The Inventive Expert: Recent Episodes
Devin Miller
It’s about the pursuit of happiness, which ties back to the point we discussed earlier about unrealistic expectations. Society often suggests that we should always be happy, but constant happiness can actually have downsides. When we focus solely on being happy, we risk becoming complacent, losing our sense of purpose, and devaluing meaningful experiences. While happiness is valuable, it shouldn’t be our only goal. Fleeting moments of joy are important, but striving to be perpetually happy is unrealistic and sets us up for disappointment. It's essential to recognize that having unrealistic expectations for ourselves and others can hinder our growth and fulfillment.
As an entrepreneur, I believe the idealism surrounding entrepreneurship can be quite misleading. Many people envision it as a dream job where they're constantly doing what they love and everything is perfect. While it is incredibly fulfilling to build and create something of your own, it also demands a lot of hard work and sacrifice. Not everyone is cut out for entrepreneurship; it requires a willingness to take risks and the courage to try new things, even if failure is a possibility.
Be cautious about striving for perfection. It's often more beneficial to focus on progress and keep moving forward rather than waiting for everything to be perfect. Perfection can actually become an obstacle. Instead, aim for things to work well enough and be ready to adapt as you go. The goal isn't perfection; it's about understanding how to pivot and adjust along the way. Chasing perfection can leave you stuck in planning mode instead of taking action.
I believe the biggest misconception is that older workers won't add value to your business. The idea that they are too slow, too expensive, or too set in their ways is simply not true. These stereotypes, like being too cranky or inflexible, are myths. Research increasingly demonstrates the numerous benefits of employing older workers. Therefore, exploring their potential contribution to your business or company is a wise investment.
One of the most prevalent myths in our industry revolves around the idea that having a mentor, a business partner, or even discussing your business with your spouse or a close friend renders the need for a business coach unnecessary. I recall being confronted with this notion years ago during an interview when I was running my own company and utilizing a business coach. Initially, I grappled with the question because, at the time, I didn't have a business partner. However, with time and experience, I've come to realize the immense value a business coach brings, regardless of other support systems in place. Having now been on both ends of the spectrum, I can attest that a business coach offers unique insights and guidance that extend beyond ordinary conversations.
Isn't there just something special about good old-fashioned, face-to-face marketing? If you're not actively engaging in networking, tapping into your local chambers, attending networking events, or joining either closed or open networking groups where you can connect—whether it's on a monthly or weekly basis—then you're really missing out on opportunities for your business. After all, people tend to do business with those they know and trust. And how can they get to like and trust you if they haven't had the chance to get to know you? At the heart of it all, building relationships is key. And that starts with putting yourself or your product out there, directly in front of people. Whether it's your own presence or something you've crafted, being visible is essential to making sales.
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I think the biggest myth is that profit margins in this industry are huge. In reality, contacts are very expensive. Many people spend upwards of $200 on an order, but the profit margin for companies like ours is often less than 30%, sometimes even below 20%. This is largely due to the involvement of middlemen like Johnson & Johnson and distribution companies. Despite the low margins, there's still a lot that can be achieved with the profits, and even a small profit margin can be used for a lot of good.
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The prevalent misconception, often echoed by high-achieving leaders and those who consider themselves immensely successful, is that therapy is solely for individuals experiencing crisis. It's a notion we frequently encounter. However, I urge individuals to reconsider this perspective and contemplate therapy and coaching differently. Consider it akin to going to the gym for your mind. Just as I don't hit the gym solely to prepare for an upcoming vacation but for the betterment of my overall well-being, so too should we approach therapy or coaching. Even in the absence of imminent plans, investing in these practices is an act of self-care, aimed at improving our daily lives. Think of it as attending to your mental fitness, exercising positive emotional and psychological health.
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The biggest myth is that marketers can solve all your problems. Many CEOs come to me asking for advice on improving their messaging, as if marketing alone can fix everything. But that's a misconception. You can't expect great results from poor input. If you provide me with basic, inadequate information, I can't magically transform it into gold. This is the most prevalent myth right now, and I'm sorry to say it's simply not true.
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One of the most prevalent misconceptions in the world of business is the belief that sellers can effectively manage the sale of their own company. As a trained lawyer, I've often likened this notion to the adage that a lawyer who represents themselves has a fool for a client. Similarly, attempting to navigate the complexities of selling a company without the expertise of a professional can lead to disastrous outcomes. Many business owners, accustomed to wearing multiple hats and achieving success through their own efforts, underestimate the intricacies involved in the sales process. Unfortunately, I've witnessed numerous instances where such owners, convinced of their ability to handle the sale independently, become ensnared in a web of pitfalls. Without proper representation, they risk being manipulated by potential buyers, compromising the competitiveness of the sales process, and ultimately jeopardizing the success of the transaction. Whether through my own experiences or those shared by fellow professionals, it's evident that seeking the guidance of a reputable investment banker is essential for anyone contemplating the sale of their business.
The primary focus for me in branding revolves around the concept of brand personas. You often encounter individuals creating numerous brand personas, discussing whether their brand should be mysterious or something else entirely. While there is merit in this approach, particularly when struggling to define your brand, it's easy to become overly fixated on these personas. Instead, it's crucial to remember that your brand should be a reflection of who you want to attract and your company's values. Building your brand around these core aspects is what truly counts. If you fail to grasp this fundamental principle, crafting elaborate brand personas will only steer you in the wrong direction.
