KEEPING IT REAL with our Summer Interns at #tech2000 and #appnetic

T2KInterns2015

I had the privilege of having lunch with our Tech 2000 and appnetic summer interns yesterday. I’m pictured above with them and one of my Partners, George Churchwell, Co-Founder and President of Tech 2000.  This crop of 7 of the best and brightest students from MIT, Georgetown, Emory, UVA, UNC, and Virginia Tech give me a high degree of confidence in the future leaders and entrepreneurs of America! They are smart, confident, talented, ambitious, and want to make an impact in the world.

We had a terrific discussion about entrepreneurship, innovation, startups, business, and management.  They are each excited about learning new skills and garnering some good business experience.  They came to the right place and we are very grateful to have them this summer (We selected these 7 out of over 150 applications; special thanks to our awesome Head of Talent, Jackie Churchwell!).

Inevitably the conversation turned to advice, on both business and life. So I divided my thoughts into 2 lists: “Winning Advice” and “What I Wish I Knew at Your Age,” the latter of which is one of my favorite slides when I speak to students at some of our local business schools.

WINNING ADVICE FOR OUR INTERNS

Integrity is #1 – this is about you and your reputation. Do the right thing and keep your promises, be honest and transparent.

Find your Passion – it’s ok if you don’t know it yet. I know 50-year olds who haven’t yet found theirs. Experiment, try new things. You will find your passion or it will come to you.

Always give 100% – work hard, be proactive, bring your “A” game, and be prepared

Learn how to sell – the most underrated yet important skill you will ever have is knowing HOW TO SELL. Understanding your customer’s motivations and buying patterns is critical to business and life.  Life is about selling and persuading, and your “customers” include friends, family, bosses, etc.

Have Fun! Life is short. If you’re not having fun, then you’re wasting your time. Move on until you find something you truly enjoy.

“WHAT I WISH I KNEW AT YOUR AGE”

Everything is hard! Everything takes longer and costs more than you expect. If you go into any endeavor knowing this fact, you will have more reasonable expectations and not get so discouraged when you have a few setbacks.

Nothing comes without Hard Work and LUCK – you need Luck, and eventually it will find you. The harder you work, the more prepared you are and the “luckier” you will get.

When building a startup, there’s no such thing as “Work/Life Balance.”  It’s “Work/Work Balance.” Once you find your passion, life and work converge and become one. I don’t know any successful entrepreneurs who have not put in huge hours and sacrifice.

Work with great partners, advisors and people. The key word here is great. Great people can achieve multiples of what mediocre people can do.

Don’t waste your time with liars, posers, and cheats. Eventually, they will bring you down. You will be known and judged by the company you keep.

Trust YOUR gut, it’s usually right. You know more about yourself than you realize.

Money is overrated and Contentment is underrated. Enough said.

Please let me know what YOU would add to these 2 lists.  Thanks for reading and subscribing!

Magic Johnson – WINNING on the Court and in the Boardroom

Magic Johnson 1

Seeing Magic Johnson speak was one of the highlights of my week in Nashville at the SiriusDecisions 2015 Summit a few weeks ago.

He was funny, engaging, and inspiring, and also had some sound business wisdom for the crowd of 3000 or so sales and marketing executives in attendance. Everyone knows Magic Johnson as one of the all-time NBA greats, but his business resume would seem to qualify him also as one of America’s top entrepreneurs.

He’s a true Unicorn, a rare individual who has reached the pinnacle in sport as well as in business. He spoke about how he made the transition, and how he started winning in business.

