Archive for Michael Masterson

The Principle of One Step Removed
by Michael Masterson (06/23/2009)

Your chances of success in starting a new business decrease with each step you take away from the business you already know.

The Power of Three
by Michael Masterson (06/22/2009)

The 7 Steps of a Failed Product Launch
by Michael Masterson (06/18/2009)

These are the seven steps of a failed product launch:

The Simplicity Imperative
by Michael Masterson (06/16/2009)

Much of what you read in ETR is directed at helping you earn more money and achieve financial independence. But what many people mistake for wealth is pure junk: the oversized plasma TV, the 2010 Ferrari, the custom-built estate home.

The Most Valuable Thing That Money Can Buy
by Michael Masterson (06/12/2009)

Going From Brand to Religion
by Michael Masterson (06/08/2009)

My wife K is a member of a cult. As a loyal member, she never gives up an opportunity to proselytize. Over the years, she has recruited our sons and most of her friends into her religion. The cult she belongs to is represented by a symbol. It has distinct colors. It has a special language that other cult members recognize. They love their religion. They worship at its altars. They sing its praises. They believe that anyone who is not a member of their cult is silly, stupid, or foolish. And they will argue with you if you say one ...

Customer Service Made Easy… and Profitable
by Michael Masterson (06/04/2009)

When businesses are set up properly, the optimum selling strategy is one that acquires as many customers as the allowable acquisition cost will allow. What that means is that new customers are brought in at breakeven or a loss. Thus, a healthy optimum selling strategy for the front end is never going to be profitable. All the profits, when you see the business from this perspective, come from the back end.

Turning Your Business Into a Micro-Brand
by Michael Masterson (06/01/2009)

So you want to turn your business into a micro-brand? Or, better yet, a micro-cult? Here’s how to get started… First, understand that it will take time - five to 10 years. To become a dominating presence in your market, you have to be in the game long enough to earn your customers’ loyalty.

Building Brands, Starting Religions
by Michael Masterson (05/25/2009)

You can sell your products, build your brand… or start a religion. It’s a very clever and useful distinction, one that every businessperson should understand.

How to Think Like a Billionaire
by Michael Masterson (05/18/2009)

Information Overload: The E-Mail Problem
by Michael Masterson (05/14/2009)

Chris Schroeder - CEO of Health Central Network - bragged at a recent information-publishers’ conference that there were 2,000 items in his RSS feed inbox awaiting his attention. When I read this in an article by Bob Bly, I couldn’t help but shake my head.

Defeating Info Overload: Read to Succeed
by Michael Masterson (05/04/2009)

The average American adult reads about 150 words a minute. At that rate, a 500-page book would take 24 hours to finish. If you had two hours a day to devote to it, you could read a book every two weeks.

Information Overload: How to Escape the Crush
by Michael Masterson (04/27/2009)

Stanley Bergen has a problem. As a regular reader of ETR and a new member of the Oxford Club, he’s getting so much good stuff from us (he’s especially interested in learning how to “eliminate some debt” and retire one day) that he “can’t figure out what to read.”

A Few Words About Taxes
by Michael Masterson (04/15/2009)

I don’t spend much time thinking, talking, or writing about tax-saving strategies. The reason is twofold:

Michael Masterson in Movie Land
by Michael Masterson (04/13/2009)

After a movie has been half-shot, you can’t fire your principal actors. You must keep them because you can’t afford to re-shoot all the scenes they have been in.

9 Steps to Defeating Depression
by Michael Masterson (04/06/2009)

7 Steps to Becoming the Best in Your Field
by Michael Masterson (04/02/2009)

To make this year the year you successfully start a profitable business (or make the business you have already started more profitable than ever), resolve to be the smartest person you know about the business you are in. It’s a bold objective, but it is possible. Here’s how to do it:

Emotional Detachment and the Zen of Golf
by Michael Masterson (03/30/2009)

About a month ago, I played golf for the first time with Number Three Son (N3S). I was looking forward to a pleasant afternoon. I imagined fresh air, healthy sunshine, and that father-son banter that women who don’t understand men categorize as superficial.

