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Friday, December 21, 2007

5 Habits That Cost Entrepreneurs the Most Money

These words might sting a bit. If you're prone to taking things personally, then this isn't for you. Right now, I want to share with you the 5 habits that cost us as Entreprenuers the most money.

#1 Practicing lousy follow-up:

All too often newbies to online programs (or any home business for that matter) buy or generate 100 or more leads from some INCREDIBLE source that's destined to make them thousands of dollars in a few days time. But guess what happens? After making the calls and sending the follow-up emails, they choose to NOT follow-up. That means they've contacted everyone at least once and then that's it.

BIG Mistake...HUGE even! Why? Because your prospects need to KNOW YOU... then they need to LIKE YOU... then they need to TRUST YOU. How does one establish all 3 in one phone call or one email?

Answer? They don't! So... what IS the answer to this problem? You follow-up.... then you follow-up again... and then you follow-up again.

Most Networkers I know and work with follow-up indefinitely... for years even. Via email autoresponders, voice blasts, postcards, personal phone calls, etc.

It sounds like a lot of work I know but the real truth is is that it's easier to take a semi-lukewarm prospect who at least knows you and convert them into a referral, paying customer or distributor over time vs contacting new leads over and over again without ever going back for a 2nd or 3rd time.

#2 Hanging out with Losers.

Remember... I warned you! Some of you might be a little sensitive and think that calling people "losers" is too harsh. Well... splash some cold water on your face and walk into reality with me... There are "losers" in every program... People who complain, whine, moan AND quit within their first week because... "It doesn't work"!

In virtually every program, opportunity, group, etc... 5% - 10% of the people are making 80% or more of the money. If you're hanging around the 90%ers - 95%ers, you will get crumbs. Begin to associate with other winners and leaders. People who have initiative, drive, determination, ambition, tenacity and an incredible attitude. And it helps if they already have whatever it is that you want. Be it money, time, fame or just plain old fashioned FREEDOM! Let the losers mingle with the other losers. You're better than that.

#3 Wasting time.

This is a biggie! We all procrastinate. Myself included. I am not immune to taking a 2 hour nap in the middle of the afternoon or watching episodes of House on DVD (just got Season 3 yesterday.. Sweet!) when I
know darn well I should be on the phone or running an ad somewhere.

But your success or lack thereof can be traced directly back to your relationship with time. There's no way around this one. You either make time your slave or you'll be a slave to time.

#4 Not creating systems

The guys and gals in any program (that includes yours) have systems in place for lead generation and prospecting. They have methods of attracting good, quality leads from multiple sources into their marketing funnel on a daily basis.

You do not want to be a seat-of-the-pants type of individual. Creating a simple series of systems will make your life a lot easier and far more productive.

#5 Living with Poor Discipline.

This one can be tied into habit #3. Discipline and having respect to your time go hand in hand. But it's more than that.. it's about being organized, self-sufficient, accountable and pro-active. It's about doing the things you know that need to be done without pause and without regard.

One fellow in my group has a difficult time in staying consistent. (That's being disciplined in a NEGATIVE way). He'll work hard and then hit the pause button... then he'll come back... work hard and then he hits the pause button again.. Back and forth he goes. Never building any real momentum because he's always starting and stopping.

So there's being disciplined in a good way and there's being disciplined in a bad way. It's the good way that counts... doing the little things... the mundane things... each and every day. Over and over and over again. That's how are fortunes are accrued.

*SIDE NOTE*

Now you're aware of the habits that could be costing you a lot of money. Being aware of the things that are potentially holding you back is invaluable. Use your Awareness Radar to detect the activities, thoughts and people that are not in alignment with your goals and dreams. Eliminate them. Shift your focus to the activities, thoughts and people that are in alignment with your goals and dreams. You'll be amazed at how quickly things can change for you.

Here's to a prosperous and successful 2008!

1 comment:

Gerri said...

Those are 5 very well made points. You need to do the opposite of al 5 of those things in order to get somewhere.