“Put a shark in your tank”

By Kevin Harrington

Tylor Jones, Master Coach at turbomind.com.
Contact me Through WhatsApp or Telegram for a 45-Minute Free Coaching Session. I love helping people and Businesses become Exceptional. +507-6426-9450. keep updating this list regularly….

“For People who Refuse to be Average”

Hi and welcome to turbomind´s next book summary of the week, an excellent book called “Put a shark in your tank” By Kevin Harrington.

Kevin was (not sure If he still is) an original shark in the Hit TV Show “Shark Tank

I enjoy reading this book. It’s not too long but full of interesting and practical information specially if you have a small business or you are planning to start one.

I give this book a 9.3 overall score. It was written in 2017 and most of the information is very fresh and practical. I recommend you read it. It will help you.

Executive summary

Kevin became very successful building other peoples´ brands until he realized no one knew who he was, or knew about his own personal brand. He has been instrumental in some of mega success stories like Jack LaLanne, Tony Little, the food saver, or George Foreman´s cooking products. This is an impressive curriculum.

He has another book which I haven’t read called KEY PERSON OF INFUENCE, which shows the 5 steps to become a key person of influence.

  1. BECOME A KPI, a key person of influence

Become a KPI, a key person of influence. The key person of influence is the key leader in any industry. This person is the go-to person. You can become the person of influence in your industry, regardless of what industry you are in, and every industry has the go-to person. Anyone can become the person of influence in their industry. This is why Kevin got on the TV show the “Shark Tank”, because he was the person of influence in his industry.

  1. Obtaining CUSTOMERS

Kevin was the first person to specialize in buying big chunks of TV time in downtime hours. No one was doing this and the TV stations didn’t even know at the time someone would be this downtime. It became a huge untapped market at the time.

He basically invented the 30 minute infomercial.
The key in any business is obtaining customers. That is the obvious livelihood of your business. The more places you are receiving and getting potential customers the better.

Make a list of every possible area where you can get customers. Develop a marketing plan to get as many customers as possible.

Right now is tougher to make money on TV but easier to make it on digital.

  1. RAISING CAPITAL

Sometimes even if you have a very profitable business, is not easy to raise capital from traditional sources as banks.

The way you sell to banks or any other possible source of capital is YOU SELL THEM ON THE FUTURE. You sell them on how much your business can earn in the future. What you did last year is not as important as how much you can earn next year.

You need projections and a business plan for the next 3 to 5 years.
You don’t just walk to an investor and ask for money. You prepare yourself with a great business plan, that starts with a one page executive summary and ends up with financial projections and risk analysis.

A big part of raising capital is mental, and it’s also in the pitch.

A lot of people want to raise capital but they don’t want to do the business plans, and consequent study of the market. They are not willing to do the work. If you are not willing to do the job as far as developing a business plan, most likely you will not succeed.

An investor wants to hear how the entrepreneur is going to generate massive amounts of revenue with the money they are asking for. Then pay back the money, receive a huge return, and then focus on building a global business.

It’s very hard to build a global business without raising capital. The bottom line is that you are going to need to raise capital for your business.

Raising capital is an art. You have to know how to pitch properly to investors. And sell them on the idea that your business will keep earning money, expanding and growing.

  1. THE PERFECT PITCH

While the actual product that you sell is important, it’s as important to sell your customers on yourself, your value, and your business.

You can never stop pitching and promoting yourself and your business or it will die.

Before you start pitching you should ask yourself some questions,

-what are you pitching? What product, services or business are you trying to sell?
-what are you trying to get out of this pitch? Are you trying to get investors, more customers, and more sales?

A perfect pitch can be broken into 10 steps:
Show confidence. You are not selling only your product but yourself.

1. Tease: You reveal a problem in the marketplace
2. Please: You tell how your product can solve the problem
3. Demonstration: You demonstrate your product the best you can
4. But wait, there is more: Here you give more value to your product or service by adding to the pitch.
5. Testimonials: you are using other people to do the pitching for you.
6. Research and competition analysis: You show off all the information on your research.
7. Your team: you are bringing credibility to your business.
8. Why?: Here you ask yourself why are you pitching and how the person in front of you can help?
9. Marketing Plan: Explain your marketing and distribution plan.
10. Seize: you have completed all the steps, now you ask for what you want. Make sure you know what you want ahead of time.