CAREER HIGHLIGHTS

CEO of Magic Johnson Enterprises, which reportedly has a net worth of $700 million

Part owner of the LA Dodgers, Major League Baseball team

Former minority owner of the LA Lakers, National Basketball Association team

Owner of Magic Theaters

Partner in the $500 million Yucaipa/Magic private equity fund

First franchisee of Starbucks ever, built a chain of 125 stores in urban locations, sold the chain back to Starbucks corporate

Co-owner of the Dayton Dragons (minor league baseball) and the LA Sparks (WNBA)

Founder, Magic Johnson Foundation

MAGIC’S KEYS TO WINNING

  1. Play to win, and work with Winners
  1. Know your customer – an example he cited was his knowledge of the “Urban customer”, and how he replacing scones w sweet potato pie at Starbucks, and adding more flavored drinks to the menu in order to cater to his customers
  1. Over-deliver – “the key to business success and the key to retention”
  1. Work with great partners
  1. Sell at the right time – Johnson sold his stake in Starbucks and the L.A. Lakers NBA team as valuations started to rise.

OTHER INTERESTING FACTS AND THOUGHTS

He does an annual SWOT (strengths, weaknesses, opportunities, and threats) analysis of all of his companies AND himself.

Magic’s All Time starting 5 lineup – Kareem Abdul-Jabbar, Larry Bird, Tim Duncan, Michael Jordan and himself.

His number one, top rival on the court: Larry Bird

Mentors – Magic has a network of 20+ CEOs who mentor him. He built this network after retirement from basketball by obtaining a list of the Lakers’ VIP season ticket holders and cold calling them one by one.

His biggest failure – Magic 32 sporting goods stores, which failed after only one year.

Magic, on the handful of traits which makes him a success in business (he said he brought these skills he learned as an athlete to his business ventures) – desire to WIN, perfectionism, preparation, focus, discipline, professionalism, and his ability to motivate his team and those around him to reach their full potential.

I’ve never met Magic Johnson, nor have I seen him speak at this length, but here are my main impressions of him, garnered from his 50 minute talk:

Burning desire to WIN. He hates to lose – “underperforming is not winning the Championship

Supremely confident – he KNOWS he’s going to win

His “game plan” is simple. He sticks to the basics (customer focus, over-delivering, good teams, good partners, etc.)

Coachable (he spoke extensively about soliciting and absorbing good advice from his network of 20 CEO “coaches”)

Magic Johnson 2

It was quite inspiring and refreshing to hear from an entertaining, motivational speaker who backs up his thoughts with relevant stories and sound business advice. Always a fan of him as a basketball player, I am now a fan of Magic Johnson as an entrepreneur.

Ben Hogan’s Five Lessons and Other Recommended Reading

People, especially students, often ask me for recommendations of great books to read. A few days ago, the Washington Business Journal, asked me for a list of 5 books.  Here’s the LINK to the Article.

Following is the full text of the piece with my comments in bold italic.

Digital Producer-Washington Business Journal

Tien Wong, chairman and CEO of Opus8 Inc., talks the best business book he ever read and which book can help you win a major.

1. “Topgrading,” Bradford Smart

“The best business book I have ever read.”  Why?  Because you can’t build a great team without a methodical recruiting, measurement and retention process. When we had 2300 employees at CyberRep, we found this book and it became our “Bible” for managing human capital.  I liked it so much, I have bought over 300 copies of the book to give to colleagues, partners and clients.  Awesome book.

2. “Five Lessons: The 5 Fundamentals of Golf,” Ben Hogan

“Every business leader should work on his or her golf game. Master this book and you can win a major. Just ask Larry Nelson. “There’s no disputing that a ton of business still gets done on the golf course.  I was a tennis player growing up, and kind of looked down on golf as not being a “real sport.”  What I totally missed as a kid is that learning to play at a young age is invaluable for business.  Why?  Because many, if not most, business people love golf.  And while it’s not a requirement to carry a single-digit index, it’s important to be able to play decently and not embarrass yourself when a boss or client invites you out for a golf outing, or vice versa. Having not played until my early 20s, I found myself playing “catch up” and having to learn the game through a lot of practice, lessons, and reading books.  Ben Hogan’s book is concise and simple.  It teaches the basics, the fundamentals, which can not only help anyone become a decent player relatively quickly, but create a Master’s champion like Larry Nelson.

