Goodwill Hunting
We had journeyed halfway across the world because of the power of this one word. Our path took us from Denver to Vancouver (via Seattle), then on to Hong Kong, followed by a detour to Thailand, before finally arriving at our destination in Kuala Lumpur, Malyasia. Matt Smith and I traveled over 10,000 miles to share our thoughts on this topic and to learn from a company, MindValley.com, that has mastered this principle. Today, you’ll discover the importance of this one word.
Craig Ballantyne
“So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable.” – Christopher Reeve
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A New American Dream
All young Caine Monroy wanted was to have his own arcade and a few happy customers. But Caine’s arcade was built completely out of cardboard boxes and was housed in his father’s autoparts shop.
Fortunately, that didn’t stop filmmaker Nirvan Mullick from making a short video made about Caine’s dream. It has since gone viral and a Facebook page dedicated to the video has over 77,000 fans.
It’s heart warming to see how others have rallied around Caine’s American Dream to make it a reality. Of course, it all started with a big idea, creativity, and hard work by this young boy. Take a few minutes and start your day with this wonderful video and share it with everyone else that you think will enjoy it.
Watch Caine’s Arcade here. By the way, there’s a big lesson here. When you do good, people will go out of the way to support you. Never forget that.
Discover how to achieve your American Dream and Financial Independence here
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The Power of Goodwill
By Craig Ballantyne
Imagine going into an Apple store, investing $900 in an iPhone (purchased without a contract), and still coming away feeling like you owe the company something.
Sounds bizarre, doesn’t it?
Well, it’s not. At least not according to ETR Publisher, Matt Smith. “I bought my iPhone out of my service contract, so it cost me almost $900. Even though I overpaid for the product I feel like I still owe them. I feel like they did something for me. As I hold it in my hand I can appreciate it because it is unique. I can see that the designers of this phone really poured their heart and soul into this product.”
“There is an enormous amount of attention to detail and energy, effort, and even love that went into this product. I can see it and feel it every time I use it. Even when that transaction was finished there was something leftover and that something is still there, and that’s goodwill.”
If you’re an accountant, you’ll recognize Goodwill as a business term. If you’re not an accountant, here’s the definition according to Wikipedia: “Goodwill is an accounting concept meaning the value of an entity over and above the value of its assets. The term was originally used in accounting to express the intangible but quantifiable ‘prudent value’ of an ongoing business beyond its assets, resulting perhaps because the reputation the firm enjoyed with its clients.”
Goodwill actually sits on a company’s balance sheet and reflects a company’s brand. As the brand grows, goodwill actually accrues in value.
Matt used to think that the idea of goodwill was kind of silly, that it didn’t make sense that so much value could be associated with an intangible such as the concept of goodwill.
Something in the last couple of years has inspired Matt to change his mind. “I think that if you’re transitioning from a transactional business to building a real business you start to see how goodwill is really what it’s all about. Goodwill is the transmission of the heart, soul and love that’s put into the products that you create.”
How can you create goodwill in your business (or even in your career, if you are employed by someone else)?
First, you can put extra effort into creating and selling beautiful merchandise, like Apple, BMW, or Montblanc pens.
Second, you can overdeliver.
Third, you provide extraordinary customer service.
Zappos is a company that has mastered both, through their shipping policies and their contrarian approach to extreme customer service.
But what if you run an Internet-based business that delivers digital products?
Well, that was Matt’s job to explain the concept of ‘digital’ goodwill to the team at MindValley, the organization we were visiting in Kuala Lumpur. MindValley creates beautiful websites that sell meditation and personal development products.
Matt was straightforward about the difficulty in building goodwill when all you’re selling is, “digital ones and zeros that no one can see and hold in their hand”. Building goodwill when selling information products can be hard.
In fact, as Matt explained, “Most of the time when someone buys a digital product when they leave they feel just a tiny bit screwed after the purchase. It’s probably on a subconscious level. It’s not that the product wasn’t good and it’s not that they’re going to ask for a refund. They’re not even disappointed. But at the end of the transaction I believe that there is this sense that you kind of owe the customer instead of the customer owing you.”
That’s a problem. With a digital product it’s almost impossible for the consumer to feel and touch and really experience the deep love, effort, energy, and heart and soul that went into the product creation. That’s why information marketers need to work extra hard to build goodwill. Fortunately, there is a simple solution.
