Dear Reader,

Developing relationships with important people is critical to your success in business.

As Michael Masterson illustrates today, the best way to get them to warm up to you (and open up to you) is by applying techniques that every good interviewer has mastered.

- Charlie Byrne

The Internet's
Most Popular Wealth, Health and Wisdom EZine
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www.earlytorise.com
Monday , January 30, 2006
Message #1639

WEALTHY: If Junior says "no" to college – maybe he's right

HEALTHY: How doctors were fooled into prescribing a dangerous drug

WISE: James Thurber on the problem with interviews

ALSO IN THIS ISSUE:

Was she a secret agent? Or just an inexperienced journalist? (Michael Masterson)

An inexpensive way to see Mexico

Add the word "taciturn" to your vocabulary

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Success Story: "Making It" Without a College Degree

"You don't have to attend college to be educated or successful," Michael Masterson has often said. Christopher Klaus is an excellent example of what can be accomplished by someone who is motivated to teach himself.

The idea for Internet Security Systems crystallized in 1991, when Klaus was still in high school. His fascination with Internet security issues led him to develop programs to detect viruses and security breaches. In 1994, when he was only 20 years old, he dropped out of college to found his company.

ISS went public in 1998, and Klaus – 24 at the time – became a multimillionaire. Although he left college long before graduation, he donated $15 million to his alma mater, Georgia Tech. He explained that the college provided him with "the advanced knowledge and inspiration" that he needed to pursue his interests.

While Klaus certainly has a gift for working with computers (one former teacher even called him a "prodigy"), he believes that he owes his success to hard work and determination. His persistence and resolve have served him well, landing him such honors as one of MIT Technology Review's top 100 young innovators in 1999, a place on the 1999 Forbes Top 100 list, and Ernst & Young's Entrepreneur of the Year award for Internet services.

- Suzanne Richardson

[Ed. Note: This is just one of many success stories cited by Michael Masterson in his soon-to-be-published book Automatic Wealth for Grads…and Anyone Else Just Starting Out. You’ll want to help all the young people you know get an early start on their road to financial independence by getting them a copy. As soon as the book available … we’ll let you know.]

"My opposition to Interviews lies in the fact that offhand answers have little value or grace of expression, and that such oral give and take helps to perpetuate the decline of the English language."

- James Thurber

How Not to Conduct an Interview

By Michael Masterson

I never give interviews. My publisher, John Wiley, doesn't like it, but they know that my books will sell well without the promotional events, so they tolerate my taciturnity.

For some crazy reason, I made an exception to my rule recently. I got an e-mail from an ETR reader. She said she worked for some trade journal. She'd heard that I had a new book coming out about success and leadership – Power & Persuasion – and had some questions for me.

She reminded me of myself 25 years ago – brand-new to the business of publishing, hoping to get some good interviews, eager for success. So I told G, my superstar assistant, to book a half-hour.

The day came and I took the call. The first thing she said was, "I am going to record this conversation. Is that okay?"

"I guess so," I said.

I could hear the tape recorder click on. I have to admit, it made me nervous. "Better watch your vocabulary," I said to myself. "And no double entendres."

"Would you please state your name and spell it out for the record," she said.

"W-what?" I stammered.

She repeated herself.

"Do you work for some government agency?" I asked.

If she saw any humor in my remark, she didn't indicate it. "I am a reporter for XYZ trade journal," she said. "I want to make sure that your name is spelled correctly in the article."

"Do you have my book?" I asked.

"No."

"Then how did you find out about me?"

"I'm a reader of ETR," she said.

"Well," I replied, "if you are an ETR reader, you know that my name is spelled out at the bottom of every issue. You can use the spelling you see there."

There was a long pause. Then she said, "Can you tell me the names of the businesses you own?"

For the third time in two minutes, I was taken aback.

"The businesses I own? Why are you interested in that? I presumed you wanted to speak to me because I'm an author."

"I can see this was a mistake," she muttered. And hung up the phone.

Was she some secret agent, trying to get me to say something foolish "for the record"? Or was she some young journalist, overly impressed with her status as a junior editor of some magazine nobody ever heard of? I couldn't tell.

But when I repeated the story to K that night, it occurred to me that if she were just an arrogant fledgling journalist, she was on a path toward certain failure.

Interviews are great ways to make friends and influence people. When I was her age, working for Africa Business & Trade in Washington, D.C., I regularly interviewed Fortune 500 International CEOs, top government officials, and ambassadors. I got to know a lot of interesting people.

One of those contacts got me invited to a private birthday party for Jimmy Carter. (Against K's wishes, I brought along Number One Son, two years old at the time. JC pinched his cheek. We have the photo.) Another one of those contacts got me two job offers with major newspapers. And another contact got me a substantial raise in salary.

