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GOLD! Compilation of Peter2 Advice - Must Read

Discussion in 'Lessons from Success/Failure' started by snowbank, Feb 7, 2009.

  1. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    This is an aggregation of advice from one our forum's most respected members. Unfortunately, Peter is no longer with us and passed away in 2008. Thank you Peter for all your words of wisdom ... may you rest in peace.

    --------

    "I think most people wait too long before hiring their first employee. For some, it may be money related. They simply can't afford to hire someone right now, but for others, it's fear of giving up control.

    In my opinion, most people are also thinking too small, and are afraid of going forward too fast. The moment it makes sense for your business, is the moment you should take on more people. No one is and expert in every field. Surround yourself with employees that are more qualified than you are, and do it as fast as you can."


    ==================================


    "One of the most common mistakes for losing money on options is holding on to them for too long. Never hold on to an option in the hope that it will go back up. Losing 50% is better than losing 100%. When it's time to sell, it's time to sell."


    ==================================


    "The time is NEVER right. If you wait for all the lights to turn green before you are heading to town, you are going to stay home the rest of your life."


    ==================================

    "It is becoming harder and harder to profit from PPC advertising. Thousands of people are bidding on the same key words as you. A lot of them have no experience, and they are driving up the prices. It's going to get even worse in the future."


    ==================================


    "The more money you have, the less you have to work because you can afford to hire people early on in your business. It's better to hire people that are more qualified and can do the job better than you."



    ==================================


    "If having a partner was good, God would have one."


    ==================================

    "most successful people tried and failed in many ventures before they finally found the right one for them. If you keep stepping up to the plate, you will eventually hit a home run."


    ==================================

    "You mentioned that you sometimes have a hard time with your motivation. Have you clearly identified what it is that you want in life? Have you set a date as to when you expect to get it? Have you identified the obstacles you must overcome in order to get there? Have you identified the people you need to work with in order to get there? Have you spelled out what you need to know to reach your objective? Have you developed a plan of action? Have you written it down as to what's in it for you? Why do you want to reach the goal in the first place?

    ==================================


    "If you don't have clearly spelled out goals, you will always have a hard time with your motivation."

    "You have to have goals. How are you going to reach a goal you don't even have?"

    "You'll always miss 100% of the shots you don't take."

    ==================================


    "In my first successful business I had at least four or five times the first year where I had maxed out all my credit cards and was practically out of business, only to one year later be taking $100,000 weekly pay checks. What if I would have given up early?????"

    ==================================


    Suggestions for interviewing accountants:

    "General questions to ask a potential CPA

    How long has your firm been in business?
    Ask yourself, do you prefer a firm that has an established record or a new firm that is developing their best customer list.
    Do you offer an initial consultation and is there a charge?
    Many firms offer a free initial consultation and should be able to given an estimate of the fees for the services you require.
    Can I contact any of your current clients for a referral?
    A reputable firm will be willing to provide you with references.
    What education have you recently completed in your area of expertise?
    CPAs who have an active certificate to practice public accounting are required to complete a specified amount of continuing professional education. CPAs receive education credit by attending courses, writing articles or teaching.
    Are you a member of a professional organization such as the American Institute of Certified Public Accountants?
    CPAs who are members of their local and national associations take pride in their profession. They acknowledge that as a CPA they represent not only themselves but the profession as a whole. Professional associations provide opportunities, tools, training and the resources for CPAs.
    What other certifications are held by CPAs in your office?
    The importance of this question will depend on the type of services you need. Look for the following (this in not intended to be an inclusive list):
    • MBA – Masters in Business Administration
    • CFP – Certified Financial Planner
    • PFS – Personal Financial Specialist
    • ABV – Accredited Business Valuation
    • CFE – Certified Fraud Examiner
    • CBA – Certified Business Appraiser
    • MCBA – Master Certified Business Appraiser
    • MBT – Masters of Business Taxation
    • CFA – Chartered Financial Analyst
    • RIA – Registered Investment Adviser


    ==================================

    Questions for small business owners

    Are you looking for expertise and industry knowledge of your business?
    Ask what experience and what percentage of the CPA practice comes from other clients with a similar business.
    What is your hourly rate and what charges can I expect for questions I have throughout the year?
    A reputable firm will be able to provide you with this information.
    What computer programs do you prefer your clients to use for record keeping?
    Using a program the CPA is familiar with can save time and money on your billings. A CPA firm will also be able to help you in setting up and maintaining computerized bookkeeping.
    When was your last peer review and would you be willing to show me the report?
    Public accounting firms who perform audits, compilations and reviews are required to have a peer review performed every three years. The peer review is designed to ensure that firms have adequate quality control systems."

