Company (enterprise B2B sales) laid off entire team of SDRs because they were not profitable. I had deals in my pipeline which I obviously will not be paid on. If they can get rid of me so easily with no prior warning, what’s the point of getting another B2B sales job?
I’d rather take their sales model (book webinar –> do the 1 on 1, 30 minute webinar with prospect –> close) and apply it to a transactional sale.
In this case, I’m talking about a home automation solution (control your entire home with your smartphone) where I would make ~ $500 deal and cost to customer is ~ $50/month.
Sales model: FB/IG/Twitter ads for leads –> call prospect to set date for webinar (can be outsourced eventually) –> do webinar –> close
What are your thoughts on this vs another B2B sales job? The main skill is the sales presentation (webinar) which I can get better and better at.
Thanks!
Despite the long comment this would work.
The point of being good at B2B is higher payouts assume you are liked and don’t get fired. Don’t work for a chop shop firm.
That said your idea could work (execution is always the issue)
I know that you recommend Sales and Tech.
But what’s your take on management consulting firms? In particular MBB or Tech?
Thanks!
No change in 6 years, not enough money, won’t get rich in time. Run the numbers!
Is it worthwile to pursue corporate law (m&a) as a career/stepping stone given that one has opportuties to climb with a top firm? Or should one try to go directly to IB/entreprise sales?
Covered 100 times as well.
No, go direct. Never worth it.
WSP’s,
After reading Efficiency I landed an SDR role, but was fired after 6 months as I failed to hit my targets. Fortunately I found a similar role, but after just 3 months I’ve been fired due to the same reason as before. At both companies my managers said that my personality type isn’t well suited to the job, because I’m too low-energy/reserved, and don’t come across as enthusiastic.
Question is, should I continue to grind it out at sales and hope that I improve (if so, any tips for becoming more energetic/enthusiastic would be appreciated), or settle for a job(s)? I’m numerically challenged so IB and software engineering aren’t really options for me. Whilst I have a few business ideas, I lack the capital to start.
I’m based in the UK if that affects your answer at all.
We have no idea here, take a class on sales and try one more time. Otherwise… you’re basically forced into starting online sales/going into real estate (flipping not selling)
Ok, thanks. Hopefully i’ll be third time lucky!
Check out the subreddit r/sales and read around for tips. You don’t have to be a dancing monkey on the phone to be good at sales.
take some grant cardone courses
What criteria should be used to decide if it’s better buying or renting a good?
You have to live there for over 10 years. That’s really it. Also shouldn’t be more than 30% of net worth (total apartment/home value)
Hi WSPs.Thank you for this Q & A extra session.
I’m looking for my first purchase, to buy a small complementary website to mine (without an intermediary third-share).
The approximate figures of the seller are: (official documents not checked yet)
Revenue 65K €.
Marketing Budget 28 K €
Net Margin ( for US EBITDA) 12K €.
Sale price before discussion 22K €.
Does the ratio budget marketing / Revenue seem to you a Redflag before considering going further?
Looks legitimate until the salesman price. Selling at under 2x and high marketing costs is extremely strange.
Looks like a dropshipping site if had to guess. Probably less than 4 months of data. Guessing product has “died”.
How to decrease the chance of a crisis in supply chain from happening, generally and more specifically in the supplement niche?
Ha easy, build a small inventory.
Diet pills practically never have this issue so don’t worry about it. It’s all the same caffeine pills.
I am pretty sure my talent is in synthesis and being able to focus/prioritize.
In the past you had said synthesis is good for HR / Head Hunting.
When building a business without outside funding how can one best use the above to their advantage, besides hiring the right employees or agencies?
Thanks!
That is really all there is. If you can hire the right people all the time you’d be a billionaire. That is the toughest skill.
Felix Dennis echos the same
Hi,
Thanks for spending time on this, I appreciate your writing a lot. I know it’s one question per transaction, but I’ll post a few and you answer however many you want.
