Tag Archives: entrepreneurship

Let it rot

“Just a friendly reminder that you [have] only 1 more day of replay access to the __________________ event videos. Replay access ends on April 6th at 8:30 am Central time. “

This message landed in my email inbox yesterday.

I don’t know about you, but I am somewhat addicted to personal development.

When I read a personal development book, I underline and make notes in the margin. (Thank goodness we can easily afford to buy the books instead of relying on the public library volumes.) When I show up in person to a training session, I am vying for the front row, or as close to the front as possible. When there’s a livestream, I watch as many sessions as I reasonably can and take handwritten notes… then quickly post a summary of the talk in our distributors-only Facebook group.

The event referenced in the email was a 3-day livestreamed seminar with more than 20 presenters. I was learning powerful insights in each of the sessions.

And I was grateful for the month-long access to the full-session recordings. The completeness of the content combined with the length of time to watch lessened my fear-of-missing-out.

And when I was just getting started in this profession, I had a significant fear of that opportunity passing me by.

Here’s how I compensated.

When I was a distributor in my first network marketing company, I let the training get out of hand. I always had another conference call, Saturday “advanced training,” or book. Goodness knows I needed lots of guidance, as I was still developing an entrepreneur’s self-discipline and body of knowledge. But I went too far.

Eventually I allowed myself to understand that I was using those tools to procrastinate from doing the scarier actions: meeting people, calling to set appointments, and asking for the sale.

When I joined my current company 10 years ago I made a decision. I would attend seminars and/or study personal development information, but at a reduced rate. I promised myself to be more honest with myself regarding procrastination. I recognized that the “shiny new object” syndrome gets activated in my brain not by new shoes or the latest technology toy, but by being easily distracted by the new or ‘scarce’ book, seminar, or training session.

And over the past decade I realized that wanting to buy and hold and renew large quantities of such information WAS a flareup of the old “I’m getting passed by” thought process.

When I received that email, I thought back through the past month. I watched about half of the sessions in real time. Then last week I took 2 chunks of time to watch the remaining recordings, knowing the one-month watching deadline was coming soon.

I was confronted with an offer in that email: pay X amount of money to have “lifetime access” to these recordings, or lose access to them forever.

I asked myself two key questions.

  1.  Did I watch and take notes on the specific sections that I was most likely to apply?
  2.  What is the likelihood I will ever watch those sessions again?

The answers:

  1. Yes.
  2. Near zero. (and do I want to ‘hoard’ those materials, even the access to them?)

I chose to let it expire. (and I will gladly register for the next year’s livestream)

Sometimes a forced purge is helpful.

This time it was best to let the offer rot.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #LetItRot #personaldevelopment #networkmarketing #residualincome #email #lifetimeaccess #twoquestions #choosyist

Postscript:

Hoarding information is one way I tried to capture the elusive “secret to success.” It’s elusive because there’s no single such secret. And I realize that feeding my brain with positive and uplifting information is the important thing.

(Yes I will hang onto many of the personal development books I read over the years. This isn’t a call to go so-called ‘minimalist.’ Perhaps it is a call to go ‘choosy-ist.’)  –LS

 

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4 lessons and a 9-word question

Learning about financial concepts is crucial for building wealth and staying wealthy. Here’s what I posted on social media earlier this week:

4 Lessons Wealthy People Taught Me

1. An asset pays for itself and creates a monthly net profit.
2. When bankers say, “It’s an asset,” they mean it creates a profit for THEM.
3. Build Automatic Money Generators that don’t require your presence. (a special class of assets)
4. You are financially free when your Automatic Money Generators pay you more than you are spending.

One of my social media friends replied, “How does one create Automatic Money Generators?”

Here’s a little background. We have known each other In Real Life for nearly 10 years. She’s attended parties at our home, we attended her wedding, and we have talked numerous times in person. She’s not simply someone I met online. In the past few weeks she posted a question on social media, and when I responded mentioning a $5 solution, I received some version of “I can’t afford that.”

So I considered her situation and past reactions into my response. I wasn’t going to jump into booking a business presentation with someone who thinks $5 is too much to spend. I decided to start with some basic information and a question to gauge her level of interest.

I sent a private message: “I have just a few minutes to type right now, so this might be an incomplete answer. “Automatic Money Generators” are businesses, real estate, or other investments that generate profits for the owner every month, whether or not the owner shows up for work. The situation is otherwise known as “passive income” and always requires up-front money, energy, education (books or seminars), and time to create. (Like planting an apple tree, nurturing it until it bears fruit, and making sure someone is trimming and fertilizing the tree on an ongoing basis). Net-income producing real estate rentals, real estate tax liens, musicians who have songs on iTunes, and businesses like mine all qualify. Which one of those sounds most interesting to you?”

This launched a back-and-forth via texting, which included my recommendation of a library book to read. She loves to read, so reading a book is not stressful. Also, libraries loan books for free, so the money question is eliminated for this step.

We ended with her promise to look for that book during the library trip next week… and to let me know her opinion of it after she’s finished reading.

So now it’s in her hands.

In some ways she reminds me of a younger me.

One of my husband’s co-workers made an offhand remark about 20 years ago. She mentioned a book about finance that she liked. My husband and I didn’t have an extra $20 to buy our own copy. It was a newly-released book, so there weren’t copies available on the bookshelves of the charity resale stores in our area. We contacted the local library to put our names on the waiting list for that book, and we waited nearly 3 months for our turn to read it.

Reading those pages was a pivotal moment for our understanding of the power of leverage and the differences between self-employment and business systems.

When there’s a will, there’s a way. We waited for then read (I mean devoured) that book and others written by that author. If she’s truly interested in elevating her financial situation, she will find that book and read it quickly. I will discover if she is “coachable” by what she does in this situation.

The next move is hers. Her actions will reveal whether she is ready to move from dreaming to taking action toward a more prosperous future.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #patience #coachable #4lessonsanda9wordquestion #financialknowledge #books

Everyone is watching the prophet

A social media post caught my eye today.

It asked a long-standing question, which I will summarize: If you see a celebrity marketing a new item and you buy it… why do you say No to a friend doing the same? After all, you don’t know the celebrity and she/he certainly has plenty of money already.

It’s the struggle of being what is called “a prophet in your own town.”

Consider that your parents, siblings, cousins, and friends already know you.

That’s supposed to be an advantage, right?

Well, sometimes it is. And sometimes not.

They know you… but in a particular role. You’re their family member or friend, but you are also a stay-at-home parent, insurance agent, nurse, accountant, or police officer. They feel comfortable seeing you in that role. And they’re used to seeing you relate to the working world in that manner.

They may subconsciously be asking themselves, “Why is this person changing? I didn’t know they had a burning love for (product). And they can barely pay the bills— so why should I believe ANYTHING they tell me about making big money?”

Perhaps you are one of the fortunate ones who already is making lots of money in your current line of work. Your family members and friends might be more willing to listen, since you already seem to have “a good head” about making money. Then again, maybe not.

When I joined my first Network Marketing company in 1996, I approached my extended family members first, just like I was trained to do by my sponsor. All but one said No, and several of them were downright mean in their comments. I felt angry and embarrassed when I reported my lack of progress in the next training meeting. And the next. And the next.

Sometimes it is easier to go where no one knows you.

If your situation is similar to what I experienced, concentrate on meeting and building relationships with business people who don’t know you. They won’t have a preconceived notion of who you are supposed to CONTINUE being.

When I joined my current company I said very little to my extended family, but I joined and concentrated on people I met in a weekly business referrals group.

You can do the same. Attend business networking groups and meet other entrepreneurs and decision-makers. Your local Chamber of Commerce is a good place to begin. Stay in touch by wishing your new acquaintances congratulations, happy new year, happy birthday, or passing along a tip about their profession or hobby. These actions build trust and visibility.

By the way, when people say No, they continue watching.

They’re watching to see if you are in this for the long term.

Be businesslike. Be committed to building, at the pace that is right for you.

It’s tempting to buy things you can’t afford, simply to “look successful.” It’s a trap. Please avoid it.

Simply keep taking business building actions, and some of the doubters will turn into believers.

And they will brag about your product, as if they were one of your earliest supporters.

Let them. And smile all the way to the bank.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #prophet #everyoneiswatchingtheprophet #networkmarketing #longtermcommittment #business #looksuccessful #money #bigmoney #residualincome #bank #smileallthewaytothebank #socialmedia #smile

What do you call it?

“So, what do you do for a living?”

That’s not necessarily a simple question for many of us working as independent distributors or consultants.

How in the world do we describe the ‘channel of distribution’ accurately, concisely, and proudly?

Industry trainer Eric Worre has an opinion.

(please note: if your compensation plan doesn’t contain all three aspects, you might end up choosing a different description.)

In the end, he raises some important questions and insights for all of us to consider.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #networkmarketing #partyplan #directsales #mlm #whatdoyoucallit #ericworre

 

“What questions should I ask before joining a company?”

[doggone it, I clicked “publish” long before I was finished typing! So here is the completed version.  –LS]

My friend Jason called me to ask that question. I was flattered that he asked, and I was determined to give him a list that would allow HIM to decide which company to choose.

(all of this post is my personal opinion. No insult, direct or indirect, is intended toward any person, company, or type of product. This is not considered “professional advice.” Follow it at your own risk.)

I joined my first network marketing company in 1996. When that folded, I joined my second-ever company in 2006, and I love it. I’m happy where I am.

In the past 20 years I have seen many things happen. Products launched successfully, and not. Companies bursting onto the scene with great fanfare; some last and some don’t. People lured by “big money” only to discover they need to invest many more thousand dollars in required training or purchases. And others who were accurately told the costs up-front and remain happy with their company many years later.

My deep wish is for people to ask questions so they choose a company that truly fits their situation, so they remain satisfied in the long term. I want people to join with “eyes wide open.”

So if you are looking for your first network marketing company, here are some questions you might want to consider.

