You Are Going to Have to Kiss a Few Frogs
Issue #2279
- WEALTHY: Who is really benefiting from that stock’s buyback? (Andrew Gordon)
- HEALTHY: The best plan for getting fit (Craig Ballantyne)
- WISE: Jack Welch on hiring
ALSO IN THIS ISSUE:
- 4 steps to finding your next superstar employee (MaryEllen Tribby)
- How a chocolate bar can help you succeed (John L. Herman Jr.)
- It’s Good to Know… about gold
- Add "polyglot" to your vocabulary
What’s Wrong With this Picture?
By now, you could be forgiven for thinking making money online is akin to some kind of black magic! You’ve probably heard the talk about SEO, XML, PPC and ended up more confused than when you started.
But you know, it’s really very simple. Make no mistake, what I’m about to share with you (for FREE) is THE secret. It only fills a couple of lines but this is the truth you’ve been denied by so many of the so-called “gurus”.
Ready? Here it is (drum roll please)…
The Real Reason Behind Share Buybacks
Companies know investors love getting cash. And there’s no quicker way to put money into investors’ pockets than by giving them dividend checks. Companies can also increase investors’ returns by buying back their shares.
But, given a choice, I’d prefer getting a dividend check. Wouldn’t most investors? And I think companies know this. So why do they buy back shares?
For one thing, they can. Sometimes they borrow money to buy back shares - something that is much harder to do when issuing dividends. But the main reason is that buybacks usually increase share prices. And most company execs have share-purchase plans. The more share prices go up, the higher they are compensated.
Buybacks are supposed to be shareholder-friendly. And, for the most part, they are. But the biggest beneficiaries are company executives.
From now on, I’m valuing dividends a lot more than the so-called shareholder-friendly practices of share-buyback companies. And so should you.
[Ed. Note: ETR’s Investment Director, Andrew Gordon, is the editor of INCOME, a monthly financial advisory service that uncovers income-generating stocks that promise safety (first and foremost), along with much-higher-than-average profit potential.]
News Flash!
Michael Masterson’s latest book has hit the New York Times Business Best-seller list! Ready, Fire, Aim: Zero to $100 Million in No Time Flat reveals dozens of secrets that you can use to propel your business forward. Pick up your copy by clicking here.]
"Hiring good people is hard. Hiring great people is brutally hard. And yet nothing matters more in winning than getting the right people on the field."
Jack Welch
You Are Going to Have to Kiss a Few Frogs to Find Good Employees
By MaryEllen Tribby, ETR’s CEO & Publisher
All the really smart businesspeople I know have exactly the same challenge when it comes to building a business. That includes every single attendee at the Michael Masterson Wealth-Building Retreat we held last April, regardless of their business sector or gross revenues.
The challenge: Finding good people.
One of the entrepreneurs at the Wealth-Building Retreat had a $20,000,000 printing business. Yet he was still working 60 hours a week (or more), and wearing almost all the hats in his company. Simply because he could not find the right people to help him run it.
Because hiring good people is one of my core competencies, I am often asked how to do it. Now don’t get me wrong. It’s not easy. But it is extremely doable.
Finding good employees is like dating. It’s a numbers game. Unless you’re truly lucky, the first person you date doesn’t end up being your spouse. Think about all the uncomfortable dates you had to endure … the many times your heart was broken … and the frogs you had to kiss… before finding "the one."
Finding the right employees is no different. You are going to have to kiss a few frogs before finding the superstars who can help your business grow. And if you are not prepared to do that, you will have a staff full of mediocre employees… or continuous turnover. Neither of these things is good for your customers, your one or two good employees, your reputation, or your bottom line.
To make it much easier to get past the frogs to my ideal employees, I make sure I can clearly define three things whenever I’m looking to hire someone:
- The kind of person I want
- The level of the position and, thus, the experience the person needs
- The skill set required to do the job
Knowing the Characteristics of Your Ideal Employee
Regardless of the actual position you’re filling or the skill set the employee needs to have, everyone you hire should have three important traits:
1. A strong sense of urgency. A good employee is someone who understands that deadlines are made to be met and that speed is money. They also understand that business is business… and it is serious. We have a lot of fun here at ETR, but everyone is well aware that our customers invest their time and money with us. That means our primary mission is for our customers to reach their goals, whatever their goals may be.
2. A great work ethic. You want someone who shows up early and is ready to go, someone who is on time for meetings and appointments. A pattern of showing up late for anything is a sign of not caring.
When I explain this to job candidates, they often ask, "What if I am just not a morning person? Couldn’t I come in late and stay later in the evening?" My answer is "Absolutely not." Showing up early indicates eagerness. Staying late indicates disorganization.
3. Intellect. Your ideal employee is someone with great ideas. Equally important is that the employee is not afraid to express those ideas.
People are often surprised to hear that I require intellect in employees at every level of the company, not just management. But don’t forget that every single employee you have is an "ambassador" for you, a direct reflection of you. And at some time or another, they will speak to your customers, your competitors, and your industry associates.
