Strategic Thinking

5 Investment Strategies Wealthy People Use To Minimize Your Risk

January 22, 2020 by Dan Lok

Investment strategies are risky, right? It’s a common belief that all investments are risky, but maybe that’s only if you don’t understand what you’re investing in.

On the news, you hear about investors who lost all their money. On TV shows they show you the downfall of the successful CEO because he got greedy and invested too much.

But surprisingly, only people with a “poor” mindset believe that investments are always risky. What do I mean by a “poor” mindset? I’m referring to people whose thinking and belief systems are very limited. They see competition everywhere, and are afraid because their resources are limited.

Wealthy people, on the other hand, live in abundance. They know they have more than enough resources to make mistakes.

The thing is, once you reach a certain income, the whole investment world suddenly opens up to you.

Before, you weren’t able to invest. Why? Because you were focusing on making a living. Once you reach a certain income, you have more money than you need to live comfortably. That’s the money you use to invest.

You take that “extra money” and use it for investments. If you don’t have a lot of extra money, maybe you do need to be more careful about what you invest in.

I recommend you learn about investment strategies. Do so before you put a single dollar into something that you don’t understand.

Investment is in fact, risky, if you have no idea what you are doing. If you are new to investing, or you don’t understand what you’re investing in, it can be risky.

You hear that other people got a great return on their investment doing this or that. Immediately, you try to do the same. But how do you know that your source is credible? How can you shield yourself from investments that are too risky?

Rich and wealthy people have been doing this for some time. They know how to play the “investment game” – and what to avoid.

That’s why today, I want to go over 5 investment strategies wealthy people use to minimize risks.

Investment Strategy #1: Only Invest In What You Understand

Even in the investment sector, there are new fads and trends. Many people would hop on to those trends and try to make money fast.

There are so many people looking for the fastest way to get money. They get caught up in the newest gimmick…

On the news, they hear that people got rich with Bitcoin. They instantly try to do the same. Once that trend dies down, they will find the next one. But still, they lose a lot of money. It’s a very risky strategy.

I never ever invested in Bitcoin or any other trendy, gimmicky thing. Why?

Because I only invest in things I understand. That’s the foundation of my investment strategies.

Putting your money into something you have no clue about – that’s risky.

Even if it worked for others. To make it work for you, you have to understand it.

So, if you are completely new to the investment world, you might want to learn at least some basics.

Investing is a lot like playing a board game. If you don’t know the rules, you can’t play. And you most likely won’t win.

So rich people only invest in what they truly understand. Most wealthy people, they understand stocks or real estate investments.

I personally always prefer real estate, because I can control parts of it. I know the rules of the real estate investing game. That allows me to predict and avoid most risks.

Why You Should Invest in Stocks or Real Estate

Stocks and real estate seem to be the favorites of most wealthy people. Why is that?

Because they produce a high-return. If you invest in something, you want it to be worth it. That’s why high-return investments are best.

So, while a person with a “poor” mentality would invest in whatever they get their hands on, wealthy people invest in what they truly understand. They are immune to trends because they are patient.

The rich don’t care about the short term wins of trendy cryptocurrencies. They look for long-term, high-return investments.

The Problem With Trends Like Bitcoin

I personally don’t like the latest investment trends. Why? Because it’s not stable.

They promise you fortunes but the investment is actually risky.

Also, I don’t know enough about it, that’s why I would never invest in it.

Most of those trends die down eventually and the investors lose quite some money.

Investment Strategy #2: Evaluate Before You Invest

The next one of the investment strategies of the wealthy is this: they know how to evaluate an opportunity.

If they get offered an investment, they don’t jump on immediately. They evaluate first.

They know what to look for and check if the investment would be too risky.

Being a good investor means you turn down a lot of chances.

You don’t blindly hop onto every single opportunity.

Wealthy people are patient. They take a step back to think about it. And then they take the right decision.

I personally refuse almost 99% of my investment opportunities – because I know exactly what I’m looking for.

I learned what to look for in an investment. Those pointers will tell me how risky it is.

Learn The Language of Money

Rich people speak the language of money. They know how to read financial statements. They understand tax systems.

If you are new to this, you might feel overwhelmed. But it’s learnable.

You don’t have to become an accountant to understand all this. But if you want to make money, you have to understand how it works.

But that’s why I recommend not to jump into the next best thing. Take your time to understand what you are doing.

So, what can you do? You should get familiar with the financial language. Common words like “interest rates”, “mortgage”, “bonds” and so on…

I call this “financial literacy.”

In day-to-day life, you need to be able to read so you can navigate yourself. Imagine you wouldn’t be able to read…what would that mean? You’d blindly trust others and hope they don’t betray or scam you. You would be pretty helpless in some situations.

It’s the same in the financial world. Without financial literacy, you are helpless. You might overlook important facts or evaluate the risk on investments all wrong.

Poor people jump right into the investment. Wealthy people learn vocabulary first. Poor people try to wing it. The wealthy evaluate, learn and act. They follow the strategy of evaluating before investing.

Investment Strategy #3: Have Some Money Ready

To invest you need a bit of cash that you can spend freely. So, ideally you have some money on the side that you use specifically for investments.

This money should be extra cash. Don’t go out and spend the money you need to secure your daily living.

How much money you need will depend on what kind of investment you want to make.

In real estate, there are ways to start out with a few hundred dollars. That’s why I like real estate. You can start quite easily and still get high-returns.

For other investments, you might need a bit more money.

That’s why investing is a game of wealthy people. If you don’t have a stable income yet, investing can be extremely risky.

That’s also why so many people loan money from a bank so they can invest. I don’t recommend it as has a high risk. You don’t want to get yourself in debt.

If you have the cash, however, the investment will reward you with even more money. That again gives you more extra money for the next investment. You’ll only become wealthier and wealthier.

Where Do You Get The Money to Start?

Well, the common strategy would be to take on a loan. I don’t like that idea, however.

I firmly believe, if you can’t pay the money out of your own pocket – then you aren’t investment ready yet. You are still in the phase of building your living.

You need to work on your income first. There are two ways.

It can come from your business or your high-income skill.

Both can get you enough money. Once you live comfortably, you take that extra money and invest it. Then you only get wealthier and wealthier.

That’s why, once you reach a certain income, keeping it isn’t that hard anymore.

But make sure to get there before you start investing all your money.

Start Small

What most people get wrong is this: they think they have to invest huge sums of money. That’s actually not true. Investing is not about how much you put in, it’s about how much you get out of it. Share on X

Some people who followed me for some time know the wealth triangle I often talk about. The natural order of the wealth triangle is: develop your skill – scale it – start to invest.

This is one of the investment strategies I suggest because it’s very safe. Normally, I would suggest starting investing, as soon as your skill pays you 10,000$ a month.

But, this is the point most people misunderstand. I’m not telling you to go ahead and invest 10,000$. I’m telling you to take a bit of that money and use it for investing. It’s great to start small.

If you focus on high-return investments, it’s possible to start with a few hundred bucks and get high-returns on that.

Let’s say you start small and invest 100$. You get back 120%. You just got 20% on your investment back.

Invest the money you have in things you can afford. Even if you don’t have 10,000$ a month yet, you can start out. Waiting gets you nowhere. Your actions will be rewarded.

The sooner you start, the better. Start building the habit of investing as soon as you can. The sooner you start, the better you will become fast.

To have what wealthy people do you need to be and think like a wealthy person. What habit do most rich people have? They invest. So start building that habit now.

Don’t wait until you are successful. Do it now and become successful.

Investment Strategy #4: Know That Investors Keep Secrets

Wealthy people don’t boast and brag about the ways they invest. Sometimes, they actually want to keep it from the public. They don’t want it to get too popular.

I was quite surprised when I learned how the wealthy invest in real estate. They are using strategies you can’t find in books or even on the internet. Nobody teaches these things.

