Archive for March, 2016

P. T. Barnum’s Golden Rules For Making Money

Written by Sean Murphy. Posted in Books, skmurphy

P.T. Barnum wrote “The Art of Money Getting: The Golden Rules for Making Money” in 1880 at the age of 70 when he was already an accomplished businessman, politician, philanthropist, and author–after his hugely successful 1855 autobiography “The Life of P.T. Barnum: Written By Himself.”  Barnum’s 21 golden rules for making money was a codification of his rules for business. Here are key excepts from the introduction and 20 chapters.

Q: How Can I Maximize ROI and Minimize Risk?

Written by Sean Murphy. Posted in 3 Early Customer Stage, Consulting Business, Sales, skmurphy

You can only capture a share of the value that you create if you want to create a sustainable business. While you need to assess the likely return on investment from your efforts and your probability of success, you also need to look at any deal from the other side of the table. It’s as important to minimize risk for you and your customer as it is to maximize value.

Q: How Do We Get A Business Prospect To Talk To Us?

Written by Sean Murphy. Posted in 2 Open for Business Stage, Acquisition, Lead Generation, skmurphy

Each interaction with a  business prospect or a customer has to promise an exchange of value: their time or money for at least the strong possibility of benefit. Many of the startup fantasy camp customer development training models neglect this and teach beginning entrepreneurs to rely on the kindness of strangers. This may work in certain consumer verticals but it rarely works in B2B markets.

When You Are No Longer The Smartest Person In The Room

Written by Sean Murphy. Posted in 3 Early Customer Stage, Design of Experiments, Sales, skmurphy

You may have been the smartest person in the room for a long time, but getting into a room with a customer changes that because a key knowledge domain of interest is the customer’s situation and needs. Here are some suggestions for how to keep learning instead of acting like the smartest person in the room.

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