In the week that one Bitcoin hit a record $6,000, and its market cap went over $100 billion, is Bitcoin a good investment, a bubble, or a big scam? Answers below:
Last month JP Morgan CEO, Jamie Dimon said of Bitcoin: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart. It is worse than tulip bulbs..it will eventually blow up.”
On the other hand, this week, Fundstrat Global Advisor Tom Lee set a mid-term Bitcoin price target of $25,000 (Over 4x times today’s record price) saying “You could easily get to $100,000, $200,000 numbers.”
Yesterday, Hedge Fund Manager, Mark Yusko (who a few months ago said “The US stock market is going to have a crash and it will be massive.”) tweeted his long-term target for Bitcoin: $1,000,000.
If you have been equally baffled by the crazy growth of Bitcoin, ICOs and Cryptocurrencies (The industry has grown from $20 billion in January to $140 billion today), this post is for you. I’ve simplified (while trying not to over-simplify) what’s going on here. I also tell you whether I’m buying Bitcoin or running the other way:
In 1875, Economist William Stanley Jevons defined money as having a number of functions, of which the two biggest were as a “medium of exchange” and as a “store of value”.
Anyone (including Jamie Dimon) who think of Bitcoin as a “medium of exchange” would of course see it as a scam and a massive bubble. How could you have a made-up currency that isn’t backed by anything? How could it be worth so much if it’s still so difficult to buy things with it? Surely everyone will realize eventually and the price will crash?
All those who see Bitcoin as a “store of value” are the ones who see its price continuing to grow.
Why? In justifying his $25,000 target, Tom Lee says: “Bitcoin is our digital gold. The gold market, which is 9 trillion, and for a generation of investors gold was their store of value. I think this next generation of young people view bitcoin as their store of value.”
Is Bitcoin the new gold?
In 1996, at the dawn of the Internet, Douglas Jackson had a dream of a new digital gold that wasn’t controlled by governments, and he launched “e-gold”. It grew rapidly and by 1999, the Financial Times said it was “the only electronic currency that has achieved critical mass on the web.”
By 2006, e-gold had over $2 billion worth of transactions a year, and that’s when the FBI shut it down overnight through a series of raids in “Operation Goldwire.”
The mystery creator of Bitcoin, “Satoshi Nakamoto” has remained hidden so governments (who would be most threatened by not having control over their citizen’s money) could not easily close Bitcoin down as they did with e-gold.
He wrote at the time of Bitcoin’s creation:
“As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
> boring grey in colour
> not a good conductor of electricity
> not particularly strong, but not ductile or easily malleable either
> not useful for any practical or ornamental purpose
and one special, magical property:
> can be transported over a communications channel”
In other words, imagine if Bitcoin could do a better job than gold as a pure store of value.
How does Bitcoin compare to gold?
According to Thomson Reuters, the total gold in the world is just over 5.8 trillion ounces, with around 80 million new ounces mined each year. That compares to 16.6 million bitcoin, with the number of bitcoins mined halving each year, leading to a maximum of 21 million bitcoins with the last being mined 123 years from now, in 2140.
Bitcoin by design is limited in supply. Gold was also meant to be limited. But science has evolved to the point where gold is at the point where it can soon be created synthetically https://www.cnet.com/…/bling-researchers-create-24k-gold-i…/
So an increasing number of investors are choosing to use Bitcoin as a reserve over gold, and the current price rise in Bitcoin can be linked to the following three upcoming events:
1) THE NEXT STOCK MARKET CRASH
During this week - the 30th anniversary of Black Monday 1986, the worst stock market crash in history - many investors are warning of the potential of an even larger crash from the record highs we are seeing today.
In a CNBC article, NYSE trader, Kenny Polcari, wrote about the possibility of an upcoming crash:
“Can it happen again ... even though we have circuit breakers? Yes it can. But, it would be different this time because the speed at which it can happen is mind-boggling. Technology allows for anyone with a computer to access the markets, sending in orders for execution in a fraction of a second.” (Today over 90% of all trades are automatic computer-generated trades).
As people see the stock market as an increasingly risky bet, parking money in bitcoin becomes more attractive.
2) THE COLLAPSE OF THE US DOLLAR
This year China has become the world’s largest importer of oil, and last week it was reported that they are now compelling the UAE to sell them oil in yuan instead of US dollars. They have also jointly announced with Russia the “Yuan-Ruble” to increasingly bypass the use of the US dollar and create a new global reserve currency.
As people have less trust in fiat currencies - and especially in the global reserve currency - they will turn to a reserve they can access - like Bitcoin.
A striking example of what happens when people don’t trust their own currency played out this week in Zimbabwe.
Following the failure of Zimbabwe’s money system - first when Mugabe printed so many Zimbabwean dollars that its value dropped to zero, then when he switched to US dollars as the main currency only for it to now be in short supply - this week Zimbabweans buying Bitcoin have driven the price up via local traders to close to $10,000 per bitcoin - almost double the global price.
3) THE NEXT GLOBAL FINANCIAL CRISIS
In the same way that CDOs were already highlighted as a source of a crash before the 2007 Global Financial Crisis ten years ago, ETFs (Exchange Traded Funds) have now been highlighted for months now by the investment community as the likely cause of the next crash. They have ballooned since the GFC by 500% to $4 trillion, with $400 billion invested in the first 8 months of this year alone.
ETFs are passive but leveraged funds that grow faster than the stocks or assets they back - which is great in an up market. But the moment the market turns, this money will exit fast, rapidly increasing the speed of any downturn in all assets.