  1. BUILD YOUR PRODUCT INTO A BUSINESS

You need to discover where there is a need in the marketplace and fulfill that need. Either build the marketplace or take a piece of it.

It doesn’t matter how good something might seem, you need to take some steps to take a dream into a business.

There are so many ways to make money with your product, especially now with the internet.

Some entrepreneurs go broke because they take wrong actions in incorrect orders. On the other hand, there are others making millions following these simple steps:

  1. Do your research. Most business owners have no idea about their competition. Know the market, the size, the number of competitors, the demographic, where do they live. Understand the potential of the business.
    There are two types of products, the unique item and the commodity item. Unique products are great but you need to educate the market.
  2. Surround yourself with the right team to launch your product successfully.
  3. TEST. As Kevin states, “Test Before you invest”. Sometimes people order huge amounts of inventory without having a clue how the market is going to respond. “SurveyMonkey Service” is a great place to do surveys.
  4. Expansion process: Keep innovating, keep making your product better and better.
  1. PARTNERSHIPS

The great thing about partnerships is that they help you optimize, maximize and increase your time in order to achieve faster and easier what you want. You goal should always be to build your DREAMTEAM.

It’s better to have a small part of a big pie than a big piece of a small or insignificant pie. This is why partnerships are so beneficial, they are exponential. You can create lifelong relationships when you bring partners into your business, in addition to gaining credibility when you bring the right partner. You can have different partners do different things.

The main reason to partner is to save money, save resources and save time, gain credibility, increase distribution, etc.

The key to find a great partner is networking. Don’t shy away from anyone, try to meet everyone. Keep networking and hustling.

No matter what kind f business you have, partnerships are the key to success.

  1. 4 SIMPLE STEPS TO THE PRFECT FUNNEL

 Rob Kosberg & Kevin Hutto

Rob has an underground ecommerce and eBook business, with over 40 sites that mainly sell eBooks and manuals, not in the internet marketing space. Rob has sold over 500.000 products over the last 11 years anywhere from 19.95 to $49.95 on autopilot.
He has been able to earn over 7 figure a year with only one part time employee and ZERO customer interaction. A true lifestyle business.

Every business funnel needs 4 steps:
1. Ad. You can run amazing targeted ads in Facebook, better than ever.
2. Landing Page. It calls out the people that want and excludes the ones you don’t want.
3. Presentation or indoctrination sequence. You can use a webinar, or some type of video. Here you have to target the prospects problems, fears, frustrations and desires in relation to your product.
4. Conversion event. This step is usually done in combination with the third step. If you are a coach, selling a high ticket item, probably you want to offer an introductory coaching session or something similar.

  1. DANIEL PATTON; CARBOKLEAN

The son of one of the greatest military families in the world, but basically with an absent father.

Daniel has also been involved in many successful business in many different industries.

The key is to bring something to the world to make people´s lives better. This is the reason he developed CarbonKlean, which develops cleaning products in the optical, mobile and life sciences industries.

Developing business to dominate the market. Keep improving, innovating and making things better.

Being a successful entrepreneur is not easy, it requires a huge amount of time, dedication and sacrifice.

Some keys to becoming a great entrepreneur:

EDUCATION. Study about businesses, entrepreneurship. Go to meetings, courses and seminars. Get involved in learning.
Become a PERPETUAL STUDENT, dedicate a lifetime learning. Find the right mentor.

RELATIONSHIPS. This is the key to success in anything you do in business and life. As an entrepreneur, relationships are critical to your success and expansion.
Find and partner with people who really believe in your products, not only want to make money. Be selective.
Be passionate, your passion will show through your company, and products.

  1. MEGHAN ALONSO, FROM PERFCT PITCH TO PRODUCT DEVELOPMENT

Megan offer the course “Invention idea to Profitable product”.

Key steps in the Product Development Process:

MARKET RESEARCH: Do research of your product prior to funding, in addition to further research and analysis. Choose a company that specializes in your product segment.