1. How do you go about evaluating professionals to start and continue collaborating with and why? E.g. accountants/SEO specialists
2. How do you structure your wealth / revenue generating activities / businesses among entities / personal and why?
3. Sample list of everyday activities/chores you’ve outsourced/automated, like groceries delivering for example(if you cook at all that is).
4. Updated thoughts on family? I know you offer no opinion in efficiency, just wondering if your thinking has changed on this.
5. Strong beliefs you changed your mind on in the past 2 years.
No we won’t choose one. No one is special.
Good day WSP!
Quick background:
– Really hate copywriting and don’t have talent for it
– Average in sales, although I’m constantly improving but definitely won’t make it to the top 5%.
– Two months ago launched an online shop with minimal 500$ investment that has already generated 1000$ net profit for June and has a huge future potential.
What I realized recently is that I’m better than others in business strategy and have a good eye for details, thus I’m thinking about getting a job in junior data analyst position (I’m recent graduate) since it will allow me to build better analytical and data management skills that I would later apply in my own ventures. Is that a right choice in my case?
Corporate development or M&A banking are your two best fits. The other one you mentioned is too vague, data science can also mean stuff that will be automated soon “numbers analysis”.
Even though Politics is for Regulars….
What is your prediction right now (% chance) Big Don is re-elected in 2020?
80-90%
(Ignore this comment if it’s been submitted already, I got a 500 error when submitting comment for the first time, but I am not sure if it processed beforehand)
I’m graduating this month from university and about to start a competitive graduate scheme within British government (will lead to significant policy responsibilities in 2-3 years). I think my skill lies in synthesis, especially in creating novel ideas which are valid; I’ve been rewarded through very high marks at my top-ranked university because I could do it extremely well. Any ideas on how I can develop my skills in my new environment?
I’m open to ideas from anyone, especially if you have had experience in working for a government organisation. And before anyone tells me I should have gone into banking or sales or tech, this role offers more responsibility within a few years that far exceeds most private sector roles, even in banking.
Thanks for the advice so far!
We have zero clue as not based in Europe. Mentioned here many hundreds of times in the past.
All we could say is politics is everything so just find a way to make important people like you, sales. We don’t even know what you’re doing so our advice is worthless beyond that.
Cheers, no problem. Politics will be important, but maybe someone in the comments can provide some advice too.
I did the civil service grad scheme years ago. Things to do:
1. Never outshine the other people in your office. We’re civil servants, not heartless bankers and you *will* be heavily disliked if you’re too competitive, consumed by avarice or blatantly are in it for the power. Believe it or not we can all tell which personalities are in it for the perceived power of implementing government policy.
Sidenote: those who aim for power are disappointment to find it isn’t really here. Nor is it in politics. It is strangely distributed across both, as to implement change (not that much ever really changes), we have to work together with a common vision. You will never be able to make powerful decisions wholly by yourself like you would in the private sector.
2. Despite the stereotype, civil servants are not inefficient and nor will it be tolerated for long. You need to do your job and do it well or you’ll soon be transferred to a nobody department like the forestry commission.
3. Don’t sign up for all the training courses- against your better judgement. If you take the wrong course you can get stuck in a civil service role for years. A friend of mine did a very convoluted forensic accounting course and now he can’t escape tax investigations.
4. Read extensively about the history of the civil service, the structure of government and how it all works. It is always good having civil servants who understand the internal mechanics and not just their remit. Plus this gives you an insight into what departments are actually important- spoiler- most these days are where careers go to die.
5. Make friends.
Best of luck John. Enjoy the sweet pension (when/if you finally get it) and the heaps of time off. If you’re good, the service is a meritocracy, so you’ll go far. If you’re not good, well, you’ll be sidelined in some shitty department.
Thanks Jane. Thankfully, I am not the frightfully competitive type, so I think that I should be able to get on well with my colleagues. My motivation for joining the Civil Service is that it offers an incredible opportunity for career development, at least with the programme I am on. Plus, as you mentioned, the free time is great!
I will bear your points in mind. Best wishes to you too with whatever you’re doing!