Let me start by saying this: I have a passion for sales, yet I believe it tends to be overemphasized. When you possess a product that truly resonates with people, the emphasis on selling diminishes, but it doesn't disappear entirely. While it's not a cakewalk, especially in the realm of most businesses and their offerings, the misconception lies in the belief that one must possess extraordinary sales skills to convince others. Sales, in reality, is more about illuminating the benefits of your product to a specific audience, particularly those who align with its niche. It's about showing them how it can address their needs rather than pushing them to buy. So while I hold a deep appreciation for the art of sales, I recognize that it's not the be-all and end-all of success.
The prevalent misconception is that you cannot effectively expand a product lacking a defined gross margin from the beginning. Attempting to initiate with a negative margin and expecting substantial volumes is not feasible. Commencing in the Consumer Packaged Goods (CPG) sector is not advisable. It's crucial to aim for a 60% gross margin, and if achieved, things should work out. Falling below that threshold, around 50 or perhaps 40, enters a risky territory. Trying to compensate with volume might not yield the desired outcome.
Currently, I believe one prevalent misconception among merchants, as briefly mentioned earlier, revolves around the question of whether they can impose a fee for credit card transactions. The myth suggests that it's not permissible, and many merchants are led to believe so by customers who claim it's illegal or against the rules. Contrary to this misconception, it is indeed allowed, provided it is executed in a proper and compliant manner.
I believe these systems are commonly associated with big corporations and large enterprises, including Salesforce. I prefer to conceptualize them as a box of Legos. Imagine receiving this box of Legos—you can construct a simple house or a small car, but you also have the potential to create a castle, the Taj Mahal, or even a bridge. Many individuals, particularly those in smaller businesses, may feel intimidated, thinking that systems like Salesforce are tailored exclusively for large organizations. However, I would like to dispel this myth by suggesting that you're not purchasing the Taj Mahal; rather, you're acquiring the box of Legos, offering you the flexibility to build according to your needs. This scalability makes it suitable for a wide range of applications.
One prevalent misconception in the cryptocurrency industry revolves around a lack of understanding about the technology. This often leads people to mistakenly view crypto as a Ponzi scheme or a quick way to get rich. In reality, blockchain technology provides a transparent framework for conducting business. The blockchain serves as a ledger, allowing anyone to access and review every transaction. For those interested in delving deeper into blockchain technology, the GIE app features numerous educational resources, including informative YouTube videos. The app is set to offer a comprehensive educational platform with an AI guide to assist users in navigating various processes and learning materials. Additionally, for skeptics of AI, there is a disable button available to deactivate the AI functionality within the app.
The prevailing misconception, widely observed, revolves around the notion that I operate a small consulting firm. While I am poised for growth, the envisioned expansion entails a team of approximately ten individuals utilizing computers. Contrary to the aspirations set by larger consulting entities or individuals solely driven by financial gains, the reality remains stark. Promises are often made, endorsing substantial earnings like $10,000 within a month or $10,000 within three months, and occasionally even more. However, the undeniable truth is that even within the realm of consultancy catering to middle-income individuals—those who fall between affluent and economically disadvantaged—achieving a monthly income of ten thousand dollars is an unrealistic feat for any reputable consulting agency.
I believe one prevailing misconception, particularly as someone associated with the nonprofit sector, revolves around the perception that nonprofits are inherently inefficient and lack interest in proven business methodologies. This notion is misguided since many nonprofits actively seek to be highly organized, clear-headed, and plan-oriented, aligning with tried-and-true business practices.
In the eco-friendly context, there's a misconception that people should automatically adopt green behaviors without any incentives. The belief is that doing good for the planet should be motivation enough. However, this idea falls short in reality. If solely relying on the "it's good for the planet" mindset were effective, we would see a world free of littering and pollution. The persistent issues signal the need for incentives and practical strategies to promote sustainable practices.
I would posit that it may not be accurate to label it as merely a myth, but rather a misconception I hinted at earlier. The notion that providing assistance to caregivers overseeing the well-being of their elderly family members is considered optional or a luxury is perhaps the misperception. Instead, it is imperative, a vital requirement that should not be underestimated.
In the realm of water management, specifically on an industrial scale rather than a residential one, a prevailing misconception prevails – the belief that our water infrastructure is in satisfactory condition. In reality, it is severely compromised, submerged in challenges. The unfulfilled financial needs are rapidly approaching an annual figure of $100 billion, a substantial sum even in the current context, though reduced from previous levels. Unfortunately, this financial gap remains unbridged. Enter Origin Clear, our company embarking on a new venture titled "Water on Demand," poised for listing on Nasdaq. Our mission is clear – liberate companies from dependence on a faltering, dysfunctional system by enabling them to manage their water treatment off the grid.