For example, in North America they would use Tax Lien Certificates…hardly any investors ever heard of this before.

What Are Those Secrets?

You can imagine it like this. If somebody owns a property – like a house for example – they have to pay taxes for it.

Now, if somebody isn’t able to pay their taxes, the state is losing money. But that money is needed for public services like the police, hospitals, school, roads and so on.

So, the state wants that money fast. If you are an investor, the state allows you to basically buy these taxes – in the form of a Tax Lien Certificate.

You are not buying the real estate – only the Tax Lien Certificate that is attached to it.

Imagine it like you would pay somebody else’s taxes. Why would you want to do that? Because it allows you to receive all the outstanding money. But there is more to it…

The owner of the house has to pay certain penalty fees because he paid too late. Guess who gets that money? YOU – the investor who now owns the Tax Lien Certificate.

Now the way wealthy people invest in North America is just incredible. Their strategies are stable, no matter how the economy will change in the future.

Usually, they are making 24% on interest rates.

And the best part? You don’t need to live in North America to do this. Let me share more about that a bit further below…

They Invest Differently

Normally, when you invest in real estate, you need people to assist you. Like brokers and financial advisors for example.

But with the strategies of the ultra-affluent, you don’t need any of these people.

With these kinds of investments, your money is basically protected by the law.

But the public doesn’t really know this because rich people like to keep their investment strategies a bit like a secret.

If too many people know and use these strategies, the demand might get too high. Or the banks get angry and change things up.

That’s another reason why I don’t like investment trends. It’s so popular it will only work for a limited time. Once too many people hop on the trend it will break down.

So the best way to find less risky investments is to talk to other wealthy people. See why it worked for them and how it could work for you.

Investment Strategy #5: Invest in Yourself

One of the most important investment strategies of the wealthy, is to invest in yourself.

The rich aren’t afraid to invest money on seminars and courses. They know that they need to upgrade their skills and abilities. Only that way can you get and stay wealthy.

Investing in yourself is one of the safest ways. Why? Because, no matter the economy, you can always rely on yourself. Share on X

You don’t pay any interest on your abilities. Once you mastered something, nobody can take that away from you.

When you have valuable skills you will always be in demand, no matter how good or bad the economy is.

So while wealthy people invest in other sectors, they also invest in themselves.

What are some great ways to invest in yourself?

Read a book and implement your learnings
Go through a training
Visit a seminar
Learn a new skill (preferably a high-income skill)

Are You Ready To Invest in Yourself?

Now, what if I told you that you can learn more about the investment strategies of the wealthy?

From February 23rd to 24th, I’m hosting an exclusive event. It’s called Secret Of The Rich – because we will go over the secret investment strategies of the rich.

This is your chance to learn more about Tax Lien Certificates. You can use these strategies even if you don’t live in North America. And you only need a few hundred dollars to start out.

You can view this as an exclusive chance to invest in yourself. The skills you’ll learn at Secret Of The Rich are yours forever. Nobody can take that from you.

There is one catch, however. The seats at the event are now sold out. But there were so many people who didn’t get a ticket, so I decided to offer a live stream. When you get a live stream ticket, you will also get a full recording.

At Secrets Of The Rich, you’re going to learn how to thoroughly review an investment before putting one single dollar into it.

You’ll know exactly what you’re getting yourself into. What your exit strategies are. And what you need to do to make this investment work.

So you’ll always be able to “look before you leap” so to speak. And that’s exactly what the rich do to minimize risk.

Find out more about the live stream HERE.

The Art of War: How Business Strategy Resembles Military Strategy?

January 21, 2020 by Dan Lok

Have you ever wondered how business strategy resembles military strategy? You may have heard that there a lot of parallels between business and war, right?

In fact, there are several books that have illustrated that parallel. However, amidst all, the Art of War remains a prime template for business owners to borrow powerful business lessons from.

The Art of War was written by Sun Tzu, a Chinese general, over 2500 years ago. It is believed to be one of the best books ever written on war strategies. In today’s times, it’s considered a must-read for business owners.

You see, Sun Tzu wrote this book to illustrate in detail how wars should be fought. He wanted to bring forth the elite war strategies that brought him victory. In fact, you can think of The Art of War as the world’s first self-help book.

Over the years, people have come to see similarities between war and business. In essence, between Sun Tzu’s military advice and contemporary business practice.

Sun Tzu divided his book into 13 chapters. Basically, elaborating on 13 unique concepts and tactics that are integral to a winning military strategy. If you wish to refer, here is a visual representation of this book.

Now, we have read and re-read this book several times. Every time we read it, there’s a new business lesson to learn from it.

Today, we want to share some of the best business lessons we have learned from The Art Of War. But first, we have to adapt his words to current times, to understand how business strategy resembles military strategy.

How Business Strategy Resembles Military Strategy: The Context

First and foremost, we suggest not taking Sun Tzu’s words too literally. Instead, we have to take his advice to generate relevant thoughts that apply to today’s world.

To do this effectively, you will have to think of business as a modern form of war. We can equate war and business, as a group of people pursuing a common goal in the face of competition.

As a business owner, you war with your competitors, right? You fight for market share and ultimately, domination in your industry.

Your competitor is like your enemy and you strive to dominate them on the battlefield of commerce. In this parallel, your enemy is also the challenge you face in day to day business. Furthermore, as a business owner, you are the commander of your army or the leader of your business.

Over the years, we’ve read several books on business strategy. We consider Sun Tzu’s The Art of War as one of the greatest books ever written on business. Every chapter could be applied to closing deals and increasing sales.

The best part about his concepts is that they can be applied to life in general, too. This book is not just for lessons in business.

As we mentioned earlier, we have read this book many times and have implemented many learnings from this book. We want to help you, as an ambitious business owner, apply these to your business and even to your life.

Here we list out 7 powerful business lessons and life principles from The Art Of War.

1. Knowledge Is Power

Know the enemy and know yourself, and you can fight a hundred battles with no danger of defeat. If ignorant both of your enemy and yourself, you are sure to be defeated in every battle.

This is one of the most important lessons we have learned from The Art Of War. Let’s look at how business strategy resembles military strategy, in this thought.

The above quotation by Sun Tzu highlights the importance of two things:

Self-knowledge
Knowledge of your competition

This means that an accurate self-perception is the golden key to success. Also, knowing who you are fighting against, goes hand in hand with it. Let’s look at each point in further detail.

Self-knowledge

Sun Tzu says that it’s important to accurately understand our real strengths and weaknesses. If we can do that, we will be able to become more effective in business. In essence, the more we know about the reasons for our preferences and actions, the better we will understand others.

You see, every decision you make reveals something about yourself. This process of self-analysis will help you identify your strengths and weaknesses.

You know that for success, you have to work on improving your weaknesses. But at the same time, you have to focus on your strengths by taking them to the next level. If you are at a certain level of skill, upgrading it is something to strive for.

Hence, it is important to keep the constant pursuit of self-improvement going. In fact, this pursuit is one of the most powerful habits of self-made millionaires. If you are someone who wants to build upon your success, you should always look to grow your skills.

Have you noticed the behavior of a child? They learn about the world by being curious about every little thing around them. But, as we grow older, this natural curiosity fades. We become rigid in our thinking. Keeping your childlike curiosity, alive, at all times, will go a long way in helping you succeed.

Here are two powerful ways for self-development:

Reading books: The focus should be on self-improvement books, biographies, and books about successful people. This will give you the opportunity to learn and expand your horizons.
Finding a mentor: Speaking from our own experience, if you can find the right person to guide you, your life will change. You see, almost all successful business owners have had mentors. In fact, 93% of them claim their mentors were responsible for their wealth.

Knowledge of Your Competition

When you know yourself but not the enemy, your chances of winning and losing are equal.

