I want to share my three biggest insights that I've learnt from Business Mastery with you.
The first insight which changes a lot of things for me, is that when it comes to business, there are basically three kinds of entrepreneurs. These entrepreneurs are the three different kinds of business owners.
The first is what you'd call an artist and a lot of business owners are actually just artists or skilled producers. He is a hairstylist, a coach, baker, etc who actually started his own business, simply because he is tired of working for someone else.
The second kind of business owner is the manager leader. The manager leader is the person who actually manages a lot of the back-end stuff, handles the time for the artists to do things.
The third and the last is the entrepreneur. The entrepreneur is the one that has the vision for the company, and is willing to take on big risks.
So, it's kind of like all three of them form a great team, there's no real hierarchy but all three are needed and none of these three would be able to have a successful business without the other two.
I guess there are a lot of coaches and I have a lot of friends who are consultants. My pitch here is that I'll help you at least double your business in six months and then if we reach that target, I get a percentage of the upside. I'm really convinced that a lot of the math and numbers can actually double or even triple your income.
So, the second insight is the value chain. I didn't realize that there is a whole thing called the value chain and things can break down at any point of the value chain.
The thing is that, although sometimes we think that we are only responsible for our position, it makes sense to go backward and forward to check and verify how the previous things have been done.
How do you build such value chain systems in to your company to make sure that the customer, the client on the other end, and your team members actually received information well? Is there value created across all levels?
The last thing that I really learned from this Business Mastery so far is actually a learning technique. This learning technique, I guess has multiple parts to it. So there are three parts to it and the first part of this learning process is something that I practice a lot myself, which is the recall technique because once you recall and you fire up the synapse in your brain, it helps you to actually strengthen that thing, so that it doesn't just go into your short-term memory and then disappears.
Sometimes when it's a topic that you don't know, you can test yourself before you actually do that topic then you find out the right answer you become hyper-focused on this and you remember a lot better.
The second thing I covered was the value chain.
And the third thing that I'm going to cover right now is how to learn more effectively and how to learn.
So, I put this in to help everybody to recall again, because when I reiterate things you hear more often and it becomes more effective than your memory processing, you actually gaining valuable insights, because you listen to it once you kind of know it but listen to it the second time it really goes in to you, but how you actually put this in to real life and make it a physical mastery is to really take action and do it. You have to do it, you have to put your body out, you have to push and that's what actually changes you.
- Alright so it's day five of Business Mastery, and I just wanted to come on quickly, to share my three biggest insights, that I've learnt from Business Mastery so far.
So the first insight that I have learned, is actually something that I had already learned before, but when I apply it right now, when I come to it from a different light, and I'm looking at it in a different way, it changes a lot of things for me. So, this insight, and previously what they taught right, is that when it comes to business, there's basically three kinds of entrepreneurs. The three kinds of entrepreneurs, are the three kinds of business owners.
The first is what you call an artist, or a skilled producer or technician, and this is the person that is the hairstylist at the salon. He is the coach. He is the baker at the bakery store, and this person usually started a business, because they were so tired of working for somebody else, and they are like hmm if I'm going to cut hair for somebody, why don't I just cut hair for myself, and run a business like that? So, this is what a lot of people do, and a lot of business owners are actually just artists, or skilled producers, and there are actually, there's only one part of the three required skills. So, actually this topic that I am talking about, is in Business Mastery, but it's also in the book, "The E-Myth Revisited". And it is an excellent, excellent book.
So, the second kind of person is the manager leader. The manager leader is the person who actually manages a lot of the back-end stuff, handles the time for the artists to do things. So, the manager leader manages the artists so that their business can function effectively. If you are a one-man show, you have to play both roles or you have to play all three roles. It's not easy to play all three roles at one time.
So next is, the last is the entrepreneur. So, the entrepreneur is the one that has the vision for the company, it takes on big risks. And if you know me well, it must be pretty clear that I am an entrepreneur. I like taking the big risks, I like going for the big things I have a lot of visions, lot of ideas and I want to do a lot of things, I want to start new projects all the time and the entrepreneur real person's role is to take care of the manager leader. So, it's kind of like all three form a great team, there's no real hierarchy but all three are needed and none of these three would be able to have a successful business without the other two.