I often reflect on the significance of the role of CFOs, emphasizing that it stands for Chief Financial Officer, not Chief Accounting Officer. In my view, accounting is a science, while finance is both an art and a science. The CFO's role extends beyond being solely a cost cutter or budget manager; rather, it is designed to serve as a strategic business partner for the owner or CEO. The primary objective is to contribute to scalable and profitable growth. While cost-cutting can be a tactical approach to aligning expenses, it should not be mistaken for a long-term strategy for business expansion. Continuous cost reduction is not a sustainable path to business growth.
I perceive a prevailing myth concerning the younger generations, specifically Gen Y and Gen Z. It centers around the belief that they are inherently lazy and averse to hard work, a narrative frequently perpetuated in the media, often illustrated by concepts like "quiet quitting." While there may be instances where this myth aligns with reality, it is crucial to acknowledge its fallibility. The crux of the matter, in my opinion, lies in the leadership paradigm employed by Gen X and Boomer leaders. Attempting to guide these younger generations through the prism of our own experiences might be rooted in a myth. They prioritize different values, seeking more meaningful connections, improved work-life balance, and greater personal time. Dismissing their approach to work as mere laziness overlooks the nuanced dynamics at play and perpetuates a misleading myth.
The idea is that you shouldn't openly discuss your acts of generosity. I believe this notion is a significant misconception. Personally, I prefer to maintain anonymity in my charitable actions because that's the way I choose to support causes. However, as a businessperson, the more individuals who openly talk about the positive impact they are making through their companies, the more likely people are to support and purchase from them, ultimately leading to a greater positive impact. I'm not suggesting that openly discussing your philanthropy will directly translate into financial gains today, even though it can. What I'm asserting is that by drawing attention to your charitable efforts, it's akin to the classic sales concept. If you have a superior product compared to others and you're not actively promoting it, you're doing a disservice to the world. This same principle applies to philanthropy. By not promoting it, you're doing a disservice to the nonprofit organizations and the potential positive change they can bring about.
The prevailing misconception in our industry is that filtration alone can provide adequate disinfection, leading many to rely solely on HVAC systems with filters to address air quality concerns. However, our approach is distinct. We prioritize continuous air and surface purification rather than recirculating air through HVAC systems to create a sanitized environment. Our main challenge lies in adapting to rapidly changing regulations favoring our comprehensive approach. While heavy filtration works well for larger particles, we believe in multi-tiered systems that cater to diverse indoor spaces, acknowledging that filtration is just one component of a broader solution for indoor air quality enhancement.
The most significant misconception lies in the very topic we were just discussing: the notion that social capital holds no significance. I believe the primary focus should not solely be on investments like Google AdWords spending, the development of a sales process, CRM lead generation, or content creation. Instead, it should be placed on the often underestimated value of "knowing, liking, and trusting" individuals. Building and nurturing these connections is what truly unlocks opportunities, maintains client loyalty, facilitates deal closures, and shortens the sales cycle. Therefore, the most prominent myth in my view is the insufficient emphasis on encouraging employees to cultivate their social capital.
The prevailing misconception within my field is that assessing biodiversity is more challenging than quantifying carbon levels. I hold a firm conviction that this belief is misguided, as we possess a well-established methodology that has demonstrated the feasibility of measuring biodiversity with greater ease than carbon. In fact, biodiversity might serve as a superior metric for evaluating the health of pristine, untouched forests, as the very presence of various animal species can serve as a natural sensor. Dispelling this myth is a primary focus of our work.
I believe the most significant misconception revolves around the origin of toxic workplaces. In my experience, toxic work environments often stem from the unintentional cultivation of detrimental habits and survival mechanisms, rather than a deliberate intention to harm others. It's something that can naturally develop over time, and sometimes we may not even realize we're fostering a toxic workplace until it's already there.
We discussed a prevalent misconception: the belief that business solely comes through referrals. Another common fallacy suggests excessive investment in your website or video production is necessary. In my opinion, if your website is well-designed, user-friendly, and contains professionally curated content, there's no need for overinvestment. Avoid generic templates that lack quality. Remember the era when Flash was popular, despite its inefficiency and invisibility to search engines like Google. Similarly, today's focus should be on a sleek, fast-loading, and SEO-friendly website, rather than extravagant expenditures.
People often talk about something called the Circular Economy. This is about making things last longer and using resources wisely. Companies say they're part of it because they use recycled stuff or make things that can be recycled. But here's the catch: Just because something can be recycled doesn't mean it actually gets recycled and used again. In the Circular Economy, things should keep going round and round, not just once. So, some companies might not be as "circular" as they claim.
In the major industry, it's crucial to possess the skill sets relevant to your field in order to effectively execute tasks. During my time involved in publishing art for television commercials, the predominant medium was computer-generated images stored within the computer system. The challenge lay in translating these digital creations into tangible printed form, a task that hadn't previously been explored using acetate. As an English major, my background seemed distant from this technical realm. I recall pondering, "What do I really know about this?" The essence of effective entrepreneurship lies in your ability to identify and connect with individuals who can provide the answers you seek. Entrepreneurs, in essence, are adept assemblers and the binding force within their teams, orchestrating the efforts of those around them.