Sun Tzu says our chances of winning are reduced by half if we do not know our enemy. Let’s look at how business strategy resembles military strategy, in this case.

What this means is that in order to succeed, you have to know what your competition is doing. Also, you should be aware of your competitor’s strengths and weaknesses. Why is that important?

Well, so you can strategically apply that information to benefit your business. Now, the application of that knowledge could mean taking a step back. It could also mean moving forward.

You see, learning what your competitors are doing can give you valuable insights into your plans. If you can predict your opponent’s action, you have the possibility of generating a mismatch that works in your favor.

So, it is important to learn to spot loopholes and weaknesses in your business environment. This singular factor can be a big competitive advantage for you.

2. Build The Right Team

When the troops are united, the brave cannot advance alone, nor can the cowardly retreat.

If you want to succeed in business, you can’t operate alone. This is an important team-building lesson we learn from The Art Of War. Let’s look at how business strategy resembles military strategy, in this thought.

As a business owner, you have to lead by example. But it’s only the capabilities of your team and employees that can take your business to the next level, right?

So you have to focus on hiring the right people who are a fit for your business. These are the people who can align with your goals and purpose.

Also, it is important that your team is unified with a common purpose. This will help them commit their hearts to your business. It will energize them towards achieving the goals you have assigned.

This spirit of common purpose builds team consistency. A team will work better when people know and trust each other.

It takes time to build productive interaction and mutual trust in a team. So you must give the members the chance to spend some time together in team-building activities. Successful businesses are made up of people who have shared experiences working towards a common goal.

Sun Tzu further says:

When one treats people with benevolence, justice and righteousness, and repose confidence in them, the army will be united in mind and all will be happy to serve their leaders.

As a business owner, it’s your responsibility to keep your team happy and motivated so they keep giving their best. You see, we all know that as a business leader, you are required to have a sound mind. However, if you want to be a great one, you need to have a solid character, too.

3. Create A Solid Yet Flexible Plan

The commander who gets many scores during the calculations in the temple before the war will have more likelihood of winning.

Sun Tzu says a leader with a better plan, wins the war. So, let’s look at how business strategy resembles military strategy, in this thought.

We know planning is integral to success in business. But it is important to remember that no single plan works well for everyone and everywhere. Moreover, there are several factors that can influence the success or failure of a plan.

So first, you have to create a solid plan of action. A plan that will get you started. However, in business, there will always be situations where you may have to change your plans.

So you have to be ready and willing to adapt it according to changing needs. You have to consider all the alternatives available. Hence, your plan must be flexible and adaptable to circumstances.

Planning is a process of understanding what is happening in constantly changing situations and adapting with energy and determination. Share on X

You see, your plan can either be like a tree or a pole. If you want it to bear fruit like a tree, it needs to have branches. But, if your plans are too rigid, you will not be able to adjust to circumstances and fail.

It doesn’t mean that your plan has to be complicated. A simple plan is easier to turn into action.

So, here’s what we suggest:

Set a clearly defined goal and give yourself a schedule to achieve it.
Start working towards your goal. Every plan needs to be followed by action.
Every step is a teacher. If you succeed, take it to the next level. If not, then be willing to adapt and learn.

4. Grow Your Network

Foreknowledge must be obtained from men who know the enemy situation.

Sun Tzu says that spies can help you win wars. So, let’s look at how business strategy resembles military strategy, in this thought.

You see, the foundation of your business growth is the size and strength of your network. We know networking requires an investment of time and energy. However, it gets you the results.

As a business owner, you have to choose your network wisely. On a closer level, you should surround yourself with people who are positive and add value to your life.

At the same time, you also need to build a network professionally. When you go to events, you should focus on developing relationships with people.

Moreover, you will never have a strong network unless you actively manage your contacts. Good networking involves both meeting new acquaintances and actively moving those relationships to a closer friendship.

If you’re an introvert, follow this blueprint to develop interpersonal skills, as it will be very useful to effectively network. You see, knowing the right people can literally take your business to the next level. Or help in knowing your competitor’s situation.

This is a very powerful lesson from Sun Tzu. To rightly understand how business strategy resembles military strategy in this case, you have to utilize networking to your benefit. So on your next business trip, we suggest you call and schedule a meet with some people in your network.

Remember to be personal in your approach to maximize the benefit of networking. Your contacts will be flattered by your interest. Whether or not you do meet, the offer breeds a stronger relationship.

You never know what you may get to learn about your competition. Furthermore, an amazing opportunity could come your way, too.

5. Build On Your Success

To win battles and capture lands and cities, but to fail to consolidate these achievements is ominous and may be described as a waste of time and resources.

Sun Tzu is talking about maximizing your victories in battle. So, let’s look at how business strategy resembles military strategy, in this thought.

Essentially, when you achieve some success in business, always strive to take it to the next level. You see, success breeds success. The key to any successful business is getting the first success and then leveraging additional success from each new victory.

Sometimes with success, people tend to stop doing the things that made them successful. When they stop putting in the effort, the competition will be ready to seize the opportunity.

Hence, when you are already in an advantageous position, you need to change your gears and go full throttle.

So, ask yourself:

What do you want to accomplish in the long term with your business?
How do you want to take your short term success to long term success?

Sun Tzu also says:

A skilled commander sets great store by using the situation to the best advantage.

As a business owner, you must train your eyes to see opportunities that others can’t see. You have to always be on the lookout. When you find a suitable opportunity, leverage your strengths and your network, to grab it.

6. Avoid The Avoidable

By taking into account the unfavorable factors, he may avoid possible disasters.

Sun Tzu talks about considering factors that can cause problems, before advancing in any situation, to avoid defeat. So, let’s look at how business strategy resembles military strategy, in this thought.

As a business owner, you have to anticipate problems before they arise and strive to avoid making mistakes. Yes, many mistakes are often visible only in hindsight. However, what you can do is strive to take measures for things you have control over.

Let’s say you have faced an obstacle in the past. Identify those obstacles for which specific measures can be taken.

As a business owner, you have control over:

The quality of your product
Your service
Your delivery time

Since you can control it, you can plan to avoid any errors, right? In fact, that should be an integral part of your overall business strategy.

Anything big or small, that is under your control should be planned meticulously to avoid any future errors. Even small decisions in business can affect the grand scheme of things.

There will always be some mistakes because the human element is unpredictable. What you have to do is take as much advance action as you can, to avoid future errors.

7. Timing Is Everything

When the strike of the hawk breaks the body of its prey, it is because of timing. The timing is similar to the release of the trigger.

Sun Tzu is talking about the importance of timing when pulling the trigger on an enemy, in battle. So, let’s look at how business strategy resembles military strategy, in this thought.

We know in business, timing is of great importance if you want to take full advantage of opportunities. As a simple rule, often the earlier the better, right?

Essentially, you make a decision and implement it. The longer it takes to take action, the more catching up will be required later.

However, sometimes, it is important to wait for the opportune moments to make full use of the chances. It could be beneficial to take a step back and slow down and learn from competitor’s mistakes. Remember, even if your competition seems to have every advantage, a well-timed attack can uncover weaknesses.

Let’s take a look at a relatively recent example here. The launch of the 1st Android smartphone was delayed because of the iPhone’s launch. Would Android have the same success, had they launched as per their original plan? Most likely, not.

They went back and polished their product by seeing their competition. They learned from the success of iOS on how a touch-based software is supposed to be.

You see, timing is crucial to everything you do in business. As a business owner, it is up to you to judge the right time for every step you take.

Forge Your 8-Figure Dynasty

We encourage all business owners to read The Art Of War. If you read it thoroughly and you will see how business strategy resembles military strategy, in every paragraph. You will be surprised to see it’s relevance in both business and in life, today.

