The Economics of Trust

January 27, 2014
posted by Colton Hope

The foundation of economics is trust.  Without trust and other essential moral qualities an economy will self-destruct.  This something that I have been spending time recently reflecting on.  Can you really have a successful, healthy economy without a generally accepted moral standard.  I believe that answer to this question is unequivocally, No.

Here are some of the reasons why economies are based on trust and morality:

  • No contract is worth anything if both parties are not willing to submit to the law and trust one another to fulfill their part of the contract.  Imagine a contractor who doesn’t trust his employer to pay wages, it is very unlikely that worker will show-up on time to work or even put in a full days work.  This would lead to the employer losing trust in the employee and likely, reducing his/her likelihood to pay wages further, this process is cyclical and would eventually lead to the inability for the employers company to function properly and the eventual loss of the employees job (as it is contingent on the companies success).
  • The medical system is also based on trust, as individuals rely on the education and honesty of the medical professionals to advise the best remedy.  Individuals have to trust that the professionals will not advise based on what will provide the professional with the optimal compensation.  Additionally, if individuals can’t trust the medical professionals they will rely on other less reliable sources for diagnosis (ie. Google).  This presents further challenges and potential dangers as people may not get the proper or sufficient treatment.

There are so many examples of how the economy is based on trust (ie. Insurance, Fine Dining Restaurants, Valet Service, etc).  Imagine the loss of the ability to pay following receiving a service, how inconvenient would it be if you had to pay for your phone bill at the beginning of each month, paying your rent before you move in, paying for your home before you move in, or if you couldn’t setup an account with your suppliers (to get terms) as a business.  Today, do you even do business with individuals you don’t trust, I’m guessing now.  Trust matters!

High Empathy Leadership

December 12, 2013
posted by Colton Hope

If you are a leader, you need to read this post.  I want to share with you what I have learned and am continuing to  learn about High Empathy Leadership.

People naturally follow and support high empathy leaders.  High Empathy Leaders are those who exhibit the following attributes:

  • -Concern for the well-being of those around them
  • -Ability to address concerns, before there are even verbally communicated
  • -Ability to lead people from diverse backgrounds
  • -Adapt to change quickly
  • -Stabilize the emotions of the people they lead
  • -Unite a team to perform at the highest possible levels of achievement

Why is empathy so important when it comes to leadership?… High Empathy allows leaders to feel or sense problems or tensions before they become significant detractors.  If you have ever been around a High Empathy Leader, you will notice that when you feel uneasy about something, they are quick to ask you about it and address your or others concerns.  These leaders have the ability to read the emotional temperature of groups and individuals and assist in keeping the emotions at the desired temperature.  It is often these leaders that have followers that are willing to fight for their cause, against in-surmountable odds.

Another reason why High Empathy Leaders are so effective, is that empathy builds trust.  When people understand you and your needs, you naturally trust them more.  I want to encourage you as a leader to focus on the needs of the individuals you lead.   If you are not naturally a High Empathy Leader, take the time to find one and spend as much time as possible with them.  Ask them why they address their followers at specific times and ask them to explain how they knew that they needed to address a situation or issue.  I assure you that any time spent on developing your empathy as a leader will be tremendous dividends.

Entrepreneurial Passion

October 28, 2013
posted by Colton Hope

Life is too short to do something that you hate, period.  Lately, I have been reflecting on purpose and passion in work and entrepreneurship.  Whether you are an entrepreneur or an employee, you need to read this post…. you need to stop multitasking and give me 5 focused minutes of your day.  This morning when you woke up, did you wake-up excited to take on the day, dreading going to work, or entirely indifferent?

The average person spends 8 hours at work at least 5 days a week, that is a third of your day.  If you were to approximate that you would live 80 years, you would spend over 20 years working.  How terrible would it be to spend 20 years doing something you hate or dread, unfortunately many of you may not even have to imagine as it is your current reality.  However, life is too short… too precious to be spent in vein.  Work isn’t always fun or easy, but it should at least have some aspects of enjoyment and fun.

First off, if you are a passionate entrepreneur or employee who wakes up excited to go to work and change the world I want to recognize you.  You are likely doing work that you were created to do and will have an impact towards the advancement of society.  Unfortunately, I think most people don’t fit into this first camp.
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Innovative Business Model: Dane Maxwell

August 23, 2013
posted by Colton Hope

How would you like to build a business with no risk, no capital and little or no experience?  This is what Dane Maxwell teaches in “The Foundation” course.  I have listened to several of his recent interviews (the first of which was by Pat Flynn of Smart Passive Income), the information that he teaches in just these interviews is incredibly valuable.  Dane Maxwell tells the story of how he created a passive income business with no capital and within 2 months that generates over $60,000 in revenues annually.  He now has several businesses that do over six figures a year, built on the same business model of solving painful problems.

