The week I went back to school!
The week I went back to school, well, not really I spent a week mentoring year ten students at Australian Business Week. Our team won “Best Trade Show” and “Best Oral Presentation”.
While we didn’t win overall (team six did. Their mentor was in IT for the legal profession. They did things by the book in each category to win. That’s my thoughts lol), I believe we won the “money” rounds. We were the only team to collect names and contact details at the trade show. We did this by creating two competitions, 1. to win a free TV and 2. pick a number to win a prize.
I said to the team “would you rather sell $10k worth of product or collect 2000 names”? They answered names so that they can sell 2000 people $10k worth of product (definitely proud moment). The oral presentation was aimed at shareholders. Our share price had dropped in the simulation and we ran last. But what they did well was: 1. Focussed on the positive results we had, eg increased sales, cash in bank, dividends. 2. Focussed on resent trade show, increased database, increased post sales 3. Focussed on the future. They did this by, previewing an ad for a new JV partner (sprint telco ad they did for the super bowl). So they were the only team to show a video. Also, they highlighted new income streams by trading FX daily with excess cash holdings and setting up an off shore tax haven. LMAO not sure where they got that from. (But again, another major proud moment)
Why do I call those two the money rounds? Well:
1. The trade show is about generating leads which will provide future sales and cashflow. When they collected the names they explained exactly what was going to happen next. In a private marketing session I did with Direct Marketing and LinkedIn expert, John Bellamy, and my wife Billie, we explained the buy or die strategy and they got it.
2. The oral presentation was about not only looking for future investors, but keeping the current investors happy. The art of keeping the money you have can be lost on the concept of generating more. I like to use the money I have to create more money. You add that to collecting new money and you will have a winning formula.
The group I had were for the most part were awesome (remember I am talking about 15 – 17 year olds). Even the two boys who did not do much, they at least let the rest of them get on with the job at hand without getting in the way.
The lessons I learnt during that week? Here they are:
1. The future is in good hands from what I could see
2. I am where I want to be which is teaching financial independence and business concepts to those that want to invest the time.
3. If you are open to learning and listening winning is the only option.
4. taking action will get you moving.
5. Failure is easier than not trying in the long run. You may end up regretting failure, but you will definitely regret not trying.