EP195 Money Magnet | Ken Courtright’s Today’s Growth | Growing Business Today

 

Products with exposed value are money magnets. If your product is not gaining much traction, then it’s either not as valuable as it used to or not exposed in a way that it should be. These days, so much has changed that you need to be able to keep up with the times. This is the law of entropy. If you fail to mark your products with the changes happening around it, it will seize to have value. Learn how to make your products money magnets.

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Money Magnet

This episode is titled Money Magnet. This is may be one of the deeper podcasts I’ve ever done. It involves a little bit of psychology, a little bit of trust. Money is not a magnet to value. Money is a magnet to exposed value. This comes because of a conversation I had with a very dear friend. This dear friend, he is the mentor to many mentors, but he’s at a phase of life where he wants to get out there again, get back in the game and mentor another group of studs. He is very well-known for some of the key people that he’s mentored. He’s at the phase of his life where he wants to get back in the game. We were going over strategies and this and that. I got on the plane flying home and I’m thinking, “This is the perfect situation to describe how money’s a magnet to expose value.”

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When it comes to choices of what product you should come out with next, you might want to benchmark what product. Especially if you can choose between a few different products to launch next, with the understanding that the product that is going to sell the most is the product that will have the most value exposed to the most people. Let’s take this mentor for a minute. Many leaders know that this person. If he was to open himself up to mentoring people, there would be a line out the door and an open checkbook of what they’d be willing to pay for this man to come in and mentor him. The reality is even though there’s value there, this person has not yet exposed to the world that he’s available again. The value’s there, but this person’s not going to begin mentoring ten people immediately until he exposes that he’s open for sale. This person’s got to expose themselves to the world that they’re open to mentoring again. As soon as that door cracks open and the value gets exposed, it’s going to shut because he can only do ten people at a time and it’s going to be an open and closed door. That’s how much value this person brings to the game.

When you’re coming up with a product, all products are not the same. One product, if you’ve got options, is going to add more value to more people but you have to benchmark that against, “Is that product able to be exposed to more people as well?” Let’s go to raising capital. A lot of people are challenged raising money. The reality is nobody’s challenged in raising capital. Nobody is challenged in getting equity in the door to run their business. What their challenge is exposing to the world the true value of their service. Either they don’t have a true value to their service or they don’t know how to expose it. Believe me, there is so much money in the world and so many great people that will even gift money if they know it’s going to add value to people. Raising capital, we often tell people, “You need to do a paradigm shift that you’re trying to go collect or grab money so you can move your thing to you need to open more doors and just simply expose the value because that’s going to be a magnet to money.”

 

Let’s talk about career advancement. A lot of people are in a position where they’ve got their ladder leaning on a building. They continually educate themselves and they continue to grow. Some people hit a ceiling because they get promoted to their level of incompetence. Which means somebody could be at a company twelve years and every other year they seem to get another raise and another promotion. Then six years go by and they’re like, “I haven’t been offered a promotion. Nobody’s been asking my opinion.” That’s because the bosses and the bosses’ bosses above this person have realized, “This person has reached their position of value. We don’t believe this person can offer more value higher up the food chain. What do we do here?” When you’re going for career advancement, you have to understand the concept that you can be promoted to your level of incompetence. Before you expect that next promotion, ask yourself, “If I do get promoted, do I believe internally I’m going to be able to add as much value to this company and my employees?” That existing rung on the ladder, the people already in those positions are adding to their employees. If you’re not a 100% sure that not only can you add as much value, you can add more. If there’s a hesitation, then you’re not ready. You shouldn’t be questioning why you’re not moving in career advancement.

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That means it’s time for you on nights and weekends to go gather more education. Even if you got to pay for that education yourself, you go hunt it down. You go get on Google Alerts. You go to Lynda.com. You explore every educational resource available until you’re 100% sure you’re two to three times more valuable and then you expose that value to your company. Money is a magnet to exposed value. Meaning as soon as the company realizes, “Look at the value this guy has right here, we’ve got to move him up to expose his value to more people,” when you get moved up and you get promoted, more salary comes with it because money is a magnet to exposed value. If your product is not selling, there are only one or two core things it could be. Number one, over time, because entropy is real in the world changes, in this day and age, maybe your product is lacking value compared to the rest of the world, the rest of competition. It’s either lacking value or the marketing methods of your industry have shifted and your product is now lacking exposure. You might think, “Are our products being exposed enough?” The world might be telling you different. If your product is lacking value, it’s time to change your product. If your product’s lacking exposure, it’s time to expose it to different platforms and test for that.

 

Important Links:

• Lynda.com