Jay Abraham VIP Session

Discover the secrets behind becoming a master problem solver like Jay Abraham and leveraging the invisible resources that are all around you. Jay Abraham joins Mike Agugliaro in a special VIP session to reveal the keys to multiplying your business, generating wealth that lasts, and how to make a real change in the world around you.   Key Lessons Learned: Solving Problems Like Jay Abraham Your revenue system has around 50 impact points that could probably be made 10%-20% more effective, the cumulative effect could lead to many hundreds of percent increase in your profit. If you are going to run a business, you have to decide ahead of time what that means. Most people are decently paid employees of a job they happen to own but that leaves them without an asset. You want to have an enterprise that will work harder for you than you do for it. You have to control your situation or your situation controls you. For a business to work for you it needs a few components. It needs sustainable marketing that creates different factors: continually predictable and profitable income, a system that creates sustainable future income, the ability to identify opportunistic income, and the pride of knowing that you are helping people improve their lives. Most people are not trained in marketing and how to make sure the offer is focused on the optimal benefit to the consumer. Most spend money on advertising that isn’t forged to understand the psychology or needs of the market. You have to go many stages to go from protective curiosity to open checkbook with that kind of traffic. Referral business will pay more, pay on time, and often refer others, and they do it for free. There are nine drivers of business that produce exponential results. If you change your marketing, your strategy, or your ideology, you will change your result. Wherever there is variation instead of a system, you will have slippage. Your business should access the market from as many vantage points as possible. The military has a concept called a force multiplier, where each element has a compounding effect on the others. What is it in your business or personal life that you know you need to fix, but haven’t? Your issue has to be powerful enough to make people take action to solve their pain. Business is really simple, it’s about providing greater advantage, value, or contribution to the market than your competitor and taking as much risk out of the transaction as possible. There are three categories of clients that you serve, the first category are those who pay you, the second are the people you pay, and the third are the vendors you work with. You don’t have to master particular marketing strategies, but you have to at least make sure you aren’t illiterate in them. It’s very rare that your first attempt at a marketing piece will be the best one that your market will respond to. You have to create variations and test to see what works. One tiny change could mean the difference of 2-4x times the results. If you have a business that is underperforming, the first thing you have to do is know that it’s underperforming and you can’t know that unless you know how much more is possible. You can’t optimize without some knowledge of the options and opportunities that are available. 90% of entrepreneurs only utilize 20% of the realistic capability of what their team is possible of, because they don’t train them to reach their highest level. Higher the best and cry only once, pay them what they are worth. Because if you hire the worst you are going to cry everytime. If you can’t afford to hire the best find the most trainable and invest in them, then pay them what they are worth as they develop. Don’t exploit them. Be on a mission, create a movement, and live both of them.   Wealth Strategies You can’t make the world better unless you have enough resources. Greatness is a function of more than being a good entrepreneur, or father, or spouse, or leader. You have to be a good contributor to your environment and making the world better than when you arrived. The smartest wealth builders move slow so they can go faster when things are in place. One such strategy is to take what you’ve done, codify it, and find another business you can apply the same principles to. Look at things that occur before, during, and after your customers use your services and either own or start those because they are already highly aligned. Your role is to be the strategist and set the stage for your business using foresight, insight, and hindsight. If you’re trying to build wealth, aiming for the 10x moonshot is not what Jay recommends. You need to look at options that are sustainable, semi or pure passive income with appreciation that you can’t screw up. Giving yourself flexibility and options is only possible if you have vehicles that work for you. Wealth is probably not going to come from something high tech that you don’t understand. It will probably be pretty boring but will helped by new technology rather than replaced. If you’re going to buy a property, don’t buy on price. Buy on sustainability, the probability of the neighbourhood staying constant, and buy the least expensive home in the most expensive neighbourhood. Invest with a portfolio mindset and hedge your bets. Never start off with something highly speculative with a low probability of success. Look for endurability. Take assets and turn them into opportunities. Some of the most valuable assets you have are intangible. You have access to infinite capital almost at will if you understand it properly. It’s not about the money, it’s about what you want to do with the money. Your problem is always going to be the solution to someone else’s bigger problem that they don’t even know they have. There is always a way to leverage other people’s resources and assets. There are streams of wealth everywhere if you have the eyes to see them. Almost anything you want that you don’t think you can afford, you can acquire if you can prove results by converting them to a share of profits or savings, or if you can metric it and analyze its annual yield, you can get an investor.   Links To Resources Mentioned Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!