I believe the most significant misconception, and I hesitate to label it as belonging to any particular industry because I view myself as an entrepreneur, is the belief that substantial funding is an absolute requirement to achieve greatness. In reality, what truly matters are your skills and knowledge. If you can create something valuable, money will naturally follow. Regrettably, many individuals lose their motivation by fixating on pursuing financial gain when they should be concentrating on enhancing their skills and knowledge. By prioritizing personal growth over financial gains, success will inevitably come your way.
Considering the regenerative movement and those transitioning it into a distinct industry, it's become a prominent vertical force, transcending mere movement status. Remarkably, nearly every sector can potentially integrate its principles. However, one of the most significant challenges within the regenerative movement and for entrepreneurs in this field is our tendency to become overly absorbed in our understanding. We often avoid acknowledging the challenges associated with larger enterprises, such as their creative and extractive processes. Paradoxically, we may be reluctant to witness substantial growth in our own businesses, preferring to remain at a certain level. In reality, this is precisely the arena where we should aspire to achieve the same expansive growth that is sought after in nearly every other industry.
One of the industry's major myths is the perceived difficulty in selling franchises. While acknowledging the complexity of the process, it's important to recognize its methodical nature. By strategically investing resources and adopting a professional approach to lead management, coupled with a compelling product, a well-constructed franchise agreement, and a proven track record of franchisee success, a predictable and successful franchise sales outcome can be achieved.
The prevalent misconception revolves around VR being the future when in reality, it's already a tangible part of the present. It's actively utilized though not always visible, possibly due to the absence of its presence within personal circles. Its adoption extends beyond personal entertainment and into practical applications within industries and enterprises, exemplifying its current existence. Additionally, a noteworthy misconception is that achieving immersive experiences mandates the utilization of VR devices.
Considerable misconception surrounds scholarly publishing, where the erroneous belief that our role merely involves uploading PDFs authored by scientists to a website persists. In contrast, the reality is that scholarly publishing entails a complex array of responsibilities that extend far beyond this oversimplification. Ken Anderson's authoritative essay sheds light on the myriad tasks undertaken by publishers, spanning from ensuring content accuracy and reliability to enhancing discoverability, searchability, and reproducibility. This multifaceted role also involves archiving information for perpetuity, adapting to evolving publishing trends, accommodating novel models like open access, and disseminating knowledge to the widest possible audience.
The primary misconception at hand is the belief that hardware inherently needs to be complex. With optimism, it's possible that we've managed to dispel this notion. The subsequent significant misconception involves the assumption that innovations primarily originate from engineers. I find it perplexing why the general populace holds onto this perception. The truth of the matter is that innovations stem from individuals driven by a strong emotional impetus. This is the catalyst behind their emergence. It springs forth from someone entrenched in a particular industry, someone who has grappled intensely with a predicament. Their frustration reaches a boiling point, akin to a sticky obstacle resembling Velcro obstructing their path. In response, they opt to create an invention, to chart a course through the impediment. This, indeed, is the genuine wellspring of inventions.
A common misconception is that it takes at least a year, if not five, to achieve profitability. This notion is widely circulated, but it can be debunked if you establish your business properly and avoid taking on excessive overhead. By focusing on acquiring only essential resources, such as avoiding the need for a virtual assistant or additional support, and concentrating on the most crucial tasks that yield quick results—such as securing clients and making initial sales—you can attain profitability right from the beginning. Swiftly generating wins with early clients and successfully selling your products are key steps towards achieving rapid profitability.
The biggest myth in the industry, especially for small local businesses, is the misconception that advertising is excessively expensive, overshadowing the importance of SEO. However, this belief limits the potential to establish a business with a lasting impact and the ability to positively transform lives. While word-of-mouth referrals are undeniably valuable, relying solely on them hinders business growth. By embracing advertising as a complementary strategy alongside SEO, businesses can expand their reach, attract new customers, and surpass the limitations of word-of-mouth alone.
The prevailing misconception in our profession is the assumption that all individuals who identify as financial advisors or financial planners are equivalent in their roles and expertise. From an outsider's perspective, it can be confusing to discern who does what. The truth is that there are individuals who, while calling themselves financial advisors or planners, primarily function as insurance salespeople, fulfilling a specific need by selling insurance products rather than providing comprehensive financial planning. This differentiation is essential to understand and acknowledge, as it highlights the varying levels of expertise and services offered within our field.
One of the greatest misconceptions revolves around the notion that all signing services are identical. However, this assumption couldn't be further from reality. In this industry, we firmly believe in fostering strong connections with our clients, evolving them into long-term partnerships. It is essential to acknowledge that certain signing services either lack the desire, the knowledge, or the understanding of the significance of establishing such relationships with clients. Additionally, the individuals affiliated with these signing services, including notaries or attorneys, may not prioritize building these connections either.
One of the biggest myths in real estate is the belief that you need personal funds to invest, but that's not entirely true. By partnering with individuals who have financial resources, you can participate in real estate ventures without contributing your own money. You can play a valuable role in the project, such as property management or renovations, and add value without being the one who funds it. This way, you can debunk the misconception and successfully engage in real estate deals without having to invest your own capital.