However, these military lessons are just the initial steps you can take to take your business to the next level. For the extremely ambitious business owners, Dan Lok has created the world’s most exclusive business advisory board: Dragon 100™.

Dragon 100™ is designed for those who are committed to turning into 8-figure business owners. People who are committed to living life at a level few may ever attain. It is limited to an exclusive group of only 100 serious business owners worldwide.

Dragon 100™ provides an unprecedented opportunity to network with other elite entrepreneurs and learn from Dan Lok himself. For the first time ever, Dan will be taking you behind the scenes of his business.

In this program, he will share his hard-won business experience that has established his global empire. This experience is the most exclusive opportunity for select business owners to transform into the world’s elite.

Do you have what it takes to create a massive, worldwide empire of your own? If yes, then apply for Dragon 100™ and earn the chance to learn from The King of Closing, himself.

How To Position Yourself As An Expert

January 18, 2020 by Dan Lok

Do you know why it’s important to learn how to position yourself as an expert? Because establishing yourself as an expert in your industry means that people in your industry will think you’re the best.

If you’re viewed as an expert, you’re viewed as the best.

Most people want to work with the best, learn from the best, and collaborate with the best. This means that if you figure out how to position yourself as an expert, you’ll be highly sought-after. Opportunities will be endless.

Furthermore, most people are willing to pay premium prices to work with the best and to work with experts. For many business executives, working with an expert is worth every dollar.

In fact, the moment a business increases its hiring budget, they’ll often seek out experts to hire, especially if they can now afford to hire a coveted expert.

Another great thing about learning how to position yourself as an expert, is that once you become viewed as an expert, you are highly trusted. This means that your clients and peers will trust you with big projects, large-scale public speaking opportunities, coveted media slots, exclusive contracts, and more.

Successful people have often established themselves as an authority figure or expert, in a particular field or subject area. They become known as the person to go to for their niche.

You will feel very significant if you’re known for something. Once you learn how to position yourself as an expert, you’ll be known for something, and it’ll lead you to amazing opportunities.

In this article, I’m going to guide you on how to position yourself as an expert. If you are able to establish yourself as an expert, incredible opportunities will come your way, and you’ll earn a much higher income than you do now.

In other words, becoming viewed as an expert is extremely good for business.

Let’s discuss some various ways you can work towards positioning yourself as an expert.

Specialize in a Niche Area of Focus

As soon as you decide you’re going to narrow your focus and specialize in a particular niche, you’ll fast-track your way to expert-level status.

It’s very difficult to be viewed as an expert unless you specialize in something particular. If you specialize in a service such as copywriting or closing, for example, you’ll get more clients than you would if you were a general freelance writer or a general sales person.

An expert eats, sleeps, and breathes his or her special skill. An expert’s sole focus is typically on that one thing they want to be the best at.

The reason this works is because you gain your audience’s trust when they know your focus isn’t split between various services, fields, or industries. Once it becomes clear that you’ve dedicated yourself to one niche, you’ll attract more clients and more opportunities.

Have you ever noticed that you tend to gravitate towards ‘specialists’ because you view them as experts? I want you to imagine that you’re searching online for a freelance graphic designer to design your new company logo. What would attract your attention more: A general graphic designer, or a graphic designer who only designs company logos, and specializes in logos?

That’s why it’s best not to claim to be an expert at everything, but rather an expert at one thing.

Get Media Coverage

When you’re trying to figure out how to position yourself as an expert, hopefully you won’t forget how important media coverage is.

I’ve been interviewed by Fox Business News Network and CNBC, as well as plenty of media coverage from Forbes and Entrepreneur magazine.

If you’re interviewed in a big magazine, or quoted as an expert in a large publication, you’re effectively positioning yourself as an expert.

Wondering how to accomplish this? One thing you can do is pitch people who write for large publications that have a target audience that aligns with yours. If the writer is intrigued by your story, they might contact you for an interview or a quote.

Worried that you don’t have what it takes to craft a compelling pitch to the media? Many people hire copywriters to write their pitch for them, so that it’s as persuasive as possible.

Another thing you can do is use HARO which stands for ‘Help a Reporter’ and sign up for email updates as an expert source for the media. Often, popular magazines and well-known publications will send out queries, looking for a particular expert in a particular field, who can contribute advice to their article or story. By responding to several of these queries every day, you’re bound to get some media coverage.

When people start seeing that famous publications are quoting you as an expert or interviewing you, you’ll immediately be viewed as an expert and you’ll be highly sought-after. Being featured in a popular magazine is a very effective form of social proof.

How To Position Yourself As An Expert Using Social Proof

You might be wondering, What exactly is social proof? Well, social proof is a social and psychological phenomenon that describes people’s natural tendency to ‘do what everyone else is doing’, ‘follow whoever everyone else is following’, ‘buy whatever everyone else is buying’ and copy the actions of others. The term was coined by Robert Cialdini in his 1984 book, Influence: The Psychology of Persuasion.

With the rise of social media, the concept of social proof has become much more powerful than Cialdini himself could have predicted.

For example, if your Instagram account has hundreds of thousands of followers, people will view you as an expert and be more likely to follow you. I currently have over 1.5 million followers on Instagram, and this just makes more people want to follow me and work with me. This is social proof at work.

Similarly, if your book is for sale on Amazon and has hundreds of positive reviews, this is another form of social proof that positions you as an expert.

You can call yourself an expert all you want, but it doesn’t mean much unless other people are calling you an expert, too.

I always say that what other people say about you is infinitely more powerful than if you say it yourself.

This is especially true when a popular public figure or influencer endorses you as an expert. Whenever someone famous or well-known endorses you, this is an especially powerful form of social proof.

Provide Value on Social Media

Short Instagram stories, Facebook Live videos, and YouTube videos are a great way to show your followers that you are an expert on a particular subject.

You don’t want to give all of your knowledge and expertise away for free, but you do want to provide value in these videos to demonstrate that you not only know your stuff – you’re an expert.

You can answer common questions your audience has, so that you’re providing valuable advice and positioning yourself as an expert.

When you’re figuring out how to position yourself as an expert, you’ll want to keep track of the common questions and concerns from your audience. Make sure to provide expert advice on your social media that answers some of these common questions.

Publicize Your Awards, Accolades and Experiences

Be sure to tell your story to your audience about how you got to be so good at what you do, and how you became an expert in your field. Describe your experiences that lead you to your current expert-level status.

Furthermore, don’t forget to publicly share any awards, accolades, interviews or press that you’ve received. All of these media mentions and awards help boost your position as an expert.

You might be thinking, But what if I don’t have any awards or accolades? If you don’t have any yet, why not apply to be nominated? Sometimes awards are awarded through a voting system, and other times there’s a panel of judges. Sometimes, a submission of some kind is required to be considered for an award. With a support system behind you, you can try to get yourself nominated for recognition.

In 2019, I won the Eventex People’s Choice Event for Closers in Black. The award is based on votes from members of the public, and I came in second place. I also won one of the 2019 Best in Biz Awards and a 2019 Stevie Award.

Speak at Public Events

It’s not easy to get a position speaking at a public event. However, being up on stage in front of an audience definitely positions you as the expert. Everyone knows that the person up on the stage is the expert. I recently gave a public speech on the stage of StartCon Australia, and I’ve also done two TEDx speeches.

Speaking on these prestigious stages definitely helped me establish myself as an expert.

Whenever I’m given an opportunity like this, I make sure to prepare very valuable material for my audience. I make sure not to let such an important opportunity go to waste.

Testimonials, Testimonials, and More Testimonials

The more testimonials you have from impressed customers, the more you’ll be viewed as an expert.

I have received thousands of testimonials. Many of these are video testimonials from students who graduated from my High-Ticket Closer Certification Program (HTC graduates) with positive reviews.

These reviews and testimonials only make more people want to enroll in HTC.

