Money Management

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Information of the Ages

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Do what you do so well that they will want to see it again and bring their friends. Walt Disney

Saturday

Invest in Yourself

Jim Rohn
American entrepreneur

Emanuel James Rohn professionally known as Jim Rohn, was an American entrepreneur, author and motivational speaker.

Born: 17 September 1930, Yakima, Washington, United States
Died: 5 December 2009, West Hills, Los Angeles, California, United States
Buried: Forest Lawn, California, United States

Jim Rohn says, “Work harder on yourself than you do in your job.” He also says, “Formal education will make you a living; self-education will make you a fortune.”

“Success is not to be pursued; it is to be attracted by the person we become.” 
—Jim Rohn

By dedicating yourself to lifelong learning, there’s no limit to how much better you can make yourself. In doing so, you increase the value you bring to the marketplace. As Buckminster Fuller said, “You can’t learn less.” Tony Robbins: “If we habitually focus on how to improve things that are already great, can you see how this spirit can transform ourselves, our organizations, families and communities?”

Jack Welch: “I was afraid of the internet because I couldn’t type.”

Stephen King: “If you don’t have the time to read, you don’t have the time or the tools to write.”

Queen Elizabeth II: “It's all to do with the training: you can do a lot if you’re properly trained.”

Action Point: 
Improve your mind. Enhance your skills. Increase your knowledge. Read at least an hour a day from books that will help you get better at what you do. Listen to educational audio programs in your car. Attend courses and seminars that can give you ideas and insights to help you advance your career

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Friday

What Makes a Business


Descriptions: Discussion of what is the single necessary and sufficient condition for a business and why it is so important for aspiring entrepreneurs to focus primarily on this condition.

Our Instructor: Bill Aulet

As we start the process here, it's critically important to remember what a business is all about. We're not trying to win a science fair, we're not trying to win some sort of intellectual debate. We are trying to start a new venture. And when we think about a new venture or a new business, it's important to simplify this down.

The single-- there is one single and necessary and sufficient condition for a business-- one single and necessary sufficient condition for a business. It is not a business plan. It is not a CEO. It's not a mission statement. It's not a product. It's not even some sort of market analysis. The single necessary and sufficient condition for a business is a paying customer.

Everything that we do in a business drives to the point where we have a customer that will give us money for our product, our offering. And that's very, very important. Sometimes I have students that come in and say, let me explain to you about my nano-oscillation technology with carbon fiber tubing and the like. And I don't understand what they're talking about, but I look through their whole plan, and I don't see a very important thing in their plan.

I see it's going to be a 100 times better than the current technology. It's going to reduce the cost by 50% of power consumption. But I point out to them is, you really need to speak to a friend of mine that-- and they say, who is that? A friend of mine whose kid is in the business. And they say, what kind of business is he in? I said, he's in a business that takes lemons. They say, what does he do with the lemons? I say, he squeezes the lemons and he puts sugar and water in it and he makes lemonade, and he gets someone to pay them for it.

And he said, [INAUDIBLE], what are you talking about? Are you insulting me? No. I'm trying to make a key point here is-- until you get a paying customer, you do not have a business. So it's not about how great your technology is. It's not about how wonderful your idea is. It's not about how well you write your business plan or whatever else you do. It's about getting paying customers, and getting many of them, and doing so in a profitable manner. So that's what we're going to focus on here. We're going to start with the customer and we're going to build the business back from that.

Complete Entrepreneurship Course
What is Entrepreneurship
What is Innovation
Varieties of Innovation
Three Ways to Start a Company
Six Myths of Entrepreneurship
How to do Market Segmentation
What is a Beachhead Market
Passion for Entrepreneurship
Market Segmentation with SensAble Technologies Part I
Market Segmentation with SensAble Technologies Part II
From Passion to Idea or Technology
What Makes a Business
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The Experiment of My Professor

During the last lesson by a professor before his students graduated, he showed them an experiment.

He took a glass container and added water into it. He said, " This is water under room temperature. If you pour it into a stream, it can flow towards the big river and then together with a lot of water, it can flow into the big sea."

Then, he put the container with water into the refrigerator and after a while, part of the water in the container became ice. The professor said, " Below 0 degree Celsius, the water becomes ice. Ice is another state of water but when it becomes ice, it can no longer flow."

Next, he heated the container using an alcohol stove. the container becomes ice and melted. There was steam above the container.

Soon after, all the water in the container has evaporated. The professor turned off the alcohol stove and asked the students,"Where did the water go?" The students were puzzled and they did not know why the professor asked such a simple question.

