has over 130,000 visitors a month, and it is one of the leading destinations for startup entrepreneurs and offers discussions on how to grow a business.  What M.J. is really doing, overall, is calling out to folks that are tired of taking a “slow and steady” pace and the conventional ways of growing wealth and a business.  Welcome to the show M.J. Promise: How to Found a Business on "Product-o-cracy" First, thanks for having me.  I appreciate it.  I would say that the big result we’re looking for today is how to create a business that is founded on what I call a “product-o-cracy”.  That’s actually not discussed in Fastlane.  It’s discussed in the new book that I released, but a product-o-cracy allows business owners to grow virally.  It allows them to grow beyond a linear construct.  Essentially, it puts them in the driver’s seat to, pardon the phrase, “print money.” [bctt tweet="A “product-o-cracy” is based upon a unique product offering/service that is not offered by someone else." via="no"] A good example of a way to look at this is that there’s always a restaurant in your neighborhood, or in your city, that’s always crowded, but they don’t advertise.  That’s the essence of a product-o-cracy.  It’s when you have a product that is compelled by word-of-mouth and there’s an expansion, so the need to advertise becomes secondary. Download the Complete PDF Show Notes Free for this Episode A lot of entrepreneurs are not running product-o-cracies; they are running marketing firms.  So if they stop advertising, their business slowly starts to die.  That’s the difference between just a regular old business and a company that’s running a product-o-cracy.  A great example of a product-o-cracy is my book The Millionaire Fastlane.  I think that I must have spent $3,000 in total on promoting it since it was released seven or eight years ago.  The growth was not because I’m some kind of great marketer or because I hacked something.  The growth was because the product was good enough for people to recommend over and over, and that, in essence, is the product-o-cracy. Download the Complete PDF Show Notes Free for this Episode Learn Product-o-cracy Meritocracy Isolating the value array Value attributes Value skew Bring something to the market that is different Product Process Platform Using a forum Download the Complete PDF Show Notes Free for this Episode Connecting with MJ DeMarco You can connect with me through TheFastlaneForum.com.  It’s a forum with hundreds of thousands of entrepreneurs.  Feel free to join.  It’s free! Resources The Millionaire Fastlane Unscripted: Life, Liberty, and the Pursuit of Entrepreneurship TheFastlaneForum.com Real Fast Results Community If you are diggin’ on this stuff and really love what we’re doing here at Real Fast Results, would you please do me a favor? Head on over to iTunes, and make sure that you subscribe to this show, download it, and rate & review it. That would be an awesome thing. Of course, we also want to know your results. Please share those results with us at http://www.realfastresults.com/results. As always, go make results happen!