Allianz Chief Economic Advisor, Mohamed El-Erian said of ETFs “It is a huge risk of contagion. People are forced to do things they don’t want to do, and the next thing you know the real economy is at risk.”
Last month, BIS Chief Economist, Claudio Borio, added the next Global Financial Crisis will hit “with a vengeance.”
The result of all these warning bells, together with the increasing volatility of governments themselves, is leading more and more people to seek safety somewhere, and that somewhere for an increasing number is Bitcoin.
As Tom Lee said three days ago: “I think this next generation of young people view bitcoin as their store of value. And if it captures 5% of the gold market, it’s worth at least $25,000 per unit.”
He also added “In the short-term, we think bitcoin will reach at least $6,000 by mid-2018.”
It took just two days for the price to rise beyond that.
The market size for cryptocurrencies has grown by 800% in the last year. Just as people scratched their heads when adoption of the Internet grew at the same pace in the 1990s, hyper-growth may lead to a bubble but also may be the beginning of a new paradigm.
As governments begin to issue their own Cryptocurrencies (this month Dubai launched emCash and this week Russia announced their CryptoRuble), trust in governments and our current finance markets continues to fall, So don’t be surprised to see the value of Bitcoin and some of the other cryptocurrencies continue to rise - despite volatility and even big drops in the short term.
That doesn’t mean rush out and buy Bitcoin if you need the money for other things. But hopefully from this post you can see that the rising price isn’t simply the result of crazy people.
As for me, even as it hits its all time highs, I’m buying.
Because compared to multiple un-safe homes for money, it feels safer. Because I finally understand it better. And because I believe one-way-or-the-other, our current money system needs to change.
“I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.” ~ Richard Branson
Being an entrepreneur is hard. Being a female entrepreneur is even harder.
After decades connecting with thousands of women entrepreneurs, it’s clear that one of the toughest professions out there - entrepreneurship - is even more challenging for 50% of the population. Having seen it firsthand, I thought we could do something to support this empathetic, hardworking and amazingly creative half of humanity. Not just for them, but for all of us.
The struggle of women has been well documented since the 60’s. This doesn’t mean women have it just as easy as men do now, or that everything is equal in the 21st century. Not by a long shot. After all, the NY Times reported not long ago that there are more men named ‘John’ owning top businesses than there were women. So, there is much progress to be done.
Female entrepreneurs face many challenges, including financial help. On average, women receive 80% less first-year funding capital than men. Yet in most cases, the higher the number of female entrepreneurs a country has, the stronger its economy is. The top five countries for women entrepreneurs are Germany, France, Sweden, Australia and USA. Not coincidentally, these countries have the strongest economies of their region.
Why is this? According to the Kauffman Foundation, women entrepreneurs have three traits that men don’t always have: 1) A more nuanced view of risk, 2) greater collaborative creativity and 3) a better chance of financial success -- as women CEOs usually reinvest profits back into their companies. So, with that in mind we would like to create a special opportunity to help 15 women with bold ideas, and the willingness to try them out.
On the 26th of November, we’ll be running a 15 day iLAB Accelerator in Bali dedicated solely to Women’s Leadership Entrepreneurs. Anyone interested in a better, more dynamic and fairer economy is welcome to join. We will explore all the ways female-backed startups can succeed in the modern world, including challenges and opportunities, while finding solutions to bring their ambitious goals to reality.
We run these iLAB Accelerators many times a year, yet the need to cater specifically to female entrepreneurs has only gotten stronger through the years. A recent report by Dow Jones showed that most successful venture-backed companies in the U.S. had around twice the number of women on the founding team. Yet, on the Dow Jones S&P 500 companies list, only 4% of CEO positions were held by women.
It’s time to do more for them.
During our Women’s Leadership iLAB Accelerator, we’ll provide mentorship from top entrepreneurs (many of them women) who know what it takes to make a business successful. Anyone who joins will learn modern tools and techniques to advance their business. Plus, in the backdrop of our Balinese paradise resort, you can thrive in the company of other female entrepreneurs, eager to motivate each other’s ideas.
Importantly, becoming a full-time women’s leadership entrepreneur is not just about making your professional goals a reality, either. It’s also about freedom and happiness. According to Inc. magazine, “Women entrepreneurs in the US rank their happiness at nearly 3 times that of women who are not entrepreneurs or established business owners.” And, there is even more cause to celebrate.
According to the ‘State of Women-Owned Businesses in the U.S.’ report by Womenable, the number of women-led startups has increased five times faster this decade than the national average. International number are similar, if not stronger. We also foresee this trend growing year after year. Additionally, I’ve personally seen my business ventures gain a lot from having multiple women in leadership positions.
As companies like The Entrepreneurs Institute have gotten larger, we’ve needed more people within who are good at collaborating and communicating between teams. Women are naturally good at this, as well as coming up with innovative, yet realistic ways to solve problems. This is not to disparage men of course, but about creating equal opportunities. And the more opportunities for everyone there are, the better our world will be.
You can find out more about the iLAB Accelerator for Women’s Leadership Entrepreneurs, here.
Richard and Kerry Flanagan, entrepreneurs from the UK, had been running 8Ball, an e-commerce T-shirt business, for a number of years when Google and Facebook changed their search results algorithms. In turn, Richard and Kerry saw their business decline but decided to use this setback to start a more impact-focused and lifestyle supportive business - T-Shirtify. It offers companies personalised merchandise as well as full e-commerce services. A year later, the couple finds themselves running two successful businesses, hitting record sales, and having the most free time they’ve had in years. This is how they did it.