The professor looked at the students who were reluctant to answer, and replied,"Where did the water go? They evaporated into the air and flowed into the wide sky." "Perhaps you may think that it's an easy experiment, but it's not as simple as you think!"

The professor explained," Water has 3 states. Our life also has 3 states. The states of water are determined by the temperature and the states of our lives are also determined by the temperature in our hearts. If a person treats life with a temperature of 0 degree Celsius, the state of his life will be like ice and his life is about the same as the space he is standing. If a person treats life normally, it's like the state of water and he can flow into the big river and sea but he will never leave the land. If a person treats life as 100 degree Celsius, he can fly up high and he will not only have the land but also the sky and his world will be as big as the universe."

The students answered in unison, "This is not a simple experiment!"

"If you treat your life with a temperature of 100 degree Celsius, your life will be very big, this is the purpose of my experiment." The professor answered.
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Thursday

Avoid Online Marketing Scam


1 Many Upsells
​Whenever you are deciding to join any programs or training, do some research to know whether there are any upsells.

Most online marketing scams have multiple upsells because that's one of the best ways for the creator of the products to make more money from each of the customer.​

2 Empty Promises
​"Earn $1000 by the end of the week with this proven system", "Make a full-time income online in a month just by following this simple trick", "You don't have to do anything and your business will run on automation"...

3 ​Contradicting Information
​If the creator of the product is focusing on his own earnings, then he will tend to have sales pitches, just like in the previous point, to attract people.

4 ​Lavish Pictures
If you have been searching about "how to make money online", you've probably come across some promotional advertisements that feature the flashy sports cars, luxurious mansions and lifestyle of someone.

And that person wants to show off his or her lifestyle in order to attract you and make money from you.​ This trick is very common and I've been seeing them all around the Internet.​

5 Outcome Focused​ - Full of Hype!
​In online marketing business, it's easy to attract people by showing the outcome of a certain product or training.


Many people like to show screenshots after screenshots of their paycheck or their income report.​ Another common way is to have a lot of hype about how the person's life have changed dramatically because of this product.

6 High Ticket Programs
​Charging customers a lot for something doesn't make it a scam. But, charging a lot of money by taking advantage of people's lack of knowledge and information is.

There's always information gaps and imperfect information in the world regardless of which market or industry. Experts like to take advantage of this and ask for a huge amount of money for this information.​

7 Pyramid Scheme
​A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services.

8 Limited Time Offer
​This is a technique that marketers use to boost sales by imposing some invisible force - limited time offer or limited availability.

​If you are a businessman, you know this very clear that it's just a way to sell more in a short period of time and earn more money.

it's a technique many scammers use to boost sales for their low quality scammy products.

It's just a sign for you to consider in addition to all other signs of a scam.
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From Passion to Idea or Technology


Descriptions: Discussion of a method that you can pursue to go from passion to idea or technology, and key questions that you should ask yourself as you make that leap.

Our Instructor: Bill Aulet

So now let's talk about how we go from I have a passion to a technology or an idea. What are the factors, even within a technology or an idea, that you would decide with your team? Now we talked about joining with the team. What are those things that you would make factors to decide?

First of all, you would start with knowledge. You want to be working in an area or technology or marketplace that you understand, that you have a knowledge about. But that's necessary but not sufficient. The next thing is that you have to have a capability there, something that's special to you. You might be good material science, and that would allow you to do energy storage.

You might not have that expertise, but you might have an understanding after having worked at Raytheon for 10 years of what the aerospace industry is about and the issues that they face. So that's a special capability that you could build up.

The third thing is, would be, connections. Connections, you say, well that's something that's easy. No, that actually is an asset that you and your team would have. Do you know the proper people in this industry? Do you know the people who really understand energy storage or whatever the other technology is that you might be working on?

Having the right connections is a valuable asset that should not be overlooked. The next one, number four, would be financial assets. You might have very few financial assets. Or you might have a lot of financial assets. Understanding the level of financial assets you have, be it very small, medium, or large, will dictate what markets are good for you. If you don't have a lot of assets, it's very hard to play in industries such as clean energy, where the price of poker is very high, where the price of entry is very high.

So the next one is name recognition. So when you look at these markets, you might know the market. You might have capability in that market. You might know the right people. You might have the financial advisors. But do the people in that market know someone on your team? Will they return the call when you contact them? Inherent in this is credibility that you would have as well, and that credibility would come from past work experience.

Now past work experience could contribute as well to capability and knowledge and connections. But I bring that out because there's other things that would come from past work experience that I might not have included in here. Number seven would be a passion.

