Book Review “Conversations with Millionaires” by Mike Litman

It took me a while to get used to radio interview dialog format of this book. Key take ways from the interviews with the following people:

Jim Rohn: Don’t start the day without having it finished.

Mark Victor Hanson: Tithing. Four principles of success: 1. Figure out what you want. 2. Write them down. 3. Visualize it. 4. Get a team together and scheme it. Money is energy – velocity of money. Meditate, cogitate, ruminate and pray about your day for 15 minutes. About selling: prospect, present, persuade and close.

Wally “Famous” Amos: Do something about your idea. Surround yourself with a good team. Going the extra mile; do more than than is absolutely asked or expected of you. Promote your business. Give all the positive energy, all your love, all the attention you can do what you want right now.

Jack Canfield: Having high self-esteem (like poker chips). E(vent) + R(esponse) = O(utcom). “The universe rewards action, not thinking.” Regarding “Aladdin Factor,” five reasons people don’t ask: 1) ignorance: they don’t know what to ask for, 2) limiting and inaccurate beliefs that people have, 3) fear of rejection, 4) low self-esteem, 5) pride. Two ways to use subconscious: 1) ask the subconscious for information 2) program the subconscious (stupid employee) with information you want to have. Master-minding: hang around with people making twice as much you do.

Robert Allen: Internet marketing: it’s “yes,” “no” or “maybe,” when you make an offer. Look for mentors; your income is the average of your ten best friends.”

Sharon Lechter: You work to learn. “be-do-have” means be a rich person, do what the rich do, then you’ll have what the rich have.

Michael Gerber: Work on business, not in it. Business IS the product. Then you take it to the next step – become a brand. Great entrepreneurs tell great stories. The sole reason for creating a business is to sell it. The system is the solution, not people. Your company must become your software. Intelligent systems in the hands of ordinary people produce intelligent results. Ask yourself, ” What’s the one thing I could do that’s impossible to do, but if I could do it, it would immediately transforms my company?” Orchestration is to create a system so everybody does it identically – called a “brand.”

Jim McCann (1-800-FLOWER): Develop relationship with your customers. Figure out a business that you’re interested in and gets your excited. Don’t worry about the margins. Everyone is a brand manager.

Jay Conrad Levinson (Guerrilla Marketing): Differences against traditional marketing: 1) invest time, energy and imagination, 2) no mystique, 3) geared toward small businesses, 4) based on profit (not sales), 5) based on experience and judgment (guesswork). 6) maintaining focus (not diversification) 7) grow geometrically (not linearly) – enlarge the size of each transaction. Don’t look for competitors to obliterate, look for other businesses you have the same kind of propspects and the same kind of standard to cooperate. It takes 9 times of marketing message penetration to move a customer from apathy to the state of purchase readiness. Marketing is not an event, it’s a process. Patience, imagination, sensitivity, ego strength, aggressiveness, embracing changes, generous, energetic, constant learning, maintaining focus, taking action are the personal characteristics of a successful guerrilla marketer. People tend to patronize business that are of the following (‘ents’): commitment, investment, consistent, confident, assortments of weapons. People buy value and confidence in you.