- 1 -
DISCOVERING THE ‘BIG WHY’ IN BALI
Richard and Kerry had already been to Fast Forward Summit, one of the world’s most popular entrepreneur events, and saw the impact that mentoring from Roger Hamilton, a social entrepreneur and futurist, could have on their enterprise. So, it was only natural that when they needed guidance, they turned to Roger and iLab, a two-week business accelerator programme Roger founded in Bali.
“When we came to iLab, we already had a couple of clients with T-Shirtify, but we needed to know how to build the business differently from the ground up.”
Through the programme, Richard and Kerry created a promotion plan for their new enterprise which detailed their key financial and developmental objectives as well as milestones. Additionally, the plan developed an awareness of what really differentiated them as a business.
“Before we just saw ourselves as T-shirt printers,” Kerry explained. “However, iLab made us realise our real value; it’s not just the product or service that’s valuable, it’s our knowledge.”
Richard and Kerry’s lightbulb moment during their time in Bali was realising the importance of having a greater sense of purpose.
‘We didn’t have a ‘why’ before. We were just doing business,” said Kerry.
Richard agreed. “What we do now is help people get into a flow by asking them what they really need and adding something extra to help them achieve it. For instance, we started running Facebook marketing tests for clients for free, and we proved that we could add 20% to their business turnover. As a result, we integrated that into our business. That’s the real reason we stand out from our competitors.”
“Clients will approach you thinking it’s all about how much money they can make,” Kerry continued. “But when you take the time to fully understand their requirements and pain points, you can offer them so much more. That’s what really satisfies us.”
- 2 -
NURTURING THAT ONE CLIENT
After iLab, Kerry and Richard also joined Roger’s Crystal Circle, a high-level mentoring programme for entrepreneurs. At the outset of the business, they found it to be challenging.
“We were connecting with people frequently, but we struggled to get them across the line. Roger advised us to just nurture the clients we did have and to keep adding value to them. That was a lot easier to do!”
During a mentoring session, they defined that they needed five clients to bring in £30,000 per month.
“We had this top-line turnover figure that was a priority in our minds because it seemed easier to acquire five smaller clients than a couple big ones. What we hadn’t realised is that five clients meant five times the work! When we connected with a new potential client and started the conversation, I looked at the size of his business and realised if I focused my energy on him, it would fulfill our turnover figure.”
In turn, Kerry and Richard decided to focus on nurturing that one client and provide him with as much value as possible for free.
“With Roger’s help, we curbed all our tendencies to get distracted and focused on the strategy,” said Richard. “We looked at what the client needed and what we could give him for free such as analysing traffic on his website, ensuring quality of prints, and looking at his Facebook strategy. We realised he was wasting tons of money, so we showed him how he could have the same amount of revenue but save £60,000 a year on his budget. That’s how we developed trust, and from there, we started talking more about production.”
Kerry agreed. “When you have those conversations and add the value in the back end as well, you don’t have to try to convert the customer; it just happens. Building trust early is an easier way to bring that customer home, and it is much easier than spending money on marketing.”
By building trust and offering value, Richard and Kerry secured the big contract, bringing in the revenue of five smaller clients with just one.
- 3 -
RHYTHM AND PROFILING EQUAL SUCCESS
Richard and Kerry built T-Shirtify systematically and with a greater sense of clarity using the Wealth Dynamics Profiling system, which helps entrepreneurs discover their personal path to wealth creation. The couple used the WD test to determine their team members’ personality types.
“By knowing our individual profiles, we established a really efficient team,” said Kerry. “Specifically, we integrated the Wealth Dynamics language into our team meetings, and everyone understood their roles. It made our communications really smooth. We continually asked Roger how to keep people happy and aligned, and we learned that when you recruit new people, you’re not recruiting for a job title but a profile. This approach is quite strange at first but definitely more effective.”
Empowering the team has also been the couple’s priority.
“With Roger’s support, we’re helping our team to become leaders and move up the spectrum; in turn, we can too. We’re operationally excellent, so nothing is falling through the cracks. New customers are important, but we’ve got to nurture the team. There’s multiple things occurring at the same time, but it feels right.”
Richard and Kerry also sought to find their own rhythm as a couple, a young family, and co-workers as they knew this rhythm was going to be a major contributor to their success.
“We follow Roger’s system and always stick to our weekly rhythms. Every day has a different focus and energy; sometimes, it gets interrupted, but we try to stick to it, and it really works for us. To stay aligned as a couple, we work on the same days, and now, we can work from home. We’ve recently taken time off, and it feels good knowing the business is running smoothly without us present. We’ve been able to spend more time working on our health and exercising. That’s been key - a healthy lifestyle and a healthy mind.”
With a perfectly functioning team, Richard and Kerry took a longer holiday in Italy in July and saw their businesses hit record revenue without their active involvement.
Kerry concludes, “Since February, we’ve grown 12 times the size in under six months, and we’re projecting it’ll double again before the end of the year, which is impressive for something that was in a testing stage at iLab. The key thing for me is recognising that you don’t need to keep putting the foot on the gas all the time.”
In terms of revenue, T-Shirtify was sitting at about £60K annually, and by the end of the year, it’ll be at about a million.
What is your bigger ‘why?’ Who is your one customer for whom you can provide massive value? And what rhythms could you develop to set yourself and your team up for success?
“Luck is preparation meeting the moment of opportunity.” -Oprah Winfrey
Join us here http://bit.ly/2hTgHzd and be a part of World's #1 Entrepreneur Event- Fast Forward Summit 2017
Have you ever wondered about all the problems in the world and realised one person couldn’t make a difference? Unless you’ve been hiding in a cave for the past decade, you’ve probably had similar thoughts recently.
It makes sense. There’s mass poverty. Many countries lack basic rights, education and hygiene. Climate is changing faster than we thought. And unethical industries -- such as fossil fuel companies, military contractors and gun manufacturers -- have taken control of some governmental decisions, getting huge subsidies. Which makes so many of us wonder, what can I do?
Well, history is full of individuals who did not accept the world for what it was. It seems so challenging, with so many areas that could be improved. So when I think of the world’s problems I am reminded of this story (not sure where it came from) about an old man. It goes something like this.
An old man sits on a rock and gathers a young, attentive audience who are eager to hear him talk about his adventures. He says, today there won’t be a story, only a lesson.His young audience groans, as that is not what they were expecting. He continues. After all my years of traveling, I found out there are only two types of people in the world: Those who adapt within, and those who adapt without... "
This caused a few moments of quiet in his audience. What did those words mean?
After what seemed like an eternity, he went on. Those who adapt within accept the world for what it is. They see things, and believe that is the way it’s always been. Life is usually easier for these types, as they don’t feel they need to change anything. They also tend to lead less interesting lives. The second type does not accept the world for what it is. They experience things, good and bad, and believe there should be more good things. These types yearn to change the environment they live in, which in turn changes the world.
The old man concluded that every person in the world has the ability to be either one of these types, and it’s up to us to decide what kind of person we’ll be. Do we lead an easy and predictable life, or a challenging, but ultimately more satisfying one. The choice is up to us”.
I like this story. I want to lead an interesting and more challenging life. And I agree that every one of us can do it. Entrepreneur Resorts have always had a higher purpose than ourselves at heart, and truly, once we live in flow, the wealth and success we create ends up helping those around us straight away. Particularly with so many things, both good and bad, happening in the world right now.
So, we wanted to create something special, which really drove home how much we care about bettering the world around us. Which is why this September we’re running a business accelerator with a higher purpose. We call it an Eco iLAB, or iLAB for Eco Entrepreneurs, and it will be focused in helping entrepreneurs who want to make a positive difference in the world.
We see a bright future for ethical and environmental entrepreneurship, and we would love for you to be at the forefront of this historic moment, where any of us can have a real impact in the world. You can find the details here -http://ilabimpactaward.com/eco/, where we’re running a competition for the next 48 hours (until Thursday, 17th August) to award people with a strong vision to create a better place for us all.
Let’s make an impact together and try to improve all the things we believe could be, even if just a little bit. In the end, this will give way to a world we all want to live in, filled with the vision, changes and bold ideas of every entrepreneur who thought things could be a little bit better, not just for ourselves, but for the beautiful world we live in.
Have you been wanting to leave your job but lacked courage to actually do it?
Dr David Dugan was working in the Australian Navy and running multiple businesses on the side, but witnessing a natural disaster finally gave him the wake up call to leave his full-time job and become a business coach and mentor.
From having zero clients to mentoring hundreds, David made a series of decisions that led him to build a solid seven-figure coaching business. The following are some of his key decisions.
Since 2000, David Dugan had been mentoring the leaders of leaders as an executive coach in the Australian Navy, and he also operated multiple businesses on the side such as a dental practice and asset protection company. However, he wasn’t planning to leave his full-time job until he encountered a life-changing experience.
“I was operating in the Indian Ocean after the tsunami in 2014, and a helicopter I was supposed to be on crashed, killing nine people. I realised how short life was and that, as all of us, I’d been given gifts. I had a responsibility to my family, the planet, and myself - to share those gifts.”
After witnessing the disaster, David realised that he’d gone as far as he could in the military, and he wanted to grow and live out his purpose even more. Around that time, David met Roger Hamilton, a futurist and social entrepreneur.
“At the time I wasn’t sure whether I should try stock market trading, sell property or launch an online business… But instead of trying to follow many different ways to create wealth through other people’s journeys, Roger got me to focus on my strengths, which lay in my network and leadership. Just having an awareness of this helped me to simplify my options, leave the Navy and pursue something even more fulfilling.”
David combined two things he loved doing, coaching and business; and embarked on a career as a business coach. However, the start was rocky: his wife had just given birth to their first baby and stopped earning income, his house sucked out all of the family’s cash reserves through a major renovation, and David had to cover the ongoing monthly cost of $10,000 for his property portfolio. Just as a plane only takes off against a headwind, David used the pressure to succeed.
“I identified who I wanted as my ideal clients - small and medium-sized business owners with a very high commitment to growing their businesses. That was my niche. I created a mind map of all the industries and businesses that would have my potential clients as their clients such as accountants, lawyers, bookkeepers, PT instructors, and financial planners. I created that list, and one of the largest businesses on it was my bank, Westpac. I chatted with them, and I ended up doing 18 business events with their branches across Australia: from Cairns and Townsville to Gimpy, Gold Coast and Brisbane. That’s how I initially got clients and partners and that’s still the primary strategy for growing my business today.”
David reached his target of $10,000 within the first couple of months, and soon, through his one-on-one coaching, he made over $180,000 in his first year. However, he knew his business model wasn’t scalable as he could only take on so many people at any one time.
Joining Crystal Circle, a high-level mentoring group for entrepreneurs led by Roger, helped him move his business to the next level. Roger asked him the simple question: ‘What is truly important to you?’
“The question got me thinking, and I had a realisation that entrepreneurs are ordinary people doing extraordinary things - just like the people I served with in the navy. They shared the same spirit, skills, and mindset. Both groups were putting it all on the line and worked together to achieve the common goal. The only difference being those who served in the military had the huge support of the government whilst entrepreneurs had nothing. I wanted to be that support for entrepreneurs.”
With Roger’s guidance, David channeled his military experience and understanding of what it means to operate on the highest level into his coaching. He decided to offer support to the most innovative risk-takers, the entrepreneurial elite, by introducing group coaching, mentoring and events .
“I created the Elite500, a mastermind group combined with one-on-one coaching and live events for elite entrepreneurs. We invited all our clients on a journey to reach the four 500 milestones: $500 thousand in revenue, $500 thousand in profit, $500 thousand in a single product or promotion and $500 thousand to be donated to a worthy cause. We track our clients progress monthly with profit and loss balance sheet and a monthly mastermind meeting. We also have live immersion events three times a year and a one-on-one strategic planning session every quarter.”
By becoming clear on what he stood for and how he wanted to be seen, David began to attract a greater number of clients and quickly doubled his business. The success came from his clients.
“Group participants get better results than one-on-ones because they see everyone else’s journey, what does and doesn’t work, they’re getting an insight into the future and learning at a faster pace. They’re more accountable, have more impact, and create more income than one-on-one clients.”
As a solopreneur, David was experiencing great growth but over revved the ‘work’ engine before switching gears and growing his team.
“As with many startups, it was up to me to do everything in the business. In the early stages of business, it is a race for survival, and cash is your oxygen. Employing my first person felt like a big step at the time, and it also felt like it was going to be a cash drain. The opposite of that was the truth. One of my biggest mistakes was not bringing on more team members more quickly. Roger gave me the ‘not so gentle’ nudge that I needed to leverage my relationships again in growing my partnerships and most importantly my team.”
Initially, David worked with consultants on a project basis, which gave the business a significant step forward; it was also critical to bridging the gap to having full-time team members. Over the course of 18 months, David hired a full-time PA, Business Manager, second coach, and a part-time events producer and graphic designer. He is currently looking to hire a third coach and an administrative assistant. Establishing the right team helped David to get his time back and focus on the company’s growth and vision whilst achieving even better results for his clients. A testimony to his clients’ results is seeing his clients’ average year-on-year profit rise by 274% last calendar year.
“When we started Elite500, we’d have around 30 entrepreneurs coming to our events, and the number of clients was just under two dozen. Now, we have 170 entrepreneurs attending our events, and by the end of the year, we’ll have over 200 entrepreneurs in attendance. Our core product went exclusively from one-on-one sessions to the combination of group mentoring and one-on-one sessions.”
David is currently launching a Board of Directors programme that is designed for entrepreneurs who have matured in their businesses, need a higher level of mentoring, and are scaling their businesses. He has also increased his revenue tenfold with a year-on-year growth rate of over 35%. Such growth has put the business solidly in seven figures.
“With our current momentum, we are expecting our business to triple in the next two years, our team to increase by 50%, and we will introduce two more products which will be more leveraged and training oriented.”
In addition to his business goals, David has a clear sense of mission and purpose.
“Entrepreneurs are the backbone of every country in the world. They employ more people, take bigger risks, and are the innovators. United, this wave of entrepreneurs will create positive change for the planet. We know social entrepreneurship is a critical component and that’s why we introduced the fourth 500 milestone: inspiring entrepreneurs to take their businesses to the level where they donate $500,000 to worthy causes. We’re building a global community of likeminded entrepreneurs who are creating a world of abundance. They are building a legacy that will allow our children and future generations to grow and flourish.”
“What can you do today to bring more meaning and purpose to your life? What have you been wanting to start but haven’t yet found the time, courage, or motivation?
You can get the eBook "Fast Forward Entrepreneurs" featuring Dr David Dugan and 10 inspiring entrepreneur stories here https://goo.gl/zYFnE9
Being an entrepreneur is easier said than done, and having said that, being a successful entrepreneur sustaining your business, building up a strong and reliable team, managing your work life balance can sometimes be very challenging at times.
Are you happy with your startup? Are you planning to take your next big leap and grow your business? Are you ready to face the challenges that come with the changing time?
Here are the 4 key things you cannot afford to miss out to transform your business and take it to the next level:
If you are about to start a journey in an unknown country, you need to know your start point, your destination and you need to have guidance so that you can take action and successfully arrive at your destination.
Similarly you need to focus first on where you are now and where do you want to reach. All you need to do is to:
According to Albert Einstein, everyone is a genius - yes we all have it in us to become successful in what we are doing, but if you judge a fish by its ability to climb a tree, it will spend the entire life believing it is stupid.
Once you have found your flow, discover your natural path. Figure out what kind of genius are you? Are you a creative person, a networking person, a servicing person, or a person who gets into detailing?
You can take our free assessment to figure out your genius here.
Once you have taken your genius test, you can now focus on bigger things which lie ahead. The 4 Genius are divided into eight different wealth profiles according to your personality. It helps to find your natural path, opening up massive opportunities to improve your business.
It enables you to figure out the perfect way to enhance your ongoing business, keeping in mind your strengths, weakness, challenges and opportunities. Find out more here.
The fundamental of being a successful entrepreneur is to know that you cannot grow alone; you need a team that grows with you, ensuring that your vision and business goals are achieved.