One of the biggest misconceptions, which I previously mentioned in the podcast, is the belief that the cannabis industry is overflowing with money, and that all operators and brands within it are constantly flush with cash. However, the reality is quite different. The cannabis industry faces numerous challenges, such as the lack of safe banking options and limited access to financial institutions that other industries enjoy. Moreover, investors in this space are relatively scarce. Even though the country is currently experiencing a financial crisis across various sectors, the impact is particularly amplified in the cannabis industry. Therefore, rather than assuming that there is an abundance of cash available and that you can spend freely, it is crucial to adopt a scrappy mindset. Success in this industry hinges on being resourceful and making the most out of limited resources.
The biggest misconception is the belief that inbrand strategy is a luxury. This notion is fundamentally flawed, as evidenced by the reasons I presented earlier. Particularly in today's context, people actively seek authenticity in both B2B and B2C interactions. The ability of brands to differentiate themselves lies in their genuine origins. Therefore, emphasizing authenticity, delving deeper into competitive analysis, and understanding customer preferences are crucial in the present era.
I believe the beauty industry perpetuates a major misconception that you require seven to ten products in order to achieve healthy, radiant, and youthful skin. Personally, I strongly disagree with this notion, which is why I developed Viv's Leaves. By incorporating just three simple steps into my skincare regimen, I have been able to maintain great-looking skin every day. Of course, I do believe in treating myself to the occasional facial and practicing regular exfoliation throughout the month. However, I firmly believe that you don't need an extensive array of ten products to achieve these results. Many of these products and specialized ingredients can be combined into a single, convenient bottle, which is precisely what I have accomplished with Viv's Leaves. With this approach, you can obtain the skin you desire while keeping your skincare routine streamlined and uncomplicated. Life is filled with numerous obligations and responsibilities, so let's simplify our routines in some aspects. That's precisely what I aim to do with my beauty regimen.
We can personalize education using AI and data analysis. By gathering insights from tools like learning management systems, we can identify where students struggle and provide tailored support. Empowering students with an active role in their learning enhances their educational experience and leads to better outcomes.
Every company has a different target return on advertising spend (ROAS) based on their costs and other factors. It's not just about achieving a certain ROAS, but understanding profitability as well. Marketers should go beyond the KPI of simply hitting a certain ROAS and have a bigger-picture understanding of how their strategy affects the company's profitability. Otherwise, they could be relying on someone else to tell them what the target ROAS should be and end up with an ineffective strategy that doesn't achieve profitability.
It's a myth that's fairly common with business owners that I work with. The myth is that because I started the business and own it, I'm the best candidate to manage it. And that's usually very wrong because the people who go out and start businesses have some skill or a way to make more income than they would be working for someone else. They're entrepreneurs who see opportunities, take advantage of them, and take risks to make things happen. They're generally impatient with the rest of the world because they see what others don't.
Sometimes people try to generate enough investments to build some sort of mobile app, a website, or some sort of ecosystem for them, and they overestimate the result of those things. Again, you need to consider how it will help your business, and exactly what core features will help them. You need to create a business plan and other stuff because I remember the times when iPhones arrived at the university and we all were really excited. At that time, you've been able to develop, like, a Torch app and sell it for $1 million. For many people nowadays, it's impossible. Yes, but still, people some people, want to develop a website, and they believe that, okay, it will give you 1 million out of the way. No, but you need to market it. You need to make sure it utilizes some of your business mechanics, and you know how to measure it, so be careful.
The biggest myth is that Ads only work if people click on them. Most marketers today, live inside of Google analytics. Most marketers today, were trained in the digital realm before digital, and so they're used to buying ads and they're seeing clicks, and then they look at that relationship between clicks and whatever their key performance indicators lead or sales or downloads, whatever it is. So there's a myth that if the data doesn't showup inside of there, it didn't actually do anything. This podcast, for example, is a great example. There are thousands of podcasts out there, and people are learning about information from podcasts every day, but there's no place in this podcast for someone listening to it to click and the problem with podcasts is that the impact from podcasts doesn't show up in Google Analytics and that's one of the biggest issues today.
There is a myth that financial staff, financial resources, and hiring a CFO, a bookkeeper, and an accountant are really just a cost, and that there isn't any revenue-generating related to that. So it's often deprioritized or seen as something that may be nice to have versus a need and I think that's a myth because there have been so many times where we work with a CEO and we see, okay, we're diving into the numbers, we're dissecting things. We're also talking about the business as a whole. We're talking Org charge and efficiencies and operational strategies and we find there's a whole untapped product line that you can or a system that you can monetize that you haven't even you're not even charging people for. So from that, everything may not be a direct revenue-generating service, but everything is indirect. Finance touches literally everything that a business does, and some of it can be direct revenue generating as well.
The biggest myth in the tech space start-up is one that is so familiar - if you build it they would come. Market test the idea before you actually build the product. If particularly it's the software, you can spend a lot of time and a lot of money building software that does some interesting things but if you haven't figured out if there's somebody actually gonna buy it why'd you go into trouble building it in the first place.
The myth is that starting a private practice is hard. If we don't know something it seems near impossible. It's easy when you know how. So starting a private practice is so easy and if you just have clear steps you can really impact the world in a different way.
The biggest myth is that Tiktok is the hot new channel, which is wrong and now the data is starting to support that. The second biggest myth right behind the Tiktok one is there's this thing right now that people are talking about is creative testing. In the advertising world right now the hot new thing is that you need to test a bunch of creatives and the reason that this myth exists is that when you no longer have as many levers on other types of testing or other ways to improve your ROI you go to the one thing that you feel is in control which is you can build a new creative.
