Crack Down on Information Overload
Issue #2080
- WEALTHY: How to get yourself on track to being a top earner (Michael Masterson)
- HEALTHY: Drop 7 pounds, gain 2 years of better health (Jon Herring)
- WISE: Charles Lindbergh on doing what you want to do
ALSO IN THIS ISSUE:
- How to cut through the information clutter (Paul Smithson)
- Want the "ideal job"? Here it is… (Timothy Ferriss)
- It’s Fun to Know… about the Belize Barrier Reef
- Add "functionary" to your vocabulary
It’s a Fact: Great Dealmaking Skills Lead to Seven-Figure Incomes
Dealmaking is the highest-paying profession in the world - by far. Which is why all great entrepreneurs hire others to handle their day-to-day operations, while they work on identifying and closing lucrative deals.
Dealmaking comes before marketing, because if you don’t make the deal, there’s nothing to market!
Bill Gates is not the richest man in the world because of his computer knowledge. The real roots of his success lie in his incredible dealmaking skills.
Gates did not invent the DOS operating system that launched Microsoft into the stratosphere. He negotiated its purchase for a mere $50,000!
Dealmaking is about maneuvering your way through the minefields of the dealmaking world and finding the most makeable and profitable deals, laying the groundwork for projecting a strong posture, negotiating the best terms possible, and making sure that you walk away with serious money in your pocket.
If you’re ready to learn how to master a treasure chest of ideas, strategies, and techniques that can double, triple, or even quadruple your income, click here.
* And be sure to sign up by July 3 to get in on the Special Early Bird price and great bonuses.
The 10-for-1 Rule for Getting Above-Average Raises
If you want to get a raise that’s $1,000 more than ordinary, you’re going to have to be a major contributor to an idea that will generate at least $10,000 in additional net profits for your company. It’s what I call "the 10-for-1 rule." It means that if you want to increase your current income by, say, $25,000, you re going to have to find a way to increase business profits by abut a quarter of a million dollars. And that’s not just $250,000 once. It’s $250,000 this year and next year and every year thereafter that you expect to maintain that much-higher-than-average salary.
In general, you’ll have the best chance of having that kind of impact on your company’s bottom line if you are working in one of several key, profit-generating areas: sales, marketing, product creation, and profit management.
Yes, some engineers, attorneys, and corporate administrators earn $150,000 or more. But in companies where such functionaries earn big money, the marketers, salespeople, and profit-center managers are earning $250,000 to $500,000 - sometimes more!
I’m not saying you should abandon your trade if you’ve been trained as a computer analyst, engineer, or accountant. I’m just saying that if you want to make a super-high income, you have to become a super-significant contributor to your company’s bottom line. And that means you have to figure out a way to become an influential force in product creation, marketing, sales, or profit management.
[Ed. Note: Learn exactly how to turn yourself into a top earner by reading Michael's book, Automatic Wealth for Grads… and Anyone Else Just Starting Out, one of Amazon's Top 10 Finance and Investing Books of 2006.
Have you used any of the techniques from Automatic Wealth for Grads or Seven Years to Seven Figures to start your own business, get a great raise, or successfully invest in real estate? We'd love to hear how you put Michael's suggestions to use at ReaderFeedback@gmail.com .]
"It is the greatest shot of adrenaline to be doing what you’ve wanted to do so badly."
Charles Lindbergh
Crack Down on Information Overload
Is information overload interfering with your ability to get your Internet business off the ground? If you feel overwhelmed by the amount of data you think you have to wade through, here are six ways to cut through the clutter:
1. Start thinking like an entrepreneur.
Whether you’re a newbie or a seasoned moneymaker, you want to think like a true entrepreneur. That means launching your Internet business with a clear goal in mind.
Do you want to teach people how to expand their vocabularies? Do you want to set up an online matchmaking service? Or would you rather build a business around your mountain-climbing expertise? As we discussed in ETR #2057, first make sure you have something that people are eager to buy. Then, be prepared to stick with it for at least six months.
It can take a while for a new business to start paying off, and you may be tempted to try something else. But instead of jumping ship, stick with your idea and learn how to monetize it.
If, for example, you opened an AdSense site and are only seeing a small amount of revenue trickle in, put more time and effort into accelerating your AdSense learning curve. Don’t scrap that money-making opportunity and go with something completely new. Create a plan to make it successful and work on that plan until it starts bringing in the type of money you’re looking for.
2. Prioritize your task list.
Once you have a plan to follow, you can start breaking it down into manageable chunks.
Prioritizing will help you avoid getting bogged down with too much information. If you really want to read some of that material, make continuing education a part of your day by adding "read a chapter a day" (or whatever you have time for) to your task list.
What you do each day will depend largely on which path you’ve decided to follow with your Internet business. But you’ll need to work on some items - such as traffic generation - every day, no matter what.