So, what I realize for myself here, right, is like am I called an entrepreneur, second, I'm an artist. I was thinking of the previous Business Mastery that I attended, that I'm 60-70% entrepreneur, 30-40% artist and I was like, hmm, if I'm creating online classes and I'm coaching I'm putting myself in the artist role but that's okay if I'm doing a lot of entrepreneur stuff. But then this time at Business Mastery I realized that, "wow", when we're doing a lot of math, a lot of numbers, what actually excites me a lot about the coaching process is helping people make sense of their numbers so that they can grow their business. I actually really like to help other entrepreneurs, or rather, other artists, other skill producers. So usually this would be coaches or consultants or people that run workshops and people that actually want to grow their business and I think when you understand your numbers right and you fix the serious process from a very date driven standpoint, it's really easy to double your profits within six months. I realize that I like thinking about the strategy aspect about how to grow the business.
So much money actually being the artist in the business, so that's a really big change for me as I'm trying to do a lot of these teachings right. I have to realize right now that that's not where my competitive advantage is and that's not where my itch is. When I actually listen to the market and I talk to people around me, which is very important when you write any business, right, I realize what most people like is the ability to do numbers and the math and this whole finance part of the business. My math, I mean when I played poker, my math made me millions. When I was in school, I was always top of my class, I mean, except for university when I did stats against a lot of the China scholars, they were definitely doing much better than me. It didn't help that I was living in my car and I just flew back for my exams but I did fine for the amount of hours that I put in and I'm probably like top 0.001% in math or something like that and it's clear to me that I have to leverage off my strength now. I know my numbers so well, I know game theories so well, and this is actually my competitive advantage.
So, I realized then that was a really big insight for me so I'm going to change and at least spend more of my time helping other people with their businesses and kind of build my coaching program around that. Next, okay so before I jump to the next thing, I mean, I guess there are a lot of coaches and I have a lot of friends that are consultants. My pitch here is that I'll help you at least double your business in six months and then if we reach that I get a percentage of the upside.
Of course, your business needs to be big enough so that it makes sense for me to help you out and it's worth the time for me to spend on that but if it doesn't work out, it's free. I will help you out for free. I'm really convinced that a lot of the math and numbers can actually double or even triple your income.
So, the second thing that I learned is the value chain. Wow, I didn't even have any content about this, I didn't realize that there is a whole thing called the value chain and things can break down at any point of the value chain. There are so many parts of the value chain. So for example, when I am running a video like this for example, I'm doing a Facebook Live and I want to reap up this content in the future, so right now the process is like, oh okay, when I finish this video I'm going to go and download it, I'm going to upload to the box, the Dropbox on Google Drive, and then my team is going to send it for editing, it's going to send it for sub titling and captions and it's kind of all really messy and it goes back and forth and after that, it will go to the marketing manager and then the marketing manager will ask me how to use this information, how to disseminate out and it's a lot of back and forth, back and forth, and there's no real systems in place, there's no real structure around the chain and how we think about optimizing this value chain.
When we communicate from one point of the value chain to the second part of the value chain, both people have an opportunity to break down their communication. So if I supply some information, the other person has to anticipate and has to receive the information well and we both have the responsibility to check and verify that the other person understands what needs to be done and actually starts acting on it; because if one part of the value chain breaks down, the whole chain is broken
Tony Robbins told a story about a hospital and if one person is at any point of the value chain, the good thing about it is if somebody goes for surgery to the hospital, they go to the surgery, they get sent to the room, so they go to the receptionist, the receptionist sends them to the room, that person from the room maybe gets some clothes, then gets general anaesthesia, so you go to the next person and then the general anaesthesia after that maybe sends them to the operating room. The operating room person has to sterilize the equipment and then after the doctor comes in, the doctor's assistant and all of them have certain parts of their role to play. The thing is that, although sometimes we think that we are only responsible for our position it makes sense to go backward and forward and check and verify that the previous things have been done, so there is some kind of buffer, some kind of something to fall back on. Think about if the person after the general anaesthesia just receives the person and doesn't double check whether the person is under general anaesthesia yet, think about how much pain that person can go through, if that one small part of the surgery is not done properly. Maybe a smaller dose than necessary and that person just wakes up in the middle of the surgery. Or think about it, what happens if the sterilization process isn't done well and this is what happened in the story, where the surgeon kept insisting that he did his part and did the operation well so he's not to blame and it's because the system that they have, didn't require him to check and verify that the needles were sterilized beforehand. So, although he did his part, he didn't check the previous part and that was not part of the system.
So how do you build such value chain systems in to your company to make sure that the customer, the client on the other end, and your team members actually received information well and there is value created across all levels. The thing that it mentions is that, imagine that it's your mother or grandmother is the client, is the patient in this case, how will you treat that patient. Will you want to make sure and ensure that your part is done and checked and verified? Although this sounds like there would be a lot more things to do when you do things like that, once you create a system that works, or just checking and verification process, takes really, really little time and instead of going back and forth a lot you end up just doing things and you just end up accomplishing more in the long term. So, I'm going to put this kind of system in to my company. I'm also actually probably going to do a whole video on this value chain to explain in much greater detail what this value chain is.