    ==================================


    "Here are some ideas where you can look for routes to find opportunities for your own business. You don't need to concentrate on only B2B, as B2C can be just as good.
    1. Look in the mirror. What do you do well? That skill could be the basis for a big-money business.
    2. Look within your family. Is there a family business you can take over? Or can you go to work for the family business, learn everything, and start your own?
    3. Look in your present company. Can you start a business doing something that your company isn't? Is there a market your company should be serving, but isn't?
    4. Look at any ideas your company rejects or dismisses, or tries to do and fails. These are often small-business opportunities.
    5. Read magazines on franchises to get some ideas, and start a company in an industry that is growing rapidly.
    6. Provide ethnic products and services. Look at growing ethnic populations and sell what they want the way they want it. For example, what products do folks buy in Mexico that they can't get in the U.S.?
    7. Health-care services of all kinds are needed and growing as people age.
    8. Watch the skills-oriented television channels, such as those that feature home repair, gardening and decorating. These shows represent trends and popular ideas. Is there a business organizing customers' garages? Is there a business providing flower-and-shrub-garden planting maps over the Internet? Is there a business managing the personal administrative affairs of busy people, where both spouses work, or travel extensively, or own multiple homes, or any combination of lifestyles that make organization a must?
    9. Accountants, trust lawyers, corporate-loan officers, business brokers and the classified ads are sources of leads on companies for sale that may inspire you to start something similar.
    10. Look at a business you like. Can you run one like it but better? The business you noticed on a recent trip: Is there a similar one where you live, and is there a need?
    11. Follow through on one of your old ideas, one you've been telling people about for years. Dig up your school project that outlined a new business idea.
    If you think you know a better way to give a company or consumer what they want or need, you're probably correct. Brush off comments or "advice" such as "That's been done before" or "That's already been tried." Those thoughts are idea killers. Ignore them.

    I hope this will trigger your mind in to coming up with a business you can start."

    ==================================

    "I do not have a mortgage, and one of the main reasons for that is to protect my assets. If you live in Florida, Iowa, Kansas, Minnesota, Oklahoma, South Dakota or Texas, your home may be the best way to protect your assets from lawsuites and creditors. These states have bankruptcy exemptions that protect your homestead from the claims of creditors, regardless of the value of your home.

    In states with unlimited homestead exemptions, your best form of asset protection is to use other assets to pay off your home loan. In most states, you need to be a resident for six months to a year before the homestead exemption is available, but after that you can buy a home of any size and thereby convert exposed assets into exempt assets.

    If you are faced with an imminent lawsuit, paying off your mortgage or buying a bigger house may be your only choice if you live in a state with a generous homestead exemption."


    ==================================


    "1: Self-Assessment

    Am I suited for running my own business?
    2: Business Idea

    Do I have a viable business idea?
    3: Market Analysis

    Is there a market for my business idea?
    4: Management Skills

    Do I have the skills needed to make this work?
    5: Business Plan

    Do I have a complete business plan?
    6: Forecasting

    Do I have a realistic forecast of revenues and costs?
    7: Financing

    Am I aware of my business financing needs?
    8: Outside Resources

    Do I understand what forms of venture assistance may be available to me from the public agency arena?
    9: Venture Launch

    Do I have the licenses, approvals and other issues covered that are needed for actually starting the new business?
    10: Monitor Progress

    Am I prepared to monitor and control operations once started?

    If you can answer YES to all 10, you probably have a viable business."


    ==================================


    "In my opinion, a person does not need a wealth manager. All the information they can provide is available free of charge on the Internet and your local library.

    Lets look at the main goals and objections of a wealth manager.

    Is it making you wealthier? NO

    Is it protecting your assets? NO

    Is it giving you investment advice? NO

    The main goal is to recommend whatever is good for his/her commission $$$$$$, and NOT what's good for you.

    The average wealth manager is a guy in his 20's or 30's with less than five years experience, earning less than $100K/year. If he knows so much about wealth, why is he working for peanuts? (No offense to people earning less than $100K/year.)"

    ==================================


    "
    Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for life.