These were all "glicken" – unexpected side benefits beyond the expected benefit of building an impressive journalistic resume.

Because of my own experience, I've advised proteges to hone their interviewing skills. There is no better way to get close to very important people than to spend some time asking them questions about why they are so great.

My young friend from the trade journal will not be able to do that, because she has no idea how to conduct an interview. And that's too bad, because the tricks and techniques that experienced interviewers use can help you in all sorts of business situations. Learning how to get someone important/powerful to open up to you is like discovering the combination to a vault that manufactures its own money.

Here are some of the best interviewing tips, techniques, and strategies I've learned over the years:
 
1. Before you meet, find out something personal about your interviewee and use that to break the ice. For example, you might discover that he loves golf and once played at the Old Course in Scotland. You might begin your interview by asking him about that.

2. Occasionally, a small gift works well to break the ice. With the aforementioned interviewee, for example, you could come to the interview with a vintage golf magazine for him.

3. Don't tape record the interview. It makes people defensive. Take notes. If you need to verify something that was said, do it later by e-mail.

4. Make the first several questions simple and positive. The point is to get the person to loosen up and feel comfortable with you.

5. It's very important to show that you have prepared for the interview. Know what your subject has done and what businesses he owns. Read anything and everything he's published. The better you know him (and admire him), the more candid he'll be with you – both during the interview and afterward.

6. Let your interviewee know the purpose of your interview – and make sure most of your questions are on topic. If you are interested in how he built his real estate empire, tell him so. If your interest is in discovering the technical secrets of real estate investing, say that in the beginning. Then he'll be mentally geared up to give you the answers you are seeking.

7. Always be gracious, self-effacing, and polite.

8. If, for any reason, the interview starts to go bad (as it did with the trade journalist), apologize and ask if it would be possible to reschedule it.

9. Within 24 hours of the interview, write a brief note thanking the interviewee for his time.

Today's
Action Plan

As Michael said, "Interviews are a great way to make friends and influence people." And knowing how to conduct one properly will serve you well throughout your business career. So spend a little time today thinking about how you can improve your skills. Write down your strengths and weaknesses. Come up with a plan.

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NNT: Another Horror Story

On Saturday, I told you how pharmaceutical companies use "Number Needed to Treat" to hype the benefits of cholesterol-lowering drugs while hiding the dangers. In fact, relying on NNT as the sole determinant of drug efficacy can have deadly consequences – and not only with statins.

Consider Vioxx. Dangers associated with this NSAID (non-steroidal anti-inflammatory drug) first appeared in Merck studies around 1998 – but were buried under an avalanche of NNT. The NNT for Vioxx was an exciting 2.2. In other words, it indicated that (statistically speaking) for every 2.2 patients who were treated with Vioxx, one patient would be relieved of pain.

That sounded great. But the over-emphasis of this one statistic caused medical professionals and patients alike to overlook the dangers. Vioxx remained on the market, wreaking havoc for five years before it was finally withdrawn. Once known as "the safest NSAID in history," the FDA estimated that it injured 88,000 to 139,000 Americans – and resulted in death for as many as 40% of those people.

Before you consider taking any drug, you should thoroughly investigate the risks associated with it. The information is out there – but don't rely on the pharmaceutical companies or even a doctor to tell you about it. It's YOUR body. Take responsibility.

(Reference: Congressional Testimony)

- Jon Herring

It's Good to Know: Travel Well in Mexico

When you're traveling within Mexico, there are several executive-line bus services. You can expect to travel in large, comfortable seats that recline nearly all the way back. You get a snack (usually a sandwich and cookies, and water or a soft drink). There are bathrooms on board, as well as a hot water station where you can make yourself a cup of tea or coffee.

Cost is minimal. For example, a bus ride from Queretaro to Mexico City (a three-hour trip) will set you back 220 pesos ($20). A bus ride from Guadalajara to Mazatlan (an eight- to 10-hour trip) costs about $35.

Some of these bus companies offer vacation packages (similar to airlines), making this an inexpensive and relaxed way to see Mexico.
 

(Source: International Living)

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Word
to the Wise: Taciturn

Someone who is "taciturn" (TAS-ih-turn) is not inclined to talk. The word is derived from the Latin "tacere" ("to be silent").

Example (as I used it today): "My publisher, John Wiley, doesn't like [the fact that I don't give interviews], but they know that my books will sell well without the promotional events, so they tolerate my taciturnity."

Michael
Masterson
Copyright ETR, LLC, 2006

Have a Question for Michael Masterson?

Have a question for Michael Masterson? Want to know the secrets to his success? Have a perplexing business problem? ETR welcomes your thoughts. Post them online at 

http://speakoutforum.com/forum/

or send questions directly to Support@EarlyToRise.Com

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