Associate With A-Players

Don’t get caught associating with B players. Why? Because winners surround themselves with other winners. A-players surround themselves with other A-players. Experts should therefore surround themselves with other experts.

People will respect you more if they see that you associate with A-players and work with the best.

I associate myself with A-players such as Dan Pena and Jay Abraham.

So, where can you meet A-players? You can meet A-players at elite networking events, or within elite communities such as my HTC community or my Closers in Black community.

Charge High-Ticket Prices

Experts always charge high fees, and part of positioning yourself as an expert is raising your prices.

Many of my mentees have thanked me for teaching them how to charge higher prices. I equip individuals with the self-confidence and closing skills necessary to charge higher prices. It’s these premium prices that help position you as an expert.

No expert would charge a low fee, so if you want to learn how to position yourself as an expert, raising your rates must be on your to-do list.

If you discount your services or charge low fees, people will assume you must be pretty amateur and not an expert. Everyone understands that they get what they pay for, and they assume they’ll be paying more for an expert.

Write a Book

Although it’s a lot of work, writing a book is another powerful way to position yourself as an expert. You’ve heard the expression, “I wrote the book on that.” Well, the truth is, if you write a book on a niche subject, people will automatically assume that you must be an expert in that niche.

Imagine if you are trying to figure out how to position yourself as an expert in interior decorating. If you’re trying to close a high-ticket client, wouldn’t you be more likely to close that client if you could show them the recent book you got published on interior decorating?

I have published over a dozen books, including several books on High-Ticket Closing, and people started calling me the King of High-Ticket Sales.

I don’t really want you to call me that, so please don’t. The point is, because I teach a course on High-Ticket Sales and I’ve also written books on it, people know that I’m an expert in this niche. I’ve established myself as an authority figure on this subject.

The Closer’s Black Book is one of the best books I’ve written on the art of closing, and people buy it because I’ve established myself as an expert on this subject. The people who buy this book know that they’re going to learn about closing from the best, because I am a master at closing. Click here to buy a copy of The Closer’s Black Book.

Do You Need Help Figuring Out How to Position Yourself as an Expert?

If you need help figuring out how to position yourself as an expert, let me ask you this: Are you ready to invest in yourself? The Dan Lok Shop has several items that will help you learn how to position yourself as an expert. Click here to visit the Dan Lok Shop and set yourself up for success.

LinkedIn Strategies To Master Networking

January 5, 2020 by Dan Lok Leave a Comment

Have you ever gone to a conference or networking event and you were an absolute wallflower? All you did was watch everyone else connect and making deals?

All the other people seemed to manage to take it to the next level. They took it outside the event and generated business together. But you were standing on the side – all alone?

Maybe you managed to make some connections. You got some business cards but you already know you won’t really use those. All you made were loose, superficial connections.

So now, you spent all this time preparing and actually being away from your business. But you are not really taking anything away from the event.

Going out there and spending time away from your business is an investment, however. That’s why you want an ROI – Return on investment.

What if I told you, you can resolve all of this by leveraging LinkedIn? Most professionals don’t do this, because these strategies are a bit unknown. But really, there are millions of professionals on LinkedIn right now. They are waiting for you to connect with.

Let’s make sure the next event you attend will be worth your time. Let me share the 3 Unknown LinkedIn Strategies To Master Networking.

LinkedIn Strategy #1: Before The Event

The LinkedIn strategy number one is to put some time into research before the event even happens. Find out who is attending and connect with them beforehand.

On the event page, you can usually find and attendance list. Go through the list, take the names and put them in the search engine of LinkedIn.

Connect with them directly. Message them and let them know that you are going to the same exact event and why you are going to be there.

That way, you have the first touch point before the event actually happens.

At the event, you can go up to the individual and re-introduce yourself. They might recognize you because you have already made that connection beforehand.

But even if they don’t recognize you, you’ve done your research. You’ve looked at their LinkedIn profile, check the jobs they have done and the projects they were on.

Usually, you find all of those points in their LinkedIn description or in the experience part of their LinkedIn profile. Remember some interesting facts about them. Ask them about specific projects they worked on in the past.

They will likely be surprised that you remembered. That is a great way to build a good relationship early on. It shows, that you actually care about the individual and what they are doing.

On LinkedIn, you can also check other people they are connected to. Simply scroll down the page and look at the recommended section. You also want to connect with those individuals and check what projects they’ve been on.

LinkedIn Strategy #2: Follow Up Sequence After the Event

Use this second LinkedIn strategy after the event.

So, you had that touch point with the individuals before the event. During the event, you introduced yourself to them. Now afterward, you want to make sure you connect with them again.

After all, you want to take the connection to the next level. This is to make sure the connections you made have actual value for you and the other person.

The 7 Touch Point Theory

A touch point is whenever you interact with another human.

Have you heard about the 7 Touch Point Theory? This theory says that you have to interact with a person 7 times to build trust and rapport. By the seventh touch point, you are usually ready to deepen the relationship.

This theory is often used in sales. The idea is, that a lead has to interact with a brand seven times before they consider buying from them. But the principals are equally powerful for building business relationships.

Touch points can happen through direct interaction – for example, if you message the person directly. But, it also helps to have some indirect touch points. First, you connect with them on LinkedIn. Afterward, you post high-quality articles or other content on your profile.

Make sure others see your posts frequently to generate more interactions with them.

Ideally, the individual and you have different forms of touch points over time. Obviously, you don’t want to spam them with messages. That would more likely scare them away from you.

Some experts argue that the ideal number of touch points might actually be 13 and not seven.

Most people get a lot of messages and see ads all over different social media platforms. That’s why it might take more than seven interactions to build that trust and rapport.

Once the relationship has deepened, you are ready to take it to the next level. That can mean you get a sale or form a business partnership. Sometimes it means you get an official introduction with another person they know.

LinkedIn Strategy #3: Be a Super-Connector

LinkedIn strategy number three is being a super-connector.

What is a super-connector? It’s a person who might not have any direct value to give, but they have indirect value – which is their network.

Let’s say, for example, that you met John, who has a Facebook ad agency. John needs a copywriter. If you know someone who is an excellent copywriter, you may go ahead and introduce those two.

When you make that connection you aren’t directly adding value – as you are not the copywriter yourself. But, by making that connection you added value to both parties. In the future, they are more likely to trust you because you built that rapport.

You have given value to both individuals and you are now a super-connector that they both know and trust. They will think about you for any future business references.

What is Rapport?

Rapport is basically an emotional connection between people. Sometimes rapport happens naturally.

This happens when you get this feeling that you and the other person simply get along well. The conversation is in the flow and there are mutual trust and understanding.

If you meet a new person you can make sure to build rapport. Even if the other individual and you don’t have that much in common.

Usually, you would want to break the ice. Talking to a new person can be stressful to some, so pick an easy and safe topic for the first conversation.

If you’ve followed LinkedIn strategy number one and actually contacted them before the event, this will be even easier. Simply introduce yourself again and fall back on your research.

During the conversation, you want to be an active listener and show empathy. Keep eye contact for approximately 60% of the conversation.

An expert tip for rapport building is to mirror the other person’s body language subtlety. You can’t do this too obviously though as the other person might feel ridiculed.

So, make the best out of the touch points you have during events and follow up with your LinkedIn strategies.

How To Become A Super-Connector

Maybe these LinkedIn strategies sound valuable to you but you feel you aren’t a super-connector yet?

If you attend conferences or networking events regularly you will quite naturally become a person with a huge network.

As it grows you will get to know more and more people who are experts in their field. Those are valuable contacts you can refer to later.

Use LinkedIn to organize all your business contacts. That makes connecting others easier too.