    Teach a man to fish, and you introduce another competitor into the overcrowded fishing industry. Give a man a fish, and you stimulate demand for your product.

    [FONT=Trebuchet MS, Arial, Helvetica][FONT=Trebuchet MS, Arial, Helvetica]Teach him to fish and he'll sit in a boat drinking beer all day.

    [/FONT]Give a man a fish, you feed him for a day. Teach a man to fish, and run the risk of overfishing, contravening EU fishing policy, reducing the biodiversity of the world's oceans and increasing the economic decline of our once-great fishing industry.

    [/FONT][FONT=Trebuchet MS, Arial, Helvetica]Give a man a fish, and he'll wonder what you want from him."

    "
    [/FONT]


    ==================================

    Studies tell us that only 3% of people in the USA set goals, and they are among the wealthiest people in the nation! Worldwide the percentage is probably lower. Why so low? There are several reasons, but one of the main reasons is lack of know-how. When I ask people why they don't set goals they often say, "I don't know how."

    Isn't that remarkable? We send children to school for 12 years in America before they graduate from high school. Many of them go on to trade schools, colleges and universities. We teach them many important disciplines including history, economics, literature, science, and so forth, but we miss one critically important skill: goal setting. We award them their degrees, pat them on their backs, and send them into the world full of wisdom, but ill-prepared, almost always, to design and pursue the lives they really want.

    Whether you're already a goal setter, you used to set goals and quit, or you've never set goals, these lessons will help you build a better life.

    Lesson 1. Dream! Let your imagination run wild while you fill up a blank sheet of paper with everything you want to be, do or have. Many adults have lost their ability to dream and that's unfortunate. By dreaming you instill hope for your future, and with hope there's possibility. So your assignment is to dream. During this week devote at least two sessions to dreaming. I want you to create a Dream List filled with ideas. Your list should include at least 25 dreams about what you want to be, do or have.

    Lesson 2. After you complete your list, wait 24 to 48 hours and read each item on your list and answer the question: Why? If you can't verbalize in one sentence why you want to be, do or have this dream, then it's not a dream and it won't become a goal. Cross it off your list.

    Lesson 3: Ask the following five questions of every dream on the Dream List you created.

    1. Is it really MY goal?

    2. Is it morally right and fair to everyone concerned?

    3. Is it consistent with my other goals?

    4. Can I emotionally commit myself to finish this goal?

    5. Can I "see" myself reaching this goal?


    You must answer "yes" to all five questions for each goal, or cross that goal off your list.

    Here are some points to ponder: Is it really MY goal or is it a goal someone else wants me to pursue? Is it the right thing to do? Will achieving this goal distract from achieving other goals? Goals are often difficult to achieve. Are you sure you can make the commitment to pursue this goal and see it through? If you can't "see" yourself reaching this goal, you probably won't.

    Take time during this week to think about the questions above and answer them. Once you're finished, your Dream List will probably be a bit shorter than when you started out. That's okay because you're now closer to identifying the goals that you really will pursue and can achieve.

    Lesson 4:

    Ask the following seven questions of every dream that remains on your Dream List (or goals list).

    Will reaching this goal . . .

    1. make me happier?

    2. make me healthier?

    3. make me more prosperous?

    4. win me more friends?

    5. give me peace of mind?

    6. make me more secure?

    7. improve my relationships with others?

    If you can't answer Yes to at least one of these questions for each goal, eliminate that goal from your list. Be sure to consider your family when you answer these questions. And do not confuse pleasure with happiness!

    Here we go with Lesson 5:

    After asking the questions posted in Lesson 4 you will have eliminated some of your goals. Actually, they were not goals, just thoughts or desires at this point, so you're better off without them.

    Separate your remaining list of goals into one of three categories: Short-range (one month or less to achieve this goal), Intermediate (one month to one year to achieve this goal), or Long-range (one year or more to achieve this goal).

    This lesson will help you quickly determine whether or not you have a balanced perspective between what needs to be done now, versus your dreams for the future.

    Remember: Some goals must be BIG to make you stretch and grow to your full potential. Some goals must be long-range to keep you on track and greatly reduce the possibility of short-range frustrations. Some goals must be small and daily to keep you disciplined. Some goals must be ongoing. Some goals (i.e., weight loss, business success, education, etc.) may require analysis and consultation to determine where you are before you can set the goals. Most goals should be specific. A "nice home" is not as good as a "3,000 square-foot, Tudor- style home with four bedrooms, three full baths, and two living spaces."

