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- After starting so many businesses,
do you have certain things that you're looking for
besides the ten-year mark?
Are there certain, kind of...
Do you have any standard list of key criteria
that you are looking for, for these businesses?
- Yes I do, I have three questions that I ask.
In fact, in the morning, I just did a...
I interviewed the class
for a friend of mine, Jason,
for his virtual, called Dynamic Success seminar.
He asked me the same question.
I gave him the same answer.
Three questions I ask.
When you look into a marketplace,
is there a pain?
A pain?
Sense of urgency?
Or irrational passion?
I'll say it again, is there pain,
a sense of urgency, or irrational passion?
Meaning that, in the marketplace,
the people within the marketplace, they are,
it's easier to sell cure than to sell prevention.
I would much rather be in the painkiller business
than in the vitamin business, right?
Pain sends urgency that they need something right now,
just like,
let's say plumbing.
You only call a plumber when you really need one.
You don't just get up in the morning,
"Hey, you know what?
"I think the weather is pretty good.
"I may call my plumber, have him swing by."
(audience laughter)
It's not like that, 'cause that's urgency, right?
Irrational passion, meaning, let's say golfers.
They love the game.
They're very, they spend a lot of money
buying the golf clubs, and everything that they do.
Perfect, that's a good market to sell to.
That's the first question.
Is there pain, sense of urgency, irrational passion?
Second question to ask is,
are they actively looking for solutions?
Are they actively looking for solutions?
Not like, "Oh, I've got this great idea.
"Nobody's ever done it before.
"Let me go take it to the market,
"and I'll be the first to the market."
I don't believe in that.
I believe, much better to sell to an existing demand,
not create a demand.
So, are they actively looking for solutions?
Now, how do you know if they're actively looking
for solutions?
If they're currently spending money on it right now,
that's a good sign.
I like competition.
I actually don't like a market that has zero competition.
That means nobody's making profit serving that market.
I do not like that.
I like, you know what?
Some competition's okay.
I could see if I can serve them better in a different way.
That's okay.
Just like energy drink.
Before Red Bull, there were a lot of other drinks.
Red Bull was like,
"Hey, you know what?
"Red Bull gives you..." what?
- Wings. - Wings, right?
So that's their unique selling proposition,
saying, "You know what?
"That's what we do."
And they built a massive, massive company, right?
And even makes it, "Oh, the energy drink is there."
No, it's still competition.
Monster!
Another brand, so that's okay.
That's the second question.
Are they actively looking for solutions?
And the third one I ask is,
do they perceive that they have options?
Do they perceive that they have options?
Some competition is good,
but maybe not too much competition.
Do they perceive that there are a lot of different options
out there that they could choose from?
In business, you fall into one of these three categories.
One I call, whatever you do, products, service,
falls in three categories.
Me too, meaning, "I'm a me, too."
You're a mortgage broker?
I'm a mortgage broker.
You're a real estate agent?
I'm a real estate agent.
Me, too.
It's a commodity.
And then, you have me better,
which is, maybe I've been in the business longer.
Maybe I provide better service.
I'm a better product, superior product.
That's me better.
And then you have the third one.
It's me only.
Ideally, you want to be me only.
That I am the only person, I'm the only company,
that does this through the marketplace.
So if you get to me only, that's what makes you unique.
And then, you can create that space in the marketplace.
I would say me too, me better and me only.
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