PROTOTYPE DEVELOPMENT. Start developing prototypes.
USER STUDIES. Put your product in the hands of your customers, get feedback and recommendations from them.
SCALE UP MANUFACTURING. It’s one thing to produce a prototype, and then go into millions of units. You need to create a system.

In southern California you can find plenty of companies with operations both in United States as well as Mexico.

  1. BRANDON T. ADAMS, KEYS TO CRWODFUNDING

Brandon is an expert on raising money from different sources and methods.

The best way to raise money these days it’s through crowd funding.

If you are in business these days you better learn how to raise money and learn to do it through crowdfunding.

The most common mistakes when crowdfunding are:
1. Not preparing ahead of time
2. Lack of promotion
3. Not giving enough value for their contributions

These is his FUND formula for success:

FORETHOUGHT. You need to get about 30% of your total funding raised in the first 48 hours. The more success you have in the beginning the better and easier. In order for this you need to reach your potential backers PRIOR to your campaign. You can use Facebook ads and other methods for this.
When you have larger pledges you should try to get people committed prior to your launch day.

The more traffic you drive to your campaign page the greater the chances of being successful.
You need to create a page that has great visuals and plenty of copy to tell your story and explain why you are raising money. In addition to a great quality video.

There is a lot of work in preparation for your campaign. The best way is to create a support team of people working together, who focus on different aspects of you campaign.
U-UTILIZE MARKETING PLAN.
You need to make people aware of what you are doing and why you are doing it.
Marketing is being consistent with your message.
It’s a numbers game, the more people you get the message in front, the more people will pledge money. You have to promote every single day of your campaign to your audience and others ‘audience. You need to find ambassadors who are willing to promote.

For example, Ryan Grepper, the inventor of the Coolest Cooler, which raised $13.2 million on kickstarter in 2012, had famous speaker and motivational expert Brendon Burchard be the ambassador for his product.
Facebook, twitter, instagram and snapchat are great places to promote your campaign. Facebook live is a great tool to be in contact with your audience.
Ask influential bloggers to do a story about you. Don’t pitch, just ask them to do a story.
The more emails you individually send to the press the better the chances they write a story about you.
If you leverage your work and audience with other peoples´ audience with THE RIGHT MESSAGE, you will get many backers.

NARRATIVE. Storytelling is very powerful when it comes to influencing and selling ideas or products.

If you are able to tell a great story with your crowdfunding campaign, which people can relate to, and get people to engage, you will be successful.

The best way to tell a story is through videoThe video is probably the single most important component of your campaign. Create a video that people will never forget and leave an impression on them that makes it hard for them not to back your campaign.

These days, you have about 7 SECONDS TO GRAB SOMEONE´S ATTENTION with your video and keep them watching. You want to be short and to the point. A great way is to ask questions.

DELIVER VALUE. The more value you create for your backers, and the ore options for them to support you, the better your chances. If your product retails for$20, give it to them for $15.
Offer unique experiences like being on a show, or having dinner with X person. Anything that delivers value and its exclusive, different and even extravagant.
Brandon offers backer for his Ambitious Adventures reality TV show the chance to be on the show for$10.000.
If you are a singer you can offer a concert in the backer’s house.
The most successful crowdfundin campaigns in history are from products that are really cool with great deals and experiences that are once in a lifetime.

Having a successful campaign is just the beginning, after that a whole spectrum of huge opportunities appear.
Slava Rubin, the founder of Indiegogo predicts that by 2020 we will see a single crowdfunding project raise $1 billion. That sound crazy but it’s possible.

  1. MAXWELL FINN, THE STARTUP DRUGZ

In 2005 they lunch a simple side project called Startup Drugz, an apparel brand for entrepreneurs like them.

They made some designs, create a shopify cart and submitted the idea to product hunt (www.producthunt.com ).

In 24 hours they generated over $2000 in sales with $15.000 unique visitors.

Now they have over 10.000 email list, and are on the way to sell over $60.000 per month. They went from zero to $60.000 per month in sales in less than 12 months. Incredible story, especially because they almost didn’t use any advertisement and start up from zero.

We us the method of dropshipping their products which means they didn’t need to put up any capital, inventory, storage space, etc. Basically they use print on demand from drop shippers. They don’t even do the printing.