What you're going to be doing, when you choose it, you'd better love. Because, if you can't see yourself doing this for the next six years, you're very likely not going to be a successful entrepreneur. You have got to have a lot of passion for what you're doing. So I said there were eight items that we would consider, knowledge, capability, connections, financial assets, name recognition, past work experience, which might contribute to other ones, and passion.

The last thing is, even if you have all those things, the last one you need is commitment. When we look at who will succeed and who will not succeed, who we take in our founder skills accelerator, who we take into our more select classes, one of the number one things we look at is commitment. Because a person who is committed to this, they're burning the boats, this is what they're going to do, is going to be more successful. Other people might start off with better technology. But in the end, the person who has the commitment is going to pass them all.

So those are the things that we look at as you go from a passion to a technology or an idea. And then, within the technology or idea, which one are you going to choose? These are some of the important factors that you must think about.

Complete Entrepreneurship Course
What is Entrepreneurship
What is Innovation
Varieties of Innovation
Three Ways to Start a Company
Six Myths of Entrepreneurship
How to do Market Segmentation
What is a Beachhead Market
Passion for Entrepreneurship
Market Segmentation with SensAble Technologies Part I
Market Segmentation with SensAble Technologies Part II
From Passion to Idea or Technology
What Makes a Business
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Wednesday

Exercises

First and foremost, be sure you have plenty of open windows in your sleeping room; not a crack at top and bottom, but wide open windows. Use a screen to prevent draughts, if necessary.

When you wake in the morning throw everything wide open; lie flat on your back with outstretched arms and no pillow and light covering or, what is better, none at all. Relax from head to foot; close your mouth; take quietly a deep slow breath, filling the lungs evenly as possible all the way down; hold the breath as long as you can without straining; then see how very slowly and smoothly you can let the breath out. Pay very particular attention to this. See how slowly and steadily you can exhale the breath. Now, “get your breath” if you need to – as you certainly will if you are unaccustomed to deep breathing – and then do it over again. Repeat this five to seven times. Take about four seconds to inhale, eight seconds for holding, and as many as possible for exhaling. Possibly you cannot hold the breath so long at first; remember not to strain. Smooth, easy, steady – these are the first essentials. Practice will lengthen the breath. At first I could not inhale longer than two seconds, hold three and exhale three or four; and my heart beat as if I had exerted myself tremendously. It was three months before I could take five successive breaths such as I have described to you.

Right here I want to tell you what a help those three months of practice were to me in vocalizing. I was always troubled with short breath while singing. Four years of voice culture did little to help me. The three months in which I first practiced this breathing exercise it so happened that I was without a piano and never sang a note. Then one was brought into the house and I sang again. In spite of three or four months without a note of practice, I sang as I had never sung before. Never was singing such pleasure. It seemed to me I could sing any phrase, or two or three, with breath to spare and with a freedom I had never experienced before in my life. Since that time I have never known the old difficulty. I am convinced that systematic breathing exercises without vocalizing are of untold value to the singer.

If you are a man, or a woman who is sensible enough or slender enough to wear no corset, repeat this exercise two or three times each day, always in the same position and with the clothing loosened. And after retiring at night repeat again. Then command yourself to sleep quietly, breathe fully and wake refreshed at the usual hour.

If you will, in spite of all the medicos and Delsartes in the land, wear corsets, why, take the breathing exercises anyway. But take them standing, in the open air, if possible, or in an open window. Get a new, straight-front corset; let it out a notch or two more than you did the old one; after you put it on pull it a-way down in front and stand so your bustle is behind, where it belongs. Then throw your shoulders back, hold your head up, look like a sweet and gracious queen, turn your eyes toward heaven and all good, and breathe. Inhale love, power, shine, life – slowly, quietly; let it thrill you and permeate your every atom of being and fill your Solar Plexus with joy; let it transmute you and be transmuted; then lower your eyes, spread out your hands wide in blessing and breathe forth quietly, smoothly, slowly, all joys to all mankind.

If you are a man, never mind about the straight-front corset – just stand like an athlete, chest out and abdomen in, and take long, strong swigs from the sun; let them exhilarate all your being, souls and body; then breathe out blessings on the world. Take two or three breaths at each exercise; exercise several times a day, in standing position if you prefer; and recline night and morning for more breathing.