In your post on the four levels of financial independence you said: “we will guess that you end up living in two cities instead of one”.
How do you structure your lifestyle so that living in two cities doesn’t come with too many hassles and is a real improvement of the quality of your life vs compared to living in one place?
I mean stuff like relationships drifting away if you’re away for six months a year, feeling out of place in both places since neither feels like a permanent home, traveling between those two places, etc.
By the way, you should change your opt-in box (Advice From Real Wall Street Professionals). It’s been a year since you released Efficiency and it still says: “Efficiency will be released on July 23”
None of your concerns have been an issue at all. Hundreds of people do it, it’s really common. Worry about it when you get there.
We have had no issues at all.
Already got there and can’t figure it out. Feels like it’s impossible to have everything: you can’t really have good relationships in both places if you aren’t there for a half a year. Living mostly in one place sounds like a better idea than trying to split your time. That’s why I was curious how you manage it that it actually improves the quality of your life.
So spend 2-3 months in one city and 9 months in the other one when weather is bad. We can’t help you change how your relationships work. We have had no issues
Roughly, what sort of % drop in $ income did you see in your SEO organic affiliate niche sites during 08 recession?
Don’t recall as it wasn’t that profitable compared to now, would say similar to all other markets at -40% or so. 10 years ago numbers were much much smaller. But money based products sold well then (naturally due to fear)
Do you recommend focusing on a network marketing business, which I will have the help of a mentor or it is better to go the online sales route on your own?
our recommendatio is in the book. If you want to go a different route then ask yourself what the benefit is for the aforementioned mentor. Run a percentage chance on success times the payout. If you end up just working for the guy, that isn’t a biz, it’s just a job.
Deep Tissue Massage.
You make multiple references to it’s value.
Any specific recommendations on providers in NYC?
Any specific tips on instructing and or selecting a masseuse?
How often? Any experience working with Chiropractors?
We go once a week. We won’t give q specific doctor, simply go to one who specializes in active release therapy. You should go for the one that induces he most pain/pressure since the goal is break up scar tissue. Explain that as being your goal before going in.
Thanks.
Understand not giving specific doctor, but you would say an actual doctor vs just a massage therapist?
Sports specific physical therapist
When is a good time to quit your job for side hustle?
Background: Public sector worker. Future employment options weak if I want to rejoin. Current side hustle selling on Amazon makes more than full-time job. During economy decline, side income may decrease 75% while job will still be safe
Should make 2-3x your job/career income. Minimum.
Health / Fitness has been maxed since I was 22. (I’m now 23).
Money: Was on the right track…Career and online affiliate sales… but I made a mistake last year and bought a house 100% cash down to live in. Yes my living expenses are extremely low but all that $$ could be worth so much more if invested in more liquid assets (Stocks/crypto).. or preferably hoard the cash and wait for the incoming downturn.
Furthermore, I am looking to get into high tech sales (Saas) or high end luxury and realized the house is indeed an anchor (Thankyou Efficiency!)..since it’ll be a headache moving to a new city now :/
I’d like some advice:
**Sell the house and take the cash or find tenants and rent it out for some monthly cash flow? I’m leaning towards selling but have no idea how to list and close a property ASAP (not willing to wait several months).
We don’t know your situation well enough. If you don’t have a lot of cash (under 1 year living expense) go ahead and sell assuming you make a profit. If you won’t make a profit then rent it out is how we would operate.
Any cryptocurrencies worth purchasing at the moment?
Thanks.
No change from book
Thank you Sir
There are a few ways to do this, but in your experience, what is the most efficient way to “hide” code for landing pages so other affiliates can’t rip it and proprietary scripts as well as hide your referrer URL so the vendor you sell for can’t see your sales funnel/LP’s.
Also don’t want spy tools to pick up my pages but think this would be answered with the same q.
Your book was a huge help, main issue now is dealing with affiliate copy cats.
Keep it Up!
Very little you can do, the only way to hide it is with more complex code/working with a specific security company where IP is exchanged. It’s a copy cat industry for sure.
