There’s a thin line between genius and crazy. It seems as if Kanye West makes a living riding that line.
He recently tweeted asking Mark Zuckerberg and Larry Page for 1 Billion Dollars to be invested in “Kanye West ideas”.
Though he may be detached from reality, there is one thing that West understands very well. You can only accomplish so much on your own.
I’ll admit the Kanye intro was bait to get you to start reading. From here on we’ll change lanes and dissect the truth that gave him the balls to ask for a Billion.
Other People’s Money
It’s important to seek help from other people. I often abbreviate other people as ‘OP’.
Learn to make the most of these two letters, and your life will never be the same.
The first OP I learned was other people’s money (OPM). It’s the basis behind sponsorship and investing.
If you don’t have the financial resources to accomplish your goals, consider who has money that might be interested in the community, the outcome or exposure your work will generate.
The win-win happens when you find someone who values what you will deliver at a higher level than the value you place on it.
OP will happily exchange substantial amounts of money for results as long as what you accomplish would cost them more, or be impossible to generate using a different channel.
When a popular band performs a concert, they are hired by a promoter and all of their expenses are paid. Both the band and promoter make money.
When a brand sponsors that concert, it gains exposure to the band’s fans.
If that same brand booked the venue, hired the band, promoted and coordinated the event itself, it might invest 5 times the sponsorship cost for the same amount of exposure.
But… I Don’t Need Their Money?
Respectfully, I suggest you shut up and embrace OPM.
Even if you have the resources, it’s often smart to leverage other people’s assets.
Banks loan money to people who want, but don’t need their money. If there is no other way you can get the money, a bank probably won’t give it to you either.
Build your assets. Then use OP money to accomplish your goals.
By using OPM, your funds will always be free to take advantage of time sensitive opportunities.
Other people’s money is at its best when you make things happen that you could never achieve without their money, and they love you for doing it.
Other People’s Time
Your growth is capped if everything is based on your own accomplishments.
Learn to outsource anything that isn’t the best possible use of your time.
If you want Tim Ferris’ 4-Hour Work Week, or simply want to take a real vacation, give up some control and learn to empower your team.
You’ll not only free up your own time, you’ll give other people an opportunity to excel by doing what they’re great at.
Sell Time No More
A poor man sells time. A rich woman buys time.
One of the biggest adjustments you can make in a service business is to stop trading your time for money.
Let someone else sell hours. Price your service based on the value you provide.
Not the value you believe you provide, but the value your clients perceive.
Even if providing a successful result takes you 10 minutes, if the next best alternative would cost $1000, 10 minutes of your time is worth at least a grand.
Once you’ve found the place where your time is most effective, do as much of that work as you can, and outsource anything that puts a lower value on your time.
Your best clients are the people who intrinsically value your product or service more than anyone else.
When you’re working with your best clients, the price doesn’t matter, as long as you provide more value than what you charge. This only works if you’ve used aUSP to uniquely position your offering so that there’s no easy (or cheap) substitute.
Other People’s Customers
When prospecting for clients, think, “Who is already serving the client base I want to reach?”
It’s often more efficient to build relationships with 10 influencers that each have 100 clients, than to start from nothing and create 1000 clients yourself.
Delivering value to a small group of influencers is often easier, cheaper and faster than convincing dozens of clients to know, like and trust you.
Plus, you’ll receive trust instantly when influencers introduce you to their audiences. A warm introduction comes with an implied testimonial. “I trust that this works, and you should too.”
Most people think referrals are someone doing you a favor, but in reality the opposite is true.
Aren’t you proud to say, “I know a guy”, when offering a solution to a friend’s problem?
This leads us into the final OP. The only way to get to other people’s customers ethically is to build meaningful relationships with other people.
The most important implementation of OP is thinking about life from the perspective of other people.
It’s the main principle of Dale Carnegie’s legendary self-help book, How to Win Friends and Influence People.
The best way to persuade people is to make sure your ideas are in their best interest.
I’ve regularly heard Tony Robbins say the fastest way to get rich is to provide more value to others than anyone else.
When you’re planning your marketing campaign, ask, “How can I showcase how valuable this is to my audience?”
I guarantee it will set your strategy miles ahead of your competition.
The Bottom Line
Find OP’s wherever you can. Absorb other people’s wisdom. Learn from other people’s mistakes.
Use, but don’t abuse the OP’s. Other people will be overwhelmingly generous to you as long as you make them your first priority.
When you figure out how to make other people wealthy, save them time and make them happy, your growth will surely follow.
What are some ways you’ve leveraged the OP’s?