8 Wealth Tactics from T. Harv Eker’s Guerrilla Business Intensive Seminar
July 14th, 2008 by Vishen Lakhiani Read more about Entrepreneurship, Make MoneyI was in T. Harv Eker’s Guerilla Business School in Singapore for a week, and I got a ton of new ideas and great concepts from the seminar that I can’t wait to start implementing.
It was a crazy 5 days of non-stop work, with the seminar was great and finishing at 10pm each day. There was no time to go out or even see the city…and it was AWESOME. His first session was Guerilla Wealth Tactics, in which he taught several ways of thinking to get rich faster.
1. Results Lead To Strategy
The lesson here: don’t think conventionally. Think outside the box. For example, if you are a cab driver, and you earn 1000 per month on an 8-hour shift, if you want to double your salary, you could work 16-hour shifts everyday to achieve your goal. If you wanted to triple your salary, you could– by working 24 hours a day. But if you wanted to quadruple your income, it would be almost impossible.
Don’t limit your capacity by thinking in terms of using your resources, but set a goal and then find ways to achieve it.
2. Business Is As Simple As To ‘K.I.S.S.’
Business, according to Harv Eker, is as easy as KISS.
In other words, Keep It Short & Simple. You can break it down into 3 components:
How much time do you spend on each of these things – how much time do you spend on what brings results? The ideal breakdown of your resource and time allocation should be:
- create — 20%
- sell — 60%
- admin — 20%
If you are not selling, you won’t make money. If this means that you have to reduce your operations, or outsource, then you should because you only get paid when you sell, not before.
3. The Rich Are Experts
Like Chet Holmes and Joel Roberts have said, find one area of specialty and focus on it. Find one thing and become really good at it. For example, not every project manager should have to spend time figuring out the site structure, setting up an email auto responder, and writing copy. You should professionals for each area of expertise. This way, your company can get more done, in a shorter time, with better quality.
Many of the richest and most successful people started out by making it big in one industry or by becoming an expert in one area, and after their success, they branch out.
4. Create High Price Ticket Items
Let me give an example. Take John and Peter, who are in the same industry. John has 100 customers per day, he makes 30 sales per day, and he has a 30% conversion rate. Peter, on the other hand, has 10 customers per day; Peter makes 2 sales per day, and his conversion rate is 20%.
Yet, Peter is richer and happier than John. Why? Because Peter has chosen to supply good to a market with low competition and more money. If John is selling a standard iPod, and Peter is selling a diamond-plated iPod shuffle, then Peter has a far better deal because even if he sells very little to a few people, he still makes enough to
What expensive products are you selling? You can give an exclusive seminar or a personal coaching program, and use these as your high price ticket items.
5. Piggy Backing Concept
Find someone in your field (or in a similar field) who is willing to buy a large volume of your product at one time, minimizing your marketing efforts and maximizing your income in a short time. They can sell your product in large volumes, for example, if they sell yours complementary with theirs. You can ask them to give away your free samples, and when these customers visit your site, you can upsell them on the back end.
6. Sell Them Before They Buy
By building a list of interested people, you have higher negotiation power when looking for partners/affiliates. It also means that you can move faster because you can go straight into creating a squeeze page for your already existent and interested list. This is similar to Bob Serling’s Tollgate Method and uses similar advanced JV tactics. By connecting your list to the products they are interested in, you act as a broker.
Harv Eker, for example, offers and charges for seminars a year in advance – a form of ‘selling’ without products, and using the revenue to create/fund products.
7. Focus vs. Scatter
Focus on completing one task at a time. This is not rocket science, but you’ll find that successful and rich people focus on completing one task at a time, then expanding and moving on to the next project. Idea evaluation is very important because without it, opportunities can become obstacles. Every morning, choose to accomplish 3 main goals that will contribute most to your revenue.
8. Processes and Automation
Systemize things and emphasize on processes and automation. Find all the repetitive tasks that take up your time and find a way to automate or outsource them. The definition of a successful business is one that can run without you.
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About the Author
Vishen is a co-founder of MindValley.
Before MindValley, he was an exec in Silicon Valley and New York for several internet and technology firms. He turned bedroom entrepreneur at 27 and by the time he was 31 had founded 6 web businesses and never had to work a conventional job again.
Check out other posts by Vishen Lakhiani
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Mike Reining
Vishen Lakhiani
Good tips. I find #4 to be the most difficult. In some niches, it is difficult to come up with something that would be a high price item that people would actually want to buy.
Hi,
We are planning to aggressively attack a B2B and B2C market using the latest Internet Marketing strategies, to create disruption of the traditional ways of selling IT Security to corporations.
I believe you guys could help, and that this could be a very attractive project for us.
Can we talk?
Jan T
Vishen, I am currently creating my own piggy back product from my first book, it just happens to be a follow up book. What do you think?
i notice on his marketing that one aspect of the course is becoming a marketing genius in 6 hours flat
did you also cover this, this is the part that i am going for next year,
how much selling does he do over the 5 days? we were recently at millionaire mind intensive and he must have spent the equivalent of nearly 12 hours selling his other courses, even though half the audience had already bought!
Hi I was working at the time you attended, though I was there, but did not get the main lessons that Harv was teaching.
Your review on what you have learn has help me to find out what Harv taught in Jun 08, in Singapore.
Great summary of what you learnt at the Guerrilla Business Intensive.
T Harv Eker is coming to the UK to present the same program in London at the end of September 2009.
I hope you don’t mind but I have quoted you on my announcement of the London event on my blog at
http://businesscoaching.typepad.com/the_business_coaching_blo/2009/09/guerrilla-business-intensive-t-harv-eker-london-uk.html
Thanks again for giving me confidence that it was a great experience and one I should bring to the attention of my readers.
That is really solid and practical advice by Harv. I personally have difficulty with # 7. My mind likes to think in concepts and on ideas and the internet just happens to be filled with both, making “focus” quite challenging for me.