1. Knowing it all: Entrepreneurs are sometimes so in love with their businesses that they aren’t willing to see them any other way. Failure to adapt and change your business model as you grow and progress in business will lead to big mistakes or make you get stuck. 
2. Not listening: As an entrepreneur, you learn a lot more by listening than by opening your mouth. In fact, in many cases when you are networking with other people that are more successful than you, people are often more impressed by the questions you ask, not the answers you give. 
3. Not getting coaching: I know we hate to say it but it’s true: when it comes to business, many entrepreneurs live in regret: coulda, shoulda, woulda. Many look back and regret that they’d didn’t have someone to guide them. On top of relationships, marketing and branding, you need to add coaching to the keys to success for any entrepreneur. 
4. Listening to what broke people say. It seems that whether you are starting a business, everyone has an opinion, and most of them are just armchair opinions from people who have never started or sustained a successful business. Who you associate with is who you will ultimately become. Fire the negative people; start surrounding yourself with likeminded individuals. Listening to broke people is a great way to never make it or stay exactly where you are at financially.
5. Blowing away money: Entrepreneurs who make money early on and achieve a rapid level of success tend to blow their money away by things they don’t need. Keep that money, invest in the greatest asset you will ever have: yourself. I will invest in coaching all day long before I buy a car that will just sit in my garage. 
6. Losing focus: Always chasing the shiny object is a mistake that many entrepreneurs often make. It is important as part of the process that you have laser focus. Starting other companies and getting away from your core competitors eventually leads to the death of your business. 
7. Not branding: Marketing is the engine of your business; branding is the fuel. Think branding from day one because when you are branded you will be easier to sell or grow your business. When you’re branded, it’s easier for people to invest in your company or buy your product and service. One of the brilliant things Steve Jobs and my friend Steve Wozniak did was make sure that Apple was a strong brand to compete against the likes of IBM. 

Being in business is not easy, but as they say, a wise man learns from his mistakes while a genius learns from other people’s mistakes. And in today’s market place, you can’t afford to make mistakes.

To learn how to build your blue print for your business, go to Mini-Mega Partnering

Did you know that you’re a genius?

If you’ve ever solved a problem, ever discovered a shortcut no one else knew about, figured out a way to get something to work that wasn’t working before, you’ve done something that’s genius.
Everyone has moments of sheer brilliance in them…unfortunately, we’ve been told since we’re kids not to be geniuses. We’re told to fit in. We’re told to follow rules. We’re told to comply. And our inner genius gets suppressed.

Manufactured mediocrity

When we’re very young, we’re encouraged to be creative—to be ourselves—until we get to school. And from the first day on, we learn something that will go on to control our thoughts and actions for the rest of our lives—fear.

Schools teach and reward compliance, and fear is the most effective way to enforce it.

Grade school, middle school, high school, college…fear dominates every stage. Fear of getting bad grades. Fear of getting flunked out. Fear of not getting into a good school or getting into a graduate program. Fear of not being able to get a “good job”. Fear of not fitting in.

Our ability to follow orders helps us continue onto our career paths, where we’re told to take more orders. We’re told to be just another cog in a huge machine called “the office”. And if we don’t, we’re quickly replaced with someone who can. In this world of birth-school-work-death, there’s no room for geniuses… and there’s no need for them, either.

The “take-care-of-you” bargain

School teaches you how to comply. And work rewards you for it with a “take-care-of-you” bargain. This bargain has been sold to us for the last 100 years…if you learn how to follow orders on the job and don’t make waves, you get taken care of in the form of paychecks, health insurance or job security.
And so, we learn to be good order-takers. And we stop being creative…or worse, we relegate our creativity—our genius—to the weekends.
For decades now, we’ve been seduced, scammed and brainwashed into fitting in and following instructions, trading our precious time—and our genius—for money and “more job security”. We’ve been taught to comply, conform and consume. This idea has worked for decades. But now, the game is changing…and it’s changing quickly.
If you’ve picked up a newspaper, read online news or turned on a nightly newscast over the past several years, you know that “job security” is almost a thing of the past. Rising unemployment rates, increasing corporate bankruptcies, shrinking 401 (K)s …that “take-care-of-you” bargain isn’t looking as appealing as it used to.
Today, the “take-care-of-you” bargain is just for suckers.

