Life Lessons From "My First Year In Network Marketing" - Eric Woore
*keywords: MFYINM simple means My First Year In Network Marketing, NM means Network Marketing and MLM means Multi-Level Marketing
INTRODUCTION:
1. For a first year network marketer especially for a newbie such as myself, the issues, problems and challenges you will face is quite enormous in the short run and to be honest overwhelming. To pursue this as a career or a potential one, you ought to 'survive'. This survival simply deals with the persistence to stay in existence after others have backed out or given up.
2. In NM, two things must occur. It's either you persevere (FEAR; Face Everything And Rise) or you perish (FEAR; Fear Everything And Run). While the latter is the surest way to fail, the former will establish you with a good basis to succeed through personal/self development.
3. Deciding to be an MLM partner, one must take the time to ask himself the most honest and escapable question that at some point especially during his first year will be the passion and drive to pursue it to the end and this brief question is quoted thus; "Start With Why!". This is a philosophical question and giving yourself an honest answer really helps.
4. The why is that reason that will answer other questions such as: "Should I do it?", "Is it right?", "Is this what I am supposed to be doing with my life?", "Since it takes a long time to succeed, is it really worth it?".
5. Proper Preparation Prevents Poor Performance is one of the key things I took away from this portion of the book so far. Hence, it forms the 5Ps of the MLM Industry.
6. NM is a long term investment and it is indeed the greatest opportunity in the history of capitalism and I truly consider myself very privileged to be able to participate in the industry.
7. The human condition wasn't designed to be metaphorically represented as a "rat race" but was designed to be a "joyous flight amongst eagles".
8. NM doesn't just give you the opportunity to earn through the sharing economy but to also leverage the human condition and impact the lives of other people and those closest to you as well.
9. My first year is about survival in the midst of widespread failure and discouragement.
10. One of if not the most vital factor for survival is Attrition and to be honest, all these things really happens in one year and personally I was so fortunate to experience mine in the first three days. Hence, it was My Three Days in Network Marketing and am glad I read this book in my first two days.
Chapter 1: Theme: 'Making Rejection Your Ally Instead Of Your Enemy'
1. Handling rejection is one of the most viable skill required in this business. It demands that emotions should not be mixed with business.
2. Before prospecting to other potential people, learning to understand and not be blindsided by the Rejection Rocket is something we must all do. Handling rejection makes you learn how to better prospect as well as understanding how not to take things personally is really important.
3. Expecting rejection can save you from losing the passion and earlier enthusiasm for the business.
4. Building a potential team demands that you prepare them to handle the rejection early enough so that you filter the determined ones from the excited ones.
5. Language is another vital skill to learn in communicating to others so as to ease the prospecting phase and not lose clients in the process as well as understanding how best to respond.
6. Until I have personally understood the business structure to the fullest and I have been professionally trained, mentored and equipped with the right knowledge, I SHOULD NOT PROSPECT TO ANYONE, ANYTIME, FOR ANY REASON.
7. To avoid future rejections, you can only change that by changing your attitude because attitude is everything.
8. There are 2 causes of failure in this business which are:
"NOT LISTENING TO THE PEOPLE WHO DO KNOW WHAT THEY ARE TALKING ABOUT" and "LISTENING TO THE PEOPLE WHO DO NOT KNOW WHAT THEY ARE TALKING ABOUT".
9. The Rejection Rocket can be deterred quite effectively if it's anticipated and fully understood by new networkers and prospects.
10. Understanding how the Rejection Rocket works and leveraging on the warm market will boost your confidence to face the cold market so as to not waste time on ineffective prospects and focus on viable ones.
11. Napoleon Hill in his book Think and Grow Rich, helped me to understand that my state of mind should be that of absolute belief and conviction. Because success begins in the mind and as a man thinketh in his heart, so is he.
12. While prospecting, it's best to have a mindset of perseverance, because perseverance coupled with absolute belief can never be defeated.
13. While learning, a better way to fully grasp what is being taught is to 'Just Do It". I shouldn't be reluctant to share the information and I shouldn't be offended if am not being taken seriously or personally.
14. The word "no" mean different things to different people so it can mean that the person doesn't consider it to be at the perfect time so in that case I should implement the 6-month rule. The reason is because accepting no is merely part of the process to finding those who say yes.
15. To fully actualize my potentials, I must get out of my comfort zone immediately.
16. First year associated strategy should be to not close prospects alone but with an experienced person so as to learn from the person and as well, it is through increasing the number of prospects approached that we not only boost our self confidence but reduce the impact of rejection.
17. Finally, MLM starts as a numbers game and evolves into a people's business wile a legitimate organization of excited networkers is being built on the fact that we employ a wide focus approach in prospecting to close prospects.
18. Lastly, momentum drives success not the other way round.
Chapter 2: Theme: 'Reinforcing Self-Sufficiency Rather Than Dependency'
1. NM is based on a team-building philosophy rather than a supervisory one.
2. We ought not to be managing but to be supporting our downline organization.
3. The Management Trap enables us to produce weak and lethargic distributors as well as losing ourselves as well as our time in the process and destroys the leadership structure of your organization.
4. The irony of the 'Messiah Complex' turns out to be that those who demand the least attention are the ones who become more successful.
5. Having the time, money, energy and resources to make a difference in people's lives is more important than amassing excessive wealth.
6. Don't be baby-sitting your downline.
7. New blood is the life blood of an organization and continually sponsoring new associates adds vitality to the business.
