Lessons shared to me by the ultra-wealthy

[amp0193]

This thread will be a compilation of advice / stories shared to me by some incredibly smart and successful people.


First story, from a billionaire:


"My father taught me everything I know about business.

He started out selling watches. Cold calling stores door to door.

He had built a nice little business for himself, and was ready to bring on help, so he brought along someone new to train.

They arrive in a new town, and visit the general store.

My father asked the manager "Is there anyone in town that you think would want to buy my watches?"

The manager, who's skepticism had vanished after realizing he wasn't being pitched to replied: "Oh, well, how about me?"

"So my father goes into his normal pitch. Different premium features for this or that. Best in quality, yada, yada.

And the manager is loving it and asks "How do they come?"

Now, my father was used to selling watches 1 or 2 at a time, and was happy to sell just a couple in a day.

However, before he was able to answer, the trainee butts in to say "They come by the tray". (a tray, being 12 watches).

So the manager says "Ok, I'll take 1 tray".


Lesson 1: Make bigger deals.



What is "the tray" for your business?


If you sell to hotels... are you cold-calling individual hotels... who may or may not be even allowed to make a decision? Or are you getting a deal made at the corporate level, to get set up in all the hotels?


More lessons to come.

 

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[kleine2]

"My father taught me everything I know about business.

He started out selling watches. Cold calling stores door to door.

He had built a nice little business for himself, and was ready to bring on help, so he brought along someone new to train.

They arrive in a new town, and visit the general store.

My father asked the manager "Is there anyone in town that you think would want to buy my watches?"

The manager, who's skepticism had vanished after realizing he wasn't being pitched to replied: "Oh, well, how about me?"

"So my father goes into his normal pitch. Different premium features for this or that. Best in quality, yada, yada.

And the manager is loving it and asks "How do they come?"

Now, my father was used to selling watches 1 or 2 at a time, and was happy to sell just a couple in a day.

However, before he was able to answer, the trainee butts in to say "They come by the tray". (a tray, being 12 watches).

So the manager says "Ok, I'll take 1 tray".


Lesson 1: Make bigger deals.



What is "the tray" for your business?


If you sell to hotels... are you cold-calling individual hotels... who may or may not be even allowed to make a decision? Or are you getting a deal made at the corporate level, to get set up in all the hotels?


More lessons to come.

Can I guess some lessons?

High touch sales are a great way to start, even if later on it doesn't scale.

Ask who they know that wants watches, not whether they want watches.

Have a younger trainee to keep things fresh.

When someone wants to buy something, be flexible, even if it's not exactly what you sell right now, find a way to accommodate them and to make it seem like something that you already sell.

 

[amp0193]

Can I guess some lessons?
High touch sales are a great way to start, even if later on it doesn't scale.
Ask who they know that wants watches, not whether they want watches.
Have a younger trainee to keep things fresh.
When someone wants to buys something, be flexible, even if it's not exactly what you sell right now, find a way to accommodate them and to make it seem like something that you already sell.

Great takeaways!

Yes, there's a lot packed into that #truestory

When you ask people for help or advice, it disarms them.

Even if your end goal is to sell to them... play the long game.

Don't be pushy.