Break the chains

If today’s economy is any indication, the time for change is now. And it starts with you.

You can break the chains that bind you…that hold you back…by becoming a genius again. You weren’t born to be a cog in a giant machine…you were taught to be one. But that genius you had…the same one that comes out in flashes and streaks… is still with you.

You just have to let it out.

By following your dream—your creativity, your genius—you’re not just starting a new business. You’re starting a new dream. A dream without fear. A dream without mediocrity. A dream of freedom, of self-determination, of creativity…where you call the shots, you make the decisions, you take the risks and you reap the rewards.

The economy is now a global village, linked together online…customers aren’t centralized anymore…they can come from virtually anywhere in the world. And they’re waiting to see your genius at work.
You have genius. Genius that can drive you, genius that can change you. Embrace your inner genius…and never look back!

Groupon is down to $7, proving that quick stock market riches or business models that are not yet proven are too risky in this environment. Did Groupon go to the stock market too early? Is the competition draining their market share? Is their lack of experience hurting them?


Yes to all of the above! Here are lessons you can learn from this:

• Create a business that is sustainable, predictable and consistent

• Don’t count your money before you make it. A lot of Groupon people became paper millionaires but can’t sell their stocks, and now with their stock down to $7, their paper net-worth is evaporating. 

• Know your numbers. Groupon on average is spending over $300 to acquire one customer, one of the highest of any sort of this business. With their business model still under question, this doesn’t seem to be sustainable. 

• Back office is more important than front office. Financial accounting reporting errors cost Groupon a lot and they are still under a cloud of scrutiny and doubt. Your back office is more important than your front office. When you are dealing with other investors’ money, you have to be more conservative with their money than you are with your own. Post-Madoff era, people are scared and I don’t blame them!

Will Groupon be around? My prediction is no. It was a great idea that became more of a business fad. How do I know? We used Groupon and, like many merchants, we are just not getting the repeat business. Why would a customer who got 75% off a product or service come back and pay full price? With that in mind that means that Groupon will always have to keep getting new customers until one day when they can’t anymore.

If you want to know how to build a real business from one of the top business wealth coaches in the world.

You might be tempted to take advantage of some pretty good real estate bargains these days. They are everywhere. Some markets have very high cash flowing properties and that can be really attractive to people who want to retire now. That’s fine. And if you don’t have the expertise or time to uncover and manage good deals, it can make sense to partner up. Especially if you have the money and someone has the expertise.  But you have to think of this investment as owning a small business. Think things through.

In such arrangements, you’ll have to agree to a split of the income and profits even though you put up all the cash. There is nothing inherently wrong with this as long as your capital is protected and your partners know what they’re doing.

There are two main landmines you must avoid. First, your partner might be a snake. The second landmine is that the deal might not be good— even if your partner is honest and well intentioned. Remember if it’s your money, your reputation and credibility are at stake. 

So, while real estate prices are attractive and interest rates are low, you still have to be careful. Here’s how to do it without getting burned:

1. Ownership

Don’t buy real estate unless your name is on the deed but don’t buy the investment property in your name. Get in the name of the LLC, where you are the only managing member. You want to have as much control as possible and  protect your assets.  Having your name on the deed is the way to do it. Whenever you start getting involved in partnerships, you take risks unless you are in control.  Keep your expenses and the number of investors low. It’s my experience that the larger the partnership is, the higher the fees are. Keep the number of partners small to avoid huge administrative expenses and dilution of your control.

2. Representation

If someone presents a deal to you, get your own real estate attorney to review it. Yes, it will cost you a little but that’s money well spent – especially if you are considering investing a significant amount of money. Keep in mind that most attorneys will say that the deal is no good. They do this because they have everything to lose if the deal goes bad (you’ll fire them or sue them… or both). And they have nothing to lose if the deal is a good one and they say it’s not. They cover themselves so expect a negative report. That’s why you need a real estate attorney and not a general practice lawyer for this.