8. No matter how successful you eventually become, don't stop building.
9. Mitigate against spending more time managing than recruiting and do this to prevent buying in.
10. To be an effective mentor or leader, you simply look for interested and committed persons who share similar or like-minded vision and train them as well to be leaders. The reason for this is because this is a business of leaders building their front-lines and teaching them to do same. So don't do for them what they can do for themselves.
11. MLM is a business of duplication; your people are to be led by example. The key to building a formidable organization is to PROSPECT, RECRUIT, BUILD and TRAIN.
12. NM is a business of distributors building their own front-lines and teaching them to duplicate the process.
13. Success only comes to people with leadership skills, a sound vision, enthusiasm, and the willingness to succeed.
Chapter 3: Theme: 'Maintaining Enthusiasm In Spite Of Inevitable Setbacks'
1. One prerequisite for success in network marketing is the appearance of being emotionally charged. Success depends on having a positive, uplifting personality and demonstrate enthusiasm and exuberance.
2. Work with your leaders and do whatever it takes to protect your mindset and stay focused to work so that the business also will work.
3. Depression Torpedo ensues when we dwell on attrition and rejection and take them personally as well.
4. Always be there to support your downline and help them how best you can so start treating them as family if not friends and not as a means to an end.
5. Never convey a 'down' attitude to your downline instead, if you are down, go up (go to your upline) else when your downline is aware that you their upline is 'down' they will start questioning the business so we as MLM aficionados should keep our emotions in check by being EMOTIONALLY INTELLIGENT.
6. What triggers the Depression Torpedo is the underlying embarrassment we receive and the negative reactions we receive from our warm market.
7. Be willing to use your reputation and credibility towards building your business.
8. Optimistic roles MLM plays in the free enterprise economy is: a) No downside risk and reasonable capital, b) No limit on earnings, c) Time freedom is directly traded for with wealth and prosperity, d) Stress is effected in the short-term for long-term result, e) The Four Year Plan
9. No one can successfully perform the tasks necessary to succeed when he is depressed, especially in a business in which success results from attitude than ability.
10. To be successful in MLM, you need to make transformations, both inside and out and whatever you do, just don't quit.
11. An affirmation is a trigger tool - a powerful positive statement of belief written and repeated as if the goals were already an accomplished fact.
Chapter 4: Theme: 'Winning Through Integrity Rather Than Exaggeration'
1. In succeeding, there is nothing holding you back than the limits imposed by your own mindset.
2. MLM is much more a teaching profession than a sales profession.
3. We are challenged more than anyone in any field of endeavour to raise the standards of human values.
4. MLM helps you to build an extraordinary career in an incredible profession.
5. Popular types of compensation plans include: a) the breakaway, b) the uni-level, c) the matrix, d) the binary.
6. NM is big business played on an international stage offering staggering income potential, enormous amounts of time (free time), power and prestige.
7. Set practical goals by basing them on incomes at varying levels actually earned throughout your existing distributor force. Remember, be realistic about the amount of time it will take but also be expansive in determining the right goals for yourself.
8. Prosperity is a full-time venture and it's by unleashing your limited thinking that you will be able to rise to your full potential.
9. You cannot accomplish full-time goals on part-time effort.
10. Retirement is the total withdrawal or separation of oneself, thereby indicating the end of a career.
11. NM is not a career but a vehicle to help you do the things you love doing and the things that really matters to you.
12. NM is the word-of-mouth distribution of products and services for which distributors who are responsible for those orders are compensated throughout multi-levels in their organization.
Chapter 5: Theme: 'Overcoming Your Reluctance To Offer A Quality Lifestyle To Family & Friends'
1. Fundamental to the establishment of a network marketing business is the creation of the 'warm list'. So the first few months should be focused on 'Relationship Marketing' which is the Networking aspect in NM.
2. The larger your warm list, the more solidly you will build your business and establish it.
3. The Warm List Warhead is triggered by the Call Reluctance in Chapter 1.
4. The Warheads are: a. First Warhead - Lack of Conviction: NM is the process of sharing one's belief in a marketing concept that is not only unique but you are enthusiastic and passionate about. The downside is that if you let your doubts stand in the way of beginning your business, you are guaranteed to fail. But if you can find a way to go forward with honesty, you may succeed because with success comes conviction. b. Second Warhead - Lack of Self-Esteem: This is due to the issue of poor self-image. c. Third Warhead - Fear of Losing Credibility: The solution to this is in balanced risk-taking. d. Fourth Warhead: Embarrassment From Prior Failure in MLM. e. Fifth Warhead - Qualifying The Leads: Judging people before the time can eventually lead to economic suicide. f. Sixth Warhead - Conflict of Interest.
5. NM is all about timing.
6. Success results more from ATTITUDE than ABILITY.
7. Build and spice up your enthusiasm for effective prospecting because the deeper your belief system is, the greater your chances of success.
8. When prospecting at first, try to raise their curiosity rather than satisfying it.
9. MLM is a business of timing and finding people that are ready for change not just excited about it.
10. Remember the SW Rule: 'Some Will, Some Won't, So What, because Someone else is Waiting'.
11. Try to turn your 'NO' into a referral system by replacing every NO with just one new prospect and your warm list will never run out.
12. In scenarios involving COI (Conflict of Interest), try life-styling or sponsor someone who knows your business associates and can afford to lend a helping hand where needed.
