Knowing vs. doing: Let’s compare these 2 friends who try to earn more
October 27th, 2009 - 46 Comments
I like this guest post from Erica Douglass (of Erica.biz) — about 2 guys who are trying to sell the same product — for 3 reasons:
- She learned about it from a guy whom she traveled to meet. She’s an entrepreneur, so she knows about investing in herself
- “Sticking with it” is one of those things we all claim we know, but when it comes down to it, most people flake. Knowing vs. doing are two VERY separate things
- Erica happens to have extra credibility with me. Beyond her selling a company for over $1m at age 26, she gave me some advice less than 12 months ago that has paid off in tens of thousands of dollars of revenue for me. But the key was DOING what she said, not just nodding and saying “thanks” or hanging up the phone and reading Reddit again.
Erica: Do you know someone who’s given up?
“I was in a meeting with a multi-millionaire last week. He is a person who came from nothing; he grew up dirt-poor in the ghetto. Now he makes several million dollars a year. He runs his own business from a small office and has traveled around the world speaking to hundreds of thousands of people.
I paid him a significant amount of money to learn his story so I could replicate it. He is now one of my success coaches.
I spent a weekend with him and a small group at his second home on Lake Texoma (on the Texas/Oklahoma border.) Not only did I come out of the weekend understanding how to grow my next business to $1 million a year in sales by the time I am 30 (which has been one of my goals for years), I gained a massive amount of insight into why most people are not successful.
He used a story to illustrate: two people who set out with the same goal. Since he came from a direct sales background, he used that as an example, but the example works for any industry — including yours.
Two people set out with the same goal. Let’s call them Max and Min. And let’s say they both are selling the same product. Maybe they are both distributors for the same company, or they both run companies in the same industry.
Max and Min work together and set a goal. They are going to contact three people every day who expressed an interest in their product, and their goal is to get those people to start saying “yes”.
Max and Min both start out motivated. They each contact three people on the first day. Then they check in with each other. “How’d you do?” Min asks. Max replies, “Well, they all said no.” Min commisserates. “Mine did too.”
Neither one is ready to give up. They set out again the next day. They each contact three people, and then they check in. “Nope,” Min says. Max nods. “Same here.”
This pattern continues for weeks. They both start reading some books on how to close sales. Finally, around the same time, Min closes a sale, and so does Max. They go out to celebrate.
Then, crap happens. Min gets distracted. “I’m not really making any money with this,” he tells Max. “I’m only making about $50/month after all my expenses are paid. And my family still needs a roof over its head, so I’m going to go find a job.”
Max says, “Good luck, buddy.” He’s not really making any more money than Min, but he sees something that Min doesn’t. The person who said yes is now paying him $50/month in passive income. Surely, if he got one yes, he can get more.
Max spends more time. Each day, he contacts three people. And most of them are still saying no. But things are changing. He’s still reading success books and learning like mad, and he notices that more people are starting to say yes. He’s not making much money, but he senses that he’s about to break through.
18 Months Later…
18 months elapses. Min has found a job that pays pretty well, and his family is happy. He figures he’s doing pretty well for himself, and decides to call up his old buddy Max and invite him out to dinner.
Min arrives first. Then, he sees a brand new Mercedes pull up outside. And who hops out but Max, who tips the valet handsomely and comes in in a nice suit to meet Min.
Min is shocked. He can’t find words at first. He finally manages to gasp, “What happened to you?”
Max just grins. Then he says, “They said yes.”
Get the First Yes
Turns out, if you can get one person to say yes, you can get hundreds or thousands to say yes.
What do you want people to say yes to? Maybe you want them to subscribe to your blog or buy your product. It would be great if they signed up for your email list, or became your partner in some way. But it’s probably discouraging how many people are saying no.
Don’t give up. Get that first yes. From then, it’s just a matter of listening, learning, and continuing to ask.
I find it takes at least 18 months from when you start to when you really notice that people are saying yes. After 12 months of running my hosting company, I was making the grand total of a little over $400/month gross.
But nearly 6 years into it, we did over $76,000 in sales in one month.
I have friends who started web hosting companies when I did. But they all gave up and decided it wasn’t worth it before they “broke through”. Every single one of them had at least 5 people who said “yes.” If you can get 5, you can get 500. Once you get 500, you know how to get 5,000. It just takes time, a personal commitment to hustle every single day, and a willingness to listen and learn.
Do I believe that every single one of you can build a million-dollar business? I do. I just think most of you give up too quickly.”
About Erica: After selling her online business for $1,100,000.00 at age 26, Erica Douglass “temporarily retired.” She now shows you how to grow your own business to $1,000,000 via her online business blog. Quick link: Download her free Blog Success Manifesto — 30 tactical tips to grow your blog faster than you ever have before.
Get free, pre-release bonuses for my boot camp at iwillteachyoutoberich.com/bootcamp
I decided to take a last-minute ski trip this weekend. Here’s a quick email I sent to my friends: ...Read More
Let’s say you meet a new person at a party this weekend. Isn’t it interesting how you might ...Read More