One Thing: Day 352: Billionaires Advice Part 2
Day 352: Billionaires Advice Part 2
Yesterday I gave you two steps of a roadmap provided by a billionaire…
Today I’m going to give you two further steps on the same roadmap.
Speaking of billionaires…
A billionaire has a billion dollars.
A millionaire has a million dollars.
What do you call a person with ten dollars?
A life coach.
In other news…
It’s not the fear of failure that’ll stop you.
It’s the fear of other people watching you fail that’ll stop you.
Your ONE COACHING THING Today Is:
‘A Billionaires Advice Part 2’
Yesterday I explained the first two steps in building a billion-dollar company.
Today I’m going to continue with parts three and four according to billionaire and all-around STUD businessman, Peter Thiel.
Yes, he’s gay…
Don’t get all weird on me.
Concept One was ‘How to Think Differently About Growth’
Concept Two was ‘How to Become a Monopoly’
Here are three and four…
Concept Three: Understand Competition
Everyone loves the idea of competition, but it doesn’t take long to become trapped in the cycle of short term success.
Look at the ongoing battle between Microsoft and Google. They were so focused on each other and competing product to product.
Apple swooped in and took over.
Competition can be an expensive war to wage. Many startups get stuck in the act of “imitative competition”.
They spend more time copying other companies and products than creating new ones themselves.
The tech world is filled with strange rivalries.
In some circumstances, a rivalry can end in a merger to save them both. As was the case with PayPal and Elon Musk’s X.com in the online payment processing sector.
Concept Four: Be The Last-Mover
The concept of the last-mover is to take your time and not be quick to be the first out of the gate. That is merely a tactic to get out first, but it does not account for long-term goals.
If you create a monopoly, the last-mover concept pays off over years.
How do you go about this?
Understand the value of cash flow. Technology companies, like Twitter, are notorious for losing money with hopes, of it paying off in the future.
You must consider the market value of the company.
Long-term revenue is where it counts. You cannot only focus on short-term success. Thiel earmarks these characteristics for a company with large cash flow and future monopoly:
Utilizes a proprietary technology that cannot be replicated
The more people use it, the more valuable it becomes
The business gets stronger as it gets bigger
A well-known and trusted brand
To build a monopoly that has appreciable future cashflows, your strategy should look something like this:
Find a Small Market
A market you and your high-end coaching clients can dominate and monopolize. Serve one thousand people well, instead of trying to cater to millions.
Once you dominate a niche, start to scale slowly. Stick with related markets that are a little bigger than the one you’re already in.
Don’t Rock the Boat
Do not introduce low-end products at low prices. Other companies are already doing this.
Create a quality product and sell it at a quality price. Create value over sales.
The sales will come when you offer products of value.
Hope this gives you plenty to think about….
Bottom line, create your own MONOPOLY and have your high-end coaching clients do the same.
Competition is like sleep…
It’s for the weak :o)
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. ‘NEWS’ stands for Negative Energy Without Substance.
PPS. Marriages break up from lack of money… over lack of love X 100.
Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPS. If you’re looking for a proven system to follow for your coaching…. I created business coaching software and high-end step-by-step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this post if you want to start following a proven coaching system.
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Karl Bryan gets clients for Business Coaches...period. He is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients.