There are six questions you must ask yourself in order for you to position yourself to dominate
an industry.
And by the way, today's message is not specific to any industry.
It can be used for every single industry out there.
So let's get right into it.
The first thing you got to do, wherever you're currently at with your business, what market
do you own in your industry?
So look at the thing and say, "Well, I think we own this right now.
I think I own this right now.
I think I own this part of the market right now.
Maybe I own this demographic or this age or this income or this country, or this state
or whatever it is.
What is it?
Do you own anything?
If not, then none.
But whatever you do, write that down.
The next one.
What do you want to own?
Do you even know what you want to own?
Is it something where you're clear about what you want to own?
Is there an age that you want to own?
Is there a demographic, a culture, an income earner, a certain city, a certain state, a
certain country?
What market do you want to own?
Do you know what market that is?
That's the second question you've got to answer.
#3: Who must you outgun?
Who must you outgun?
Who must you outdo?
Who is leading this market that you want to own that you must outgun?
Who are those people?
Make a list of them.
A, B, C.
This company here, that company here and this company here.
By the way, this could be you watching this and you're the CEO of Sprint.
This could be you watching this and you're a billionaire at of Ohio, okay?
Several people that watch the Valuetainment channel.
This can be you saying, I want to beat Sprint or I want to beat Verizon or AT&T or T-Mobile
or it could be you're a liquor store in Little Rock, Arkansas and you want to own that market
in Little Rock, for you to be the dominant liquor store in Little Rock, Arkansas, but
you're not yet.
Who must you outgun, and which market do you want to own - beer, alcohol, vodka, whiskey,
wine, - what is it that you want to own?
#4: Enough Money - how much money do you need to outgun, in order for you to get the market
that you want to own.
Because it takes money.
It takes money for marketing, for staff, for executives, for advertising, for technology,
for speed, for website, for pay per click.
It doesn't matter what it is.
There's money that you're going to need.
So how much money do you currently have to do this, and if you don't have the money,
how much money do you need to have in order for you to be able to do this.
Write that number down.
Next, do you have the sticktoittiveness, because this [the first 4 items] is fun to do.
This is very fun to do.
People love doing this exercise, up to this point.
The next one is not that much fun, because most people don't stick to it.
Most people are not willing to stick to it.
Because this could be 11 years.
[chuckle].
This could be 13 years.
This could be seven years.
This could be 24 months.
People don't think that long.
People are like, "I want it right now."
It doesn't work that way.
This could be awhile until you're able to go out there and do this.
In sports teams, right now I was with Magic Johnson, two weeks ago, and I was interviewing
him.
I asked him a question.
And I kind of cornered him with one of the questions I asked him about Lakers and he
smiled.
Two days later he announced that his meeting with Jeannie Buss, he's now an adviser.
Now Magic Johnson is trying to recruit Kobe Bryant to be an adviser because he believes
they can put a team together where in the next two to three years they can be a championship
contender.
Two to three years.
He didn't say in the next six months.
Too often amateur entrepreneurs want it right now.
So watch this.
What do they currently have?
Russell, certain athletes.
What do they want to have?
Some superstars.
Who do they need to outgun?
Cleveland, Golden State.
Do they have enough money?
Yes they do.
Can they stick to it long term to be able to get there.
Yes.
And last but not least, do you match the position that you want to have?
What does that mean?
For instance.
Matching the position.
If I want to become the best financial adviser in Silicon Valley, and I want to own the position
of people that are in the technology sector, hypothetically.
So, do I match that position to get them?
Do I look the part?
Do I talk the part?
Do I walk the part?
Do I go to the places that they go to, the country club that they belong to, the gym,
the equinox, the Neiman Marcus.
Do I belong to that special nightclub that they go to after hours.
Do I belong to this?
Do I match that?
Am I matching that?
Or, if I don't care about that market, it's a completely different market, and I'm trying
to connect with the middle America market, do I dress up too preppy?
Am I too much?
Am I too flashy and I don't connect with middle America?
Because middle America's like, dude, I wear jeans and shirts.
And you're over dressing for me too much, and it's kind of intimidating.
I've never put a suit on before and quite frankly, I still don't know how to tie a tie.
And you're trying to get me to - I don't know about this guy.
I don't relate to him.
I don't connect with him.
Do you match?
Hey, I want to get into the 25 year old market, but I'm 63 years old.
How am I going to do it?
I don't match.
How am I going to position myself to do it?
Once you answer these questions, and you go through it, from there, if you can do this
[sticktoittiveness] and you put a timeline to it, then more power to you.
You go get it.
If you can do this, if you do this, and you're willing to stick around for the three years,
seven years, 10 years, 12 years, 15 years, maybe some even 20 years, then eventually
you're going to be able to position yourself to potentially one day dominate an industry,
whatever that industry may be, that you want to position to dominate.
So with that being said, Paul, throw us the pillow.
This is another short episode that we did.
6 questions to ask for you to position yourself to dominate an industry.
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Bye bye.