July 13, 2023

Vishen’s Entrepreneurship Training

Vishen Lakhiani is the CEO and founder of MindValley which is a company focused on personal growth and human consciousness. He’s a best selling author and speaker and strives to transform education globally. 

1. Scaling A Business
   1. Business is fun
   2. Don’t break yourself, don’t lose one of the 12 categories from LifeBook
   3. Don’t give up control and ownership if you want to build long term wealth
2. Your Dream Business has all 3 of these 
3. How To Build Your Dream Business
   1. Learn from people just a little bit better than you
      1. Hard work is not required for success, time spent on work doesn’t correlate with success
   2. Hire the right people
      1. Future billion dollar business are 3 people
   3. Timing has a strong correlation with business success
   4. I solve all problems that come my way in a fun and easy way
   5. Your business is your #1 vehicle for personal growth and it doesn’t have to be painful
   6. You don’t need money to build a business
   7. Everything you believe about business will be true for you and you can take on new beliefs sometimes, that give you an edge
      1. How can I get the right beliefs?
         1. Sam Walton beliefs, “Every time I go into something, I already expect it to be successful.”
         2. Power of expectancy which turns into a self fulfilling prophecy
         3. Keep expecting the beliefs: I believe I can XYZ (build a million dollar business). One you get there, add the next belief. Joining the right networking group can help you see the next big thing. Also, reading autobiographies of people who have done it before, or who are 1 step above you now
      2. My belief is to never quit! Don’t go back to the job that doesn’t fulfill me completely and give up my life vision. If you don’t quit, you give yourself no other options, so you and God will figure out how to make it work
   8. Modeling
      1. People are just people, flaws and all. If they can do it, anyone can do it, I can do it. 
      2. Find local or international networking groups
         1. Joe Polish 25K networking group
         2. Join when you are the dumbest in the room and quit when you’re the smartest 
         3. Singularity University, Abundance 360 are both focused on improving humanity by empowering entrepreneurs  to harness the latest technologies, create wealth, and solve significant global problems.
      3. Read autobiographies
         1. Tony Robbins Business Mastery, Richard Branson, Made in America about Sam Walton, Made in Japan about starting Sony 
   9. Focus on physical, mindset, and spirituality
4. How Do You Take A Company Global?
   1. Change the frame of hiring
      1. Story of his hiring page that included a trip to Bali for any Americans who would come work in Malaysia
      2. Visa hack called AIE SEC where they can issue work visas to and aren’t the US government. Only agency outside of the government that can issue visas. 
   2. Help you employees learn
      1. Smart people care about how much a job will help them learn
   3. Help employees grow with a training curriculum
   4. International team helps build diversity
5. Criteria for new ideas
   1. New ideas must have 2 unique assets
      1. What are the assets within your business that will bring success?
         1. Trick is not to get distracted, it can’t be a separate business It has to be parked under the same company. Many entrepreneurs get shiny object syndrome, this is different. 
            1. Example of what we’re rolling out now, YourImage.Network, which is a microservice under our existing business. It’s a piece of our larger business that can stand alone as a separate business. 
            2. Another example is MV certifications, they ended up creating a division for coaches and they started it with members of MV. The coaches already had a huge reach, 12 million people, who were all interested in personal growth. 
         2. Have someone else run the new division, give equity 
         3. Vishen is always looking for new campaigns he can own 51% of to plug in to MV
      2. How do you get the first customer?
         1. B2B
         2. Marketing 
            1. Headline should be super clear and straight to the point, speak to benefit
            2. Look up Frank Kern Marketing Techniques
            3. When evaluating copy, go by “ Who The F Cares” WTFC method
               1. Read a line, then ask WTFC, then read another line and ask WTFC, and on, making adjustments to be more clear
            4. Don’t be clear, be specific
               1. Skimmable and easy to understand
               2. A line of incredulity is the the place where someone calls BS and loses interest. 
            5. Testimonials can be huge
               1. Inc. MV sales by 40% when they put them front and center on the landing page
               2. MV page “20,003 stories for you”
               3. Be obsessed with testimonials, collect them and ask for them, because you should be obsessed with changing and improving lives
               4. Alex Hormozi hung all his 5 star testimonials and before/after pics  in the office where he pitched new clients
               5. Plays to the herd effect
            6. Always speak to how it’s good for the reader
6. 5 Points of Market sophistication to educate markets using Gillette Razor example
   1. . New markets are not sophisticated yet. So start with 1 benefit and work on increasing benefits in the market itself. 
      1. Gillete razor started in the 20s with a safety razor, you’re safer now while shaving
7. When market accepts this benefit to be true, add 2nd benefit
   1. Start shaving or you won’t get a job, during Great Depression
8. Now market is more advanced, now they need features
   1. Gillete portable shaver box
   2. Blue blades
9. Increase features and keep adding features until people don’t care anymore about new features
   1. Razors with 4 blades, ones that vibrate, whisper I love you, etc
10. Emotional marketing
    1. Brand attached to an emotion, align with a cause
    2. Need to be about $50m to start this 
11. So new companies start with a couple benefits, then features, then elevate the markets
12. So if you have a coffee brand, don’t talk about coffee like people don’t like coffee or don’t know what it is.