3. Anything by F. Scott Fitzgerald

“Because nobody could put together a sentence like him. His writing is pure beauty.” Anyone who’s read Fitzgerald knows what I am talking about.  I was lucky to have studied him in college and found myself reading his books twice, once for the story and once to appreciate the way he constructed his sentences.  The upside is that my writing improved…a lot.

4. “Think and Grow Rich,” Napoleon Hill

“It’s not just about making money. It’s a classic ‘how to’ guide for achieving your goals.” Countless business leaders give credit to this Napoleon Hill’s classic as a big reason for their success.  The book lays out a blueprint for achieving your goals, and I like to read it and review its words of wisdom every few months.

5. “The Innovator’s Dilemma,” Clay Christensen

“This book proves why companies who don’t innovate become extinct.”  Christensen is a Harvard Business School professor and I recommend not only this book, but the many YouTube videos of his talks.  His work is excellent and provides a lot of truth for all kinds of companies, but especially tech companies. 

Tien Wong’s 2012 Predictions as Published in WashingtonExec

Happy New Year!  I’d like to say a special Thank You to JD Kathuria and my friends at WashingtonExec for publishing my look into the crystal ball for 2012.  Here is the Post:

Tien Wong, Chairman and CEO of Opus8

2012 is here, and with it comes big changes for the Federal IT industry.  WashingtonExec gave local executives the opportunity to share their thoughts on where they see the government contracting industry headed.

Tien Wong, Chairman and CEO of Lore Systems and Opus8, gave WashingtonExec six factors that he believes will affect the 2012 Washington, D.C. entrepreneur and government contracting communities.

1.  IT SPENDING and THE ECONOMY – IT spending will increase both in commercial and government sectors, particularly in infrastructure, cloud, and mobility.  We have seen an uptick in business at Lore in the last quarter particularly from our commercial clients.  In conversations with many clients, I believe that overall confidence in the economy is improving a lot!

2.  PRESIDENTIAL ELECTION – Obama will be re-elected.  If the economy is improving, that favors Obama.

3.  STARTUPS – Startups in the DC region will continue to blossom.  The ecosystem is as active and sanguine as it has been in the past 10 years.  You are seeing groups like Startup America, Startup Maryland, Startup VirginiaFounderCorps, and established and new incubators take a keen interest in our region.  Angels are investing, and groups like Virginia’s CIT and Maryland’s DBED will be investing new allocations of seed money.

4.  CLOUD COMPUTING – Cloud adoption in the federal government will accelerate both internally via virtual private clouds, and via commercial providers with new FedRAMP guidelines and the award of commercial Infrastructure as a Service (IaaS) contracts (GSA’s IaaS and the Army’s APC2, for example).  The economic and performance benefits are far too great for cloud not to be aggressively adopted well into the future.

5.  DATACENTER CONSOLIDATION – Regarding the federal government’s datacenter consolidation efforts, the government will successfully close many datacenters.  However, I doubt they will hit their goals in 2012  because many individual application owners and datacenter operators are not as cooperative in providing information and complying.  Further, there’s a cost to consolidating and there are limited funds to achieve this, so you’ll likely see a lot of funding come out of O&M budgets.

6.  SMALL BUSINESS – Because of drastically reduced budgets, the government will rely on small business and entrepreneurs for creative ideas to cut costs, drive productivity, and improve performance. The DoD customer has been very open to the commercial best practices Lore is bringing to the table re: datacenter consolidation and application migration.  In addition, small business is more nimble and unencumbered by the fixed costs of the “Bigs,” so we can offer creative pricing structures, and ways for the government to buy from us.  We will see more firm fixed price offers, and shared-risk pricing, which inevitably will save the taxpayers money.

Please let me know what you think about these predictions. Thanks for reading, and please subscribe to my Blog!  All the best for an awesome 2012!

Featured image courtesy of Mike Licht, notionscapital.com, licensed via creative commons.

