Are You Top Dog… or Second Banana?
Archives: Daily Issues
Issue #2431
- WEALTHY: A simple reason why oil will keep climbing (Charles Delvalle)
- HEALTHY: The dirty truth about diets (Craig Ballantyne)
- WISE: Goethe on being No. 1
ALSO IN THIS ISSUE:
- What’s better than being the head honcho? (Michael Masterson)
- When is a USP not a USP? (Suzanne Richardson)
- It’s Good to Know… about online job-hunting scams
- Add “idiosyncratic” to your vocabulary
“…great teachers … experts in their fields … benefits of their experience … insight of their failures … what pitfalls to expect…”
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Dear ETR: Would Boycotting OPEC Reduce Oil Prices?
“I thought the U.S. was diversified enough that we wouldn’t have to depend solely on the Middle East for our oil. I was under the impression that places like Venezuela and other countries in South America are good sources, enabling us to purchase our oil supply from them.
“I see commercials on TV all the time, showing South American countries drilling for oil. So, why not buy from them and boycott the Middle East? That would bring the price down really fast, wouldn’t it?”
June V.
Well, June, the short answer is no. And the reason is simple: Somebody else WILL buy OPEC oil.
Just think about it. China has an insatiable demand. And they’ll do anything to make sure it’s met. They’re already inking huge oil supply deals with countries like Canada. If we decided to buy our oil from someone else, you can be sure they’d be first in line to buy directly from OPEC.
There are only a few ways to really push down the price of oil:
1. Strengthen the dollar. Oil is priced in dollars. As the dollar drops, the price of oil rises.
2. Lower demand. That means getting rid of SUVs and driving less.
3. Increase supply. That means drilling and quickly getting new oil production out to the market.
Some blame speculators for the high price of oil. But you know what? If it weren’t for the weak dollar and the tight supply situation, the price of oil wouldn’t be as high. And then speculators wouldn’t even be paying attention to the oil markets.
Since the factors that have been keeping oil prices high won’t be addressed anytime soon, you can bet that prices will be higher in the years ahead. And one of the safest ways to take advantage of that is to buy into the United States Oil Fund ETF (USO), which goes up right along with the price of oil.
- Charles Delvalle
[Ed. Note: Getting in on oil with the USO ETF is one way to make money. But you can also make big bucks in the coming years with companies searching for new sources of oil and gas. Discover two best-in-class drilling rig companies that will be on the receiving end of this tidal wave of cash here.
Send your questions to AskETR@ETRFeedback.com. Include your full name, your hometown and state, and the ETR team may answer you in an upcoming issue.]
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“The man who occupies the first place seldom plays the principal part.”
Johann Wolfgang Von Goethe
Are You Top Dog… or Second Banana?
Charlie Munger is Warren Buffett’s right-hand man. And one of the richest men in the world. As vice chairman of Berkshire Hathaway, Munger has a net worth of $2.4 billion (according to Forbes).
Most people recognize Warren Buffett’s name, but few know his very talented partner. Does that minimize Charlie Munger’s wealth or success? Absolutely not.
It may sometimes seem like I’m always pushing you in the direction of becoming No. 1 – of having your own business and being your own boss. And I won’t deny that I spend a lot of time talking about the advantages of entrepreneurship and equity. But some people are better off as No. 2.
In my career, I’ve been both. There’ve been times when I’ve been the unknown No. 2 in a business someone else started. I’ve also been No. 1 in businesses I started myself. But whenever I’ve been the head honcho, I’ve installed a CEO as fast as I could. That’s because I firmly believe that almost any business will do better if it is run by two people.
One person should have the majority of power. But he needs a partner (or sometimes two partners) he can rely on to do things that he can’t do as top dog. He needs a partner to balance out his personality, to excel in the areas where he is weak. If you can provide these skills to the person who owns the business you work for, you can make an extremely good career for yourself as No. 2.
Now I’m not talking about being an assistant. I’m talking about being a full-fledged partner – someone with almost as much power and influence as the No. 1 guy, but with slightly less equity in the business. In fact, being No. 2 can be a fantastic deal for chicken entrepreneurs and ambitious career execs who want the benefits of being the head of a business without having to invest as much time or money as No. 1.
Your goal is probably to be the one on top. If so, that’s fine – because what we are helping you do with ETR will put you there. But realize that it’s possible to have more success, make more money, achieve more, and more fully enjoy your life’s work in the No. 2 position.
Which Role Is Better for You?
It is important to understand the difference between the two roles. Because if you are a No. 1 kind of guy, you will be unhappy and eventually fail as a second banana. And if you are a No. 2 kind of guy, you’ll probably fail if you try to go out on your own.
The story of Pat Farrah illustrates the point.