    I hope this was helpful. Good luck with your goal setting."

    "Only in america... can a pizza get to your house faster than an ambulance.

    Only in America... are there handicap parking places in front of a skating rink.

    Only in America... do we use answering machines to screen calls and then have call waiting so we won't miss a call from someone we didn't want to talk to in the first place.

    Only in America... do drugstores make the sick walk all the way to the back of the store to get their prescriptions while healthy people can buy cigarettes at the front.

    Only in America... do people order double cheeseburgers, large fries, and a diet coke.

    Only in America... do banks leave both doors open and then chain the pens to the counters.

    Only in America... do we leave cars worth thousands of dollars in the driveway and put our useless junk in the garage.

    Only in America... do we buy hot dogs in packages of ten and buns in packages of eight.

    Only in America... do we use the word 'politics' to describe the process so well: 'Poli' in Latin meaning 'many' and 'tics' meaning 'bloodsucking creatures.'

    Only in America... do they have drive-up ATM machines with Braille lettering.

    Only in America... can a homeless combat veteran live in a cardboard box and a draft dodger live in the White House"


    ==================================


    "Do you ever wonder..

    Why the sun lightens our hair, but darkens our skin?

    Why women can’t put on mascara with their mouth closed?

    Why don’t you ever see the headline “Psychic Wins Lottery�

    Why is “abbreviated†such a long word?

    Why is it that doctors call what they do “practice�

    Why is lemon juice made with artificial flavor, and dishwashing liquid made with real lemons?

    Why is the man who invests all your money, called a broker?

    Why is the time of day with the slowest traffic called rush hour?

    Why isn’t there mouse flavored cat food?

    Why didn’t Noah swat those two mosquitoes?

    Why do they sterilize the needle for lethal injections?

    You know that indestructible black box that is used on airplanes? Why don’t they make the whole plane out of that stuff?

    Why don’t sheep shrink when it rains?

    Why are they called apartments when they are all stuck together?

    If con is the opposite of pro, is Congress the opposite of progress?

    If flying is so safe, why do they call the airport the terminal?"

    ==================================


    "Would-be entrepreneurs often ask: Where can I get find grants to start a business? And, sadly, some of these individuals pay big money to attend business financing seminars that travel from city to city talking enticingly about “free†government money for your business. All you have to do is pay these folks up front and they will fill out some paperwork for you to apply for these “grants.â€

    Trouble is, the rare few that are available are so highly specialized in research fields that the odds of getting them are astronomical. In practical terms, it is a dead end. Forget about government grants to start a new business. It won’t happen."


    ==================================

    "Do NOT search for a domain name until you are ready to buy it, especially on GoDaddy. There are many ways for people to intercept your search and register the name before you can do it. It happened to MJ, and it happens every day to many people."


    cont....
     
    Legend, Benacles, Xeon and 120 others like this.
  2. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    cont....

    Ideas on how to turn high traffic website into money maker:

    "1. Include Google Adsense on your web pages. Google delivers text and image ads that are targeted to your site and its content. When people click on an ad, you will receive a portion of the amount paid to Google by the advertiser. On average, you can expect to receive anywhere between 2 cents to a dollar per click, depending on the keyword.

    2. Make money selling other people's products and services through affiliate programs. Each program you register for should provide you with an affiliate link to track your referrals. Depending on the program, you will normally be paid on a per sale basis or for each sign-up you generate.

    3. Sell advertising space on your web site. You could sell banner and/or classified ads. If you want to make additional money, sell sponsor ads and place them is a special section or towards the top of your website for the most exposure.

    4. If you have enough web space available on your server, you could rent web pages to other people. You could also give the web pages away for free, but include your banner or advertisement on them to generate income for yourself.

    5. Charge people a fee to access a dedicated part of your website. People will pay you money for your website content if it's valuable to them. The content can be ebooks, reports, software, etc.

    6. Sell your own products or services. Of course, they should be related to your target audience. You will also want the ability to securely accept credit card payments directly from your website. Other forms of payment such as PayPal, ClickBank, etc. is also preferred. Delivery of your product should be as fast as possible.

    7. Publish an e-zine from your website. Have people subscribe to the e-zine right from your web site. In addition to direct sales of products or services you are promoting, you could sell classified or sponsor advertising inside your e-zine."

