Jan
11

Identifying Your Primary Money-Making Skill

By

Ever since the recession began, I’ve been bombarded with questions about how to make money. After interviewing millionaires for almost three decades, I’ve identified one of their most important skills: the ability to focus their efforts on the primary skill, product or process that generates revenue. You don’t have to be a rocket scientist to get rich, but you do have to have laser-like focus on generating profit. Watch this short video and see if you can answer these two critical thinking questions.  I’ll look forward to your comments.   Steve Siebold  ( 3:21 )

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Comments

  1. CDD says:

    Yes, Steve. Carol Gates is the best. Bob Proctor is the best. Both have been a tremendous blessing to my life and so have you Steve. It has helped me sharpen my focus. In Preventive Medicine, it is helping people to demonstrate health. And for my friend, the recruiter, recruit people who are interested in the same, demonstrating health, not merely pain relief only to return to pain later.

  2. Phil says:

    Steve,
    The effective use of time.
    Phil

  3. Phil says:

    Ok, ok, Steve:
    The effective use of time.
    Phil

  4. Phil says:

    Steve,
    The comments are good. So, what IS the most important money making skill?
    Phil

  5. Another top of my list money making skills is being a Columbo – remember him? A detective. Funny thing is when I was a kid I wanted to be a Dick Tracy. I used baby powder to get finger prints off things and kept my eyes out for anything I decided was out of place in the neighborhood. Years later I was a “secret shopper” making a few bucks spying on fast food joints and fulfilling that childhood dream. Nice:)

    I posted earlier that sales = money. But the real money in what I do comes from multi levels of distribution and I’ve done it fifteen years with my company – it’s like being a dective.

    I made two sales today. Bling. Minor bling. But minor bling can add to major bling or not. It doesn’t matter. Satisfy the want.

    Since the real money – we call it over rides – comes from multi levels of distribution meaning consumption, being the dective looking for that person who wants to build a network marketing business is one of my biggest money makers – the biggest. And not the easiest.

    Not the easiest because network marketing isn’t main stream main street USA. And a lot of people have mixed up illogical and wrong ideas about what I do. So the not-so-easy part of what I do is being that dective looking for the person who wants to do what I do.

    Making that happen multi levels deep is also the not-so-easy part as it takes time and working through those layers of people who aren’t all on the same level of playing field.

    So being a dective – finding people who want to do what I do – and being the dective who finds out about them. what they want, what they’ve willing to do to learn, to be focused and committed – all of that and more.

    We all get paid to help other people be successful at getting, being or doing something they want. Maybe for all of us who make money that’s the number one money making skill – helping other people get what they want. Who said that before Zig Zigler? Maybe it goes back to the first philosophers of recorded history.

    Happy success to everyone.

    Mike

  6. Giles Spears Jr says:

    Hello Steve,

    I hope thing for you are going well, I just recently subscribed to your free speaking course, and may I truly say that I have been very enlightened by your information. You have really got me thinking (for a change) about the direction of my life, as well as the direction of my future.

    I have been trying to break into the restauranteur business for a long time now, and I have realized that my best money making skill has to be the “FOOD” if my food sucks, my business will suck too!!! So I will have to make my food bettter, much better.

    Since I am looking to pursue and succeed in the speaking business, my best money-making skill in this business is to be the “BEST” and most motivated speaker I know.

    Thanks Steve for your expertise and support,

    Giles Spears Jr.

  7. Matt Bennett says:

    The best money-making skill any of us can refine is learning to ask better questions of ourselves and those around us.The powerful type of questions which move us toward our goal. Questions like Steve just asked! “If you ask a better question you’ll get a better answer. It’s what you do with that answer that counts.” Matthew Bennett

  8. Mike Stewart says:

    BTW, I can’t type or spell, but I can yak at camera. Sorry for previous typos. Mike

  9. Mike Stewart says:

    Hey Steve,

    The lake and me miss you here in Georgia.
    Just checking on you and you are looking and sound great.

    My most important money making skill? Hmmm,

    Teaching people, businesses, even restaurants they how to use video on the internet in WordPress blogs to build relationships and turn strangers into customers. Over coming technophobia, lens phobia and saying something of value to $100 camera, kinda link you just did! Keep it up!