In 1962, Mr. Farrah went to work for a building-supply store in Bellflower, California. In the challenging atmosphere of a fast-growing company, Mr. Farrah thrived, working his way up to general manager. Then, in 1978, he tried running his own show. He rented a huge warehouse and filled it with household goods.
The idea… as a marketing strategy… worked wonderfully. The store was flooded with customers. But financial controls were lacking, and the store went bust.
A couple of years later, Bernard Marcus, a veteran retailer who had watched Mr. Farrah’s brilliant failure, hired him to become chief merchandising officer of Home Depot.
As the No. 2 guy in a very similar business, Mr. Farrah was able to apply his proven marketing strategy again. But this time, he was free of the operational tasks that he didn’t do so well.
The result? Well, you know the history of Home Depot.
So spend some time asking yourself, “Am I a top dog or a second banana?” Consider what you’ve done before and where you’ve had your successes. Ask yourself honestly, “Do I work better for myself or for someone else?”
You may not arrive at the answer right away, and that’s okay. Most of what you will be learning from ETR… most of the strategies you’ll be applying to achieve your dreams… will get you to one of the top two spots. And by the time you’re there, you should know who you are so you won’t have to go through what Mr. Farrah did.
By the way, Mr. Farrah eventually left Home Depot and tried to run his own business again. Guess what? He failed again. He was hired back as assistant to the man who had replaced him at Home Depot, and very quickly worked his way back to the No. 2 spot. Home Depot profited immensely from his return – and Farrah retired rich and happy.
How to Be a Good No. 2
If you decide your goal is to be the top man’s No. 2, here are some tips to help you:
- Compliment him. I’m not telling you to be a “yes man,” and I’m not telling you to fawn. Find out what he’s great at and tell him how much you admire him for it. Ask to be his protege. Do this earnestly. If you fake it, he’ll know.
- Complement him. Identify something he is weak at and learn to do that well. If he’s great at big ideas and short on follow-up (a very common leadership flaw), become great at follow-up yourself
- Disagree with him. Not all the time – and only when you are sure he is wrong. Have the facts at your disposal and have at least two alternative ideas handy to offer when he accepts your correction.
- Be loyal. This is the main rule for being a good No. 2. Find out what he really wants to accomplish, and make that your primary business goal. You must operate in support of his goal even when he’s not watching. The only way you can do that is by making it your top goal too.
Being No. 2 may not be as glamorous as being top dog. But it has its advantages:
- You have a lot of power, sometimes as much as No. 1.
- You can make a lot of money, sometimes more than No. 1.
- You have the support of the most important guy (something he can’t say).
- You are first in line to take over when No. 1 retires.
There’s no shame in being No. 2. In fact, it could be your ticket to wealth and respect and success.
[Ed. Note: Whether you want to be No. 1 or No. 2, you can get to the top faster if you know what makes a business grow. Michael Masterson reveals just what it takes to drive your business from zero to $100 million... in no time flat. Get his proven, time-tested advice for under $20 right here.]
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The Mentor to BILLIONAIRES Is at YOUR Service
For the past 30 years, one man has counseled and mentored billionaires like Roy Speer, Harris Rosen, and two others who prefer to remain private. They were not billionaires before they were mentored by this man.
Now, he’d like to do the same for you to help ensure you are financially set for life. His name is Robert Cox and if you follow his simple step-by-step instructions, success can be yours in as little as 30 days.
But let me be clear: You must be ready for something different. You must realize that there has been a missing ingredient to success that has been denied you.
And you must be ready to seize it. If you are ready to change your financial future and finally build true wealth, please read on.
Why Lie About It?
One of the best ways to improve your marketing skills is to learn to recognize where other marketers are going wrong with their sales copy.
Take, for example, a television ad for Cici’s Pizza. Their tag line was something like, “All you can eat pizza, pasta, salad, and dessert buffet for under $5.”
So why was there a little disclaimer below the “$5″ that said, “Prices at some locations may be slightly higher”?
When you’re advertising your product, coming up with a USP (unique selling proposition) is a must. That’s what sets your product apart from others like it.
But if your USP isn’t really true… it stops being a USP. And ends up becoming a lie.
I get it. Prices do vary by location. A franchise on Park Avenue in New York City is going to have higher costs (rent, salaries, state taxes) than the same franchise in Hicksville, Arkansas. But if something renders your USP null and void for some of your customers – come up with another USP.
If your product is good enough, you should have no trouble finding something else about it that’s stellar. If you can’t think of anything yourself, hire a copywriter. A good one will be able to help you discover – or create – a new USP.
[Ed. Note: Knowing how to write strong sales copy is one of the very best ways to help your business grow. You can get access to the very same copywriting secrets responsible for selling millions of dollars' worth of products and services on the Internet. Get expert insights into writing profit-producing copy right here.]