While you unlock your wealth profile, you will come across the importance of having a strong and reliable team who can assist you in your business in ways that you never thought possible. You will be stunned to know what one can achieve by having a team which completes the Wealth Box with all the eight different profiles under one single roof, allowing everyone to contribute to your success. This is your success formula.
Your success formula can be others’ losing formula and executing your goals with a team which completes your wealth box means, each individual in your team has figured out their own natural path and flow and are eager and happy to contribute to your success while achieving their own individual goals to.
Genius U is World’s largest e-learning platform by Roger James Hamilton for entrepreneurs to unlock their potential in their own ways, with over 500,000 entrepreneurs staying active everyday by connecting, collaborating and growing their business. You can be a part of our global platform too. Why wait, join us today!
If you think it takes many years to build a million dollar business, here's a great story from Darius Lukas, on how Sophie Howard achieved it with 18 months and the right mindset:
When Sophie Howard, a diplomat from New Zealand, went on maternity leave, she decided to put her spare time into launching an Amazon business. She never dreamt she’d be selling it for $1 million only 18 months later. So, how did a mother of two, with no experience in e-commerce, manage to become an Amazon expert with multiple seven figure businesses and mentoring programmes?
Sophie Howard didn’t see her maternity leave as a ‘break from life’ but rather as an opportunity to create a lifestyle she always wanted for herself and her growing family: “I had a good career up to having children and, on maternity leave, I was motivated to find something I could do at home to replace my income."
"My vision, however, was always freedom-based rather than having lots of zeros at the end of my bank account, it was about having options, being able to travel, having quality time and living well.”
She was looking for a business model that worked for her and came across the idea of selling on Amazon: “I liked Amazon as the best option from among many e-commerce models - I didn’t want it to be client-based or involve much face-to-face. I just wanted something that was a real business and not too gimmicky."
"Amazon ticked the boxes for being low-cost to get into and it suited my skills. I quite liked the idea of scouting around for products.” In no time at all, Sophie had joined a course on how to set up a business on Amazon and familiarised herself with its subtleties.
The next step was to figure out what her business was going to be and what she was going to sell: “Most other Amazon sellers were ex-internet marketing boys looking for hacks, following a blueprint, and all sourcing the same products from China."
"I, instead, ended up choosing New Zealand wool products hand felted in Nepal. I started about 400 products in that first year, rather than focus on one or two products as I was told to. I ignored a lot of the rules from the Amazon course I took, which was expensive at $4,000. I’m glad I did though - now I coach people who did similar courses and need retraining!”
Sophie’s business was profitable from the first month and within the first year she had made over $1 million. Enjoying the start-up stage of business creation, and certain that she didn’t want to turn it into an empire, Sophie began to consider selling it:
“I was talking to a friend of mine, a broker who sells digital businesses, and I’d just tidied up my finances for the year end tax. I showed him my numbers and he said: ‘I’ll get you seven figures for that tomorrow’ - and he did!’
Sophie had cashed in at its peak; she gave the buyer about 80% of the 400 products she had and kept 20%, seeding three new brands on Amazon.
Having achieved early success, Sophie decided to take a break to think about the next step on her entrepreneurial journey and moved to Bali for three months with her family. On the look-out for a mentor, it was here that she met Roger James Hamilton, a social entrepreneur and futurist: “I had time and money and didn’t want technical training; I wanted someone who would help me leverage my strengths and pick from my many business ideas. A friend referred me to Roger James Hamilton and, at the time, he was organising the Exponential Entrepreneur weekend at Vision Villas in Bali. I quite liked the idea of getting a different perspective on my business and meeting fellow entrepreneurs, so I joined the weekend and then his Crystal Circle.”
Crystal Circle is a high-level mentoring group for entrepreneurs led by Roger and Sophie shared the same values as its community: not only growing wealth, but focusing on freedom and creating a fulfilling lifestyle.
“Working with me, Roger really focused on how easy it is to slip back down when you’ve had a windfall and have some money in the bank. He told me: ‘You need to grow assets; cash for today but wealth for tomorrow.’”
Sophie began to see her Amazon businesses as assets and, with Roger’s help, she decided to focus on building another, faster stream of income - coaching, which would run in parallel with her Amazon business and cover costs such as her team, expenses and her salary.
Roger remembers: “Sophie’s Amazon business expertise was a value she could leverage. She was inspired by the Crystal Circle community and learnt how to become a mentor, put together mastermind groups, and provide VIP coaching, so she was quickly earning a six-figure consulting fee.”
Sophie then put together an online course comprising eight modules on how to run an Amazon business, and her one-to-one coaching fees soon went from $5K up to $10K.
Now she is moving from one-to-one coaching in favour of her new model - Product University: “My main focus at the moment is Product University, which is a membership site; members pay $97 per month for a live and recorded call. I get a good turnout - I had 60 people join last month - and I only started it this year. I charge $997 for the year and they get lots of bonuses if they sign up for the whole year."
"This is my favorite thing because it’s really scalable, and I get to justify learning from people all around the world, then I distil it and teach it. And I really love teaching.”
With a fast and constant cash flow, Sophie could continue developing multiple brands on Amazon. However, she couldn’t do it all on her own. Roger remembers: “She was running everything herself, so we looked at setting up virtual teams and other Amazon businesses that didn’t need so much of her. She had to gain time and freedom and start to think really differently about the impact she could have.”
By hiring a full-time virtual assistant, IT support specialist, researchers, a community manager, and a marketer, she freed up her time and was able to focus on growing her partnerships: “I’ve got a target - five partners each month. My first partner was a woman with a tea subscription box business, who approached me for samples - one of my Amazon businesses is selling organic teas.”