“Creating great products is a start. Standing behind your promises and your guarantees is a key. All those basics are there. But, I think you have to go above that,” Matt said to the young group of MindValley employees spread out on their bean bag chairs is the aptly named, “Hall of Awesomeness” where we were gathered. “I think you have to raise the bar well above that and content is a way to do it – free content, great content that’s intriguing and valuable, that makes a difference in the lives of your readers.”
Hall of Awesomeness Matt speaking in the MindValley “Hall of Awesomeness”
“The way we do it at Early to Rise, and frankly the way the largest online publishers in the world do it,” Matt explained, “is through daily editorial content that is excellent and is given away for free. The idea is that both our customers and non-customers have the opportunity to see what we’re about and to receive value from us every day without us ever demanding anything in return for that. That can create goodwill in an Internet business.”
It is our goal at ETR to make significant deposits of goodwill every day through our editorial and our customer service. In the future, we plan to incorporate improved product and website design, video content, and a supportive community into our ecosystem to foster even more goodwill among our readers and customers.
Content is one of the best ways, but not the only way to create goodwill with an Internet business. As Matt pointed out in his presentation, MindValley does an excellent job of creating goodwill through their customer service, fostering their customer community, and most importantly, their website design aesthetics that leave readers with a sense of bliss just from visiting the site.
Matt concluded his presentation to the MindValley team by saying, “The key if you want to build a long term business is that you must start making deposits of goodwill. And the easiest way to accomplish that is to help your customers see that this isn’t just about a transaction for you, that your heart and soul is going into these things that you’re creating, that literally your life force is being spent in order to add value to their lives. If they can see that then it will affect goodwill in a very significant way.”
If you are in this for the long haul, and you want to do it right, we encourage you to think about the concept of goodwill in everything you do.
As Matt finished his presentation to the MindValley team, “Work your butt off to let your customers know you love them. That’s how you truly create goodwill.”
[Ed. Note. Craig Ballantyne is the editor of EarlytoRise.com, and Matt Smith is the Publisher. Together, they are dedicated to helping you achieve a Life Well Lived, as well as to helping you achieve your version of the American Dream through their publication, Financial Independence Monthly (FIM). Craig recently interviewed Matt about Goodwill, Position of Strength, and three other forgotten business factors as a bonus for all FIM members. You can become a member and access the interview on your own terms here.]
This article appears courtesy of Early To Rise, a free newsletter dedicated to creating wealth and success through inspiration and practical, proven advice. For a complimentary subscription, visit http://www.earlytorise.com.
4 Ways You Can Avoid – or Recover From – Burnout
How Busy People Feel
The other day I was doing a coaching call with one of my executive clients, and she said no matter how much she planned to get done during the day, she always felt stressed out at 5pm when it was time to go home to her family. She never felt like she accomplished everything she wanted, and frankly, she was feeling burnout from this routine. We spent the next hour overcoming this obstacle. If you ever feel the same way, I have great news. Today, my friend and mentor Yanik Silver gives you four ways to remove burnout from your life.
Craig Ballantyne
“A man is rich in proportion to the number of things he can afford to let alone.” – Henry David Thorea
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A New American Dream
You know the Pareto Principle, right? It’s the belief that 80% of results come from 20% of efforts. Are you getting 80% of your results from reading email? If not, then why do you spend so much time in your inbox? Young entrepreneur Jared Goralnick built a service called AwayFind to help you.
ETR Publisher Matt Smith is a huge fan of this program and has been using it for years because it monitors your inbox so that you can get away from it. If an urgent message arrives, it’ll find you. You can close your inbox for a few hours, and you’ll get a text message or iPhone/Android alert if a message you’re waiting on arrives.
All you need to do is set up the system to let it know what emails are important (for example, Matt has a list of five people that have their emails directed to his phone – all other emails can wait until he wants to check his inbox). If self-discipline can’t keep you away from your inbox, consider using AwayFind. As Jared says, “Stop being productive, and start being remarkable.” Try AwayFind for free for 30 days here.
Discover how to achieve your American Dream and Financial Independence here
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4 Ways You Can Avoid – or Recover From – Burnout
By Yanik Silver
Nearly every successful person I know has grappled with burnout. I’ve personally gone through it and come out the other side several times. I did it by using these four techniques:
1. Truly disconnect.
In today’s business world, we are constantly tethered to our BlackBerries and “always-on” connections. As a result, when we truly disconnect from time to time, the effect is almost magical.