The three top tips to becoming a super-connector fast:

You want to attend events often and always show up when you said you will be there. Don’t reach out to people on LinkedIn and introduce yourself if you don’t plan to show up. It’s a waste of time.
Always follow up and keep old contacts fresh. Individuals want to feel cared about. Show them that they are more than a number on your LinkedIn profile.
When you connect two other individuals, always do so with a clear idea in mind. Make sure the connections you form are actually valuable for both parties. Never make a connection just for the sake of making a connection.

Become A World-Class Connector

Do you still struggle with confidently speaking to people, influencing them and persuading them? Is your fear of public speaking interfering with your ability to make a strong impression in networking events or prospecting calls? Do you want advanced ways to skyrocket your confidence so you can get more clients and retain them? There is a way, if you’re willing to put in the work.

To elevate your life and career success, you must become a master closer, negotiator, speaker and connector all-in-one. That’s how you get competitive advantage and stand out from the rest. To accelerate your growth, click here to get The Rainmaker Collection now.

How To Successfully Conduct An Elevator Pitch

October 24, 2019 by Dan Lok

Do you know how to conduct an elevator pitch, if you unexpectedly find yourself face-to-face with a high-ticket client? Imagine that your dream client gets into the same elevator as you, just by chance. It’s your lucky day, because you are alone in an elevator with a powerful decision-maker. This is it. This is your golden opportunity.

You would never want an opportunity like this to go to waste, all because you froze up, didn’t know what to say to them, and didn’t know how to conduct an elevator pitch. When you actually visualize your dream client getting into the same elevator as you, by pure luck, it’s understandable why the concept of the elevator speech is so fundamental.

Remember that ‘luck’ happens when preparation meets opportunity. This expression is attributed to the Roman philosopher Seneca, and reminds us that we create our own luck.

By memorizing an irresistible elevator pitch, you’re ensuring that the opportunity won’t go to waste. You’re ensuring that bumping into an influential person in an elevator will be lucky, rather than a tragic, lost opportunity.

What Exactly is an Elevator Pitch?

An elevator pitch is a short description of an idea, product, service or company that explains the concept in a clear and concise way, so that the listener can understand it in a short period of time. A captivating elevator speech should entice the listener by overviewing a problem they have and do not want, or a result they want, but have not yet achieved.

Short and sweet, elevator pitches are nothing if not persuasive. In essence, an elevator pitch is a compelling summary or overview of your offer. Think of your elevator pitch as the most important bullet points of your sales pitch.

An elevator pitch is a short and compelling summary of your offer. Think of your elevator pitch as the most important bullet points of your sales pitch. Share on X

The original term stemmed from actual sales pitches taking place in elevators, back when catching a Hollywood executive in an elevator was a golden opportunity for the likes of a hopeful screenwriter. Today, the term is used for any sales pitch delivered quickly, concisely and effectively.

A common myth is that elevator pitches must be only 30 – 60 seconds long. An elevator pitch doesn’t actually have to be quite that short. However, it’s certainly not a bad idea to have a 60 second version memorized – just in case you just happen to ride the elevator with a top executive.

Is it possible to have an impact on someone in under 60 seconds? Absolutely. You can be remembered by someone based on a short and compelling elevator pitch.

Where Did the Term “Elevator Pitch” Come From?

It’s popular belief that the term “elevator pitch” comes from the studio days of Hollywood, when aspiring screenwriters knew they might catch an unsuspecting Hollywood executive on an elevator ride. There, with the decision-maker trapped within the confines of an elevator, the screenwriter would quickly pitch their idea during a 30 second elevator ride, hoping to make an impression in a very limited amount of time.

There are, however, other origin stories for the elevator pitch. One commonly-known origin story is that of Ilene Rosenzweig and Michael Caruso, two Vanity Fair journalists in the ’90s. Caruso was a senior editor at Vanity Fair and, according to Rosenzweig, he was always attempting to pitch story ideas to the Editor-In-Chief. However, he could never pin her down long enough to pitch her, because she was so busy. In order to pitch his story ideas, Caruso would join the Editor-In-Chief during her elevator rides. This was one of the few occasions where she would actually listen to him. Thus, the concept of an elevator pitch was created.

Essentially, the concept of an elevator pitch originated because high-level executives at companies (the decision-makers who you want to pitch yourself to) are notoriously tight on time. There may not be many opportunities to get their time or attention, but an elevator ride is a window of opportunity. Pitching a busy executive during an elevator ride is a wise way of finding the time to deliver your pitch.

It Might Not Happen in an Elevator

You need an elevator pitch ready at all times. You literally never know where you’re going to meet your next high-ticket client. It could be in an elevator, but of course elevator pitches don’t always take place in elevators. It could happen at a networking event, it could happen on a train, you might meet a prospect at an open-bar mixer before a conference, or you could even meet your next client in line at Starbucks.

Imagine for a moment that you’re in line at Starbucks. It’s the morning rush. Two businessmen are behind you in the line-up. You can’t help but overhear them discussing their need for an excellent SEO copywriter. You just happen to be an SEO copywriter. That just so happens to be your high income skill. You can turn around, tell those businessmen that you couldn’t help overhearing, and pitch them on why they should hire you. But if you’re going to pitch them, you’d better have a solid elevator pitch memorized.

The Modern Day Elevator Pitch

An elevator pitch is not a new concept, yet it’s still relevant and widely used. The reason the term “elevator pitch” is still used today, is because it’s important to have a very short version of your sales pitch memorized, in case you’re lucky enough to get even just one minute of an important executive’s time.

Because the short version of your sales pitch should not be much longer than the average elevator ride, the term “elevator pitch” has stuck around, and is used when referring to the quick version of your pitch.

This type of quick sales speech is not only used by modern business people and high-ticket closers, it’s also used in interviews. When you sell yourself in an interview, that is essentially an elevator pitch about yourself. An elevator pitch for an interview is a short sales pitch on why you’re the best candidate for the job.

Today’s elevator pitches are also used by students. If you are a student networking at a career fair, you might memorize a short “elevator pitch” that provides an overview of your skills, experience, passions and goals. That way, a company’s representative will be more likely to remember you, and put you in touch with HR.

Generally speaking, a modern elevator pitch is a condensed version of a sales pitch, used by entrepreneurs and people in business, with the object of obtaining a longer sales meeting.

An elevator pitch is a condensed version of one's sales pitch, with the object of obtaining a longer sales meeting. Share on X

In her book Small Message, Big Impact: The Elevator Speech Effect, Terri L. Sjodin explains how an elevator ride is a metaphor for an unexpected window of opportunity where one does not have much time to act. In her book, Sjodin explains,

An elevator ride is a metaphor for unexpected access to someone you want to sell on some idea, project or initiative.

An elevator ride is a metaphor for an unexpected window of opportunity. Share on X

The Difference Between an Elevator Pitch and a Sales Pitch

Yes, an elevator pitch is a form of sales pitch, but there are key differences between the two. A sales pitch typically occurs when a lead has expressed interest and agreed to a meeting to hear more about your offer. An elevator pitch is the short and compelling introduction of your offer that gets a prospect interested.

It is often because of an impressive elevator pitch, that a prospect agrees to a sales meeting where you will deliver a more in-depth sales pitch. While elevator pitches are more casual and conversational, a sales pitch is typically longer and more formal.

The Anatomy of a Great Elevator Pitch

A successful elevator pitch will be short, clear, direct, and uncomplicated. The message should be extremely clear, as should the value proposition. What makes you different or better than other options out there? Below is the anatomy of a great elevator pitch:

1. The Hook: The hook draws the listener in, and should happen right away, within the first sentence or two of your elevator pitch. The hook can be a question, such as “Have you ever wondered how certain businesses similar to yours have two, three, or four times as many social media followers as you, even though they haven’t been around as long as you?”

2. The Problem: The goal is to lay out a common problem that you have a solution for, hoping that the listener will resonate with this problem because it’s one they are currently experiencing.

