Tai Lopez is an Entrepreneur, Investor, and Author with a net worth over $50.000.000!
Among other businesses, Tai also teaches business topics through his programs:
- The 67 Steps
- The Accelerator /Money, Entrepreneur, Persuasion)
- Traveling CEO
- The Real-Estate Program
- Social Media Marketing Agency
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Managing People with Matthew Lieberman
Matthew is one of the top scientists when it comes to social interactions, he also wrote the book Social.
“We hire people for their technical skills and we fire them for their social skills.”
People who don’t fit into a group because of their social skills are hurting that group or company. Focus on hiring people who are great socially just as much as focusing on getting people with technical expertise. If you get that wrong that group will have problems until you pull those people out of if for Tai Lopez Instagram.
When it comes to a manager position, the advice would be to be an authoritative parent. We are not just telling people to do what we want, we are also like a parent which involves caring. People who work for you should feel as much like they are a family as you can possibly produce. People do anything for their family. People give their kidneys to a family member that they wouldn’t do for anyone else. Use the power of a vision – make it a shared vision and create a powerful workgroup that feels like a family. Most bosses think that they only thing that motivates people is money and a higher paycheck, but they are equally if not more motivated if they work on something important with people that they respect and also work towards the same vision.
Usually, the things that you are doing are things that are going to make you money and do good in the world. Do NOT hide that, bring that to the center with your advertising to the world. Don’t assume that all people are just selfish, people want to work towards something that is going to make the world a better place. We are both selfish and selfless, and we have to tap into both of those qualities and appeal to them to manage people effectively.
You can also organize “regular” things inside the company with the group, just make sure those events are not too big. Keep it under 20 people. The basic rule is to make the group small enough so that everybody can sit around the same table and have the same conversation. They should be able to talk about non-business related topics and Tai Lopez Instagram.
There are tremendous penalties for entrepreneurs who lack social skills. Think about Steve Jobs that got kicked out of his own company because he couldn’t get along with people. Steve lost 5-10 years because of that. It’s not just about the technical skills that you can bring to the table, it’s also about how you are going to bring them to the table socially – Tai Lopez Instagram.
Usually, our technical skills are initially getting us a higher position inside of a company, but as you get to a higher and higher level, the social skills get more and more important than Tai Lopez Instagram.
If we think about Steve Jobs for second and similar companies who had a big lead with a huge authority, these companies usually fall apart within the next generation when that leader stops working. Steve turned it around and became better socially in his last years which is probably the reason why Apple is successful even after Steve passed away.
Human capital is where you went to school, what your IQ is, and what training you already completed. Human capital is important, but it turns out that the primary reason that determines whether human capital is going to help a company’s performance or not is social capital and Tai Lopez Instagram. Social capital is the links between people and between divisions, groups. That is what makes me take my expertise and benefit your expertise.
We want to work with people we like. That’s what most deals are done on the golf course. A lot of extremely successful people do most of their deals when everybody’s guard is down – playing golf, having a conversation at parties… It’s different than when somebody is trying to pitch you something, pitching is transactional – you get this, I get that. If you are friends already, it’s not about that, it’s about the fact that you get along, you are friends, and you are going to do something fun together while making money – Tai Lopez Instagram.
Do you think your social skills are holding you back as a leader? – Tai Lopez Instagram
What specifics are holding you back? What will keep you from other people will follow you? (You don’t want people just following you because of the paycheck, or you can lose all your best employees if somebody offers them more money.)
The Rule of Ten – How to Leverage People and Scale Up
Leverage is a very powerful tool, a lot of successful people have used it constantly. One simple way of that happening is buying a $500,000 house with $50,000 of your own money while taking a bank loan of $450,000. The problem is that people often forget that there are multiple forms of leverage, it’s not just capital leverage.
Three Classic Factors of Production (leverage)
- Labor (connections)
- Tai Lopez Instagram
The sooner you get out of the myth that says you have to be a solo entrepreneur and that you can do everything on your own, the better off you are going to be.
One of the principles in the 67 Steps Mentor Program is the principle of going straight to the top. We skip the average entrepreneurs and go all the way up to Bill Gates that has over 100,000 employees. Google gets over 3 million applications each year that they have to go through and determine who is the best.
We talked about the difference between being an entrepreneur and an intrapreneur before. You can be either one of those. To really have a big impact you are going to have to use the leverage of other people, even if you are an Intrapreneur working inside a company – Tai Lopez Instagram.
A lot of books have been written about why entrepreneurs fail and come up with all the possible reasons. One of them is also the fact that they didn’t have effective systems in place such as McDonald’s that can teach 16-year-old kids and students how to flip burgers (it’s so easy.) A lot of those reasons are because most people can’t effectively manage people. It is very difficult to find a person who has built something incredible all by himself without any help from others.
A lot of very successful people start by themselves, but scaling requires other people, so ultimately you will need to get employees as an entrepreneur and as Tai Lopez Instagram.