When your attorney chimes in, ask her why she thinks it’s a bad deal—if that’s the report you get. Ask her where your risks are. You go to your lawyer to see if the contract is a good one—not to get business advice.  I looked at a great deal for a client but, of course, suggested she send it to her attorney to check the contract.  The attorney told my client not to get involved because she thought the partner’s split was too generous.  That may or may not have been the case but that wasn’t the attorney’s job to chime in.  Unfortunately, my client didn’t participate in the deal which later proved to be outstanding.

3. Get Business Advice

Ask your partner smart questions:

a. What can go wrong?
b. How is my money secured?  Why is this the  best investment for you right now?
c. How I am protected against you stealing my money?
d. Why is this a good deal?
e. What has to happen in order for this to go south?
f. What are vacancy rates? Who are the major employers? Do you have the right liability insurance?
g. What is our “edge”? What makes us better able to make money vs. the other people?
h. Can more real estate be built in the area?  If you are  buying a condo, what extra costs are you going to incur?

Don’t stop there. Talk to your accountability partner and see what she thinks about the deal.  Discuss if you should own  life insurance on your partner too.

Have a field day on Google. Find out as much as you can about the area. Go to zillow.com to compare the prices of the real estate your partners want to buy vs. available inventory. Google maps the place and zoom in to see the neighborhood.

Real estate prices are low and so are interest rates.  That’s a good combo if you’re thinking about investing in this market.  While prices may continue to decline and stay soft for some time, investors with a time-horizon of 5 to 10 years might really hit the jack pot if they invest in real estate.

Partnering is smart if you can gain access to trustworthy partners in attractive markets.  Just cover your bases and don’t rush.

Have you ever invested in real estate with partners?  How did it work out?  What else should we watch out for?

The three things I probably do better than anyone else is:

1) Build relationships and network with millionaires
2) Branding and marketing
3) Strategic and transformational thinking

Click here to learn from me live (new dates added!)

Nothing is more important than building relationships. It’s not what you know; it’s not who you know, but who knows you. With Mega Partnering VI just around the corner, you need to be ready. There are connectors who claim to be great at networking and putting people together, but they don’t know how to monetize their connections.

Whether you are networking with Woz, Rudy Giuliani, a millionaire or the average Joe, the fundamentals are the same. Here are my simple rules, what I call…

The Connecting Rules of Engagement

1) People need to be aware of you: Who you are, what do you do? Do you have a tight 29 second presentation pitch? Are your dressed the part?

2) Don’t fake till you make it; act like you belong: The minute you try and be someone you are not, people will see right through it. You will lose your aura of authenticity. People are not buying your product or service; they are investing in your first.

3) Build the relationship first, seed, plant and then pitch: Most people go for the pitch right off the bat; this will ensure that without a doubt you will never get the deal or opportunity.

4) Ask yourself WHY (WIIFM): Why would someone invest with you or buy your product or service if all you offer as proof is the usual “I am trust worthy, loyal and hardworking” song and dance? You need to be specific and you need to tell them how you are different than your competition. If you don’t, they will revert to their own brand analysis of you or just base their decisions on price. Always think “What’s in it for me?” from your potential customers’ perspectives.

5) Brand reinforcement and credibility: Without a doubt, if you don’t turn up prominently in a Google search or branded properly, you will get hurt. You will lose opportunities and sales because people will assume you are not successful, too small time or a one man or woman show. Whatever brand you want to portray, make your websites, logos and images are consistent. Check out www.JTFoxx.com; it has been one of the best tools for my business.

6) Investment or purchase in you: One people decide to go forward with you, it’s crucial that you just don’t make everything transactional and create an experience. Remember: it’s the little WOWs that count. People want to feel special and part of something that is not open to everyone but gives them a sense of belonging and fulfillment.

7) Stick the sale or investment: Most people after making a big investment or purchase will get buyer’s remorse. They’ll go home and think of all the reasons why they shouldn’t do the deal or the investment. You must call them personally, or have a higher up in your company give them a follow-up call. Send an email or an orientation package, a small gift or even a thank you card. You need to reinforce the transaction or people will walk away.

With Mega Partnering VI just five months away, you need to prepare to make this conference the most important business event of your life. The stakes are too high. I am inviting you to come to a Mini-Mega Partnering where I will personally prepare you and your business to grow and even explode and look good in front of 650 A-Players on Nov 29-Dec 2.