    Mike Stewart

  10. Another primary money making skill is enthusiastically promoting things you believe in 100% to people who want them. Enthusiastic promotion that sustains and builds on itself is genuine – it’s authentic – and what it offers is usually told in a story of what it’s already done and what it can do for you.

    There’s an art and rhythm that goes along with this skill and its diversity among people is as powerful as its singularity in communicating that everyone recognizes.

    What just happened in Egypt was around 320,000 people in a country of 80,000,000 – that’s around .004% – did something spectarular that will effect the other 80 million.

    Do that in your business. Do that in your life. That’s how I live and do mine and recommend everyone try it:)

  11. We’ve just returned from a new product launch in Atlanta and to reall take advantage of the urgency of the moment will be seting up teams of distributors quickly. To do that my number one job is finding the right people and helping them build distribution fast. That’s it.

    Mike

  12. Toni Alexander says:

    “In order to receive any form of compensation you must first provide a service. The greater your service, the greater your reward.” Earl Nightingale. The most critical skill to provide my service is the ability to get people to see what I see…aka “The Close”. I educate people on sound financial principles and my ability to effectively “close” each meeting determines if that person or family will realize financial independence and it also determines my compensation and strength of my business. Great question Steve! Can’t wait for the next one!

    P.S. I reached my weight loss goal in less than 20 days with your FatLoser program and now I have expanded my goal to be even sexier!

  13. “With eager and fearless mind, move forward.” That’s good, Leo – I like it.

    Make 2011 a fantastic year.

    Mike

  14. Leo says:

    Mike Michelozzi: Excellent point. And, I’d say, also an eager mind, free from fear.

  15. A primary money making skill is asking questions – inquiry. Ask and ask again and clarify then ask again. If you can’t learn how to ask questions and learn from them you probably won’t make money. Inquiry is an intrinsic money making skill across the selling boards.

    Mike

  16. Leo says:

    I’d like to add to the discussion that when we work on bettering ourselves our first efforts may seem pathetic and mediocre. They may look like nothing in comparison to people who have it all. But we all have to start somewhere.

    My deepest respect goes out to those who do not quit when it all seems impossible, when glamour and success and even some decency appears to be far, far away. Whatever work you do adds something to you. It unfolds inherent possibilities. Nobody can take that growth away from you. The growth taking place will yield results.

  17. Ward D. Lyon says:

    Excellent question. Could be the answer to go from good to great. I’ll get back to you shortly!

    Ward D. Lyon

  18. Smart and dumb, lucky and educated guesses and work can end up because of unanticipated events going Gold or into the tank. It’s important to know that best efforts can still crash and burn.

    It’s also important to know your business clearly and make it work to your best interest as well as you can with a long term perspective.

    Brian Tracy is right and luck is also predictably going to turn against even the best of well laid plans sometimes. Adaptive and quick to regroup energy and efforts can turn around bad turn arounds over time.

    Knowing all of that also adds to the bottom line activities that will make money and can produce wealth: insights add to bottom line focus, intention and activity.

    My crashes and tanks have been painful but also have led to greater confidence and staying power – and a positive attitude.

    The best to all of us in 2011:)

    Mike

  19. Leo says:

    Michael Lee: Though your question was not addressed to me, I can clearly see the problem and I will try to answer it. Not everyone (or maybe no-one) can be at two locations at the same time. Thus, even the most skilled people have a limit to what they can take part in. That is where other people comes in.

    Brian Tracy has a point when he says that “I’ve found that luck is quite predictable. If you want more luck, take more chances. Be more active. Show up more often.”

  20. Hi Steve,
    I’ve been thinking a great deal about what it is going to take to be prepared, if our dollar does indeed go belly up. I think when Robert Kyosaki said we will be looking at the greatest distribution of wealth in history, I wanted to be part on the recieving end. But I also wanted to know what I was persuing was honorable and would make a difference for people.
    What I have begun to focus on is the need for people who live in the city to use some of the strategies that I see homesteaders using to be ready if the s***t hits the fan. I don’t think it comes naturally for city folk to be creative and inventive when a crisis arises. I think this is due to a percieved lack of urgency, and available information.
    I believe being a source of information on what people need, and where they need to get it and have a large number of the resources be affiliates of mine will be where I gain the greatest wealth.