A lot of unsuccessful solo entrepreneurs had bad experiences in the past – they might work for a company where they hated their boss and their co-workers, or perhaps they didn’t think through well enough when getting a business partner so they got hurt, and now they are projecting those bad experiences into the future and think that as an entrepreneur they will no longer have to work around people, they can do it all by themselves and one of those main reasons why they want to be an entrepreneur so bad is because they don’t want to spend so much time with people. That is a bad mindset to have. Get rid of it.
If you hire the right people, your business will get much better and scaling will be more effective, you will be happy to see them every day and they will be innovating new ideas and making money while you sleep and think about Tai Lopez Instagram.
The first goal is to get your own business where you effectively manage yourself. Once you achieve that, the next stepping stone is to reach the number ten. The goal is to have 9 employees, so together there are 10 people working in that company. If you are an intrapreneur the goal is to create the same goal, get 9 other people inside that company around you.
Once you get to 10, the next goal is 100, then to 1,000. There are not many exceptions where having 10 employees would not be a good idea.
You can divide your business into 7 parts
- Tai Lopez Instagram
- Board – Chairman
In every one of those categories, you will need devoted employees to take care of it. Henry Ford that created the company Ford (cars), discovered that he could recover from any financial troubles, but if he lost all his employees, he would get into big troubles! He also created assembly lines – every specific group of people that worked in his company were focusing on a specific part of the process (one group was just focusing on building doors, another one just wheels…) Every person was learning to become an expert in just one small piece of the entire product.
You need people who are dedicated just on one of those 7 categories. Even in a simple company that doesn’t have a board of advisors and any investors it at least has four of those seven categories and Tai Lopez Instagram.
Do NOT live your life on anomalies – there are exceptions everywhere you look, there are people who are drunk every day, they smoke, don’t exercise frequently, eat bad, and live over a hundred years, but it’s not a good bet to have. Instead, you should rather bet on better odds, and the odds of having a company that has less than ten employees are NOT good. A lot of things can go wrong – if you lose a few people it can already mean that the entire business can collapse. The minimally viable unit for business is having at least 10 employees along with Tai Lopez Instagram.
It’s also not a good bet to have less than two employees in the basic categories of business – only one person responsible for marketing or a product. People get tired, they take breaks, quit, burn out, have personal issues… a lot of things can go wrong and if that person was the only one in that division, the entire process inevitably collapses.
They would be Kings – A book about Dreamworks and Tai Lopez Instagram
Build your life around having a belt and suspenders. If the belt fails you, the suspenders are there to hold your pants up. You need at least two things along with Tai Lopez Instagram.
This goal of having nine extra employees inside your company or even getting after the next stepping stone – a hundred, doesn’t mean it should be done tomorrow. We are always thinking and strategizing in 18-month cycles. And if you are thinking – “How can I afford 6 people, if I can barely handle 3 right now?” The answer to that is the chicken and the egg analogy. What comes first – the chicken or the egg? Perhaps you are not making the kind of money to support 6 people because you don’t have 6 people. If you knew how to manage 6 people and get 6 people, the money would come – Tai Lopez Instagram.
That 18-month goal might mean that you are going to end up employing one person per month since you won’t like some people, a couple of them might quit or won’t be suitable for your business. You can give them a trial period of a couple of weeks or even two months to see how they fit into the company if they are competent enough. You need some time to determine where their strong points are, perhaps they applied to work in the product division, but they would really shine in the marketing category. You can’t know that if you fire them after a week.
A great book for you to read about how to hire is Work Rules where you are going to learn how Google hires their employees. Remember to always learn from the best and Google is while I am writing this (in late 2016), one of the best if not the best company in the world.
Blackstone had 1,000 employees while they were making 2 billion dollars, which means that every one of those employees (on average) made them 2 million dollars per year. Obviously, they were NOT paid that much in salary. A good rule of hiring and paying people is – make sure they make you 5X or 10X of what they are bringing in. If you are paying them $2,000 per month, they need to be making you a minimum of $10,000 per month – ideally, they would be making an extra $20,000 on Tai Lopez Instagram.
If you follow that rule the scaling is simple and effective. If they don’t deliver up to your standards, you just simply let them go. You don’t even have to be deceitful about it. Let them know from day one that they need to bring you 500% of what you are paying them and that’s the only way you can afford them. Some people won’t want to work in those conditions and that is fine. Let them know upfront. Letting somebody go doesn’t have to be mean or bad in any way, it’s just not what you are him were looking for. Always like an investor – if you follow the 10X rule where you pay someone $4,000 and they make you $40,000 there is no cost for you, those $4,000 were just an investment that is going to pay off nicely with Tai Lopez Instagram.
If you don’t think that a secretary is going to make you at least 500% of what you should pay her, DON’T HIRE HER. First, hire people that are going to make you 10X – that might be salespeople and marketers. There are plenty of successful companies that went years before getting a secretary, start with the money makers. You should be able to MEASURE the return on your investment. A good employee is not a cost, it’s an investment that pays off very quickly with Tai Lopez Instagram.