Sophie now runs multiple Amazon businesses, with her most successful currently hitting seven figures. She has just developed a herbal tea to rival the booming nootropic ‘cognitive function’ drug trend on Amazon, and has a partner project in Auckland - to create a platform, which puts artisans in touch with consumers. To top it off she’s developing a B2B Amazon course and is writing a book to help aspiring entrepreneurs through the challenging early stages of starting a business.
What is the lifestyle that you want to have and what business model should you consider pursuing to achieve it?
How could you secure a constant cash flow that would allow you to develop other projects simultaneously?
Wealth is the ability to fully experience life. - Henry David Thoreau
In 2012, Terri Christine Billington quit a corporate coaching company to try and start her own business. Here's the 3 big steps she took to establish her brand as a nationally renowned Australian business expert:
1) DON’T JUMP THE BOAT TOO SOON
Seven years ago, Terri Billington held the position of No.1 global female coach for ActionCOACH, which at the time was a world leading business coaching firm. Despite her popularity among clients and $40,000 per month income, Terri was unhappy with not being able to communicate who she was authentically and having to follow the company’s franchised, ‘coaching by numbers’ approach:
“I felt like it was ‘ActionCOACH Terri Billington’ rather than ‘Coach Terri Billington’. I knew I had more to offer my clients, but I was being limited by the business model I was in.”
Seeking new mentors, Terri met Roger James Hamilton, a futurist and social entrepreneur. But Terri didn’t like the advice she received from her newfound mentor:
“Roger James Hamilton saw that I was rushing to leave ActionCOACH and I remember him telling me: ‘Don’t jump off that ship until you’ve got another ship to jump on to’. And, of course, I didn’t listen and decided to jump in with the sharks!”
The next two years saw Terri struggling with legal and financial battles that came as a result of non-compete clauses with ActionCOACH and a lack of clients of her own.
“I went from earning $40,000 per month to $2,000 per month. I stopped measuring the money, and I stopped looking at the numbers and projecting ahead. Everything that I was successful in teaching my clients, I stopped doing myself.”
Knowing the challenges Terri was facing at the time, Roger says “So many talented people end up missing their true potential not because of their skills but because of their mindset. I knew how talented Terri was as a coach, and if I could help her get in the right environment, she could quickly turn her situation around - while also being of great value to other coaches and entrepreneurs”.
Roger invited Terri to facilitate iLab - his business accelerator programme for entrepreneurs at Vision Villas in Bali.
Terri’s response at the time: “I thought, if I am going to leverage off a brand now, it’s going to be Roger’s. When I leveraged again, I really started to have success. Before that, I was swimming against the tide. But when I turned around and went with the flow, that’s when I realised that being an entrepreneur is all about partnerships.”
2) TAP INTO THE FLOW OF OTHERS
Roger remembers Terri joining iLab: “Terri went from being in a franchise situation, where she was having to be the same as everyone else and had no identity, to a place where she was now accessing the flow of everybody that’s part of the Entrepreneurs Institute community, and where she was rewarded for having her own identity.”
Terri used her time facilitating iLab to simultaneously define and grow her own brand:
“As a facilitator for iLab, seeing so many different entrepreneurs go through their process, I got to look at my own too. I began defining what my brand was and came up with www.tcb.rocks - my website.”
Meeting dozens of entrepreneurs every month at iLab helped Terri build up her own client base as well as discover her niche.
Roger remembers: “Terri asked herself, ‘What do I really love, what makes me stand out?’ It was coaching, but more so about helping other coaches. Through iLab she became known as ‘the Coach's Coach’, which as an identity is stronger and bigger than anything she partners up with.”
Having facilitated more than 17 iLab programmes herself, Terri has now moved on to training its facilitators and other trainers in the Entrepreneurs Institute community, consolidating her position as the no.1 Coach's Coach.
3) CREATE A STRONG MEDIA STRATEGY
With a strong identity, it wasn’t long before Terri started getting media attention:
“Roger told me: ‘Become an expert in your field in Australia’. The most leveraged way for me to get out there was to work with a top journalist to get me into the media as much as possible. We were observing what was happening in the world and commenting on that. We weren’t going to talk about business coaching - the media isn’t interested in that. We’d look, for instance, at kids finishing their exams, and the journalist would interview me on what they should do next in life.”
“Then she’d put that out to the media and they’d start contacting me immediately. TV shows, the radio, everyone wanted me to comment and, before too long, we didn’t even have to write the releases - people were simply coming to me.”
Terri was able to attract the media attention partly because of the credibility she had earned through partnering up with iLab and Entrepreneurs Institute:
“Stepping into the role as Global Lead Facilitator at iLab allowed me to build my brand as No. 1 Coaches’ Coach and then further move on to training other facilitators. Working at this level has allowed me to get a lot of media attention as an expert in the business world, which in turn has massively boosted my personal brand.”
In the last 24 months, Terri has been featured in The Australian, The Huffington Post, The Daily Telegraph for Sydney, The Herald Sun and many other media channels
If you are in a full-time job, what steps could you take today to create a strong foundation for your future business? What companies or individuals are aligned with your vision and values that you could be supporting?
"The key to your success isn’t how committed you are to your success, but how much you are surrounding yourself with others committed to you are success."
What’s next for Terri? She is continuing to grow both her brands and partnerships. She is now launching TCB Masterclass events along with Coach Dynamics Mastermind - her new online program specifically tailored for coaches, facilitators and trainers.