    ==================================


    "Your current cashflow is keeping you from expanding your business and increasing your real estate holdings. Guess what? Ten years from now you will be saying the same thing.

    ==================================


    In order for you to be successful, you have to change your thinking. The time will never be right for anything in life, but if you wait for all the lights to turn green before you are heading to town, you will be staying home the rest of your life.

    ==================================


    I'm pretty sure I know why you are setting your goals so far out in the future. You are terrified of failing. You are 28 years old with no dependents and pretty much no assets. You have NOTHING to lose. Change your thinking, and start taking action TODAY. There is no such thing as failure, just results that you did not intend to get. If you fall, you can get up again. There is no such thing as three strikes and you are out in life. You can try, try and try UNTIL you succeed.

    Get in the FASTLANE. !!!!"

    "There are several stages in the new product development process...not always followed in order:

    1. Idea Screening
    The object is to eliminate unsound concepts prior to devoting resources to them. You must must ask yourself at least three questions:
    • Will the customer in the target market benefit from the product?
    • Is it technically feasible to manufacture the product?
    • Will the product be profitable when manufactured and delivered to the customer at the target price?
    2. Concept Development and Testing
    • Develop the marketing and engineering details. Who is the target market and who is the decision maker in the purchasing process?
      What product features must the product incorporate?
      What benefits will the product provide?
      How will consumers react to the product?
      How will the product be produced most cost effectively?
      What will it cost to produce it? Test the product by asking a sample of prospective customers what they think of the idea.
    3. Business Analysis
    • Estimate likely selling price based upon competition and customer feedback.
    • Estimate sales volume based upon size of market.
    • Estimate profitability and breakeven point.
    4. Beta Testing and Market Testing
    • Produce a physical prototype or mock-up.
    • Test the product (and its packaging) in typical usage situations.
    • Conduct focus group customer interviews or introduce at trade show.
    • Make adjustments where necessary.
    • Produce an initial run of the product and sell it in a test market area to determine customer acceptance.
    5. Commercialization
    • Launch the product.
    • Produce and place advertisements and other promotions.
    • Fill the distribution pipeline with product.

    ==================================


    Regarding your question on how to protect your product, it would depend on what kind of product you are planning to market.

    The answers are complicated by the fact that several legal concepts may apply to any given innovation, product, process, or creative work. These include patents, trademarks, service marks, trade names, copy rights, and trade secrets. It is necessary to know which are applicable and when each is appropriate. This varies somewhat from jurisdiction to jurisdiction. The advice of a lawyer that specializes in these matters and is knowledgeable with your philosophy regarding protection is essential.
    Generally, copyrights are fairly easy to obtain but are applicable only in certain instances. Patents on the other hand, tend to involve complex claims and approval processes, tend to be expensive to obtain, and even more expensive to defend and preserve.

    Personally, I believe that marketing the products fast to become the market leader is much more important than a patent."


    ==================================


    "It's actually pretty easy to go from $3000 to $1,000,000 in 15 months. You don't actually have to earn a million. All you have to do is start a business that make a $25,000/month profit and then sell it after 15 months, and you should have a million.

    "Of course you need to start making $25K/month very quickly, but it shoudn't take more than a couple of months to get to that point."


    ==================================



    1. Write a Presentation and a Business Plan
      I suggest starting with a presentation that contains 10 to 15 slides and runs for no more than 20 minutes. In the course of your presentation, you should outline your product, your market, your management team, and the reason you think your product will sell. You should make the presentation before a few people you trust, get feedback, revise it, and give it again, this time taping it. When you view your taped version, make sure you are making a compelling case for your company.
      Only after you are satisfied that your presentation does make your case are you ready to write your business plan. Crafting such a plan is a fairly standard exercise. You can find tips in books, Web sites, and software programs. I recommend making an outline, using simple prose, and keeping your document to a maximum of 20 pages. Don't submit an 80-page plan!
    2. Identify Potential Investors
      Having developed a presentation and a plan, it's time to identify potential investors. One rule of thumb: Approach only those individuals who are less than two degrees of separation from you. Get references from people you know, but should those new acquaintances refer you to their contacts, you're on thin ice. Referrals from referrals rarely invest.
      Another tip: Stay local. You won't need to go beyond your geographic area to find pockets of people eager to invest. It is, however, a good idea to approach people you don't know (and who may not be in your locale) if you believe they have a unique understanding of your product. Since you are only looking for $100K, you should also stay away from Angel investors with a lot of capital, as they would not be interested in a small deal like this.
    3. Create a Term Sheet and Specify a Valuation
      You're now ready to create a term sheet, a one-page outline of the investment opportunity your company affords. It should include a "valuation," your best estimate of what the company is worth. Determining valuation is tricky. I suggest that you not try to gouge your investors. Aim for a fair deal. If you think your company is worth, say, $300K, and your investors offer $100K to $200K, go with the $200K. From the beginning, you want investors always to feel as if they're making money. Even though they'll own more of your company with the lower valuation, during later financing rounds, your company's stock will be more likely to increase."