If You Could Give Your Kids ONLY 3 Pieces of Advice…


IF YOU COULD GIVE YOUR KIDS ONLY 3 PIECES OF ADVICE, WHAT WOULD THEY BE?

This question was posed as an “Icebreaker” to our Forum meeting a few weeks ago.

Think about it.  Of all the DOZENS of great ideas you’d like to give your children, what would be the TOP THREE?

Here are mine:

1.  THINK for yourself – To live a fulfilling life, you have to think independently.  This is how you can create a world of limitless possibility.  Question everything!  It’s OK to listen to “conventional wisdom” and advice that people give you, but YOU have to ultimately form your own opinions.  This is what the best LEADERS do, whether they are leading a company, a family, or their own lives.

2.  Always maintain your INTEGRITY – In the end, you have only 2 things:  your memories and your name.  And your name and reputation live on.  By keeping your promises and doing the RIGHT THING, you will sleep soundly at night and have peace of mind.

3.  Find your PASSION and give 100% – Life is very short.  You don’t have much time, so make the most of it by doing what you LOVE and giving your ALL.  It’s not easy to find your passion. Maybe the search will be painful and long, but you will find it at some point.  And the feeling of satisfaction knowing you have given 100% brings tremendous contentment.

My Forum Brothers all had awesome Advice as well:

Find Yourself.  Be True to Yourself.

GIve and Get Love.

Be Present – Take in the Moment.

Work Hard

Enjoy Life

Be Respectful

Listen Carefully to Advice Along the Way

Modulate Your Emotional Highs and Lows

Embrace Difficulties and Hardship – They are a Catalyst for Growth

Love Your God and Love Your Neighbor as Yourself

Find a Life Partner Who Shares Your Values and Life Experience

In Your Profession: Be Good at It, Enjoy It, and Make Sure It Pays Well

What Top 3 pieces of advice would YOU give to YOUR kids?

Thanks for reading, and please subscribe!

Featured image courtesy of aldrin_muya licensed via creative commons.

You Don’t Know What You Don’t Know

“You don’t know what you don’t know.”  That’s one of my favorite sayings, and a true maxim in life and in business.  Having a “know it all” mentality can lead to disastrous decision making.  I’ve learned this the hard way, and if I had a dime for every time I have said “you don’t know what you don’t know” to one of my teammates or colleagues, I’d be very rich!

The beautiful hand painted wooden Russian Nesting Dolls from the city of Penza (above and below) illustrate this point very well.  The dolls descend in size and fit inside one another.  You open the largest one and keep going until you finally come to the impossibly tiny little doll at the end.

Ever had a problem you think you solved until another related issue popped up? Something completely unexpected.  Then you thought you solved it again but then another surprise came up?  And so on and so on until you finally got the correct answer?  Finding the right solution is just like opening up a set of these nesting dolls one by one.

Problems can be solved faster by knowing the simple fact that “you don’t know what you don’t know.”  So here are some simple ideas to keep in mind.

1.  Don’t Assume Anything – You’ve heard bosses and mentors say, “If you A-S-S-U-M-E, you make an A-S-S out of U and ME,” right?  I have to agree that, while extremely difficult NOT to do, assuming things can be very costly, especially when communicating with others.  Of course, you have to assume or guess at some things, but try and get as many facts, background info, etc. ahead of time.

2.  Be Prepared – For anything.  Expect surprises, and just take the issue as it comes and think things through carefully.

3.  Have a “Beginner’s Mind,” or “Shosin” as the Zen Buddhists like to call it.  By being open and devoid of preconceptions, you bring a level of humility and desire for learning to the challenge at hand.

4.  Get Help – Ask experts or experienced people and advisers who can help you.  And do your homework independently, as well.

5.  Test and Iterate – If you have the luxury of time, take baby steps and test your ideas. Whether it’s a new product or a new target audience, or whatever, put it out there on a test basis first, then evaluate feedback and results….and then adjust accordingly.

We at Lore Systems have put in place these practices and have benefitted immeasurably in making better decisions in everything we do.

