— Summary —
In this episode, we navigate through how you can build a great reputation. It is something that takes years to build and moments to destroy. Your reputation is envisioned from the outside in and developed from the inside out. Without a good reputation, people won’t buy from us, they won’t trust us and will definitely break up with us in terms of business and financial transactions.
But if you get it right, you get tons of return customers who tend to buy more. You also build goodwill that are the intangible values for any business. It also creates loyalty for a premium and the entire community will be willing to pay more to get a chance to work with you.
So, when it comes to reputation building, what you need to know is:
- Perception is reality: Instead of what you think, it matters what those around you think. So, we need to manage their perception and then manage their reality.
- Shrink the gaps: The wider the gap between perception and reality, the bigger the problems you have. We want to shrink that gap.
- Control active voice: Control the conversations that happen around your business. Get ahead and make sure that you have twice as many positive messages in the marketplace than negative.
— Summary —
What do you do when a situation comes up? Do you react or respond to your employees, teams and customers? There is a huge difference between reacting and responding, and it will determine the outcome in the end.
- Key Problems: If you get it wrong by reacting instead of responding, you are going to be in a volatile stage, you become a slave to others and the problem is actually escalated.
- Key Promises: If you get it right, you will find yourself living in a much calmer state, you will have created methodical solutions and the outcomes will definitely be better.
To embrace it, you will need to follow these Key Principles:
- Stress Inoculation: It is about putting your body emotionally, spiritually and physically into a situation to see your response and process it so you are able to manage it better.
- Power of Anticipation: If you anticipate potential pitfalls and challenges, you can figure out ways to navigate through those and become better prepared.
- Establish Options Early: Develop multiple plans and options early on so that you have your alternatives in your arsenal when the real deal comes up.
— Summary —
A common question that comes up when transitioning from employee to entrepreneur is when to quit your job. There isn’t a single answer that works for all as it is different for each and every person.
First, you have to understand that if you don’t get it right, you face key problems that are:
- You are living a dual life
- You have no joy in earning, and
- There is no or low cash flow.
When you get it right, these key promises are fulfilled:
- You feel the flow,
- Your passion is monetized, and
- Ultimately you have freedom and cash flow.
So, for the transition we have to work from the principles of:
- Being committed vs reckless,
- Planning and testing, and
- Set your scale threshold.
— Summary —
In this episode, we talk about the concept of leveraging and scaling a Thoughtpreneur business which is about sharing knowledge and ideas in the marketplace to have an impact and make money while doing it.
The Practice Spectrum
It determines the level of involvement/process and access to intellectual property that you have. Your expert business might fall in one or more of these categories:
- 1 to 1: You share your packaged thoughts on a singular basis as a coach or a trainer.
- 1 to Many: You have a bit more process when you deliver 1 to many in the form of live events or webinars.
- 1 to Few: You deliver in small groups and they have more access to the knowledge.
- Many to Many: Train people to do what you do; certify and license them to deliver your expertise.