Make a list of tasks you need to do to start realizing a profit from your online marketing efforts. Then rank them in order of importance. Your list may look something like this (though it should be more detailed):
- Build Website
- Get Paid Traffic to Site
- Start Search Engine Optimization for Organic Traffic
- Get 3 Joint Ventures
- Set Up Affiliate Program
… and so on.
3. Outsource tasks that you don’t need to do yourself.
You can (and should) work on some of the items on your task list simultaneously. But don’t try to tackle too much at once. I recommend outsourcing tasks that you don’t have to (or don’t know how to) do yourself - like turning your e-book into a few special reports or building your website. This will open up your schedule so you can take on more important things that you can’t (or shouldn’t) outsource - like networking, finding joint ventures, and marketing your business.
You can outsource some projects even if you don’t have extra cash. Let’s say you’re a great writer but you can’t design banner ads. Contact a graphic designer and offer to write some articles he can use in article directories to promote his services in exchange for the banners you need.
As your business expands, your task list will grow - and it may become harder to prioritize. Information overload can influence you to super-size your to-do list with unnecessary tasks that won’t contribute to the success of your online efforts. But stick to the essentials. Don’t let anything get on your task list that doesn’t have profit potential or isn’t vital to your success. In other words, don’t do something like set up a MySpace profile page (if it isn’t in your business plan) just because someone said it’s what all marketers ought to be doing.
4. Focus on one success at a time.
It can be hard to figure out what matters and what doesn’t in the grand scheme of things. Will it hurt your business if you’re not split-testing your sales pages? Is it necessary to approach no fewer than five people for a joint venture?
You have to focus on making one area of your online business profitable before you move on to other areas. Don’t start thinking of approaching JV partners until your website is finished, your product is created, and your payment-processing systems are in place.
Don’t get swayed into abandoning your current tasks because someone comes along and says joint ventures are the foundation of multimillion-dollar deals. After your business finds its roots, then you can start looking at actions you can take to complement your business structure and add profitability.
5. Limit the amount of new information you allow into your life.
Too much information and not enough focus can be detrimental to your Internet marketing success. But ignorance isn’t bliss. You have to know how to evaluate trends and stay ahead of the herd. You have to learn how to balance your productivity with enough research to maintain your momentum in the marketplace.
Don’t study everything related to Internet marketing. Choose only subjects that will help you grow your own online business. If you’re running an AdSense site, for example, study related subjects - such as Web design, content creation, and traffic strategies. Don’t get sidetracked by irrelevant topics - like learning how to become a publisher at ClickBank or how to use AdWords.
Set aside time each day or week to study something that will help your online business grow. But don’t go overboard. Instead of sitting down and reading 13 e-books on product creation, get recommendations from people you trust for one must-have resource.
If you feel that you need to know more in order to complete a particular task and move forward, that’s when you go to a respected forum, ask another marketer, or even order one more e-book to get the details.
6. Cut back on the information you already have.
Start by relocating to CD all the unused e-books you currently have. Keep only those you know you’ll use on your computer, and organize them by subject - such as Traffic, Product Creation, and Paid Advertising - so you can easily find and use them as you move from task to task. Archive business opportunities that you’ve paid a one-time fee to join but have never used. Cancel subscriptions to programs you’ve never used but keep paying for every month. (You can always go back and join again if you decide to implement one of those strategies.)
Manage your time properly, avoid distractions, and prioritize your tasks for maximum efficiency and success. Stick to the goals you set for your Internet business in the very beginning. With a plan in place and a limited amount of information, you’ll multiply your chances of achieving them.
[Ed. Note: Ready to step up to the plate and start your own Internet business? If so, online marketing expert Paul Smithson and ETR's team of friendly experts are standing by to help you. We've partnered with Paul, creator of the XSitePro website-building program, so you'll be able to come to ETR's 5 Days in July conference with nothing - no product, no marketing skills, no technical know-how - and walk out 5 days later with your own online business. No experience required and it only takes a few minutes to get started!]
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- Justin Ford
The Dangerous Myth of the Dream Job
It is popular to fantasize about "dream jobs," read about them, and envy those who have escaped the daily grind to revel in career nirvana. But how do those who have found The Promised Land really feel? Beyond the sound bites they offer to magazines lies a very different truth.
Converting passions into "work" can be the fastest way to kill those passions. Surfing two hours on a Saturday to decompress from a hard week might be heaven, but waking up at 6 a.m. every morning to do it 40 hours per week teaching difficult clients how to surf is a very different animal. Mixing business and pleasure can be a psychologically toxic cocktail.
If you depend on your dream job for daily bread or your children’s college tuition, we hit a nasty conundrum: An activity that used to give you pleasure and get your mind out of the office now reminds you of the evils of the 9-to-5 business world. What do you then do to give yourself a break?
