I think that most of us probably want more money, especially in today’s economy. But figuring out HOW to make more money is a bit more challenging. You’ve likely heard all the experts touting that you should build a business around your passions, and while being passionate about what you do is fantastic, the truth is, it’s a little more complicated than that. Recently, I had the opportunity to speak with International business expert, Brian Tracy about what we can really do to make more money, and here’s what he had to say…
Brian Tracy
As professionals, we love building our businesses on our passion. In a recent conversation with business expert, Brian Tracy, I asked him, “With a great product or service being the goal, are we best served by asking what the market wants to buy, or should we explore what we are passionate about that we could create a product and service around?” He said it has to be a combination of both. Passion is really important, but it’s highly overrated.
Building a business and producing a product or service is hard work. But here’s the good news, going back to our old friend endorphins. If you do the work to develop a product or service, and people like it, then you feel happy. You feel like a winner. You feel like you did it, you made it. You start to beam and your body radiates endorphins and you develop a passion for your work.
Amy Chu wrote Revenge of the Tiger Mom which illustrates how Chinese mothers drive their children to excel. Critics said, “Isn’t that a little bit pushy? Shouldn’t they have time to be children and enjoy their lives?” She said, “Listen. Nothing is enjoyable until you’re good at it.”
If you’re not good at something, you don’t get any pleasure out of it. So what the parents do is they force their children to be winners. They force their children to spend the time, whether it’s learning to play a musical instrument or getting excellent grades, so they do it really well and as a result, it’s fun. They love to do it.
Nothing is fun until you’re good at it. Think of riding a bicycle or driving a car or trying to type with a typewriter. Any sport. Try skiing; see if it’s fun when you start off. All you do is bounce. But once you get good at it, wow! The passion comes after you throw your whole heart into offering a product or service that people really want and need and are willing to pay for.
One of the biggest problems in business is that many people are trying to sell mediocre products with tricks, gimmicks, discounts, clever advertising, deceit… all kinds of things. But really successful people are offering a really good product.
How do people know it’s a good product? I guarantee everything I sell for a year. People say, “You can’t do that. You can’t give guarantees.” Lots of people are shocked. They wouldn’t want to give a guarantee. What if people use the product and they don’t like it? Well, then they shouldn’t be made to keep it. They should send it back immediately.
I don’t want unhappy customers out there. I want happy people. So I give an unconditional, 100% one-year guarantee. I sold $500 million worth of products in the last 25 years, all over the world. My return rate is 1 in 400. But because of my guarantee, I have to work very hard to make sure it’s a good product before I sell it, because I can’t afford a lot of returns.
Knowing passion is overrated, should we produce a product or service based on what the market is wanting, or rather produce a product or service based on where our skill set lies, where we have ability? We have to find where the two meet.
You can’t produce a product or service unless you have the core competencies to do it, but there are millions of products and services. The number of products and services you could bring to the market are unlimited like the stars in the sky and the sands on the beach. Find something you really believe in, then identify your own natural talents and abilities so you’re only doing things you’re good at or capable of becoming good at.
Secondly, you have to produce a product or service that you love and think is really good, that you use yourself and would sell to your mother, your brother and your friends. Many people try to sell a product that they don’t use themselves.
I have this discussion with my corporate clients. One guy said, “My sales manager is having problems with his sales crew. He doesn’t use our product, and he tells them and me he doesn’t use our product. He uses a competitor’s product. What do you think we should do?” I said, “Fire the guy. Get rid of him.” What could be more demoralizing except a person with a flamethrower in your office? He’s in charge of the sales force! Just imagine. It’s enough to make you go AHHHHH!
So you have to love your product and consume it all the time. Then you have to really care about the people you sell to. This is important. You have to really like them. You have to care about them.
I was just talking to a client in Russia, making plans for me to speak to 800 businesspeople for two days in Moscow, and they asked, “Would you want a separate room during the seminar so that you can have privacy and not be around the seminar attendees? I said, “Absolutely not. I will be there early so I can meet people. I’ll be there at the breaks. I’ll have lunch with them, and I’ll be there afterward to answer questions. These people are important to me. These are the people who make my career possible.”
They said the last person they had speak refused to have anything to do with the audience. He came out from behind the stage, gave a 90 minute talk, and left immediately. They paid a lot of money for it. The audience was turned off. His message was boring and irrelevant so they were concerned that it didn’t happen again because it was so insulting to the audience.
So you find that really good speakers like to meet the people they’re speaking to, and they like to ask and answer questions, shake hands, take photographs and do autographs. You have to love your customers. Love yourself, love your product, your service, and love your customers. You get those three together then you can have a great life.
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