The biggest myth right now is really the financial benefits of the cannabis industry. There are businesses that are successful, and there are businesses that are getting ridiculous valuations. There are companies that aren't doing anything to get ridiculous valuations. There are companies that are bought up left and right. Licenses are getting bought up left and right every single week. Investors treat this industry as any normal industry. So the biggest misconceptions so far are just the investment opportunities in this industry.
Client communication will always be a crucial component of development in every company. Regardless of your expertise level, speaking with new clients may be a very stressful process. Your interactions with customers have a significant impact on how they see your company and have the potential to make a lasting impression.
Coaching is easy and anybody can do it well. However, that is not true around the coaching practice. Following the traditional coaching proven methodology practices, it's a specialized conversation and to do it right it behooves young coaches to study the traditional methods and practice before they take on a client.
The thing that stops a lot of people before they even start procrastinating is that people think you need to inherit things, for example, you need a good voice, a good personality or you need to have to say super clever things every time or you need to buy a bunch of equipment and it's wrong you actually don't really need that much to start the podcasting and you don't need to be anyone special though because you already got something special you need to say you just need to express it in the right way and really the only way to get good at expressing things in the right way is by practice.
Corporate sustainability goes beyond the buzzwords and drives changes to lessen the impact of your business on the planet. Some companies focus on environmental sustainability initiatives, while others have sustainability goals for health, poverty, education, and equal access to resources.
The myth that artists starve is that they need to embrace the entrepreneurial side of their creativity and step into learning business and marketing skills. For businesses, the myth is - well I'm just not creative, there are only a few creative people out there. When the reality is that 100% of humans are creative. It doesn't look the same for all of us. You may not be making your captive painting yet but you see your creativity in other areas because it's about medicine, manufacturing, spreadsheets, and systems. It's not just about the particular outcome that's artistic, dense, or photography.
The biggest myth probably is that Google sheets are an internal tool that you use to do proxies and workflows within your own solo business where you'll keep notes, data, and CRM. Google sheets are very powerful for this to keep data but they can also be extremely useful for communication between internal and external. Sharing information, workflows, planners, and checklists with clients or doing it along with clients, customers, and users, or giving them additional resources.
The one myth in the telemarketing industry is that every single telemarketer calls you during dinner. That is absolutely not true. Not every vertical sales talk is high-end real estate. There are some incredible individuals out there that making receives phone calls and do it ethically. They really are artists of speech, they really have honed their crafts and they believe in it.
The biggest myth in the startup world is that if you have a great idea and you pitch and put your heart into it to the right people it's just gonna work out. Too much focus on the product and the solution you tryna present when it's really more about the relationship and who you know. Sometimes the best things come to life and become those unicorn companies because the investors and people in this business are humans, it's an emotional decision. So it's really important to understand investor psychology, and the landscape and then also get access to those communities.
People think that every person that diagnosed with cancer automatically loses their hair and people also think just because you go to cancer treatment and you don't lose your hair your cancer isn't viable as the person that did lose their hair. It is just a matter of treatment. Cancer isn't a death sentence anymore and every treatment doesn't make you lose your hair.
To stay ahead of the curve means that you continue to innovate to ensure you stay current, and keep tabs on what's currently happening now within your business landscape – so you're not left behind.
In the industry of medicine, there's this big myth that getting a medical education will lead to freedom, that if you have this job with this certification the financial aspect will lead to freedom, and you'll always feel free to do what you want to do and that is so far from the truth. Money is a small part of freedom. Freedom comes from following what your true purpose is. Make sure you're not doing it for the money. Money will never make you happy in medicine.
The biggest myth is that metrics matter. In the marketing advertising industry or the web industry, there are so many metrics that are used that are merely vanity metrics. Impressions, reach, traffic to your website all of these things if not part of something more important of an actual marketing system is merely vanity metrics. It doesn't matter if your website has 10K visitors a month to it, if none of them are in business or have businesses or need marketing or web services, what difference does it make if you have 10K or 100? You should much rather have 100 people who are growing a business, who could use marketing or use web help than have 10K visitors.
The biggest myth especially related to IP is that you can protect everything and that's wrong because you just simply can't. You can't protect everything you can't draw a box around everything that your company needs to do business because some of that information has to be shared and released to your business partners in order for your business to function.
The biggest myth is that you need a fulfillment partner, this always comes up. If you are some large company, yes, you need a fulfillment solution that's probably not in-house, but as so many small businesses out there, they outsource to amazon fulfillment warehouses, Shopify, or any other fulfillment warehouses. Unless you can find a way to keep fulfillment in-house, your margins are better course, you keep more of each sale, and yes it's extra time but you're basically handing over your business to a fulfillment service that does not always have your best interest in mind.
The myth that the entrepreneurial industry has is that hard work, dedication to clients, a good business plan, and a good product will make you win. That's not true. That in itself doesn't do it. It's your ability to quickly learn from your mistakes, to quickly ask for help, and to seek out advice from multiple advisors whether they are part of your industry or not.