Very important is to develop an email list by collecting emails from the site. Before you start selling, develop the relationship with your subscribers.

Install facebook pixel.

Build a loyal tribe.
Use analytics and evaluate data.

They create a site and a business that entrepreneurs could resonate with. The whole message and site and products made sense together.

  1. MICHAEL SILVESTRI, SELLING PRIVATE LABEL PRODUCTS ON AMAZON

There is a massive and major shift worldwide, from buying things in a physical store to ordering and receiving them in the comfort of your home. The home delivery business is just exploding and it will get bigger and better by the day.

Creating passive income has become popular over the last 15 years and online business is becoming the preferred option.

Michael sells ´private label products on amazon that is basically being fulfilled by amazon (FBA). You do this by setting up a professional seller´s account, which runs about $40 per month.

Selling on amazing can be an excellent side business, or even a ful time business.

  1. JEREMY ADAMS, NOTHING TO LOSE

He start working from an early age of 14, while in high school.
He saved money along the way and created the lifestyle that he wanted. After saving over $30.000 with 20 years he stated a new life. And then with about 22 he had over 100.000 in the bank account.
Passion is really everything I business. You have to do the things you are good at, and what you enjoy.

There are inherit risks I owning a business but when you are really young, these risks are very small, basically you have nothing to lose.
There are many entrepreneurs who have 20 failures and one success, and this success is a 20 billion company. Amazing.

  1. IAN SMITH, THE ENTREPRENEUR MINDSET

    Most entrepreneurs understand the actions they have to take to become successful, but they tend to forget about the mindset you need to have to become successful.
    Before the actions, you want to develop the winning mindset.
    You cannot grow your business with a losing mindset.
    The successful business owner is about taking risks, and working more than 40 hours per week without any guarantee of success.
    You must be ambitious, persistent, consistent, motivated, self-starter, disciplined, optimistic, goal oriented, courageous and even fiscally responsible.
    The road is full of obstacles and challenges.
    Create a collage with everything that motivates you that you can look at every day.
    It’s very important that you are aware of your thinking, your thoughts, what you are focusing on.
    Remember, you create your own luck. The harder you work, the luckier you will get.

  1. CORY BERGERON, INSTANT BENEFITS

    Cory made a living in television retail, selling over300 products on some of the largest direct response television (DRTV) networks on earth.
    The internet is huge and according to IBM, the digital knowledge contain in it doubles every 11hours.
    The human brain is the most powerful thing in the universe. Your brain contains the equivalent of millions of libraries.
    Combine the power of the human brain with the exploding digital database and the opportunities are staggering.

Electronic retailing is about to change forever with the use of drones as delivery system. 86% of amazon orders are less than 5 pounds, which can be handle by drones.
There are huge changes coming at sizzling speeds. This is just the beginning.
If you are pitching the immediate benefit of your product or service, you are missing out on sales. Focus on how great the person will feel using your product.

  1. CALEB MADDIX, HOW I MADE 100.000 BY 14 YEARS OLDCaleb is a kid already becoming successful with 14 years, giving speeches, being an author, and owning his business.
    He started writing his goals since he was six year old.
    He was voted one of top entrepreneurs under 30 who are creating life on their own.
    He is one of the founders of Kids
    Here is some advice from him;
    Become the anti-gun. Stop saying you are going to do something and just do something. It’s a much better proposition. He wrote his first book at the age of 12.
    2. Refuse to be Average. Stop thinking average. Refuse to be average when phenomenal is achievable.
    3. Become obsessed. Find something you truly love and become obsessed with it. Do like Steve Jobs, who went for 4 to 5 days without sleep, just focused on his creations.
    4. Provide value for people. Don’t let your income be the measure of your success but the value you provide.  He tells the story when he was doing inspirational videos and how even after having a few views, Grant Cardone´s sister contact him wanting him featured on his world renowned podcast. Don’t look for the number of views but the value you provide, even if it’s one person.
    5. Give your face off. Give back. Giving back is a habit of successful people. “When nothing is going good, do something good for someone else”. Don’t let your critics or haters stop you.He lives by the 1-2-3 rule. When he needs to talk to some or do something, he counts to 3 and just does it. A great technique to make yourself do something you have to do.
  1. MATT MADDIX, THE POWER OF A BOOK