- Don’t expect too much.
I’m not saying we shouldn’t be interested in our work. We should be. I am saying that we shouldn’t expect too much of it. The more unrelated demands we make of a single vehicle, the less likely that vehicle - whether work or marriage or painting - is to get us where we want to go.
By analogy, I would argue that fun sports are seldom the best path to fitness. Why? They are examples of recreation - and while there is a component of physical exertion, they are not the most time-efficient vehicles. Planned resistance training would be an example of pure exercise. Most people aren’t in ideal shape because they attempt to mix recreation and exercise and, consequently, get both mediocre enjoyment and mediocre results.
- Aim to separate instead of integrate.
I am a strong advocate of work-life separation as opposed to work-life balance. The concept of work-life "balance" is a dangerous one, because "balance" is often mistaken to mean blending, where work and personal tasks are alternated in the same environments or where one activity is expected to provide both work and life. The Blackberry is checked while you wait for dinner in a restaurant, the laptop is cracked while your spouse waits for you in bed, and the passion you loved so dearly for 10 years is now expected to pay the mortgage. This keeps your mind in the office 24/7 and destroys the few activities you cherished for the pure joy of experiencing them. This produces - at best - a state of constant low-grade overwhelm, even if actual workload is low.
Are there examples of people who chase passions and make it work? Sure. That said, don’t judge a book by its cover. I’ve interviewed close to a dozen millionaire passion-as-work entrepreneurs who smile for the cameras and then tell me about the existential crisis they face every Monday morning: They have no escape from the office.
The ideal job? The one that takes the least time.
For most of the planet, I would assert that the ideal dream job is the one that takes the least time. Be productive instead of busy, and recognize that life is full of special relationships and activities that need to be protected from one another. Focus on artful separation instead of integration, and you might just feel - as I did - as though an enormous burden has been lifted.
Expect a lot out of life, but don’t expect too much from your job. It’s just one tool. Make it a specific one.
[Ed. Note: Tim Ferriss has a special offer for ETR readers. Today, if you purchase 5 or more copies of Tim's #1 Wall Street Journal best-seller, The 4-Hour Workweek, he will send you his exclusive 60-minute interview with Jack Canfield, co-creator of Chicken Soup for the Soul (150+ million copies sold). In this interview, Tim discusses exactly how he hit the New York Times and Wall Street Journal lists in four days using blogs and other "new media." How did he outsell all of the top business books with no paid advertising? This is information available nowhere else. Here's what you need to do:
1. Order 5 or more copies of The 4-Hour Workweek here.
2. Send the e-mail receipt you'll get from bn.com to amy@fourhourworkweek.com with "ETR bonus" in the subject line. You'll get the interview via e-mail as soon as Tim's executive assistant verifies your e-mail receipt from bn.com.]
High Blood Pressure? A Little Weight-Loss Goes a Long Way
By Jon Herring
Hypertension - or high blood pressure - is just one side effect of being overweight. But if you get discouraged thinking of how many pounds you’ll have to drop to make a difference, take heart. Losing just a little weight can provide substantial and long-lasting benefits for people who have high blood pressure.
In a study of 102 people with severe hypertension, researchers discovered that those who lost an average of just seven pounds reduced their need for medication for more than two years. Lead researcher Daniel W. Jones, M.D., said, "The patients maintained their weight loss for only six to 12 months, but the benefits were sustained for as long as 30 months."
It is remarkable that such a modest improvement in weight can have such a major impact on the health of those with high blood pressure. This finding should give encouragement to anyone with hypertension and excess weight.
Tomorrow, I’ll tell you about an easy way to improve your blood pressure through diet.
It’s Fun to Know: The Belize Barrier Reef
Second in size only to the better-known Great Barrier Reef of Australia, the 185-mile-long series of coral reefs known as the Belize Barrier Reef lies off the Central American coast in the Caribbean Sea. It is Belize’s most popular tourist destination and a mecca for scuba divers. The reef has more than 100 different types of coral, 500 species of fish, and hundreds of different invertebrates.
(Source: Wikipedia)
Confidential Report: Disillusioned Trader Opens “Money-Floodgates” to YOU…
Rob Banks Legally… With an Inside Job!
Are You Ready for a “Smash and Grab” on The World’s “Hidden” Money-Mountain?
Great! The getaway car’s leaving…
Word to the Wise: Functionary
A "functionary" (FUNGK-shuh-nare-ee) is one who holds an office or a trust or performs a particular function.
Example (as I used it today): "Yes, some engineers, attorneys, and corporate administrators earn $150,000 or more. But in companies where such functionaries earn big money, the marketers, salespeople, and profit-center managers are earning $250,000 to $500,000 - sometimes more!"
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Michael Masterson
Copyright ETR, LLC, 2007