    ==================================


    "It's hard to change a persons thinking. Overall, I think the majority of all people, including most people on this forum have a hard time grasping the fast lane concept. Even a lot of the people that think they are in the fastlane, are really just working a J.O.B in their own business.

    ==================================


    Compound interest is, and will always be slow lane. I'm not suggesting that you should never invest your money in anything that will bring you a slow lane compounded interest, but in my opinion, you should wait until you are absolutely financially set for life first."

    ==================================


    "It's pretty easy to make an infomercial. There are a lot of companies that can make one for you, however, most of them will charge you twice the money they would charge me. The majority of all companies involved in the infomercial industy are making all their money from overcharging people that have no clue what they are doing.

    You also have to remember that 95+ % of all infomercials will lose money. Airtime is very, very expensive. For example, a 30 minute spot on the Discovery channel early in the morning will cost you more than $30,000. You have to sell a lot of products to recoup that money. If you don't have a very strong back end program, you will never make it.

    If you are one of the few people that do make a profitable infomercial, there are companies that do nothing but bank roll it for you."

    ==================================



    "You guys are a little too concerned about your "idea". An idea means very little. It doesn't matter what you come up with. Chances are that someone else has already come up with the same idea.

    What DOES matter, is how you execute and market your idea.

    Friendster came up with an idea, but they are not nearly as successful as Myspace and Facebook that pretty much copied the idea.

    One of my companies sold a product that thousands of companies all over the world had sold for decades when I started. I just decided to market it a different way, and within two years had the largest company in the world. The second largest company had been around for more than 25 years at the time.

    Bottomline, it's very little about the idea and very much how you market that idea."

    ==================================


    Advice on hiring sales people:

    "My conclusion is that most sales people are not sales people. They are order takers.

    You need to start sorting them at the resume level. If they are jumping from job to job frequently, they are not worth your time. This is 80% of all resumes.

    If they are not on time for the interview, you should just send them home again.
    I dont care if there was an accident on the road and traffic was backed up, or it was hard to find my office. No excuse is acceptable.

    Ask them why they are better than the guy sitting in the lobby waiting to interview.

    Ask them why they want to work for your company.

    Ask them what expectations they have.

    This one is a big one. Ask them what they have liked the least at their previous jobs. It will say alot about them as a person depending on how they answer that question.

    Hire them in a two stage interview. If you like them after the first interview, give them an assignement for the second interview, like reading a 300 page sales book or memorizing a 1 hour long sales presentation.

    People will weed themselves out. During the second interview, you quiz them on a few chapters in the book, or tell them to give the presentation that they should have memorized. If they do good, you hire them and if they do bad, you know they are not what you are looking for, since they couldn't be bothered with wasting time reading and learning in order to get a job with you."

    "A salesperson will ask for the order at least 10 times before they leave their appointment. They have an answer for every single objection, and they refuse to give up until they get the order.

    "Order takers will blame the company, the leads, the products and everything they can think of.

    Sales people will look in the mirror and only blame themselves when they don't get the order."

    ==================================


    "One or more personal assistants is a must when running a business."

    ==================================


    "I found that the harder I work, the luckier I get."

    ==================================


    "If you want to make big money, you have to own the information and the company. You will never make a lot of money selling someone elses information or products on the internet.

    ==================================


    Successful affiliate marketers can make an OK income, but they will not come close to the income of the company they are selling information or products for."

    ==================================


    "It's next to impossible to find an investor that will invest in your company without getting a controlling interest.

    That's OK, because 30% of a $500 million company is better than 100% of a $5 million company."

    ==================================


    "If you want to make money in life, you have to be a leader and not a follower."

