Dawn Noland (Discussion Lead)
Mentoring: What does it mean to you, your company, and your future?
I was pleased to meet Jeff during this meeting. He and his wife have lived in the Issaquah Highlands for six years and have an infant son. Our conversation was wide-roaming, and Jeff was kind enough to share the references he spoke about during our meeting. I am sharing them here for your reading pleasure.
I hope you have had a chance to check out Stephen Ritz and the Green Bronx Machine. If not here are some links.
https://m.youtube.com/watch?v=j4GRnl7Gzow (1 min video)
https://www.youtube.com/watch?v=Zm3YgHwDRPE (+1 min video)
These are some of my favorite business resources, if I ever get stuck.
The Strangest Secret by Earl Nightingale : https://www.youtube.com/watch?v=nCm0otCwQPo
Cash Flow Quadrant by Robert Kiyosaki : Compares the risk versus reward of employment, business, and investment.
The Four Hour Workweek by Timothy Ferriss : It is a great contrarian manual that may open your mind.
The Art of the Start by Guy Kawasaki : Critical elements to consider before and during your start.
The Millionaire Next Door by Thomas Stanley and William Danko : Identify the millionaires next door and see what they do.
Think and Grow Rich by Napoleon Hill : You become what you think about (kind of like the Secret)
Note. There is also great internet content from/about these authors.
I attached an excerpt from the Russell Theory Letters about the perfect business. It helps you choose the business that fits and does not overburden you.
“If you’re about to start a business or join someone else’s business or if you want to buy a business, the following list may help you. The more of these criteria that you can apply to your new business or new job, the better off you’ll be.
(1) The ideal business sells the world, rather than a single neighborhood or even a single city or state. In other words, it has an unlimited global market (and today this is more important than ever, since world markets have now opened up to an extent unparalleled in my lifetime).
(2) The ideal business offers a product that enjoys an “inelastic” demand. Inelastic refers to a product that people need or desire — almost regardless of price.
(3) The ideal business sells a product that cannot be easily substituted or copied. This means that the product is an original or at least it’s something that can be copyrighted or patented.
(4) The ideal business has minimal labor requirements (the fewer personnel, the better). Today’s example of this is the much-talked about “virtual corporation.” The virtual corporation may consist of an office with three executives, where literally all manufacturing and services are farmed out to other companies.
(5) The ideal business enjoys low overhead. It does not need an expensive location; it does not need large amounts of electricity, advertising, legal advice, high-priced employees, large inventory, etc.
(6) The ideal business does not require big cash outlays or major investments in equipment. In other words, it does not tie up your capital (incidentally, one of the major reasons for new-business failure is under-capitalization).
(7) The ideal business enjoys cash billings. In other words, it does not tie up your capital with lengthy or complex credit terms.
(8) The ideal business is relatively free of all kinds of government and industry regulations and strictures (if you’re now in your own business, you most definitely know what I mean with this one).
(9) The ideal business is portable or easily moveable. This means that you can take your business (and yourself) anywhere you want — Nevada, Florida, Texas, Washington, S. Dakota (none have state income taxes) or hey, maybe even Monte Carlo or Switzerland or the south of France.
(10) Here’s a crucial one that’s often overlooked; the ideal business satisfies your intellectual (and often emotional) needs. There’s nothing like being fascinated with what you’re doing. When that happens, you’re not working, you’re having fun.
(11) The ideal business leaves you with free time. In other words, it doesn’t require your labor and attention 12, 16 or 18 hours a day (my lawyer wife, who leaves the house at 6:30 AM and comes home at 6:30 PM and often later, has been well aware of this one).
(12) Super-important: the ideal business is one in which your income is not limited by your personal output (lawyers and doctors have this problem). No, in the ideal business you can sell 10,000 customers as easily as you sell one (publishing is an example).
That’s it. If you use this list it may help you cut through a lot of nonsense and hypocrisy and wishes and dreams regarding what you are looking for in life and in your work. None of us own or work at the ideal business. But it’s helpful knowing what we’re looking for and dealing with. As a buddy of mine once put it, “I can’t lay an egg and I can’t cook, but I know what a great omelet looks like and tastes like.”