Click here to have me teach you how to become a branding, marketing and relationship-building machine. In fact, I will teach you how to become even better than me.

I am good at two things…making money and helping other people make money. I’ve become even better at the latter.

Together, we go big or go home…

If you haven’t registered yet, you’re killing me because you know it’s what you need to do to get yourself unstuck.

Most entrepreneurs and real estate investors never make it because they are too busy focusing on the wrong things. They spend too much time working in the business (rather than on it) and they tend to suffer from analysis paralysis.

Here are some of their common mistakes:

• Listening to market news (remember: if it bleeds, it leads, bad news sells)
• Following economic news (monthly reports on jobs and housing)
• Internalizing economic forecasts (projections into the future, and they never get it right)
• Bull/bear debates (these just make for good TV)
• Following market forecasts (no one has a crystal ball, or they would be rich)
• Engaging in stock picks  (the guessing game)
• Too much technical analysis (looking at charts all day long)
• Quantitative analysis  (making things more complicated than they are)
• Taking generic “advice”: buy this, sell that (this is only done to sell newspapers)

That is why coaching is so important. A wise man learns from his mistakes, while a genius learns from other people’s mistake. That is why I have 7 coaches because the experts have their knowledge in order. Basing your investing or business philosophy on half-truth or hype data leads to not broken dreams but in many case financial ruins. Don’t look at how much coaching costs you, but look at how much it makes you or prevents you from losing money or opportunities. If it I wasn’t, I wouldn’t be writing this….

Very frustrating when you see things come up like this. TaxMasters (you may have seen their infomercial on late night TV) just got slapped with a $195M judgment because of fraud and misrepresentation.

This begs the question: as a marketer where do you draw the line? This is something many people have emailed about. I think, more often than not, most products are sold with tons of sizzle rather than selling a steak and sizzle.

You can’t just offer steak, because even if you have the greatest steak in the world and no one knows about it, you will go broke. If you just have sizzle, you will survive but you will have to get new clients all the time and eventually the FTC or the government will come after you. In today’s market economy, you need steak and sizzle. And absolutely, never do anything that could put you or your company in a gray area because eventually the line you crossed will become invisible and that will get you in trouble. 

TaxMasters recently filed bankruptcy last month. and I doubt anyone will ever see money.

My advice to all marketers:

1. Do not make income claims
2. Do not over promise and under deliver
3. Become obsessed with great customer service because that is the thing that leads to complaints and most companies to fall. 

If you want to read the article you can click here.

You don’t work for your business. You ARE your business. And, if you want to grow your business the right way, one of the most important ways to build trust and establish your brand is to live according to your principles.

1. Practice what you preach. One of the best ways to build credibility is to follow your own teachings, adhere to the advice you give other people, and, if you have a system, follow it. Let’s put it this way: if you’re not following your own advice, why should you expect anyone else to?
2. Be yourself. Don’t try to be someone or something you’re not just to be a better spokesman. Make the most of your talents and use them to build your brand.
3. Don’t sacrifice or suppress who you are to get ahead. Tap into your own strengths to grow your business while being true to yourself. Be real…and your brand becomes real, too!
4. Work from the heart. If you want to succeed, you need to love what you do…and I mean really love and believe in it…or, you’re never going to succeed. Because when you enjoy what you’re doing (and it shows, believe me) there’s nothing that can hold you back!
5. Always be on. To reach and stay at the top of your game, you need to devote yourself to building your brand every day. Spend at least a few hours every day brainstorming new business ideas, new growth strategies and creating new blog posts, new website updates, new product enhancements to add value to your products and services. Study your competition, too, so you can learn from their mistakes…and their successes.
6. Leverage social media. It’s 2012. There is no reason whatsoever why you shouldn’t be using social media to promote your business. If you’re not blogging and at least using Facebook, Twitter, YouTube, and/or LinkedIn to promote your business, you’re not living in today’s world. Times have changed. And so has marketing. Get yourself out there…online, in people’s homes and on their smartphones.

Having a strong online presence isn’t just smart marketing…it’s also the most immediate way to build credibility. Think about it. When you want to find out about a person, product or company, what do you do? If you’re like most people, you look them up online. So does everyone else…so if you’re not online, where are you?