Copy Your Business Mentors: Build Assets, Not Actions

November 25th, 2013

There’s some confusion with respect to mentors and role models. We look to role models.  For us, people like Steve Jobs, Richard Branson, and Oprah Winfrey.

You are trying to figure out what you should do, and look to the role models and luminaries in your industry for answers.  You read their annual reports, you do your market research, you buy their programs, you follow their news stories, and you try your best to emulate what you see them doing that’s working.

That seems like a totally reasonable thing to do.  Problem is, 90% of the time you end up scratching your head wondering why you’re not having some of the success that Richard Branson and Steve Jobs are having .

Here’s the confusion.  If you are like most entrepreneurs with respect to mentors and role models, you are likely looking in the wrong place.  You are focusing on DOING what they are DOING You are trying to take the ACTIONS they are taking.

The problem is what you actually want to do is NOT focus on the ACTIONS that they’re taking., but to focus instead on building the ASSETS that those actions are depending on for their success.  So focus on their ASSETS not their ACTIONS.

Now assets are not just physical things or bank accounts or property.  I’m also talking about your own abilities.  Having a website that predictably converts cold traffic into email lists.  That’s an asset.  Having a system for automating your email is an asset.  Having an understanding of time management so that you do the things you intend to do is an asset. All of your relationships are assets.  You want to start to build those assets.

Your Business Mentors Aren’t Trying to Fly Without Wings, and Neither Should You

Let’s say we want to fly, and we’ve chosen this bird as our role model. Good choice.  The bird definitely has flight. What would happen if we just tried to copy what the bird DOES?  We’d basically run around flapping our arms – but no matter how hard we tried, we would definitely NOT fly.

After a while, we’d start to feel tired and burned out, right?

Now.  What might happen if we start to look at what the bird HAS.  What are the ASSETS that allow the bird to fly?

1) the bird has wings
2) the bird has a very light bone structure
3) the bird has an aerodynamic shape.
4) the bird has relatively powerful propulsion engine

What would happen if we started to copy what the bird HAS instead of what the bird DOES?

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And of course that’s exactly how human beings achieved flight.  By copying the ASSETS the bird HAS as closely as possible. It may sound crazy to think about people flapping their arms instead of building airplanes, but I see it all the time from entrepreneurs.

They might demand creative control like Oprah, start several different companies at once like Branson, try to make all their money through investing like Buffet, or throw out what the customer says they want in favor of their own intuition like Steve Jobs.

But without Opera’s fame and audience, Branson’s management teams, Buffet’s eye for long term value, or Jobs’ intuition for user experience – those strategies can be catastrophic. Not just bad – but bad enough to sabotage all the hard work you’ve done and trap you into repeating the same outcomes over and over.

If you really want to fly, then you start to build those assets.  You build some wings, a light weight infrastructure, and a propulsion method, and pretty soon you’re flying.

With Mind Money Meaning, I’ll show you how to make your business soar.

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