Online Newsletter for the Week Ending August 27, 2010

QUOTE: “For those who don’t yet hold this mind-set (Professionals Realize (and Act Like) They’re Part of Something Bigger than Themselves), it’s more about what they get rather than what they give. It’s about careerism, not professionalism. It’s more about status and less about substance. It’s more about scoring points than team play. Gen. Richard Myers notes, “One of the worst things you can do in the military is to do things for the wrong reason—especially if that reason is to get ahead. Self-aggrandizement is a really bad trait—as bad as a lack of integrity. It’s usually recognized early, and once it is, you’re toast!” Excerpt from Bill Wiersma’s forthcoming book, The Power of Professionalism.


NEW NUGGET:  I Am A Professional.  Really?  Posted on www.NuggetsFortheNoggin.com.

 

DANCE IN THE RAIN. http://www.danceintherainmovie.com/?cm_mmc=Responsys-_-MO-_-8.23.10-_-DITRmovie

 

NEW ORLEANS 5 YEARS AFTER KATRINA; A REPORT: http://www.youtube.com/watch?v=-mJinnhIw0w

CREATE A CULTURE OF GREATNESS, by Jon Gordon: http://www.jongordon.com/newsletter-082310-cultureofgreatness.html

 

FIVE HANDWRITTEN NOTES TO ENGAGE YOUR BUYERS (AND SELLERS, AND SPHERE OF INFLUENCE, AND FRIENDS, AND FAMILY AND JUST ABOUT ANYBODY ELSE YOU CAN THINK OF): And when you read thing remember I encourage everyone to use a fountain pen when you write these notes everyday: http://www.salesdog.com/newsletter/2010/nl0489.htm

THINKING OUTSIDE THE BOX. Do you have land you are trying to sell? Do your owners own the land “free and clear?” Have they thought of owner financing? Get them thinking outside the box. What if you had a $30,000 lot to sell and instead of thinking mortgage you instead think of offering it for sale at $35,000, 0% Interest amortized over five years. No appraisal. Would that draw some interest? Same could apply to a home. Same could apply to a bank owned home if the bank would think outside the box. Do whatever it takes (that is legal) to get your properties sold. Here’s another idea that was taught by Joe Williams (the “Williams” of Keller Williams). If you have a land owner who has equity in the land of sufficient amount to “subrogate” the equity to a builder, the builder can then use the “equity” as the down payment (no cash involved) to acquire a building loan to build a home on the property. You, the listing agent, then lists the home for sale. In theory the land would have more value with a structure in place than trying to sell the land by itself. When the home sells, the builder is compensated, the land owner is compensated (again in theory more than selling the land alone) and you the listing agent is compensated. A win-win-win situation if ever there was one.

EXCERPT FROM “Delivering Happiness; A Path to Profits, Passion, and Purpose” by Tony Hsieh, CEO, Zappos.com, Inc. This is an amazing story that starts with a very young man who before he was a teenager became an entrepreneur. It is a story about what he did through his late 20’s and how he took a fledgling company and eventually sold it for MILLIONS and then literally went broke before he grew Zappos.com into the powerhouse company it is now. In the book Hsieh talks about the similarities between playing poker and business.

He wrote: I noticed so many similarities between poker and business that I started making a list of the lessons I learned from playing poker that could also be applied to business:

EVALUATING MARKET OPPORTUNITIES

• Table selection is the most important decision you can make.
• It’s okay to switch tables if you discover it’s too hard to win at your table.
• If there are too many competitors (some irrational or inexperienced), even if you’re the best it’s a lot harder to win.

 MARKETING AND BRANDING 

• Act week when strong, act strong when weak. Know when to bluff. 
• Your “brand” is important. 
• Help shape the stories that people are telling about you.

 FINANCIALS  

• Always be prepared for the worst scenario. 
• The guy who wins the most hands is not the guy who makes the most money in the long run. 
• The guy who never loses a hand is not the guy who makes the most money in the long run. 
• Go for positive expected value, not what’s least risky. 
• Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking. 
• Play only with what you can afford to lose. 
• Remember that it’s a long-term game. You will win or lose individual hands or sessions, but it’s what happens in the long term that matters. 

STRATEGY

• Don’t play games that you don’t understand, even if you see lots of other people making money from them. 
• Figure out the game when the stakes aren’t high. 
• Don’t cheat. Cheaters never win in the long run. 
• Stick to your principles. 
• You need to adjust your style of play throughout the night as the dynamics of the game change. Be flexible. 
• Be patient and think long-term. 
• The players with the most stamina and focus usually win. 
• Differentiate yourself. Do the opposite of what the rest of the table is doing. 
• Hope is not a good plan. 
• Don’t let yourself go “on tilt.” It’s much more cost-effective to take a break, walk around, or leave the game for the night. 

CONTINUAL LEARNING 

• Educate yourself. Read books and learn from others who have done it before. 
• Learn by doing. Theory is nice, but nothing replaces actual experience. 
• Learn by surrounding yourself with talented players. 
• Just because you win a hand doesn’t mean you’re good and you don’t have more learning to do. You might have just gotten lucky. 
• Don’t be afraid to ask for advice.  

CULTURE

• You’ve gotta love the game. To become really good, you need to live it and sleep it. 
• Don’t be cocky. Don’t be flashy. There’s always someone better than you. 
• Be nice and make friends. It’s a small community. 
• Share what you’ve learned with others. 
• Look for opportunities beyond just the game you sat down to play. You never know who you’re going to meet, including new friends for life or new business contacts. 
• Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.