A strong cybersecurity strategy can provide a good security posture against malicious attacks designed to access, alter, delete, destroy or extort an organization's or user's systems and sensitive data. Cybersecurity is also instrumental in preventing attacks that aim to disable or disrupt a system's or device's operations.
An educated target audience is far more likely to make a purchase than a prospect who's struggling to make sense of what's being sold. This probably seems like common sense, but it's a truth that far too many small businesses fail to follow through on.
The biggest myth in the translation industry is that everyone speaks English and companies make many investments but they never make their messages translated or adapted for the target audience, believing that everyone speaks English and that is the biggest barrier they create for themselves, unfortunately.
In the consulting Industry, one of the biggest myths is that some of the larger brands think that they have to go to the big boys in order to get these complex projects done. However there are lots of smaller consultancies that are very hyper-focused on their niche, those companies can actually present you an opportunity to get something innovative and save you a bunch of money.
The biggest myth in this industry is you have to go see your doctor physically or you have to go to your hospital physically. 85% of the time there is no actual reason for you to be there. Generally, even if you look at patients' things like getting a blood test, you'll notice the doctor is not there, it's the technologists doing the procedure, and then after that, it's about consulting with the doctor. So to take half a day at work to see them is not required, you can pop up the results on the screen and have the consultation. You're still getting the same caring and told what you need to do next.
The idea that taking a break somehow sets you back, that it reduces your success, could derail your career or set you back in your business. That is absolutely wrong because we are humans not machines and we thrive after being restored, we thrive on rest. These are things that fill our cups, and inspire us that continue to create more innovation and more ideas. We bring back the spark to life when we stop to recover for a second.
A production space, what's the big deal? You can produce photos or video anywhere, everything can be a production space and that's really far from the truth. Every space is different the quality of light is different. The creative opportunities are different. Whether it is a modern setting with a view of an urban skyline or is it exposed brick with wooden beams. They are all different and they serve different purposes. The supply and demand are heterogeneous.
One limiting belief that a lot of people have is " I wished I learned chess as a kid". Well yes, it's definitely better like anything to get started early. You know most lawyers actually went to law school one or two years after college, but there are certain lawyers who started their career much later in life so it's the same thing with chess.
At the end of the day one myth when it comes to start-ups is that once you raise the capital it is going to solve your problems. That is wrong because it is not the money that determines. Your ability to dig into what your users really want and how they use your product is what matters the most.
Myth - If you build it they will come. Some website is better than no website, it doesn't necessarily mean that people are just going to flock to your website. So you need to consider a strategy and understand that building up the SEO will take time. You need to use your website in your sales funnel, not just throw it on the internet.
The biggest myth is that Virtual Reality is a game or it's just for kids, obviously, that's wrong. Now more than ever people are understanding virtual reality can be a tool not only to meet new people and engage with them in new ways but to truly grow the community.
You read so much about the food and beverage industry right now that plant-based and keto and everything else that is going on, you'd think it's an easy industry to be successful in, because there are so many new brands launching. Yes, there is a lot of access to capital but there wasn't 20 years ago it's very challenging and very competitive. Grocery is an expensive market to launch in and one of the myths there is that it's easy to be successful in this industry.
The biggest myth deals with the issue that people think, that if somebody has a hit song or a big success on a chart or billboard, they are going to be an instant millionaire or just going to be wildly successful. That is the exception rather than the rule.
A Brand is only the domain of consumer-facing companies. It's an organizing governing principle that allows decision-makers to make informed decisions faster, better and cheaper. That's what a brand does for anybody.
People think that when you go to a training, it's a one and done. If you're in a training you actually have to be immersed in it, you've to keep doing it. Training that Ryan finds very valuable, he does them multiple times. The books that Ryan read are very valuable he would read them multiple times. The first you go through anything you're only going to absorb 10-20% of that at a retention level. There are still 80% of things that were said or covered that you're not going to retain after a 24-hour period.
One of the biggest myths is that accountants in general are seen as boring people. They sit behind a desk, they do the numbers and all. Dave thinks that accountants are not that, there are a lot of other firms where accountants are very forward-thinking, utilize the technology well, have a great personality, and know how to talk to clients.
One thing as a business owner, as a entrepreneur, that your going to run into is your going to find people that are going to tell you that you can't do something. That you can't make it. That your doing it wrong. What you will find a lot times is the people who are telling you those things are actually a bit envious of the direction your going. So they want to sit on the outside and tell you don't do this, don't do this when they haven't even had the courage to take the leap themselves. While it can be really difficult, especially if it's people that you're close to telling you that you can't do something or you shouldn't do something, if it's something that you feel like is part of you and you're passionate about you have to just do your best to block out that noise. Go your direction and go take what's yours, because you're always going to have people that are telling you that you can't do it.
The second you say brand to somebody they are like, oh, I have the greatest logo and name. Hopefully, the conversation we just had shows you that's really not what a brand is. A logo and a name that's a visual and a verbal queue of what your brand is. But that's not your brand. Just because you come up with a great logo or a great name does not mean you have a brand.
