Notes from 9/02 Startup Meetup

From: Peter
Sent on: Wednesday, September 8, 2010 2:33 AM
BASIC BUSINEESS 101, Notes from [address removed], Startup Meetup Organizer, (408)[masked]

Our Speaker for Thurs 02 Sept was Tom Van Drielan, CEO on some of the Biz Essentials for the Info-Saturation Age. Tom started his first business at age 11. He took College Courses that would benefit entrepreneurship, or personal growth, not to get a degree. Tom wrote and was awarded 2 patents for products, which he marketed worldwide. He has started and owned 4 businesses, each in a different industry. He had been a ?paper? millionaire until 9/11/01. Even tho? past retirement age, he is starting a 5th business now, in an entirely new field.

OVERVIEW: definition of business is: Find an emotional want, need, or desire, and then FILL IT.

Look for the Emotional Values your Product/ Services will provide:

1. More Cash Flow, so you can enjoy life as you have always wanted to.

2. Having Confidence in the Future, so you will take the ?steps in the dark? that are necessary to develop and/or maintain your business

3. Building a good Relationship with Clients & Suppliers, so you know their children?s names and birthdays, even the name of their dog. The ultimate business relationship expands into a lifelong friendship.

4. Only selling the Features of your Product, probably wont make you a success.

5. You need to sell the Emotional Values of what it will do for them. All buyers make their decisions based on emotions, then justify their decision with logic. Emotional power words are: fear, poverty, death, cancer, IRS, laidoff, dining on dog food, tapped out, etc.

6. Cost of Indecision: Put a dollar value on the benefit of your product/service to your customer. Then find your customer?s emotional consequences that would result from not responding to your offer.

7. Not Communicating that Emotional Benefits are the real values of your Product/Service
Significant Values are usually couched in adjectives like ?easy,? ?best,? ?unlimited,? ?highest quality,? etc. Get rid of adjectives and employ the five senses (see, hear, touch, taste, and smell) to describe the values. For example, ?easy? becomes ?as easy as slipping into your favorite shoes?, ?saves time? so you can spend more doing what you want to do.

8. Not being a User of your own product sends the message that you don?t believe in your own product. You must have your ?own personal story? to tell your prospect about using your own product.

9. Not Getting Referrals, because you did not ask for referrals, and/or you did not use your ?emotionally-oriented elevator speech? often enough, for a satisfied customer to be able to easily repeat it to others when referring.

10. Procrastination: Money follows speed. Startup businesses like to have it all together, before they commit. Today?s business is not about perfection. It?s more like ?herding sheep?. If you have 2/3 of your sheep heading in the same direction, the rest will follow and you have a winner. If only 1/3 agree, find out there objections and carefully evaluate whether it?s worth it.

11. Perfectionism: If you do not have the perfect product/service, then you need to get it as close as possible. Even with a less than perfect product/service, ask Customers what they want and give it to them. In other words, FIND that NEED & FILL IT.

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