Defining the Position You’re Trying to Fill
In addition to knowing the kind of person you’re looking for, you need to have a very good understanding of the position - and of the experience necessary to do the job properly.
I break down all positions into three categories: executer, manager, and leader.
1. The executer is an entry-level employee. She is not responsible for strategic planning, but rather the execution of the plan. This is generally someone fresh out of school or with little or no direct experience within your niche.
Some of her core responsibilities may include:
- Setting up marketing campaigns in your system
- Producing reports
- Posting website copy
2. The manager is responsible for managing processes and/or other employees. He usually has five to 10 years of direct experience within your niche. He can think strategically, teach others, and start developing big ideas.
Some of his core responsibilities may include:
- Analyzing reports, trends, and competitors
- Product development
- Creating partnerships and affiliate deals
3. The leader’s primary job - 50 percent or more of it - encompasses meetings with staff, brainstorming, and business planning. A few examples of people in a leadership role would include marketing directors, editorial directors, and IT directors… all the way up to the CEO. The leader is someone with eight or more years of experience within your specific niche. Someone with a proven track record of success. This is a person who can come into your organization and be up to speed and make a difference immediately.
Some of the leader’s core responsibilities may include:
- Creating a departmental or company vision
- Contract negotiation
- Hiring staff
Note: "Leader" may be a high-level position - but all of your employees should showcase leadership qualities.
Identifying the Skill Set Required
When people ask me to help them find a good employee, I am always amazed when they aren’t really sure what they want that person to do. You can’t find the right person for a particular job if you don’t know what the job requires. For example, if you are hiring a receptionist whose main duties are to answer the phone, schedule your appointments on your Outlook calendar, and type your speeches and companywide e-mails, you would not want someone with a hard-to-understand accent who has never seen a computer.
So before you can initiate your search, you have to write a job description. If you have never done this before, start by writing down everything you think you want your new employee to do. List their responsibilities. And next to each responsibility, write down the necessary skill. Be specific.
Let’s use the example of a receptionist:
|
Responsibility |
Skill |
|
Answer the phone |
Excellent verbal communication skills |
|
Type speeches |
Types 90 words per minute |
|
Schedule appointments |
Excellent understanding of Microsoft Outlook |
Once you know the characteristics of your ideal employee and can define the job and the skills that employee needs… you start looking.
How to Find Your Ideal Employee
The first rule of hiring is to be patient. Remember the old saying: "Hire slow and fire fast."
Think about what executive recruiters do. They build their Rolodexes. When they call Person A with a job opportunity and Person A is not interested, they end up with three phone numbers or e-mail addresses of people Person A knows.
So the second rule of hiring is to think about all the people you know, especially when you’re looking to fill a middle- or upper-level position. If none of them are right for the job, call them anyway. They may know people who are. Keep collecting names and numbers.
If you are looking for more of an entry-level employee, advertising in a trade publication is good. But do some research first. Read the ads the publication normally prints and make your ad better. Make your position sound rewarding and exciting. If there is room for advancement, mention it.
You can also use Career Builder, Monster, eHire, and other online job search engines. Of course, you’ll probably have to sift through hundreds of applications, 99 percent of them useless. And you may luck out.
But you’re not going to find most of your potential superstars this way.
Even better than advertisements… and far better than online job search engines… is networking.
I will use ETR as an example. In 2007, we added seven new positions. In 2008, we have plans to add 10 additional positions. Because I know this, I look for possible employees everywhere I go.
When I attend industry events (which I often do), cocktail parties are my favorite networking places. (You get a real feel for the personality and style of the people you meet.) When I speak at industry functions, I tell the audience that I am available to talk about job opportunities. I talk to other parents while attending my kids’ soccer games. I have even talked to my doctor about having her write for our sister publication, Total Health Breakthroughs.
You can network ANYWHERE. Wherever there are people, there’s an opportunity. Don’t be afraid to ask your friends, colleagues, and competitors about people who might be a good fit for your company. You will be glad you did.
Remember, you don’t have to be the smartest person in the world to succeed in business. You just need to be smart enough to hire the right people to help you do it.
[Ed. Note: Right now, MaryEllen is looking for a few hardworking, deadline-oriented people. You must have a strong work ethic and be ready to share your ideas. If you are an experienced marketing professional or a gifted copywriter or graphic designer, click here.]
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Reader Feedback: "You and your organization are truly genuine."
"I just want to thank you, Michael, for all your insights and intellect and knowledge and wisdom that you so willingly, and lovingly, give. You and your organization are truly genuine. I can feel it. It comes across in your newsletters.
"I have just ordered your direct-marketing kit. Please remember my name. I am on the road to your next Internet success story. ‘True success is being able to live your life in your own way.’ How true, how true."
- Janice Hernandez
Chicago, IL
[Ed. Note: How has reading ETR helped you - maybe even changed your life? Send your comments to ReaderFeedback@gmail.com. Include your name and hometown… and we may print your e-mail in a future issue.]