Did Malcolm Gladwell Rip Me Off?
by Michael Masterson (03/16/2009)

I’m a big fan of Malcolm Gladwell. His books, especially The Tipping Point, have validated many of my long-held business philosophies. But when his new book, Outliers, came out a few months ago, I started getting e-mails from friends and colleagues with disturbing news.

Double Your Personal Power by Mastering One Skill
by Michael Masterson (03/09/2009)

Words are innocent and powerless in themselves, Nathaniel Hawthorne said, but they become immensely powerful in the mouth of someone who knows how to use them to persuade others to follow his lead.

Don’t Fall Victim to Office Gossip
by Michael Masterson (03/05/2009)

Like so many things in life, office gossip is a temporary indulgence with long-lasting, undesirable side effects. For one thing, it damages team spirit. This is no small cost if you are concerned with team productivity. For another thing, it demeans your stature. Even your co-conspirators will think less of you for doing what they themselves know they shouldn’t do. If you consider the kinds of activities you can engage in at work, this falls into the lowest category. It’s not only unproductive, it’s destructive.

The Most Powerful of All Success Skills
by Michael Masterson (03/02/2009)

In any organization, power moves inexorably to those who have mastered the art of persuasion. Whether you express yourself online, on the phone, or in person doesn’t matter much. What counts is your ability to convince people that your ideas are worthwhile.

Taking the Big Leap
by Michael Masterson (02/23/2009)

Sometime in your business career, you will have a chance to do something or sell something - and it will be obvious to you that you are looking at a great opportunity. However, you will realize that you simply don't have the time, the knowledge, or the resources to meet that challenge. If you are sensible, you will probably say "No thanks," and bow out. But - if the opportunity is really extraordinary - you might want to try the Grand Canyon Jump.

How to Find Purpose - and Happiness - in Running a Business
by Michael Masterson (02/20/2009)

You don’t have to wait until you are financially independent and actually retire to enjoy an early retirement mindset. The sooner you can make your business about something other than making money, gaining power, or in some other way enhancing your personal situation, the sooner you’ll begin loving your work.

I’m looking for ways to supplement my primary income
by Michael Masterson (02/17/2009)

I have a strong background in Corporate Finance, and I’m looking for ways to supplement my primary income or to transition into my own business. Most of your recommendations are for people with sales and marketing backgrounds. Do you have suggestions for someone with more quantitative skills and experience?”

Want to Start Making Money From ETR Right Away? Introducing the ETR Affiliate Marketing Program
by Michael Masterson (02/16/2009)

ETR offers excellent products. But if you’re looking for immediate supplemental income, then ordering a program from ETR may not be the way to go. For the long term: Order a program, learn a new skill so you won’t ever be in a pinch again

When It Pays to Pay More
by Michael Masterson (02/09/2009)

For six years, we struggled with the restaurant, training the staff, upgrading the kitchen, and expanding the menu. During that time, we went through a half-dozen managers, an assortment of well meaning people with limited experience and a variety of personality disorders that were impossible to detect during the interviewing process… but then appeared almost immediately after they were put in charge.

Who’s Your Best Customer?
by Michael Masterson (02/05/2009)

In the direct-mail world, the best names you can mail to are people who have recently bought products very similar to the one you are selling. (It’s also helpful if the price they paid was the same as yours… and the method of payment.)

Criticism Is the Price of Success - Prepare for It and Profit From It
by Michael Masterson (02/02/2009)

One of the most surprising and disappointing things about reaching an important goal is that many people won’t share your happiness when they hear about it. Some will even criticize your achievement.

8 Speechmaking “Rules” You Should NOT Pay Attention To
by Michael Masterson (01/27/2009)

I found the following “rules” in a popular book on speechmaking. It occurred to me that they are all wrong.
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