If you have a special pursuit in which you desire success, remember it when you are taking these exercises. While you are inhaling a breath you are negative, receptive; while you are holding the breath you are poised ready; while you are exhaling you are positive, radiant. You are giving out life to your dominion – to all who are less highly developed than yourself, to your environment in general, to your business, to whatsoever you are interested in. Then as you exhale a breath, spread forth your hands and breathe life into whatever you desire. You can grow friends, beautiful surroundings, money, loving thoughts, wisdom – anything YOU WILL, by this practice. I don’t care two cents whether you have faith in it or not – just do it and you will find out that what I affirm is true.

. . . . . . . . . . . .

The Solar Plexus is the seat of emotion. By proper exercise of the whole breathing apparatus you may gain such control of the Solar Plexus that anger, resentment, resistance, blues, discouragement and fear will be as foreign to you as are the awkward motions you used to make when you were first learning to walk or eat. All these unpleasant emotions are due to cramping the Solar Plexus. The exercises I have just given you will free the Plexus and make you “feel good.” Continued practice will establish the habit of “feeling good” – that is, the habit of feeling free.

Until you succeed in establishing a habit of feeling good you will have, as you have had heretofore, periods of depression. These will gradually grow less deep and be more readily dissipated. When you feel yourself growing depressed, for no matter what cause, break up the tendency as quickly as possible. Here is the way to do it:

Undress if possible; if not, loosen your clothing; lie down flat upon your back with arms outspread and without pillow; let go of everything mentally; inhale slowly through the nostrils a full breath; hold steady a second or two; then force the breath suddenly into the upper part of the lungs; hold there a second or two and then suddenly throw all the breath down as far as possible, at the same time exclaiming mentally to the Solar Plexus, “Wake up! Wake up! !” Hold the breath down a second or two; then gradually let if flow back until the lungs are evenly filled again, hold an instant, and then see how very slowly and smoothly you can exhale the breath. Do this not over three times at one exercise and only when you are depressed. Then rise and move as if you were going somewhere and meant to get there. Get interested in what you have to do. The next time you think about your depression you will wonder what makes you feel so comfortable and full of quiet go. I have used this practice, which is my own discovery, for years; for all sorts of depressions from every imaginable cause; and never once has it failed to change my feelings entirely. It is guaranteed to cure anybody who will practice it with a will.

These directions sound complicated, but after a trial or two and a re-reading or two they will nearly do themselves, so easy and delightful will you find them and their effects. Never mind if your heart thumps a bit when you first attempt any breathing exercise. It would thump just the same after any new and vigorous exercise. Just be quiet and persist. Very shortly your hear will enter into the general enjoyment and keep as quiet as a summer morn, no matter how vigorously you force the breath up and down. This exercise properly persisted in will benefit or cure functional heart disease, as well as diseases of lungs and throat. In fact, there is hardly and ailment of the human frame which cannot be cured in this way, if the practice is kept up daily or oftener for a long enough period. Remember that the shine from your sun center is to your body what the shine from Old Sol is to plant life and planets; and these exercises establish in your solar center the habit of shining.
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Market Segmentation with SensAble Technologies Part II


Descriptions: Bill Aulet discusses how he and his team at SensAble conducted market segmentation for their novel 3D imaging technology.

Our Instructor: Bill Aulet

We have a whole series of things that we drill down and look at. The example that you're going to see is one that worked well for us, but yours might be different. But these types of things are what you're going to see.

As we laid it out, we had entertainment. We had the industrial designer. I apologize for the hard-to-read writing here. And so you can see what they were doing as well. Industrial design, you would have medical visualization. Companies like GE had 3D data sets that they were getting through CAT scans, MRI, and they wanted to look at them, interact with those data sets.

We had surgical simulation. We also had computing for the blind, human-computer interface for non-visual human computer interface. And for each one of these, we have molecular modeling and assembly path planning, and we even had analyzing seismic data. All of these different ones, we laid out, and then we dug down in here for a matter of a week or two to understand what each of them were.

And then at that point, we had a nice market segmentation that we could then take a step back and take a look at and say, wow, those are the top opportunities. Which one should we go after?

This takes a lot of work. But the work that we're going to put in upfront is going to pay dividends, because our team will now have had a chance to look at all the different opportunities. And when we choose one, we're going to have the highest level of confidence possible.

So that is market segmentation with a very specific, real example at Sensible Technologies which ended up working out quite well for us.

Complete Entrepreneurship Course
What is Entrepreneurship
What is Innovation
Varieties of Innovation
Three Ways to Start a Company
Six Myths of Entrepreneurship
How to do Market Segmentation
What is a Beachhead Market
Passion for Entrepreneurship
Market Segmentation with SensAble Technologies Part I
Market Segmentation with SensAble Technologies Part II
From Passion to Idea or Technology
What Makes a Business
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