Good luck, and thank you very much for reading.  Please feel free to comment and sign up for my Blog!

Tim Ferriss: “9 Habits to Stop Now”

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In his book, The 4-Hour Workweek, Tim Ferriss spends a good amount of space talking about time management and life management skills.  A few weeks, ago I wrote a Blog Post about Tim and his book.  I had a lot of reader interest, so I thought I’d follow up with another post on Tim’s philosophy.

The section entitled “The Best of the Blog” features one of Tim’s blog entries entitled “The Not-to-Do List:  9 Habits to Stop Now.”   Here is his list with my comments in Italics:

1.  Do not answer calls from unrecognized phone numbers.  I admit I do this, especially since I get a lot of phone solicitations from people I don’t know.  If it’s important, the caller will leave you a voice mail, or try and reach you via email or other means.  The key here is that you won’t be distracted by any calls from unknown callers. 

2.  Do not email first thing in the morning or last thing at night.  Ferriss thinks the former “scrambles your priorities” for the day, and the latter causes insomnia.  While I like to batch ,my email responses as much as possible, I actually prefer to check my email first thing in the morning, as well as late at night.  I don’t seem to have any problem focusing on key priorities.

3.  Do not agree to meetings or calls with no clear agenda and time.  He also believes that no calls should take longer than 30 minutes.  This is great if you can do it.  Otherwise, I suggest setting expectations for topics and time at the very beginning of the call or meeting, and then stay on track as best as posible.

4.  Do not let people ramble.  Obvious.

5.  Do not check e-mail constantly.  “Batch” and check at set times only.  Sometimes, you are expecting emails and responses from important team members or clients so it’s necessary to stay on email continually throughout the day.  I agree that email can be a huge distraction, and a time suck, so try and do whatever you can to minimize wasted time and increase efficiency, including following this advice if it works for you.

6.  Do not over-communicate with low-profit, high-maintenance customers.  Great advice and I will go even further and suggest that you should either terminate or restructure contracts with any low-profit and/or high-maintenance customers.  A huge key to success is in having discipline in the kinds of customers you accept.  Bad customers can put you out of business!

7.  Do not work more to fix overwhelmingness – prioritize.  Tim says that “the answer to overwhelmingness is not spinning more plates – or doing more- it’s defining the few things that can really fundamentally change your business and life.”  I agre 100%.

8.  Do not carry a cell phone or Crackberry 24/7.  Tim thinks you should take one day per week off from cell phones and emails.  Nice idea in concept, but the stark reality is that most businesspeople and business owners can’t afford to be out of touch.

9.  Do not expect work to fill a void that non-work relationships and activities should.  Tim says, “Schedule life and defend iit the way you would an important business meeting.”  This is not easy for a lot of workaholics I know, but it’s important to keep this in mind if you seek true work-life equilibrium.

I don’t think there’s anything earth shattering here, plus I am sure you have heard of some or most of these ideas in one form or another over the years.  But it’s always good to think about tips like these to help you be more productive and focused.

Thanks for reading and please subscribe to my Blog via the link on my Home Page.

Featured image courtesy of timferriss licensed via creative commons.

Yanik Silver’s 34 WINNING Rules for Maverick Entrepreneurs

My friend Yanik Silver is a successful, young, internet marketing expert.  A self-made millionaire by the age of 30, Yanik exudes creativity, energy, and passion.  He’s a veritable idea factory, and I am impressed by his knowledge and wisdom at such a relatively young age.  His Twitter handle is @yaniksilver and his main Blog site is InternetLifestyle.com.

Yanik has, through reflection and analysis of his business experience and interactions with dozens of the world’s top entrepreneurs and business leaders, developed what he calls his “34 Rules “  They can also be found on one of his Blogs:  maverickbusinessinsider.com.

So here are YANIK SILVER’S 34 RULES FOR MAVERICK ENTREPRENEURS  (I added some commentary of my own in BOLD text below.)