I begin by focusing on the PRODUCT because the point of being a distributor is to sell (or distribute) product.

  1. Do you truly LIKE the product and its overall industry? Would you use it even if there was no compensation plan available?
    You will be expected to purchase and publicly use your company’s product. For example, if the company markets greeting cards, you will be expected to send thank you, birthday, holiday, and sympathy cards. If you abhor sending cards, if it is against your religion’s rules to celebrate birthdays and holidays, or you think greeting cards are a waste of paper and money, such a company would not be a good fit.
  2. Are you comfortable talking to people about their PAIN with that subject?
    People tend to buy products when they have reached a point of extreme discomfort. Example: If the company is a “legal protections” company, are you comfortable talking to people about their recent or current legal troubles?
  3. Is the product “consumable”? If a customer falls behind in “consuming,” can they catch up?
    “Consumable” means things one swallows, as well as other items that are “one-time-use.” This is in comparison to durable goods such as clothing or household goods. If your product is consumable you have a built-in market for repeat purchases. Otherwise your customers will only realistically want so much of your product, so you will need to bring in new customers on a consistent basis. And for example, if a customer buying nutritional supplements forgets to swallow the item for a week, it could be dangerous to take seven servings at one time. So their need for restocking your product would be delayed by seven days.
  4. Is this general type of product already available in retail stores? If so, is yours priced LESS than retail OR does it offer a convenience or improvement the customer finds significant?
  5. Realistically who already buys this type of product IN YOUR COMPANY’S PRICE RANGE? People who already spend a similar amount for a similar (retail) product are more likely to buy yours.

Now let’s talk about the distributor’s obligations.

  1. What is the expected time commitment– presentations, weekly meetings or trainings, conference calls, webinars? Are there area and regional events, or an annual convention?
  2. Where do we hold our business presentations: over Skype? In one’s home? In a local coffee shop, restaurant, or hotel meeting room?
  3. What DVDs, supplies, or handouts do I use when conducting a presentation?
    You will be expected to purchase these types of items and have them on-hand.
    Many companies no longer use DVDs or CDs but have their videos posted online.
  4. What type of attire is considered proper for doing a presentation? For the company area, regional, and convention events? (Examples: 2 piece suit, polo and casual slacks, tshirts and jeans)
  5. If I want to move up in rank in the company, what packages/products/trainings must I purchase or attend?
  6. Tell me about your leadership line: who trained you?  Can I speak with them if I have questions before joining? What is the highest ranking person in your company who will accept your phone calls?
  7. What are the “tools” you use in your business, and how much are the monthly costs?
    Tools might include: smartphone, computer, company-generated web site, subscription to magazines or coaching web sites, and many other things. Internet access is essentially a “must” nowadays.
  8. What must I do to receive my full paycheck? Is there minimum amount of purchases I or my personal customers must do each month? Is there a requirement to bring in new customers or distributors on a monthly or yearly basis?
  9. What happens to my paycheck if I stop business-building activities for a week, a month, several months, especially in my first year?  Surprises happen in life, so it’s smart to learn this effect ahead of time.

 

I hope this list helps you learn some insightful details about whatever company you are considering. This is an incredibly powerful profession, and I hope you find a company that fits you well.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #questions #whatquestionsshouldIaskbeforejoining #beforejoining #networkmarketing

Refocus that passion

Seeing celebrations of the Baseball World Series reminds me of an article I read. I can’t remember the author but suspect it was economist Paul Zane Pilzer. The next three paragraphs are my best recollection of that article.

The author observed that people have passion inside themselves. LOTS of passion. They want to display it in a way that is approved by the greater society, especially toward a “winning” cause.

Many cheer for a sports team because it is a society-approved way to use that energy. We humans get an endorphin rush from bonding together in a cause greater than our individual lives. It’s even better if “our” team wins! (And if our team loses, we can commiserate together.)

What if fans took a slice of that passion and applied it to launching and marketing their own businesses? Doing so can be riskier because there is pressure to “win,” and some people deem it is a “selfish” use of energy to spend so much time and energy on an endeavor that benefits “only themselves.” The solo entrepreneur typically lacks large numbers of fans in their early days in business, before experiencing large success.

LYnn here: When distributors join your team, they are learning how to focus at least some of that passion on a project. You are automatically a player or coach on their field, but their proverbial stands might be empty. Be THEIR biggest fan and cheer them on.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #lynnselwaTRSC #therocketsciencecoach #networkmarketing #refocusthatpassion #passion #directsales #distributors #partyplan #residualincome #coaching #whosthatauthor #fans #worldseries #entrepreneur #baseball #entrepreneurship #courage #risk #economist

“Dave Ramsey is wrong.”

That title startled me with its boastful claim. I watched the video last week.

Thousands of people follow Ramsey’s advice and praise him highly.

So what’s the problem?

Watch the video and see if you agree.  I do.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #lynnselwaTRSC #TheRocketScienceCoach #networkmarketing #directsales #partyplan #residualincome #residuals #entrepreneurship #entrepreneur