Dane Maxwell

Dane Maxwell

Dane Maxwell follows the steps below in order to use software to solve problems and create six figure businesses with no risk and now investment:

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Email Address, Get Your Own

August 19, 2013
posted by Colton Hope

One of the most common mistakes I see first time business owners make is the use of an unprofessional email address.  Just think of the last time you saw a local print company, landscape company, or service professional use an email address such as:

dalawnguy_4@yahoo.com, print4cheap@hotmail.com or retireearly_5@shaw.ca

While these email addresses may have been acceptable when you were in high school, they just will not cut it in the business world.  In business, it is challenging enough to validate your brand and gain the trust of consumers;  by having an email address like the ones above, you are undermining all the other efforts you made to develop a trusted and reputable brand.  When your business does not have a corporate email or even a generic email (without arbitrary numbers and underscores) it tells the consumer that you do not care enough to represent your brand consistently, or are simply ignorant with regards to technology.

Fortunately, this is an easy problem to resolve.  You can get an email address that is appropriate for business use and shows consistency with your branding within 15 minutes, if you already have a company website, then you are halfway there.  If you have a company website, then I recommend getting an email address like the following:

_________@yourcompany.com

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Is It Scalable?…

August 16, 2013
posted by Colton Hope

When evaluating a new business opportunity, this is one of the first questions I ask.  What does it mean for something to be scalable you may be wondering?…

“scalability is the ability of a system, network, or process to handle a growing amount of work in a capable manner or its ability to be enlarged to accommodate that growth”

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The Role of The Entrepreneur

August 15, 2013
posted by Colton Hope

Lately, I have been thinking a lot about the role of the entrepreneur in the economy.  When you take a step back and look at the economy it is clear that entrepreneurs play a large role in either the rise or fall of an economy.  When entrepreneurs fail, the economy loses productivity, jobs and innovation slows down significantly.  However, when entrepreneurs succeed, productivity increases (GDP), jobs are created and innovation is spurred through competitive markets.  Clearly, it is important to our economy that entrepreneurs are successful.

entrepreneur

What what more directly is the role of the entrepreneur in the economy.  The role of the entrepreneur is to empower, leverage and build.  When I say empower, what I am referring to is the ability to create a platform for individuals who have specific talents/skills/abilities and help them to turn their specific gifting into a productive platform, producing either financial, influential, or societal gain.
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Network Marketing Checklist

June 25, 2013
posted by Colton Hope

Network Marketing…. When you hear those two words, I’m sure innumerable emotions fill you, resentment, excitement, joy, frustration, anger or a host of other emotions.  Network Marketing or MLM is a polarizing business model that both unites and divides people regularly.  As a salesperson, I am frequently approached with Network Marketing opportunities and have been involved with a few different organizations in the past.  I want to take some time to review Network Marketing, and provide you with some tools and questions to ask should you be approached with an opportunity:

Does the product work?
This is the most critical question that any salesperson should ask before representing any product or service.  You shouldn’t recommend anything that you wouldn’t use yourself.

Can you make money selling the product (not your friends)?
This is a question you must ask of any network marketing opportunity.  If you can’t make money simply selling the product or service, then you know that there really isn’t a legitimate product or service.  This is a key difference between network marketing and a pyramid scheme (pyramid schemes have no product or service).  If you can only make money signing people up to sign other people up, stay far away!

How do you get paid?
If the compensation and commission structure is too complex or difficult to understand this is a clear red flag.  If you can’t figure out how you get paid, you probably won’t get paid.

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Why You Can’t Book Appointments?… And I Can

May 30, 2013
posted by Colton Hope

This morning after spending some time prospecting I was reflecting on the reasons why some people can’t book appointments.

Why You Can’t Book Appointments:

1. You DON’T believe in what you sell
If you don’t have the conviction that your product/service is the best possible thing for a prospect, you won’t be able to convince anyone else (and you shouldn’t).  You need to be convinced that what you have to offer is the best thing for your prospect and that by them not meeting with you, they are missing out.
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I just finished reading “Game On” by Emmitt Smith, Hall of Fame Running Back, Dancing with The Stars Champion, and Philanthropist.  I picked up this book in the clearance section of a local book retailer for $3 (I always look for biographies and business books in the clearance section).  “Game On” was well worth my meager $3 investment, as a former varsity football athlete, the book had additional interest to me as I could relate to the football aspect of Emmitt’s life.


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