3. The Value Proposition: Your value proposition, or your USP (unique selling point) is a clear explanation of how your product or service solves the problem in a unique or better way. You need to be certain of the specific value you offer. If you have a special skill, know how to explain why your unique skill is so valuable. What is your superpower? If you have a special, highly sought-after skill, then build your pitch around that.

4. The Benefits: In one or two sentences, briefly lay out the benefits that come with solving this problem. For example, you could briefly provide some statistics on how social media followers convert to customers.

5. The Foot in the Door: Don’t forget to ask for their contact information so that you can schedule a meeting to discuss your offer in more detail. Remember to end your elevator pitch with your foot in the door. You could say something like, “Since you’re interested, why don’t we schedule a meeting?” Another option is to ask them a question it’d be hard to say no to, such as, “I’d love to rewrite one of your ads for free, just to show you what I can do. How does that sound?” In general, the goal of every elevator pitch should be to set up a time to talk in more detail, and to get the contact information of the person you pitch.

Other Key Components of a Successful Elevator Pitch

What are some other qualities of a successful elevator pitch? For one thing, you need to know how to properly introduce yourself. You’ll start by introducing yourself, with your full name. Then, provide some brief background. Say something like, “I’ve been an SEO copywriter for 10 years.”

Ask questions. You don’t want to talk at someone. Elevator pitches should have a conversational, informal, and easy-going feel to them. Be sure to sound natural, not scripted.

Building rapport within a short pitch can be achieved various ways, for example through compliments. Compliment them with comments such as, “I am a huge fan of your brand” or even, “That’s a great suit you have on.”

Elevator pitches are best delivered in person. Most people want to hire someone they like and have met in person. Hiring a faceless candidate who submitted a resume online is less ideal.

Enunciate your words and speak slowly, because they are hearing your offer for the first time. That means you can’t talk too fast, as you have to give them a chance to process what you are saying.

It’s key that both your verbal and non-verbal communication skills are on point. Why does this matter? Because it’s not just what you say in an elevator pitch that matters. It also matters how you deliver the pitch. Your tone of voice should be strong, upbeat and confident during an elevator pitch. A stand-up comedian could deliver the exact same joke to two different audiences in two different ways, and only make one of those audiences laugh. It’s all in the delivery. If you have personality in your voice, people will pay more attention. If you speak in monotone and you don’t sound upbeat or excited, people will tone you out. Now, let’s discuss non-verbal communication.

Body Language: What You Need to Know About Non-Verbal Communication

Non-verbal communication such as your body language, can make a world of difference in how your elevator pitch is received.

Body language is a strong indicator of one’s confidence. If you stand up straight, stand tall, and stand with good posture, you’ll appear more confident during your elevator pitch. Why does this matter? Because if you don’t seem confident in yourself, your prospect won’t be inclined to feel confident about you, either.

Don’t forget about other non-verbal cues that improve your overall delivery, such as eye contact, hand gestures, and a nice big smile.

Your eye movements matter, too. Looking downwards or off to the side reflects low self-confidence. That’s why your best bet is to maintain eye contact during the delivery of your pitch.

Many people argue that non-verbal communication such as one’s body language, is even more important than verbal communication.

Albert Mehrabian, who was a Psychology professor at the University of California, was known for his extensive research on non-verbal communication and its importance. In his popular book Silent Messages, Mehrabian concluded that prospects base their assessments of credibility on factors other than the words spoken verbally by the salesperson.

Build Your Pitch Around a Niche Area of Focus

The more narrow or niche your area of focus is, the more unique your service is. This is a good thing. People are more likely to remember you and the service you provide, if it’s very niche, and narrow in focus.

Many people mistakenly think they will miss out on opportunities and lose clients by being too narrow. But it’s actually the opposite. Being narrow positions you as an expert. They will have that “ah hah!” moment feeling that you offer exactly what they’re looking for. And when that happens, price is not typically an issue.

Let’s imagine a relationship coach’s elevator pitch as an example. A relationship coach who says “I help people solve their relationship problems” won’t get very many clients. But if they say, “I help married couples on the brink of divorce save their marriage and rediscover their love for each other”, they will get more clients. Being an expert on one specific thing holds tremendous marketing power.

How to Memorize Your Elevator Speech

Practice, practice, practice. Rehearse your elevator pitch to friends, family, or by yourself in front of your mirror. Repetition is how you memorize a speech. Practicing it out loud helps you memorize it, too. While you practice your elevator speech, you can also change it, modify it, and continue to test it out. Just like a stand-up comedian tests his jokes in front of a live audience to see which jokes get the most laughs, you can test different versions of it with friends.

When you set out to memorize an elevator pitch, you’ll first need to write it out. How long should an elevator pitch be, on paper? It should definitely be less than one page long. Aim for about half a page, or a maximum of 250 words.

While you’re rehearsing your speech, get some feedback from friends and family about your non-verbal and verbal communication skills. Since elevator speeches are a form of public speaking, ask yourself if you are confident when it comes to public speaking. If not, continue to practice your elevator pitch on real people, so that you can get used to the idea of public speaking. Since your elevator pitch won’t always be delivered to just one person, and can sometimes be delivered to a group of people, it’s crucial that you develop some public speaking skills.

Elevator Pitch Mastery

A great elevator pitch is a key component of a first impression. Introducing yourself at a business event could lead into an opportunity to deliver an elevator speech to a powerful decision-maker. How can you become a master at conversation, so that when you conduct an elevator pitch, you’ll successfully make a great impression? My Perfect Closing Script is a great resource to use when crafting a compelling elevator pitch. By reading my exclusive Perfect Closing Script first, you’ll have an easier time when you write and memorize your perfect elevator pitch.

Elon Musk’s Top 9 Rules For Success

May 19, 2019 by Dan Lok Leave a Comment

Photo credits: Jatuporn Chainiramitkul / Shutterstock.com – Ivan Kurmyshov / Shutterstock.com and Kathy Hutchins / Shutterstock.com

People call him the real-life Tony Stark, one of the greatest entrepreneurs of our time. Elon Musk’s name is synonymous with Tesla and SpaceX, and ranked as the 40th richest person in the world (2019) and 21st on the World’s Most Powerful People (2016). What valuable lessons can we learn from his success?

He has been associated with controversy, but no one is perfect. We’ve all made mistakes. But what’s certain is that he is one of the entrepreneurial geniuses of our time. He knows how to juggle a busy schedule and consistently innovate to launch successful businesses.

If you want to be highly motivated, show great leadership, and persevere as an entrepreneur, then follow these top 9 rules for success from Elon Musk.

Watch this video about Elon Musk’s Top 9 Rules For Success.

Rule 1: High Drive

Ever since he was a little kid, Elon Musk had a really strong, innate drive. By the age of 12, he had already learned programming and sold a video game for $500.

Most successful people are successful because there’s an internal drive or fire they have under the belly. They want to create something great, something that no one’s ever done before. They don’t want to settle for average and they don’t want a 9 to 5 job.

Most importantly, they don’t need to watch motivational videos to be motivated. They are self-motivated. No-one has higher expectations for Elon than Elon Musk himself.

Rule 2: Spend Time Wisely

Elon follows a very specific schedule, spending about half his time on SpaceX and half on Tesla. A normal week would be Monday at SpaceX then Tuesday, Wednesday at Tesla, Thursday and half a Friday at SpaceX and then the remaining half of Friday at the Tesla Design Studio which is adjacent to SpaceX. Then the weekends with his kids.

Elon Musk manages his time very wisely. You have to when you are running two massive companies involved with large projects.

The upside is this: you and I have 24 hours a day, seven days a week, 365 days a year.

You and I have the same amount of time that Elon has. He has the same time resource as you, the same 24 hours a day. It all depends on how you invest your time, and whether or not you use that time wisely.