So, if you are watching this and you want a video, definitely let me know in the comments section because I'm probably going to post it in the Tony Robbins' Business Mastery Group, but if you want it, I'll be happy to share with you as well. All right so I see a few people commenting, "makes sense"- hi, appreciate the support Max Holmes says, "I'm a big fan of you, follow almost all your content on You Tube as well." Wow, I am actually appreciative of that. It's always really nice to get support from people, it's kind of, yeah, I mean, this journey, especially being in front of the computer when you look at number of people watching or you see the number of responses that you get it can be, it can be quite demoralizing sometimes when you see that, oh I'm starting out and I don't get that much feedback. When you leave this kind of comment it means a lot to me, I'm truly appreciative and grateful for that.
The last thing that I really learned from this Business Mastery so far is actually a learning technique. This learning technique, I guess has multiple parts to it. So, there are three parts to it and the first part of this learning process is something that I practice a lot myself, which is the recall technique. So every time I learn something, instead of just simply trying to reread my notes and look back on what I learned, so I can challenge you to do this after this video, like when this video ends, think about what I talk about and which has the most impact on you, what can you recall without actually looking at your notes, or without actually looking back at the video, because once you recall and you fire up the synapse in your brain and it helps you to actually strengthen that thing, so that it doesn't just go in to your short-term memory and then just disappears. Everything is in your system, but it's easier for you to get it out of your body and your system if you actually keep recalling it. So how I do this personally is that at the end of the day I try my best, like right now, when I'm doing this kind of videos, I try not to look at my notes and I just try to talk so I'm fast to recall as I'm doing this, so as I'm doing this exercise I'm going to this particular process of recall, on top of that, sometimes when it's a topic that you don't know, you can test yourself before you actually do that topic.
Tony actually practiced this during the session, he challenged us to try and guess what an acronym means, what certain parts of an acronym means and by doing that process, where we don't know it and we test ourselves, so like if it's an 'I' and it was actually information but you try thinking but what if the 'I' was the 'I' and then you get it wrong, when you get it wrong and then you find out the right answer you become hyper-focused on this and you remember a lot better. So he implemented this topic in teaching all of the audience and it was really powerful and the last thing that he did to help the audience remember more, he also did the recall process where after he taught this whole process he kind of picked random people in the audience to recall certain parts of the thing and everybody's kind of put on the spot and they have to recall certain parts and everybody else is trying to recall at the same time, so imagine in a room of 1,600 people, everybody's going through this process of recalling and that really helps you to remember a lot better.
The last thing I learned, I learned that he did a lot, and this will help me a lot with my coaching as well, is that sometimes when I do certain points, like I just teach the points, right, and I end the video, just ending the video, where what he does is like, okay, so for example right now, I'm at point three, and point three is about learning techniques.
So instead of just jumping to point three, I'm not doing it right in this video but I'll try to do it next time, I can come back and say, hey, so now listen, the first point that I talked about was the artist, the manager leader and the entrepreneur. So that was my insight and what I learned from that. So, I share what I learned from that. The second thing I covered was the value chain. And the third thing that I'm going to cover right now is how to learn more effectively and how to learn. So as I'm wrapping up this video, I put this in to help everybody to recall again, because when I reiterate just things you hear more often and it becomes more effective than your memory processing, you actually gaining valuable insights, because you listen to it once you kind of know it but listen to it the second time it really goes in to your body, but how you actually, actually, actually put this in to real life and make it a physical mastery is to actually go and do it. You have to do it, you have to put your body out, you have to push and that's what actually changes you! So, I hope you like this video.
Seems like two people are pretty keen to see the value chain video. I'll keep a note and when there is dialog, definitely send it to you guys or maybe I'll post it in my group as well and take it to you guys. So, if you haven't joined my Facebook group, the Facebook group is called Top 1% by Jump Stakes and it's for people that want to be the top 1% in whatever they do, whether it's sales, whether it's the middle money, whether it's in health. If you want to be somebody that's in top 1%, come and join my group.
Also, if you don't know it already, I'm also doing these videos every week on Instagram, so if you like this kind of content follow me on Instagram, I'm @waynejumpstakes on Instagram so I look forward to seeing you there and I hope this has been sufficient valued for you. Bye.
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