You guys advocating selling online. The only problem I have is that I am struggle choosing what product to sell. How should I choose a product to sell?
Thank you.
products we recommend are already in the book: diet, skin care, magic pills etc.
Thank you. Sorry guys, a follow-up question quickly: do I just buy the product wholesale from places like Alibaba/Amazon and resell it on my own website? or do I have to go directly to a manufacturer?
WE don’t know what you’re selling. We recommend affiliate marketing first, then creating your own product as outlined in book.
You say that sales is a vital thing to learn in order to succeed. And I agree.
However, I see copywriting also is mentioned elsewhere as a key skill to learn, since it can make you a great amount of Money and in essence, is selling in print. Would you agree With that?
Copy writing is just written sales so no difference yes.
This question is related to IB.
Quick background: Taking finance in school in Canada (Tier 2/Non-Target Program), worked as a teller for TD part-time 3rd year (developed sales and professional pedigree), about to start an 8-month B2B sales internship with good financial institution (deffer a year in school and building more sales skills), looking to finish CFA level 1 in December 2019.
I definitely have the personality for sales and my career trajectory is going toward sales but IB fascinates me. However, I have shit grades because of hedonism and apathy (improving everyday) and that is likely not going to get me past the very first screening. The only reason I’ve been able to land previous roles is because I know how to talk. I do believe I’m smart enough to do IB (many people are shocked how smart I am in comparison to my personality) but obviously that’s going to be impossible to convey to employers with my shit grades.
If I cannot go into IB, I will 100% go into sales but what can one do in my situation (shit grades, only sales jobs) to land something eventually at a BB?
Same stuff as in the book and blog. You try to transfer after a year of work. If not you have to go the MBA route.
You have until around age 25 to break in, otherwise forced the MBA route.
People incessantly look for some “new trick”. There is never a new trick. Banking is a structured recruiting process and if you messed it up they will go with someone who didn’t mess it up. How that world works.
Apply every single minth to many many banks and try to befriend a VP or above. Nothing else will really work.
33yrs old, studied Politics, found out after some tests that I’m really into Numerics (easily solved all your test questions).
Learned basic Software Development (Frontend) in 6 months, got a Fulltime Job in Europe for it.
Got laid of because of being to much a Beginner (third employee in a startup, they needed a real Senior Dev).
Now I am having these options:
1. Going the Fulltime Employee Route (doable as a 33yrs old beginner?)
2. Searching for some Freelance Gigs
3. Starting a Business (but really no interest in economics, dealing too much with people).
Some advice how to find out which option to choose?
Thanks.
Since you’re older you want to choose the career/job with the lowest hours that pays the bills. Then you spend all your time creating a biz
VP / Senior Associate IBD Right Move?
– Received offer at Tier II, strong BB (not MS / GS or JPM), but asked to take year back
– Have guaranteed VP in 6 mo. at public, low-tier MM
– Comp: BB = 400+ for 2 years as associate vs MM = 350 Assoc. / 400 VP1. Difference scales as you go up if you make it that far (500k vs. 700k for Director)
– Big middle layer at BB of 13 VPs and 9 associates (thought this was big consideration given 10 years into bull market)
– Lifestyle: 40/50 hours a week at MM now vs. naturally more at BB, though not sweatshop
– Made choice based on speed to promo but always second thoughts…
– Hard to see how prestige doesn’t matter in this business for next jobs
Always take the promotion. Less hours and more time to start your own biz. The $50K difference doesn’t matter, it’s about more free time (biz development) and more responsibility
If the BB brought you in as a VP then you would naturally jump/leave. Going back for less money and more hours is pretty terrible
I graduated last year from college (Int. Biz + MIS) last year at 24.
Immediately after school, I made the naive mistake of working solely on dropshipping, rather than 1 AND 2 (Job + Side Business).
In the interest of building skills and connections to build large companies (50M+), is something like MBB a better option than Tech Sales?