Rule 3: Persevere

Do you use your time efficiently? That is going to dictate how successful you become. You see, a lot of people look at Elon Musk and what he’s built today but they don’t know that at one time both companies were very close to going out of business.

You see where they are today but the challenges that Elon had to overcome: getting money, growing the business, educating the marketplace aren’t as well known.

When everyone thinks your success rate is so high that you risk losing everything, you need to be persistent. You need to be persistent, even if your first attempt results in failure. Elon was driven because he knows what it is that he wants to do.

You want to ask yourself how bad do you want it? Are you willing to make sacrifices? Are you willing to push forward and persist regardless, even if the whole world thinks that you cannot do it?

Even if they doubt you, you must keep moving forward if you are hungry enough to achieve your goals.

Rule 4: Innovate

Elon Musk believes it’s economics 101. Economics should favor innovation, which is important to protect small to medium-sized companies.

It’s hard for a new company to grow when it’s just a seedling or sapling. It needs a lot more protection than if it’s a giant redwood or fir. That’s why small to medium-sized companies need more protection on the innovation front.

Most people think that being innovative involves creating something new that no one has ever seen on this planet. They want to do something that’s no one’s ever done before, like creating a new technology or invention.

I believe there’s a difference between being inventive and innovative. Inventive is when you have to be creative. You’re inventing a new technology, product, or service – something that no one’s ever done.

However being innovative is something different. I don’t consider myself to be very inventive. But I’m very innovative, meaning I can see what we need in the marketplace and ask myself how I can make that a little bit better.

For example, how can I have a new spin or new way of marketing a product or add a new feature to it? I see there are so many products and services but there’s this gap in between.

There’s this need that’s not being fulfilled. I come up with interesting or different and unusual ideas and approaches to satisfy a need in this particular space. I’m not creating something brand new, just being inventive.

Rule 5: Attract And Motivate Great People

To Elon Musk, the ability to attract and motivate great people is critical to the success of a company because the company is just that: a group of great people that are assembled to create a product or service. That’s the purpose of a company.

Business is a team sport. Now at the beginning of your entrepreneurial career you’re probably doing everything yourself. I was doing everything myself at the start: the bookkeeping, the selling, the fulfillment, meeting with the customers.

I was doing everything a business owner needs to do to keep his business running. However as you grow, Elon Musk is saying that you want to find a group of people who share the same values. You want to share the same vision and accomplish a goal together.

But the key is, how do you attract good people? People come to me and ask me all the time, “How do you build such a great team?” They cannot attract good people and they don’t know why.

I always tell them, chances are if they don’t have good people within their company, they’re a lousy leader. The question is not so much how do you find good people, the question is, “How do you create an organization?”

How do you become a leader that people want to follow? How do you create a team that people want to join? That’s a very big difference. It starts right here, with you, not the marketplace, but right here.

Rule 6: Entrepreneurship Is Not A One Man Endeavor

Entrepreneurship is not a one-man endeavor because with one person, how much leverage can you have? With me, although everything is personal-brand driven, just like Elon Musk, with myself as the visible element and spokesperson for my brand, team Dan Lok is not just Dan Lok.

I played my part, a small part, but the success of the company actually involves a lot of people and partnerships and talents. It’s not just one person, although what you see is me representing the Dan Lok brand. It’s really the people within the organization that makes the company work.

The problem that prevents a lot of entrepreneurs from going to the next level is that they are control freaks. They want to control every aspect of the business.

These entrepreneurs want to micromanage instead of empowering or inspiring their people, and giving them the authority to make decisions and achieve great things.

They want to get their hands in everything and micromanage because they want that control but that actually comes from a lack of self-esteem and lack of trust. If you don’t trust your team, how could you empower them to help you to grow your company? It’s impossible. You cannot work alone if you want to be successful.

Rule 7: Have A High Pain Tolerance

A friend of Elon Musk said that building a company to success is like eating glass and staring into the abyss. The first several months are exciting and then things don’t go as planned. Customers aren’t signing up or the tech isn’t working. It can be painful for years as the company grows.

So if you want to be successful as an entrepreneur, have a high pain tolerance.

Many years ago I had a conversation with my mentor Dan Pena and he asked me the question about the same concept. He asked me, “You know, Dan, what do you think is the number one quality of a successful entrepreneur?”

I said it was having an idea or creating new technology or better pricing. Or it was needing a team or being smart or having a good education. I gave him many answers but he disagreed with them all.

None of those are the most important quality of a successful entrepreneur. The most important quality of a successful entrepreneur is the ability to endure pain for a long period of time which is what Elon Musk is saying.

You have to have high pain tolerance. You see someone who is successful like Elon Musk and you see the glory but you don’t see the blood, sweat, and tears while working for years without any results or recognition.

When you read a business magazine you see the people who make it but you don’t see the millions that lost all their money or the companies that went bankrupt.

You only see the glamour side of entrepreneurship and that’s the problem sometimes with social media. You see the glory but you don’t see the guts. Most people give up too soon. They don’t have that tenacity or high pain tolerance.

The first few months of a business are great. You’ve got a great idea to start with. Then problems kick in with customers or technology or the recession arrives. Either you give up or you persevere.

That’s what makes an entrepreneur successful – having the pain tolerance to deal with stress, anxiety, and rejection. An immunity to pain – that’s the difficult part, I think.

Rule 8: You Don’t Need Traditional Education

Elon Musk believes there are good schools out there, but teachers do not explain why students are being taught a subject. For example, they don’t know why they are being asked to solve problems in math class.

A cognitive dissonance occurs when we are taught to memorize formulas or information that seems to have no relevance to what we do daily, but we memorize it anyway so the teacher doesn’t punish us.

Compare that to taking apart an engine to see how it works and then putting it back together again. To do this task, you will need wrenches and screwdrivers and allen keys. As you solve this problem, you learn about the relevance of all these tools to the assembly of an engine.

So the question is, how practical is a formal education?

It doesn’t guarantee you success in life. People think that if they have that degree after their MBA, then their life is set.

Well that may not be the case. I didn’t graduate from university. I don’t have a lot of formal education but I do have a lot of self education from reading a lot of books and having great mentors. So if you don’t have a formal education it doesn’t mean that you will not succeed.

If anything, now I subscribe to the principle called “in time learning,” meaning you learn something that you can implement right now, not by going to school and learning a subject.

With this type of learning, you ask yourself questions. How am I going to implement this? When am I ever going to use this? What am I learning right now that will get me results?

More importantly, learn more about what is necessary to take your career or business or income to the next level.

Rule 9: Have A Feedback Loop

Elon Musk tried to optimize the productivity of every game day. It’s very important to have a feedback loop where you’re constantly thinking about what you’ve done and how you could be doing it better.

Listen to your customers and prospects. What do they want? What frustrations do they have? Are you listening to and understanding their needs? How can you solve their problems better than anybody else? How I can you fulfil their needs better than your competitors?

That’s what business is about. It’s about understanding what the marketplace wants. Nowadays you can even co-create your product by working with the customers to create something that is for them.

With this approach, your customer will like the product more. They’re more likely to refer other customers and they’ll buy more from you. This is the type of information you want to gather for your feedback loop.

Final Thoughts On Elon Musk’s Top 9 Rules for Success

Elon Musk is an inspiration to entrepreneurs who want to achieve his level of high performance and innovation. Even when he was young, he already had a high drive and a strong desire to persevere.

When you own a business, you must learn to spend your time wisely. You must also learn leadership to attract great people because entrepreneurship isn’t something you can do alone. Traditional education isn’t as important as “in time learning” and having a feedback loop to learn from your customers.

Most importantly, have a high tolerance for pain. If you’re not comfortable with being uncomfortable, you won’t be prepared for the challenges you will face on your path to success.

Which Elon Musk rule do you like the best? Comment below.