  21. Michael Lee says:

    OK Steve, how about this one….many would consider Tony Robbins, Donald Trump, Robert Kiyosaki, hopkins, etc the number one speaker – right or wrong. For me, a guitarist, one would consider Steve Vai, Paul Gilbert, Joe Satriani, John Petrucci, etc the best guitar teachers around. How does someone make an impact when they are NOT the BEST and have little chance of being the best due to time, talent, etc but are better than most and not as good as many? How can we exploit our talent amongst the immense competition?

  22. Bean counting and how the beans get into the jar is an accounting practice and no beans get in the jar until a transaction or exchange of currency for goods and services happens. Everyone understands that and that bottom like has to be looked at.

    The more significant money making skills always begin with affective or hidden qualities and motives and how one goes about developing them. These are the skills that make bean counting happen because they put in place systems which produce the sales. All of that begins with vision then initiation of the vision into actions which make it happen.

    All along the way adaptions and changes, holding onto productive status quos and knowing when to let on of something and put in place somethiing else – creative play – keep it going.

    Thoughts?

    The best of success to everyone in 2011.

    Mike

  23. Steve, great stuff! I am working with Carol Gates in the BPCP. Love what you’re doing. Keep up the great work! CSH

  24. Thanks for the great reminder to focus on the numbers, and thereby identify what earns us the most dollars. Once we identify it, we can tailor our focus to create a beautiful, productive craft, which in our case is speaking 🙂 Love it!
    Denise Fowble, The Tailored Speaker

  25. Hi Steve,
    I am the owner of an etiquette consulting business and I would say that teaching others – taking others to the point where they can demonstrate a high level of skill – dining skills, social skills, business networking skills, etc. like all businesses, marketing and closing sales are important, but if my customers don’t learn…then I don’t earn.

  26. When there’s a sale there’s a profit. When lots of people make sales in the organization more profit for more people. So sales and recruiting people to make sales and recruit people to make more sales makes money. All that requires contacts – prospecting. That’s all outside.

    On the inside, focused goals, training, continually looking at outcomes, study – I could go on – direct what’s happening outside. It all works together.

    More some other time.

    I’m looking forward to your blog posts this year, Steve. They always cause me to think about things that need continual focus and refocus.

    Mike

  27. michael says:

    Hello Steve:

    Thank you so much for this. I am in bit of a flux now because I am coach now for going on 8 years and I am not doing well. I am considering changing professions. My degree is Business Admin. and I much prefer to work for myself. Considering my yields I don’t know if this is a good idea. I want to earn 6 figures or more at whatever I do and coaching has not been it….. HELLLLPPPPPP…….. any ideas???????

  28. I don’t know about every business but I believe ATTITUDE is the number one money making skill in my business and probably a lot of businesses around. The combination of a persons thoughts, feelings, and actions are a persons attitude and in any business that is a feeling representing their philosophy of success.

  29. Lois LeSavoy says:

    Wow I never thought of my business in quite that way. Now I see why I don’t make as much money as I “should” I’ve relied on my people skills without looking at how I use them as money makers. Have to go deeper with that question. Got to drill down. I’ll get back to you with further thoughts. I think it that I don’t ask for the sale early enough….Timing is where I’m going to look. thanks

  30. Joe Colosimo says:

    For my business, it’s recruiting great people. I don’t have a hard time recruiting, but unfortunately, most people’s thinking is so screwed up that they quit at the first sign of adversity.

  31. Mike Jacobi says:

    Steve,

    i know: good Schnitzel are the money machine in a German restaurant and professional delivered speeches are the income producer for a speaker (plus books and training materials). For cars, of course, it is the right Porsche with other words the valuable final product you can exchange for money.

    Mike Jacobi

  32. paulene says:

    Dear Steve

    Thank you for your enlightening talk on…. “what is your best money making skill’ …….it really got me thinking…..as an investor and shareholder and director of various international joint ventures in the canning, transportation and insurance business (to name a few).
    Our best money making skill is firstly to have the best product that sells into the market and to keep the public buying our products through R&D and our continued introduction of new product lines into the market. And to never compromise on quality. Also having the accessibility to reliable high level contacts ……(some of these contacts and friendships are made on introductions at cocktail evenings or sit down dinners or through other close friends)…… within government agencies and the private sector’s movers and shakers in these industries to assist us with advice and other hands on licensing and government regulations and issues etc.,… thank you for making me think a little bit deeper than i usually would. regards steve and thank you for posing these critical questions….keep em coming ……..paulene