Matt is Caleb’s father.
Books are one of the most effective channels of information that can transform lives. He used to give his son Caleb $20 for each book he would read on success.
Not only every person needs to write a book, but it’s one of the most neglected tools entrepreneurs have. A book can create a huge and profitable business.
Here are some interesting facts
1. You don’t need to sell a single copy of your book to increase sales.
2. A book is a ticket to the most powerful rooms on the planet.
Caleb’s friend, Emily write a book about how to throw a slumber party. She spent less than 10 hours writing it and about $7 publishing it. After just some months she earn over $20.000.
She has, together with Caleb, “Kids4success.tv”.
3. Becoming a published author of a physical book is easier and less-time consuming than it’s ever been.
You goal is not to sell one million copies of your book but to sell your business.

  1. ANTHONY AMOS, HOW TO CATCH A SHARK

    Anthony Amos is the founder of Hydrodog, one of the world’s most successful franchise for moving dog bathing. This is a fascinating entrepreneur story.
    Looking for the person to can get you in front of the movers and shakers. You don’t want to be the most intelligent or the wealthiest person in the room. If you are the smartest person in the room you are in the wrong room.

Become part of a prestigious mastermind group in order to meet superachievers.   Anthony negotiate with the owner of high profile group that he would bring two paying members and he would get the $25.000 membership for free.
Never follow the crowd, do the opposite to what everyone is doing. He asks these great questions:
What is everyone doing and what is that I can do differently to stand out?
When you follow the crowd you will get the same results as the crowd. You want to stand out, not blend.

  1. KEVIN HARRINGTON, SHARK BITE

10 steps to creating the perfect bait.
1. Attention getting statement. Open with something dramatic to make sure you get people’s attention.
2. Show that your products is a mass market proposition
3. Show the problem and how your product will solve it.
4. Uniqueness, show why you are different.
5. Magical transformation, how does your product do something magical? As in the Biggest Loser TV show.
6. Visual demos, show something that is demonstrable. Visuals are powerful.
7. Testimonials from; users, professionals, editorial, documentation.
8. Celebrity endorsement.
9. Your track record. Your experience and your team.
10. Projections: capital needed, risk analysis, and bottom line.

Richard Brandon has 3 tips for a great pitch:
1. Avoid wishy-washy language like “we hope”
2. Your pitch needs to be clear, concise and something people can understand easily.
3. Explain clearly why your business model can be sustainable.

  1. The future belongs to the young and ambitious.

There are two types of young people, the ones that are glued to their phones watching the world passing them by, spending unlimited amount of tie doing nothing and there is the other group of people creating extraordinary things and becoming really successful.

These are two opposite groups of young people. This gap is becoming bigger and wider every day.

Team up with people to create something extraordinary.
Millennials are not defined by one thing they have multiple passions. Some of them are creating unicorn companies, the ones valued at over 1 billion.
There is a huge industry being created from work at home people, like single moms. They have side jobs and income producing activities.
These people want to live full lives and not just big checking accounts.
Some are creating things like the Summit Series, a private mastermind group made by some of the most extraordinary entrepreneurs.
Usually the things that you regret the most are not the ones that you did and didn’t work out but the ones you didn’t do.

  1. John Max Bolling: Relational selling, how to engage customers and avoid becoming a commodity.

Innovation has put the power in the hands of consumers.

Blockbuster went out of business while Netflix became a billion dollar company.
The most important thing is to know the needs of your customers. Customer satisfaction is what creates evangelist for your brand. Try to make every single customer have a positive experience with your brand.
I love this quote by Seth Godin,
In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible

  1. Trevor Lowry; a perfect day.

Trevor asks this question; if you could create your perfect day, how would it be?
Well, I say, maybe not perfect, but ideal, since perfect is always a moving target.
Create a compelling vision for your future and the things you want to do in your life.

  1. BRUCE REED, 5FLAVORS OF BUSINESS.

Bruce created in 1989 Bruster´s Real Ice Cream. They have over 200 stores worldwide. At the age of 28 he retired. With one store the first day he sold $700 worth of ice cream, in the first year the store sold over $600.000, earning them over $250.000 in net profit, making it a huge hit.