    ==================================


    "Don't focus your effort on a business based on other peoples success. Just because other people make money in real estate and on the internet, it doesn't mean it's the right business for you.

    ==================================


    Get involved in something that you are passionate about and the money will follow."

    ==================================


    "Learning from DOING is the best way. Unfortunately, most people never DO. They just dream about doing. They plan and plan and plan, until they get too scared of failing, so they never start in the first place.

    So what if this business doesn't work out for you. You just keep trying UNTIL you find something that works.

    ==================================


    It's very easy to make money in business. The ONLY way you will fail, is when you stop trying. This is not like baseball, three strikes and you are out. You can keep trying until you become successful.

    Go ahead and start right now!!!!!"

    ==================================


    "You can say that for me, hiring consultants was one of the best things I have ever done in business.

    "The most important thing I learned from this was, that in order to build a large company, you have to quickly build a team of experienced people around you.
    If you try to figure everything out for yourself, you will make too many mistakes, and it will cost you more than it would cost to bring in people that know what they are doing."
     
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  3. LaughedAt
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    LaughedAt Contributor

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    Wow! Rep+++
    Some of his advice is simply priceless! Peter2 is a business genius! Too bad he left us early!
    Thank you so much for compiling these snowbank!
     
  4. marktech101
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    marktech101 Contributor

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    Great stuff. This has my vote for a legendary thread.
     
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  5. djs13
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    djs13 Contributor Read Millionaire Fastlane

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    Awesome quote and an awesome thread. Peter was a very inspirational and knowledgeable man.
     
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  6. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Yes, this has all the makings of a legendary thread. Bill, thank you so much for compiling all the nuggets of wisdom left by Peter2 into one thread. ++rep.
     
  7. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Incredible, I edited it a little bit for readability. I will also make legendary on the next update. Thread stuck too. Speed + Thanks
     
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  8. LaughedAt
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    LaughedAt Contributor

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    May I add another quote from Peter2?
    There was a thread on LP called "Who else is having a bad Saturday?", people started replying with horrible stories about having a bad day, Peter's reply was:

     
  9. AlwaysCurious
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    Legendary indeed!
     
  10. phlgirl
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    phlgirl Bronze Contributor Read Millionaire Fastlane

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    Thanks so much for taking the time to put this together, Snowbank. ++++

    Amazing stuff - extremely motivational!!
     
  11. ramy98
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    ramy98 New Contributor Read Millionaire Fastlane

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    Thanks for the post snow bank ! +REP
     
  12. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I just realized that I never knew what were Peter businesses... I assume he owned some web sites that sold physical products. Just trying to get many of his quotes in context (for example, the advice about infomercials).

    Great thread, thanks for putting this together.
     
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  13. MJ DeMarco
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    I believe Peter took an existing product, remarketed it, and sold it national via informerical ... Very Snuggie like.
     
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  14. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Bump for newbs.
     
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  15. Kung Fu Steve
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    Kung Fu Steve Platinum Contributor Speedway Pass Summit Attendee

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    Actually from my conversations from him at one point he had created and sold an advertising firm. Not sure if that was what the infomercial stuff was about but he gave me some dynamite personal advice advertising for my business and I am running completely off of his advice now.
     
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  16. MJ DeMarco
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    Today is the one year anniversary that Peter passed away. RIP brother, you are missed and not forgotten.
     
  17. JayKim
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    JayKim Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I've seen a lot of his old posts while browsing, my condolences to everyone who knew him well. rip
     
  18. rcardin
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    Some very good advice. Will be using this with my 13 year old kids at school. None of them have any goals beyond playing in the NBA or NFL.
     
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  19. PaulRobert
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    PaulRobert Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    +1 From what I have seen, Peter was a great contributor but most importantly a great friend to everyone on this forum. RIP Peter, May God bless you and your family. :Angel_anim:
     
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  20. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I was looking for some quality advice here and suddenly it hit me.... I miss Peter2's advice.
     
  21. PaulRobert
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    PaulRobert Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Bump for new members and a good refresher!
     
  22. Rickson9
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    Rickson9 Gold Contributor Speedway Pass

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    "If having a partner was good, God would have one."

    That's gold!

    /strongly agree
     
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  23. PaulRobert
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    PaulRobert Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Bump for 2011.
     
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  24. Metrix1234
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    Nice thread with valuable information. Wish I had met Peter2.
     
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  25. AdamMaxum
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    great advice. clearly evident guy knew what he was talking about
     

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