Creating companies solely for the lifestyle doesn’t appeal to me (part of why I didn’t like drop shipping), as I’m more interested in massive impact and the sport of the game.
The same careers are what we recommend for money. We can’t change how you feel so if you want to do something for emotional reasons and not money you’re probably asking the wrong people, ha!
How do I increase conversion rate on a tripwire page for an info product?
Current testing variables are: headline, cta button.
Is there anything else I should be testing to improve my conversion rate?
It’s currently converting at 5% for a $1 product, should be higher than this…
Never sold $1 products so can’t help. Seems like an odd market to say the least
Perfect timing here:
I am finishing up the second year of my IB program and have saved up quite a bit. I was offered a third year but I am set on quitting in Sept/Oct with no real next step. Just want to take 2 months to re-charge my batteries. Is this too risky and should I consider any other factors?
Terrible idea. Recharge at loss of future never a good idea unless rich.
2 years is a joke btw, everyone does it.
Have you guys tried using messenger bots for marketing? Services like Manychat and Chatfuel.
I’m interested to know the kind of uses you guys have for chatbots
I’m currently using messenger bots for the following purposes:
Multiple CTAs, for example, a facebook ad that invites them to join a facebook group via messenger. after they press the button to join the group, the bot immediately sends them a link to a top-of-funnel offer. Sort of like selling your customer 2 things at once, and you also get their contact (messenger subscriber) so you can sell/nurture them again.
Warming people up for webinars, the normal way of reminding people about webinars via email is less effective now because a lot of webinar emails end up in spam. messenger bots are a more intrusive way to remind people about your webinar (prerecorded or otherwise). In other words, if they still don’t show up, it means they’re not interested, not because they forgot.
broadcasting like email, but more interactive. You get to ask your audience what kind of product they want, particularly good for info products because you get to make a product that they asked for and sell it to them. Live market feedback.
I’m interested to know the kind of uses you guys have for chatbots
Have not used it. Many people have success stories with them though, primarily for enterprise sales though (real estate, etc)
Working to build an informational product (e-book) to address typical fears during a recession. With a potential pullback in a couple years, thinking it would be smart to capture that huge emotional audience. I know you guys recommend
against the one time sales /product in Efficiency but do you hold the same stance during a recession (riding a big one-time wave)?
Same stance recurring revenue is always better. Book sales don’t make squat unless you sell millions of copies.
At what point do I kill a campaign for a product and stop spending money trying to optimize it?
I’m unsure of the product’s viability in the market place.
I intend to create a store that has a luxury brand identity, and has top notch content, but I’ll actually just be dropshipping.
If you convert at 2% off ads but don’t make any money.
Would like to follow up on that. Currently running a niche biz (cable management items) that converts about 2% and only yields traffic through adwords ads. Haven’t got around optimising SEO further, and building bigger social media presence due to time constraints (day job). Items got quite a margin (100-400%), but only low cost items below $25. Currently hovering around break even with product and ad costs. Would you suggest shifting focus to a new business selling higher cost items or optimising SEO/social media?
Reduce ad costs, see if you have returning visitors (if so) then you can continue down the path.
If you take ads to zero and make nothing, the product sucks.
What is your most radical belief change(s) in the past couple of years?
Probably stretching and scar tissue removal to improve health/blood flow.
Hi,
I am 22 years old and a number of things in my life is going the right way.
I really just want to get a pointer as what my next priority should be to keep up momentum.
Some background:
1. I am studying a bachelors degree (starting 3rd semester) while maintaining a GPA of 4.0 with relative ease. I have a very clear idea about which masters degree to get (different uni but one where employers basically line up to hire the best digital talent). My specific path of study can lead me into IT management consulting, Product Management, IT project management and similar roles. I am in a country where education is free.
2. I am working a job in a venture funded startup. I work 15-20 hours a week in customer success management (Startupish intersection of customer service, sales and marketing). My employers have complimented me (Still trying to figure out my talent) on my ability to think and write fast, my analytical skills and ESPECIALLY my ability to think in a structured way, improve our processes and creative problem solving based on systems and processes.