When you think you want to venture off and work for yourself, a lot of people will try to push you or steer you away. It scares them but comes from a loving place usually. A lot of people told me with real estate it is a high turnover rate. Every year about 87% don't renew their license. And people told me it takes like two to three years to really get off the ground. I just feel like if you have that limited mindset then, of course, you won't. I feel like if you grind it out and work really hard, I did it in six months. I tripled my business in just a year's time. It's all mindset. So, don't let people with their perceived timeline of when. If you feel like you can do it, then you can totally do it. You feel like you can do it in six months, you can absolutely do it in six months.
My advice is always to put your thoughts on paper. A lot of things are in your head. As you put things on paper, it becomes a bit clearer how you are going to delegate them. It does not need to be very complicated at first. You write down this is my idea and, then you start to break it down. This is my idea; what is my product or service? What is my market? How do I sell to my customer? You try to answer these questions. After that, you start breaking down all these items. Putting things on paper because if it sits in your head it may be super clear to you. But as you put your idea on paper, you will already judge your idea. It's also what you can share.
You don't have to use or make your own technology. You can just go online a free API free open source code and just start using AI. It can really improve your business and improve your customer experience. So, I think that leveraging artificial intelligence with any company or most companies rather is super important, and it defiantly has a big application.
We can change to be better. It is something we are all going to be able to accept. So, the problem you have to face there is you don't want staff thinking, oh this is the flavor of the month, don't worry, it will be gone next month, and he will come up with something new. We created an environment and a culture where we were willing to take a risk and go do something. If it did not work, we were going to change things.
You need to write in one column what you think your message is for your product. What do you think your value proposition is for your product? Who do you think your target customer is for your product? What people would say to describe your product on one side of the column. On the other side, the other column is the feedback you get from people. What actually do people say when you ask them those questions? How to get value for my product? How would you describe my product? Who would be a perfect customer for your product? Then compare those side by side and continuously do that. That will lead you down the path of one knowing who you're selling to. We know how to talk to them. We know what's important to them. And we know how to describe our product.
I would say go, sell something. If you are trying to determine whether your concept is going to work, then whether this is a viable business, you can't figure that out in a conference room. You've got to go get in front of people that have needs for your services. Call them prototype conversations. Call them whatever you want. Get out in the market in front of people that buy the thing you are selling. That's the only way that you can validate the concept. Understand whether your pitch and business that you want to start is going to work.
Customer discovery by far. There are processes to ask questions and have conversations with potential customers. I'd say that if folks spend more time just doing that process of learning their market and going through the iterations about having conversations even before putting a website up. Even before writing a line of code. There are some great resources out there. Such as worksheets and canvases to fill out and that kind of stuff. That's where I would suggest starting. Spend the time there, make a gel and then move on to the really heavy lifting.
Two things to sum it up, do something. Get started now. Don't keep waiting. Also, don't get ready to get ready. It's ok to get ready to a certain point but, after a while, there are all of these milestones that prevent you from moving forward it's time to take an internal assessment and say what's actually preventing us from moving forward?
The first question we always ask is what, are the areas in your business you spend the most time on? We look for redundant tasks. We go through that process of discovery with our clients to understand where the pain point is. What are the things that keep you from being more efficient and from going out and focusing on revenue-generating tasks or providing a better service to your customers? We always start with that. And what we hear is oh, I do this every day. I do this over and over and over again. I spend x amount of time performing this task and this activity. This is my process for this, and it's just so redundant. Those are some simple questions that you can ask yourself to get a firm understanding of what areas you need to focus on in the beginning to automate.
Never forget how to communicate and I think not over complicating life. Life is simple.
Claiming all the free listings online and listed on google my business. Depending on what type of business you operate, you might want to consider HRO. HRO is an acronym for help reporter out. You can sign up and choose the field or industry that you are an expert in. Then you can sign up for one, two, or three notifications a day. Then the media will contact you. They are looking for experts such as yourself. It does not matter what business you're in.
First and foremost, understand your XYZ statement. This helps with everything. I help X, which is your ideal client to do Y, this is the service they do so they can have or, they can achieve Z the outcome. If someone actually goes through and understands who they help, what they actually do as a service, and what the outcome is. I help x to achieve y so they can have z. This will help you across all different aspects because it allows someone to understand. It's kind of like your elevator pitch but in a short precise way. Now I can build out targeting based on who I help. I know when I'm creating content. And I know who I am talking to.
I will be a little self-serving here. This article that I am posting, they can go on LinkedIn and download this. There's more than one thing there that they can do. The article is called The Great Resignation And Its Predictable Failure Of Leadership And What To Do About It. There are lots of great suggestions within the article. And it's very well backed up with some studies and things that were done. I will be posting that later today actually on LinkedIn. If anybody wants to look me up, they can find me on LinkedIn and take a peek at the article. I think it would be very useful.
Well, I think, first of all, we have to see what is the market. You are trying to solve a problem. So, you have to make sure that that's a problem. Then now you figure out ok do I have a solution? Can I come up with a solution? More than anything, and I have learned from experience is you have to see what do the customers want? Because who is going to buy this product at the end of the day? The customers. So, you have to understand what do they need. If you are going to make something that they don't require, that does not make sense. So, I would say the first thing is to speak with customers to find out what are their requirements? What do they need? If we make this, what will they do? If we make that, what will they think?