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The Truth About the Latest Low-Carb vs. Low-Fat Diet Controversy
Diets don’t work. At least that’s what The New York Times makes of the disappointing results of a recent study (partly financed by the Atkins Research Foundation). But is it true? Let’s take a look…
For two years, the 322 moderately obese men and women in the study followed one of three diets: a “low-fat” diet (with less than 30 percent of calories from fat – which, as Dr. Dean Ornish correctly points out, really isn’t “low fat”), a Mediterranean diet, or the Atkins low-carb diet.
The low-carb and Mediterranean diet groups lost more weight (an average of 10 pounds) than the low-fat group (an average of 6 pounds). And the researchers concluded that though the weight-loss results were modest, all of the diets still improved the subjects’ health.
So does this prove The New York Times’ contention that diets don’t work? No. They missed the point.
If I worked with 322 moderately obese people for TWO YEARS, I’d be ashamed if they lost only 6 to 10 pounds.
The dirty truth about diets – the politically incorrect truth that no one wants to admit, because it takes away all excuses for a lack of personal responsibility – is that DIETS DO WORK. It’s dieters that don’t work.
I’d bet that almost every subject in that study lied about how compliant they were with the diet they were assigned. That’s human nature. We all think we eat better than we do. And that’s how you end up with 322 people dieting for two years… and all they can achieve is an overall average loss of 8 pounds.
If you’re looking to lose weight, pick a diet. At ETR, we recommend a low-carb, high-protein diet because it is the healthiest. But pick any diet you think you can stick to. And stick to it. Take responsibility for improving your health. Take action – and you’ll see results.
[Ed. Note: Once you've got a diet plan that you can stick with, you're halfway to the body you've always wanted. Now all you need is a an exercise program that can burn fat and build muscle at the same time. Find the key to a leaner, stronger body right here.
And for a FREE source of healthful recipes, health advice, and motivation, sign up for ETR's natural health newsletter.]
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It’s Good to Know: Online Job-Hunting Scams
There’s no doubt that websites like Monster and CareerBuilder have made job hunting easier. But that ease has also attracted scam artists who target eager job seekers, stealing their identities, draining their bank accounts, and ruining their credit. Here are some suggestions that can help you recognize sham job opportunities:
- E-mails from prospective employers full of bad grammar and spelling mistakes.
- Messages from job websites claiming there is a problem with your account and asking for your username and password and/or other personal information.
- A potential employer asking for your Social Security number through e-mail.
- Salary and benefits that are way too good to be true for your level of experience.
(Source: Better Business Bureau and Consumerist.com)
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Word to the Wise: Idiosyncratic
Something that’s “idiosyncratic” (ih-dee-oh-sin-KRAT-ik) – from the Greek for “one’s own mixture” – is eccentric, peculiar to a particular individual.
Example (as used by Will Blythe in The New York Times Book Review): “[James Agee] left behind an idiosyncratic nonfiction classic called Let Us Now Praise Famous Men along with one of those myths for hard-living and intemperate genius… .”
[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
Come on Suzzanne… there’s no such place that this Arkie boy knows of called Hicksville, Arkansas!
Why is it that AR. always gets labeled with low scale people and pay rates?
Remember, Sam Walton was from here, you know… Walmart!
I do agree with the rest of what you said especially about hiring a copywriter.
By the way, I know a great one and I think he’s from Dumas, AR. !!
Best,
DW
Hate to break the news to you DW, Hicksville (according to Google) is in the eastern part of the state not far from Memphis on RT 49. It’s just a blip and that makes it the perfect example of a small town, regardless of which state it may be located.
Regarding the diet article:
First, I think the word “diet” has become generally misconstrued to mean “an eating plan that is healthier than the one you were on”. But in reality, isn’t a “diet” just simply an eating plan?
Anyway, regarding the article, I do agree with Suzanne, because it’s the person that’s responsible for the eating, not the food. I started on Weight Watcher’s a month ago and have already lost 8 pounds. It’s working because I have to be accountable for everything I eat, not only the ice cream and soda (junk), but also the meat, pasta and vegetables (health). Knowing that I have to write it down just has me think more about whether I want the junk or whether I would rather use my points for something healthier. Before, I was just eating whatever, whenever and continuing to gain, even though I went to the gym. I wasn’t accountable to myself.
It’s hard to look at yourself honestly and say “I need to do something drastic”. But that honesty is the only thing, I think, that is going to keep you on the right track.
Hey DW, got news for you there is a town called Hicksville in Arkansas. As far as Wal-Mart, they are one of the largest employers in the state, but they have below average wages for staff, poor benefits and low employee morale.