Milton Hershey Failed Several Times Before He Created the Hershey Bar
Most Americans by the age of 10 have tasted a Hershey’s milk chocolate bar. As a chocolate lover, I consider it absolute perfection. In pilot school years ago, we used to joke that a fighter pilot’s breakfast was a Hershey bar and a Coke. Two American food icons.
But the Hershey bar wasn’t the result of Milton Hershey’s first try. He failed at his first confectionery in Philadelphia. He failed again in Chicago. And in New York. Family, friends, and investors were losing money and losing faith. Hershey never intended to fail and lose other people’s money, but he did.
When Hershey returned to his home near Lancaster, PA, he vowed to pay back his creditors. When you lose, realizing that you let others down, not just yourself, makes it hurt that much more.
So Hershey kept trying. He made caramels, like so many other candy makers, but he had always been fascinated by chocolate. And the Hershey bar was finally born.
With his success, Hershey was able to become one of the most famous candy makers in the world. He also became one of the greatest entrepreneur-turned-philanthropists. Because in addition to stick-to-itiveness, Hershey possessed another trait common among entrepreneurs: When they finally hit the big time, they want to share their success with others.
To a real entrepreneur, it isn’t about making money. It’s about winning. Being right about your idea. Seeing the realization of your dream. The money is great, and is something you can share, but it doesn’t offer nearly the same satisfaction as accomplishing your goals.
Don’t quit on your goals because you didn’t achieve them the first time around. Pick up a Hershey bar and give it another go.
[Ed. Note: Author and businessman John L. Herman Jr. ("Herman"), who has owned more than 20 companies, has become an expert on why businesses fail. The above article was excerpted with permission from Hermanisms: Axioms for Business and Life. For more information about Herman and his business writing, please visit Hermanisms.com.
And for expert advice on how to achieve all your business and professional goals, sign up for ETR’s Total Success Achievement Program . Learn all the details here.]
How Many Days to Work Out?
Thanks to the cardio-marathon mindset of the 80s, most folks are convinced they need to exercise for over an hour, seven days a week, to "get fit." But that’s not even close to the truth.
First and foremost, your nutrition is more important than your exercise habits when it comes to fat loss and longevity. If you run for an hour each day but still have a doughnut for breakfast every morning, you could be shortening your life span and increasing your waist size. To set the foundation for fat loss and fitness, stick with whole, natural foods, such as fruits, vegetables, nuts, fish, and protein.
For your exercise sessions, focus on quality and intensity, not quantity. By exercising three days per week for only 45 minutes per session (or less!), you can strengthen your entire body. Try multi-muscle resistance exercises for strength, and burn fat with short-burst interval training. Follow that up with stretches for tight muscle groups only, and you’ll be in and out of the gym before you know it.
Spend the remaining four days of the week staying active and keeping your butt off the couch. Keep your body and mind busy with activities you love, such as walking with your dog, doing yoga, playing sports, or running errands by bike or on foot.
[Ed. Note: Fitness expert Craig Ballantyne is the creator of the Turbulence Training for Fat Loss system. For a free online source of information, motivation, and social support to help you improve your health, lose weight, and get fit, sign up for ETR’s free natural health e-letter.]
It’s Good to Know: About Gold
Nearly 85 percent of all the gold ever mined is still being used today. Because it has been highly valued throughout history, it has always been recycled.
(Source: Discover Magazine )
Start Making Money Today
Interested in getting a nice little side-business going on the Internet? Or maybe even from your living-room table?
But you don’t have too much money, you don’t have too much time, and you’re not exactly Bill Gates when it comes to technology. Sound familiar?
A lot of people are in the same boat. The good news is that ETR has heard you. And now we’ve done something about it…
We’ve asked our colleague Marc Charles to be on the lookout for profit opportunities that can be run from a kitchen table, your desktop or out on the road.
Criteria? They’ve got to be inexpensive, easy to start, and still have great income potential, but without a lot of red tape.
They say when you’re first getting your feet wet with a side-business, the most important dollar to make is the first one. Well, Marc is an expert at taking beginning entrepreneurs and showing you how to make that first buck. He knows, because he’s done it dozens of times for himself, his family and his friends.
If you’ve been dreaming about starting your own business… now you can get started for about the price of 2 lattes.
And get this - you could be making money literally just hours from now. Imagine the feeling of finally getting a side business launched -TODAY!
Why not go for it?
Let me introduce you to “The King of Business Opportunities.”
- Patrick Coffey
Word to the Wise: Polyglot
"Polyglot" (POL-ee-glot) - from the Greek - means writing, speaking, or versed in many languages.
Example (as used by Lawrence Weschler in A Wanderer in the Perfect City): "My parents are both polyglots - they speak five Indian languages each, I speak seven - and they would encourage my reading."
[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.]
Copyright ETR, LLC, 2008