Seeing speedy growth of her TCB brand, Terri remains faithful to her belief that true entrepreneurship is based on partnerships and helping others succeed: “To be able to contribute back, that’s what being an entrepreneur is all about in my world. It’s not only about how we live the life of our dreams, it’s about how we help other people live the lives of their dreams as well.”
If you want to follow a path similar to Terri's, have a look at the Entrepreneur Mentor Certification we launched this week, where we're all going on a 12 week journey together to grow the Entrepreneur Movement: http://entrepreneurmovement.geniusu.com/enrol
What weakness do you have today, that could turn into your greatest strength? Kyron Gosse, who, at 25, decided to quit his well paying job as a chef on an oil rig to become a property investor, believed his weaknesses were his age and lack of expertise. How then did Kyron manage to become New Zealand’s leading young property investor just two years later? Here are three key steps Kyron followed:
1. BECOME A LEADING LEARNER
In 2012, Kyron was living in Australia, making $150,000 per year and working as a chef on oil rigs, but he didn’t feel passionate about his job. Like most aspiring entrepreneurs, he was longing for the freedom to travel and live life on his own terms. Having decided that property could help him achieve this, he joined property educator, Steve McKnight’s apprenticeship programme started reading books about property and attended Fast Forward Summit - one of the most popular entrepreneur events in the world. Meeting Roger James Hamilton, a social entrepreneur and futurist, helped Kyron figure out where to start.
Roger advised Kyron to position himself as a leading learner in New Zealand’s property market. Claiming to be an expert at the beginning of his career might have proven a little difficult, but presenting himself as someone who simply knew more than the average person and could lead the way in the field, that was easy. So he started his property career with a property blog:
“I called myself and my blog an Ordinary Investor. I wanted to showcase how an ordinary person could move into property and start investing. I had started blogging even before I bought my first property and it immediately secured my position as someone of authority. I was talking about what I thought the market was doing and sharing everything I was learning."
"That gained attention from other bloggers and gave me credibility when I started talking to people and interviewing them. For example, interviewing someone like Steve McKnight gave me more authority.”
Another important shift in Kyron’s thinking came about when he joined Roger’s Crystal Circle, a high-level mentoring group for entrepreneurs:
“Before I met Roger, all I wanted was to get paid to be a tourist backpacker drinking beer in different countries and having fun. Coming to the event and then joining his Crystal Circle mentoring group, I soon grew to a consciousness level where I realised the world works only when you focus on other people and help them. More importantly, I also realised that I could make a difference. What I dreamed of - to make sure that everybody in the world has a roof over their head - could actually happen.”
2. BUILD YOUR NETWORK
Having gained a clear sense of purpose and direction, the next step for Kyron was to align his environment and the way he was living day-to-day with his vision:
“Roger asked me why I was living in Australia when I wanted to be involved in the property market in New Zealand. It was obvious, but the obvious lessons are sometimes the hardest to learn. I was working on the oil rig from 7 pm to 7 am, there was three or four hours time difference with New Zealand, and I could probably only send about one email a day. I realised I had to actually be ‘on the ground’.”
Once Kyron relocated to New Zealand, he realised that people were already recognising him from his blog - he had established trust. His blog became even more relevant as he was now posting from New Zealand and sharing his experience ‘on the ground’. However, quitting his job meant that Kyron had become unfinanceable and his chances of getting a mortgage to buy property were slim. He found a solution quickly, making his young age his greatest strength:
“I joined Auckland Property Investors Association and started the Young Kiwis in Property group on Facebook. I wanted to bring together all the young Kiwis who were doing awesome things in property. By the time the group had reached 300 members, I had already met a third of them in person. That gave me enough authority to start finding houses and secure the funding to actually buy them.”
Kyron also sought out ways to team up with others; he joined an investment property agency iFindProperty.co.nz to help them find properties and spread their name in his network, which in turn gave a boost to his profile and cash flow.
3. MAKE IT ABOUT OTHERS
When Kyron was contacted by “New Zealand Property Idol” and asked who he would nominate for the award, he put the question out to his community:
“So the next thing I know is that organisers are calling me because everyone had nominated me! I wasn’t quite sure how would I stand in front of 150 property investors and talk about buying a house. So, I didn’t. I decided not to talk about myself. I talked about the group I had created and how its members were doing - I shared their success. That’s how I won the award.”
With the traction offered by the award, the media began to take note of Kyron. He was asked to speak about property on TV and even featured on the cover of Property Investor magazine.
“I was just in flow and doing what came naturally. I was out there really trying to smash it. And out of that, the right people showed up to help me. It came back to serving other people. I also studied with New Zealand’s Wealth Mentors and started helping them out at events. I wasn’t expecting anything in return, I just liked what they were doing. They eventually got me on stage and asked me to be a mentor. ”
What is the field that you should be positioning yourself in as a leading learner?
Where should you go to find and build your network?
How can you grow your business by focusing on others - your team, partners and clients?
Today, Kyron has grown from those beginnings to running an international property company Freedom Co - a concept of co-living, co-working, and co-ownership for location independent entrepreneurs.
Kyron reached his success by turning his weakness into a strength. You can do it too.
“My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength” - Michael Jordan #23
You can visit Kyron's company, FreedomCo Properties here:https://www.freedomco.properties
You can get the eBook "Fast Forward Entrepreneurs" featuring Kyron Gosse and 10 inspiring entrepreneur stories here: http://bit.ly/2qAK500