The One Secret My Business Teacher Taught Me About Money
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The One Secret My Business Teacher Taught Me About Money

If you’ve followed this channel for a reasonable
time, though you may not know who I am in real life, you do know something about me
and that is: I study a lot. Though today my studies are diversified between
videos, audios, and reading. When I was growing up, the easiest way for
me to learn anything is to read books because I didn’t have access to the internet connection. So, it happened that around the year 2007,
I borrowed a book from one of my friends. The name of that book is, ‘What the rich know
and desperately want to keep secret.’ Brain Sher in this book taught me a whole
lot of simple things about how to build a successful business but one of those lessons
stood out and changed the way I see business forever. In this video, I’m going to be sharing with
you that very secret that I learn from Brain Sher and I hope it will change your life the
way it changed mine. The Man in Green Clothes
Imagine a stadium of 50,000 people. Everybody in this stadium wears red clothes
but you were given a task and that task is, go into this stadium and make sure the camera
notices you above everyone else. Now, let’s imagine the scenario from another
perspective. Three individuals are to go into that stadium
and they were given the same assignment. Get to the stadium and get noticed above everyone. Then, two of these people think to themselves. If everyone wears red clothes and we want
to be noticed, can we simply go to some cloth makers and ask them to make us more reddish
clothes? They both thought that’s a great idea and
they did just that. The third guy thought to himself, “If everyone
wears red, what color can I wear to make me the most visible person in the stadium?” He got an idea. There’s nothing more attractive in any environment
than the contrast of the domineering color of the environment. Since everyone wears red, wearing green should
do the magic for me and that is it. The third guy wears green and he became the
most visible person in the entire stadium. This analogy is simple to understand but not
when people are starting businesses. When people are starting businesses, oftentimes,
they are like those two individuals who wear more reddish clothes. I’ll confess to you. I was like that too, until 2007 when I learned
the secret of the green clothes from Brian Sher. Some people call it, “Unique Selling Preposition”
while Brain Sher calls it, “Unique Selling Promise.” It simply means that you can’t become successful
as an entrepreneur by wearing more reddish clothes. You can’t become successful by trying to outdo
everyone. You can’t become successful by competing. You can only become successful by creating. I’ll explain. How the mind works
By now you have understood that as an entrepreneur, what you’re trying to get is the attention
of the people, a whole lot of people. You’re like that guy who is going to a stadium
filled with 50,000 people and needs the attention of as many people as possible. Then, let’s think for a moment about how our
mind works. Try to look around and see things that caught
your attention. What are they? Are they things that are better or things
that are different? The answer is simple, while we may love better
things, we always devote our attention to things that are different. What the buyer is thinking
Whenever people want to buy something, the question that comes to their minds is, “Where
should I buy it and why?” In other words, every business must answer
this question: why should people buy from you? If I can get what you’re selling from another
person, why should I come to you? If you can’t answer this question in one single
statement, you don’t have a business yet. If 10 other people sell what you sell, why
should I buy from you? You have to understand that I’m selfish and
as a consumer, I don’t care about your business. What I care about is my comfort. If that is the case, why should I buy from
you? Then why is the difference? How are you different from other people who
are doing the business you’re doing? The War of Price
Whenever you ask people to tell you why they expect customers to come to them rather than
their competitors, their usual answer is, “We sell at cheaper prices.” One other thing I learned from Brain Sher
is, “Never compete with price except you’re Rockefeller.” I’ll explain this. You see, when Rockefeller had become a billionaire,
his next goal was to dominate the oil industry and to do that, he often sells at losing to
send his competitors away from the market. When he sells at a ridiculously low price
that his competitors can never match, their businesses failed and he took over the entire
market. This way, he could then make all the money
he has lost back. Rockefeller and other multi-billion dollar
companies can do that because they have too much money. You cannot afford to waste a million dollars
before you make a profit so you can’t fight your competitors with prices. Another problem with competing with prices
is that, well, you won’t have profit and when you run a business that doesn’t make you profit,
many evils happen. First, a business that doesn’t make good money
cannot afford to hire quality people. A company that doesn’t make a good profit
cannot afford to invest in research and training of his staff. A company that doesn’t make a good profit
will die very soon and that’s why you can’t tell me that the reason why you expect customers
to come to you is that you’re selling at cheaper prices. The root of the difference
Remember the smart guy in my previous story. How did that guy know that the green color
is the best color to wear against red? He studied and reasoned. When I think about smart companies who can
differentiate themselves from the crowd, one thing I come to understand is that the management
of these companies studied and reasoned. Think about Google. Before Google, there were different search
engines but they were mostly clumsy and boring. Google was going to differentiate itself from
the stadium of 50,000 spectators and that would never have happened if not because of
Larry Page and his co-founder, Sergey Brin knows what their competitors don’t know. Jeff Bezos started Amazon in the year 1994,
long ago before 99% of the world know that the internet is anything to take seriously. This is the reason why Amazon is different
and this is the reason why it’s very successful but how did Bezos get to know about the potential
of the internet? He studied. He read books others didn’t and seek knowledge
most people don’t care about. Bill Gates discovered the idea that leads
him to build Microsoft from a magazine his friend brought to him and Steve Job wouldn’t
have been anything if not because he read what most people don’t. It’s very simple. If I can study what you don’t, I will know
what you don’t and if I know what you don’t about business, I can do things you cannot
do and this will make me different from you and that’s the secret to any business success. When better becomes different
So far in this video, I’ve spoken against better and in favor of difference. Now I want you to get me right. While being different from everyone else is
the fastest way to build a successful business, being better can sometimes mean being different. Think about Facebook. There have been social media before 2004 but
when Zukerberg started the Facebook, he did a better job of keeping people on his platform
than every other social media site. Because the platform is extremely better,
the better become the difference and Facebook won the market. The lesson here is that your better can sometimes
become a difference if it’s far superior to that of the competitor. But, again, this has to do with a lot of learning
because if you don’t know what nobody else knows about your market, product or people,
you can’t be superior to your competitors enough to win the market. Whether you set out to be different or your
better is so great that it becomes the difference, the key is to be different. Why should I buy from you, if I can buy what
you sell from someone else? How are you different from the other 50,000
people in the stadium? How are you different from your competitors? If you’re not different, you’ve got no business
and you can’t make good money as an entrepreneur. Thank you for watching our videos. We’ll like to give you another interesting
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About Ralph Robinson

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13 thoughts on “The One Secret My Business Teacher Taught Me About Money

  1. Here are some NOTES
    – You won’t be successful by competing, you will be successful by creating.
    – WHAT THE BUYER IS THINKING: Why should they buy from you if they can get same from others
    – THE WAR OF PRICE: how are you different in pricing from others
    – THE ROOT OF THE DIFFERENCE: How are your product different from others
    – WHEN BETTER BECOMES DIFFERENT: Make sure your product is way better than competitors to win the market.

    Well My crazy passion is sharing summaries like Started on my channel with PDF summaries. ✌️
    Let’s try to be way better than competitors now🧐

  2. You have to dig deep and have a high level of self awareness to know what your unique selling promise is… I think that's the part that most people tend to avoid.

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