  1. It’s got to be a BIG idea that you, your team and your customers can “get” in seconds.  Agree 100% that THINKING BIG is one of the most important things you can do in business.  See my Blog Post on “5 KEY LEARNINGS.”
  2. Strive to create 10x — 100x in value for any price you charge. Your rewards are always proportionate to the value you provide.
  3. You must charge a premium price so you have a large margin to provide an extraordinary value & experience.  This is right out of the Steve Jobs Playbook!
  4. Provide a ‘Reason Why’ customers should do business with you and pay you a premium.
  5. Get paid before you deliver your product or service. And when possible figure out how to create recurring revenue from transactions.  Collecting cash early allows you to finance your business, and ecurring revenue creates maximum shareholder value.
  6. You get to make the rules for your business. Don’t let industry norms dictate how you’ll work or who you’ll work with.  Another Steve Jobsism.
  7. Create your business around your life instead of settling for your life around your business.
  8. Consistently and constantly force yourself to focus on the ‘critically few’ proactive activities that produce exponential results. Don’t get caught up in minutia & bullshit.  Focus!
  9. Seek to minimize start-up risk but have maximum upside potential.
  10. Get your idea out there as fast as possible even if it’s not quite ready by setting must-hit deadlines. Let the market tell you if you have a winner or not. If not — move on and fail forward fast! If it’s got potential — then you can make it better.  The one great characteristic of internet-based businesses is that the feedback loop is shortened and rapid iteration can be done to perfect the model.
  11. Find partners and team members who are strong where you are weak and appreciate being paid on results.
  12. Your reputation always counts. Honor your obligations and agreements.  There’s nothing more important than INTEGRITY.
  13. Never, ever get paid based on hours worked.
  14. Leverage your marketing activities exponentially by using direct response methods and testing.
  15. Measure and track your marketing so you know what’s working and what’s not.
  16. Bootstrap. Having too much capital leads to incredible waste and doing things using conventional means.  I love this concept.  Bootstrapping builds a culture of resourceful and a “lean and mean” operating philosophy.
  17. Your partners and employees actions are their true core — not what they tell you.
  18. Keep asking the right questions to come up with innovative solutions. “How?”, “What?”, “Where?”, “Who Else?” & “Why?” open up possibilities.
  19. You’ll never have a perfect business and you’ll never be totally “done”. Deal with it.  Warren Buffett has said that it’s not necessary to do extraordinary things to get extraordinary results.  See my related Blog Post on Buffett.
  20. Focus most of your time on your core strengths and less time working in areas you suck at.
  21. Make it easier for customers to buy by taking away the risk of the transaction by guaranteeing what you do in a meaningful way.  If you are supremely confident in your product or service, you should have no problem guaranteeing it, and every customer loves a guarantee.
  22. Always have something else to sell (via upsell, cross-sell, follow-up offer, etc) whenever a transaction takes place. The hottest buyer in the world is one who just gave you money.
  23. Always go back to your existing customers with exceptional offers and reasons they should give you more money. It’s 5x less expensive to sell to happy customers than go find new ones.
  24. However the flip side is – fire your most annoying customers. They’ll be replaced with the right ones.  I have done this and it has worked miracles in getting my Team focused on the higher-value customers.  Figure out how to “score” or rank your customers and rationalize the lowest value ones.  You can then apply the scoring system to new business opportunities you evaluate, so that you accept the customers you want.
  25. The marketplace and competitors are always trying to beat you down to a commodity. Don’t let that happen.  I agree that getting into a commodity position is a losing proposition because someone will ALWAYS be lower in price.
  26. Develop and build your business’s personality that stands out. People want to buy from people.
  27. Create your own category so you can be first in the consumer’s mind.
  28. Go the opposite direction competitors are headed — you’ll stand out.  It’s amazing how so many of successful business leaders and investors are CONTRAIAN in their thinking.
  29. Mastermind and collaborate with other smart entrepreneurs if they have futures that are even bigger than their present.  You can’t win by yourself.  You need peers, advisors, mentors, and others who can help you.  Create a group, join a YPO or EO Forum, or a Vistage Group.  I am in a YPO Forum and the learnings and experience have been priceless.
  30. Celebrate your victories. It’s too easy to simply move on to your next goal without acknowledging and appreciating the ‘win’.  This is a good one.  Oftentimes, you see Founders relentlessly clamoring for “more, more, more!” without stopping to celebrate success.  This is super important for morale.
  31. Make your business AND doing business with you FUN!
  32. Do the unexpected before and after anything goes wrong so customers are compelled to ‘share your story’.
  33. Get a life! Business and making money are important but your life is the sum total of your experiences. Go out and create experiences & adventures so you can come back renewed and inspired for your next big thing.  Life is very short, so enjoy your moments at every opportunity.
  34. Give back! Commit to taking a % of your company’s sales and make a difference. If this becomes a habit like brushing your teeth pretty soon the big checks with lots of zeros won’t be scary to write. If you think you can’t donate a percentage of your sales simply raise your price.  The more you give, the more things come back to you. Giving is great for the community, for your company, and your teammates.  
This is a big list and, for me, I like #1, #6, and #8.  I believe in “Thinking Big.”  You’re going to be thinking anyway, so why not Think Big?  As for #6,  your business will definitely differentiate better if you follow your voice and make your own rules, as opposed to following someone else.  The great companies create their own products and solutions.  They set the trends.  Finally, I can’t say enough about FOCUS (#8), because that’s one of the TOP 5 necessities for success.  I blogged about this in my very first Blog Post, SUCCESS FORMULA.
Which one of these 34 RULES do you like best or find most relevant to your business?  
Please Comment below and Subscribe to my Blog.  Thanks!       
Featured image courtesy of Ralph Zuranski, licensed via creative commons.