By “disconnecting,” I mean being totally out of touch with work.
On a recent trip to Baja, for example, I did something that might seem a bit over the top: I “black holed” all my e-mails during that week. Everyone who e-mailed me got an automatic response letting them know who to contact for help or support while I was gone, and asking them to e-mail me again after my return if they still needed me. Then their e-mail was deleted.
Most businesspeople are scared to death to do this, worrying that they might miss something incredibly urgent. Then they come back from vacation and are even more stressed out than they were before they left, because they’ve got 2,313 e-mails sitting in their inbox.
If you just sorta disconnect instead of completely disconnect, there’s always a tiny voice in the back of your head replaying, over and over again: “Wow! I wonder how much e-mail I’ll have to catch up on? I wonder what’s going on back at the office?” You’ve got to totally cut this off to free up more “Psychic RAM” in your head.
2. Refocus on your successes.
Many times, the feeling of burnout occurs because things are NOT going “right.” Keeping in mind that “right” is a relative term (and I believe everything ends up the way it should be, no matter what), the way to overcome this form of burnout is to change your focus.
Focusing your energy on what’s wrong only creates an endless spiral of more and more negativity. Instead, take out a piece of paper and start making a list of every “victory” you’ve had during this year, this quarter, this month, or this day. When you do that, selective perception kicks in… and you’ll see that there is significantly more good than bad going on.
3. Set a major goal that you cannot achieve on your own.
I admit, I’ve only just started doing this. But I can already see how it leads to a powerful change of direction, intention, and motivation. And that can get anyone out of a funk.
I’m talking about setting what Jim Collins and Jerry Porras call a “Big Hairy Audacious Goal” or BHAG – a concept they introduced in their book Built to Last. This is the kind of goal that rallies the troops and gets them to transcend what they themselves thought was possible. One famous example is Microsoft’s original goal of “A computer on every desk and in every home.”
Our company’s 2020 BEHAG is three-fold:
Motivate, inspire, and educate 1,000,000 young entrepreneurs to start their own ventures.”Maverick-ize” 1,000,000 successful entrepreneurs to buy into the philosophy of making more, having more fun, and giving more.
Have 1,000,000 cumulative items checked off entrepreneurs’ BIG life lists.
And the ultimate goal is to change the way business is played. To me that means bringing more fun into business and never doing things the same way they’ve been done.
4. Get back to the fun.
Think back to when you were a kid – to the things that got you really jazzed and excited. What did you like to do? For me, it was playing sports, drawing, and making people laugh. That’s why I still play ice hockey and beach volleyball. Why I’ve taken art classes and stand-up comedy classes. I make sure I incorporate activities into my life that give me enjoyment by making them a priority.
How many times have you heard yourself saying, “I’d love to ___ BUT I can’t because I’m too busy.” That’s total B.S. What you’re really saying is that you have not made that activity enough of a priority in your life. Or that you feel guilty about having fun.
For most entrepreneurs, work is our default setting unless we have something else scheduled. Don’t settle for enjoying life only when you can squeeze it in between business. Put fun activities, rewarding experiences, and exceptional adventures on your calendar and protect them like you would any other appointment.
As Jim Loehr and Tony Schwartz say in their book The Power of Full Engagement, “The richer and deeper the source of emotional recovery, the more we refill our reserves and the more resilient we become.“
Give all four of the above ideas a try when you’re feeling burned out or when you’re trying to break free. They’ve worked for me – and they’ll work for you too.
[Ed. Note. Yanik Silver has successfully bootstrapped 8 different product and services ideas from scratch to 7-figures+ without funding, taking on debt or even having a real business plan. He is the founder of the Underground Online Seminar® and the new Maverick Startup book. Part of Yanik's 2015 "Maverick Mission" includes RE-inspiring 1,000,000 entrepreneurs to combine and create more profits, more happiness and more impact through their businesses. You can catch with him on www.MaverickMBA.com.]
This article appears courtesy of Early To Rise, a free newsletter dedicated to creating wealth and success through inspiration and practical, proven advice. For a complimentary subscription, visit http://www.earlytorise.com.