Great quotes from the book from the book “Put a shark in your tank” By Kevin Harrington

I love this quote by Seth Godin,
In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible

 

GREAT QUESTIONS ICAME UP FROM THE BOOK?

Ask yourself,

How could I generate massive amounts of revenue in the shortest period of time? What could I create or focus on?

 

 

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TOP-10 things I learnt from the book
Put a shark in your tank” By Kevin Harrington

 

  1. An important key to your success is becoming a key person of influence. This is the go-to person in any industry. People perceive this person as the leader in that particular industry. Every industry has one key person of influence, and the good news is that you can become one regardless of what Industry you are in.

  2. Regardless what is your business, most likely is that this business eventually will need to raise capital. The most important thing when raising capital is selling the future. You are selling a bright future. You are selling future accomplishments and success. Do the work, create a professional business plan.

  3. The most important thing you are selling when you are raising capital is not your business but yourself. Be professional. Learn the 10 steps to a perfect pitch.

  4. It doesn’t matter how good an idea seems to be, in order to take your dream into a business you need to do follow 4 rules:
    -Do your research
    -Create the right team
    -Test, test before you invest
    -Prepare to expand, keep innovating and making your product better.

  5. The fastest way to not only to expand your business, but to optimize it is through partnerships. The right partnership can explode your business, sales and income. Choose partners that really identify with your values and believe in your product, and not only looking for the money. Create a Dreamteam.

  6. One of the best ways to raise capital for your idea or business is through crowdfunding. It offers the best opportunities today. In order to be successful at crowdfunding you need to take it as a business, plan accordingly. You need to prepare months before, sometimes even 6 months before launching a campaign. The more traffic go into your project the bigger probabilities of success. It’s a numbers game. Social media is probably the greatest tool you have to promote your campaign.
    The best way to tell a story is through video. The video is probably the single most important component of your campaign. Create a video that people will never forget and leave an impression on them that makes it hard for them not to back your campaign.

The most successful crowdfunding campaigns in history are from products that are really cool with great deals and experiences that are once in a lifetime.

Having a successful campaign is just the beginning, after that a whole spectrum of huge opportunities appear.
Slava Rubin, the founder of Indiegogo predicts that by 2020 we will see a single crowdfunding project raise $1 billion. That sound crazy but it’s possible.

  1. The story of startupdrugz is amazing. With little capital and no inventory, Maxwell Finn and partners created an entrepreneur apparel which became an instant hit after placing it in product hunt. They are on the way to sell about 750.000 in their second year. They use drop shipping, print on demand, with shopify. This is a huge opportunity for any business. This is the future and can be used almost any business.

  2. A great technique I learnt from Caleb Maddix, a 14 year old who made his first 100.000 by that age is to do the 1-2-3 GO rule. When you know you have to do something and you don’t want to do it, you take a deep breath, count 1-2-3 go and just do it. You count 1-2-3 and make yourself do it. Live by this rule and you will see amazing results. 1-2-3 do it. Caleb is an amazing success story. You can read one of his books, “Success for kids”. Some of his tips are; refuse to be average, give back, provide value for people, become obsess, stop saying you are going to do something and just do it.

  3. A book is probably the most powerful marketing tool you can have. Write a book. Everyone has a book inside of them. The possibilities are endless when you write one. The great thing is that you don’t NEED TO SELL A SINGLE COPY. It can be an incredible tool for you to get customers, presentations, speeches, etc.

  4. Never follow the crowd, never to what most people are doing or you will be getting the same results as they are getting, which in most cases are average. Great advice by Anthony Amos. I love this quote by Seth Godin,

    In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible

Book summary by 

Tylor Jones, Master Coach at turbomind.com.
Contact me Through WhatsApp or Telegram for a 45-Minute Free Coaching Session. I love helping people and Businesses become Exceptional. +507-6426-9450. keep updating this list regularly….

 

 

 

 

 

 

 

 

“Put a shark in your tank”, By Kevin Harrington, TURBOMIND Book Summary of the week
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