Winning with Tim Ferriss’ The 4-Hour Workweek

When Tim Ferriss‘ book The 4-Four Hour Workweek originally hit the airport bookstores in 2007, I must admit I scoffed at the ridiculous title and thought the author and content would also be ridiculous. I was not alone in my opinion, as his methods and advice have been controversial.

After hearing so much about the book, I did finally buy and read it, and I was pleasantly surprised!  I just read it again on a recent trip to Rio (they do practice the 4 hour workweek in Brazil!) and thought I’d write a couple of Blog posts on the subject.  While there are a lot of contrarian and unusual ideas in the book, Ferriss DOES render some excellent advice on a variety of matters including how to create or design a lifestyle.  He does it in a very motivating “I did it so you can do it too” manner.

His basic themes are:

1.  You CAN enjoy the lifestyle you want, and you can do it now

2.  Simpify to create space and create attention (attention is more important than time because time without attention is useless) to apply to other things

3.  Focus on what’s important in your life and that which makes you happy and fulfilled.

4.  His 4-step “DEAL” formula: Defininition, Eliminate, Automate, and Liberate

Tim Ferris’ DEAL:

Definition – Define the life you want and how much it will cost for you to achieve it (in short, define your Goals)

Elimination – Eliminate stuff that’s not critical to your achieving your goals.  Practice the 80/20 rule and focus on what will get you closer to your ideal lifestyle.

Automation – Outsource noncritical and basic functions.  Find and build a business which generates maximum revenue with minimal time/attention.  The key is to minimize your own personal involvement to free yourself up to do the things YOU WANT.

Liberation – Free yourself from a particular geographic location.  The idea is to be able to travel, or work from anywhere.  Mobility is a hallmark of what Ferris refers to as the “NR,” or “New Rich.”

Tim’s “Muse,” an income machine:  Ferriss urges the reader to find his or her “muse” (a calling or business), and then go for it. Ferriss lays out a blueprint for starting your own business which can essentially run on autopilot.  Apparently, he had done this himself and built a business that generated cash flow to pay the living expenses, while requiring a fraction of the time and effort.  While I believe him, he makes it all sound too easy.