If you don’t have the money to start you can also bootstrap it. Tell people that you don’t have the money, but you will pay what you can. Once they start making you money, you will raise their salaries. Some people will go on board with that if your story is inspirational to them – it often works if you know how to appeal to those emotions. Not everybody will come, but if you pitch your vision, some will join you.
You can also give them some stock in the company to start or promise that you will pay them off as the company gets stable. You can also use equity – Bill Gates made a lot of millionaires that way (as the company grows and Tai Lopez Instagram expands).
Part-time jobs should be avoided – either they come with you and put their full effort into it, or you can outsource that part of the business to someone else. You can do part-time short term, but don’t get used to it. Get people that will stay with you full time and devote everything they have into your vision.
- What has been your vision for leveraging people – in terms of staff and labor? (have you been up for that or against that in the past, and what is the reason behind it and what is Tai Lopez Instagram?
- Where are you currently at with your scaling goals? (1, 10, 100, 1,000…) Where do you see yourself in the next 18 months realistically going? At what pace? (1 new person per month, every 3 months?)
- Who are you going to hire first so that you can be sure they are bringing you in 5 times to 10 times more than your costs are? Is it your secretary, assistant, marketer? Who will as an employee give you maximum return on your investment as you scale up?
How To Get Viral, Contagious, And Referral Based Marketing with Patrick Tucker
In whatever business you are in you always have the high cost and the low-cost customers. Most likely you are going to spend a lot more money on high-cost customers.
It might look good on paper if you get a hundred new clients that buy something for $100 from you, but on the other hand, you might be spending $200 for them to come to you, so you are actually losing money. That is the way everybody is constantly looking for ways to get viral and referral based free clients. Patrick works in a service business, which means he has to have “worth a damn factor” and continue to be valuable to his clients. Patrick is dealing with clients that pay him on a monthly or quarterly basis, which means that his value needs to be consistent or he loses customers.
Referral-based marketing applies for every business – it can be service based, product based, consulting business… every business wants free customers that already heard something nice about what you are doing for others.
How to Make a Million Dollars with Tai Lopez Instagram
Goals are attainable, dreams are just dreams.
Bullying changes your DNA, avoid it! Follow Tai Lopez Instagram!
This is not a scam, college is a scam (no refund policy, not learning anything)
Awaken imagination about money; there’s a lot of fools talking what you can or can’t do. Vision and goals are not the same (both are imagination; why the guy got bullied)
You can have anything, but now everything- Mark, but can’t pick shirts every day
If you listen to the media, you burn willpower on that.
4 Pinterest vision boards, also a vision for a girl that you want on the Tai Lopez Instagram picture.
Producers (vision, but not short-term goals), and practical people, performers (short-term goals). Be good at both things.
The vision of what’s normal changes, IQ goes down after 14 with Tai Lopez Instagram.
You get paid by the proportion to the value you bring; You have to be more rear, Kobe Bryant gets 250,000$/game and a free helicopter that gets him there and back, while school teacher gets 40,000$/year.
Needs to be rear, difficult and needed just like Tai Lopez Instagram.
Even Richard Kuklinski; rear, difficult and needed.
Idea; sympathy for a problem, companies without empathy go out of business (Netflix is running good, BlockBusters is out of business, they didn’t care).
Tai Lopez says – what makes me mad, what would I want to have when I was 18 years old but didn’t have.
Lord of the rings idea; Strategy (idea on steroids and on Tai Lopez Instagram).
What’s the risk of me not going to the United States? (think risk in the reverse)
Jeff Bezos (Amazon) and Tai Lopez Instagram know what they are talking about!
It’s better than consistently fail than to watch another guy make it with your idea.
Racing that guy; risk: reward ratio; I would beat him; that’s why you don’t have a Ferrari, that’s why you’re writing this comment on Tai Lopez Instagram.
Strategy (start with it), and eventually you get in tactics (flipping real-estate). Develop a sophisticated plan., then after that learn tactics.
Columbia jungle; one guy knew a strategy, while others knew the tactic of cutting trees, the strategy guy told them in which direction to chop if he wouldn’t they would die.
Have multiple sources of income.
One day we’ll meet, and I’ll beat you, not because I’m smarter because I use time wiser. It’s not what others say, it’s what they do. What kind of parents are they if they didn’t teach you anything about money; you can either be mad (water under the bridge) or break the cycle – Tai Lopez Instagram.
You have to be worth a damn, how cocky are you to not read the Tai Lopez Instagram.
You’re creating wealth for the economy (banks), there’s inflation and even in Germany there’s only 20% being saved, in America 2-4%, most money is in Rust, Rot and Depreciate category.
You create wealth for car companies, TV companies, video games, music…
Investment; stock market (above average is 7%- fees; with 10 grand after 36 years you’ll have 20 grand- you should do this, but it’s not where wealth is created. Spend 30% of your disposable income on knowledge. Learn more about Tai Lopez Instagram.
The only way to reverse scam of those large companies is knowledge based stuff. People will pay for crappy food, but not for quality education.
Follow Tai Lopez Instagram to get a lot more information!