The Top 13 New Rich Mistakes

1.  Losing sight of dreams and falling into work for work’s sake (W4W)

2.  Micromanaging and e-mailing to fill time

3.  Handling problems your outsourcers or-co-workers can handle

4.  Helping outsourcers or co-workers with the same problem more than once, or with noncrisis problems

5.  Chasing customers, particularly unqualified or international prospects, when you have sufficient cash flow to finance your nonfinancial pursuits

6.  Answering e-mail that will not result in a sale or that can be answered by a FAQ or auto-responder

7.  Working where you live, sleep, or should relax

8.  Not performing a thorough 80/20 analysis every two to four weeks for your business and personal life

9.  Striving for endless perfection rather than great or simply good enough, whether in your personal or professional life

10.  Blowing minutiae and small problems out of proportion as an excuse to work

11.  Making non-time-sensitive issues urgent in order to justify work

12.  Viewing one product, job, or prospect as the end-all and be-all of your existence

13.  Ignoring the social rewards of life

In summary, I believe this is a book worth reading, as it contains a lot of useful and highly applicable tips and advice, while proffering some proven scenarios whereby you can unchain yourself from a job or mundane lifestyle, in order to design and pursue immediately a life of your dreams.

Featured image courtesy of benjyfeen licensed via creative commons.

5 KEY LEARNINGS – National Capital Region Entrepreneur’s Club

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Recently, I had the honor of speaking at the September, 2011 luncheon of the National Capital Region Entrepreneur’s Club.  It’s a group of terrific business leaders from the DMV region.

Our host, Ingar Grev, asked me to tell my story, talk about some successes, some failures, and key learnings.  Ingar is a US Naval Academy grad with MS and MBA degrees from Maryland.  As fit today as he was 25 years ago when he was a star D-lineman for NAVY, Ingar is an entrepreneur, technology expert, connector, and CEO/executive coach known as The Growth Coach.

He was also nice enough to write about my presentation in his Washington Business Journal blog post.  At the conclusion of my remarks, I listed 5 things I had learned in my experience as an entrepreneur, CEO and investor.  Here are the 5 Key Learnings I shared with the group:

1.  Do the right thing always.  It can be expensive to take the high road, and it takes courage, but at the end of the day, your reputation is all you really have.  High integrity is impossible to fake, and integrity is a real magnet for other Winners and for success in general.

2.  Build relationships.  You can’t win without great partners, clients, and teammates. Success is all about creating, building, and nurturing relationships.  I am not talking about quantity, but rather QUALITY of relationships.  People want to do business with people they know, like, and trust.  The old adage about “It’s not what you know, it’s WHO you know” is true.

3.  Never, ever, ever, ever, ever give up. The great football coach Vince Lombardi once said, “The Green Bay Packers never lost a football game.  They just ran out of time.” Luckily in business, there is no time clock!  Winning in business is about having staying power (capital, stamina, confidence, persistence)   In my case, my company CyberRep lost our largest client twice and faced extreme business challenges both times.   If we didn’t have confidence and persistence, we would have never replaced the lost business and grown our company.  We never gave up, and would up with a great outcome.

4. Think BIG.  Over the years, we set grand plans for ourselves and somehow managed to hit quite a few of them.  My philosophy is that if you’re going to think, you may as well think big.  Set your goals realistically but high.  Stretch yourself.  I know many people, including my partners and me, who have surprised themselves with what they were able to accomplish.  Your organizations will rally around and get excited by big plans and big goals, so go ahead and shoot for the moon.  If you fall short, you still will have made good progress.

5.  Greatness is defined by Consistency.  Great performers are able to produce day in and day out on a consistent basis.  Great companies deliver for their clients and customers consistently.  The challenge is figuring out how to get your organizations to do fantastic work over and over again.  If you can do it, then congratulations, your company is on its way to being “great.”

I hope you enjoyed this Post.  Thanks for reading, and please sign up for my Blog!

Featured image courtesy of woodleywonderworks licensed via creative commons.