3. I am so lucky that my parents have come into a great inheritance which they want to lend me interest free to invest in a housing cooperative apartment where I will be able to rent out two rooms to two tenants and earn 1.45x the monthly rent while I am studying.
I feel that I have been slacking on my health, bad at saving up and drinking too much/often while all of this has been going on
To reiterate, what should be my next priority be to keep up momentum?
There is no question here just a life story. Come back with a 2 sentence question, we have no interest in life stories, adds no value to anyone.
“Keep up momentum”? Just means keep trying to make more money so we have no idea what the question is…
I get your point. Sorry about the lifestory.
How do I leverage my educational path (intersection of business management and tech), current career (customer success in a startup) and ability to think in and improve systems in order to figure out what my talent is?
… again this is not a question.
1) what have you tried
2) what are you good at (or other people tell you you’re good at it)
3) find a way to monetize number 2
A life story or background doesn’t say anything about skills because it is biased and also is historical and has no context…
We would go and work on what your talent is first then come back. Broad questions like this are just a time drain…
I’m a university student studying programming. I have a lot of contacts who can set me up with very relevant work experience in many different sectors.
Should I get as much diversified experience as possible (same skills in different sectors) or focus on one niche?
Absolutely not, get niche asap. Find what you’re good at that is your career.
Based in NYC. I work as a quant, have a side business, and have decent social skills. Go out twice a week (Thursday and Saturday). But surrounded by regulars and nerds. I haven’t found like minded people (true friends) to hang out yet. Advice how to improve the situation and expand contact list (where to meet right people and how to keep in touch given busy schedules)
Same recommendation, go out in places away from regulars.
Join gyms, join groups in your area.
Most importantly work less, if you’re rich you shouldn’t be working hard anymore. That will free up time for more socializing.
Hey guys
Any advice on improving skin care margins? I manufacture and sell in the US but not sure the best way to meet good private label manufacturers in South Korea or China. In the book you talk about trade shows but I have none in my country.
It’s a good quality product so I don’t want to compromise but our net margin is only 30% due to high manufacturing costs.
You have to fly to conferences it really is the best way. Copy the competition, no short cuts.
Alright.I appreciate and I think that your dismissiveness is good advice in itself and I obviously got my head stuck up my own arse (No irony).
Will get back to the grind until I have more to show for and I have a **real** and **specific** question that I believe you or someone else would be qualified to answer.
Maybe spending too much time around regular people makes you need to be checked so as not to become one yourself.
Cheers!
About to be a freshman in a decent top 20 college. I am weak in pure sales but pretty much even for numbers/synthesis(perfect math sat etc, can see blind spots). Given that finance is in secular decline(except m&a) and tech will be booming for a while, is it worth it to go into software engineering post college even if they pay is 90-120 compared to the 150 in banking? taking into consideration that tech skills will allow me to create a product and i would have the hours to do a side biz. I know the efficiency answer is that both will be fine, but would really like a long term suggestion on this dilemma.
Yes if you are equally talented at M&A and software. Choose software/code.
If you won’t be very good at coding, then flip to M&A immediately.
Super late reply and don’t know if you will even see this but for any reader who does – I’m an intern at a big Tech company and this 90-120k range is total BS. Starting base salary at GOOG/FB is 110k and total comp is ALWAYS north of 150k. When I say total comp I mean base salary + RSUs vesting that year + Performance-based cash bonus. When you start, if you’re any good, you’ll typically also get a signing bonus between 5-100k (huge range, I know, but without delving into specifics of who gets what, this is what it is) + relocation (of course, if relocating).
I have just graduated from a top tier university (UK) and starting as an analyst this summer (age 22). The bank is DB (London office). Given you said don’t go to DB in tweets re: banking as a career, what is your advice? Work for 1-2 yrs then look to jump elsewhere? What is the typical route for lateral hiring from other banks.
Thanks a lot.
It was a partial joke highlighting their recent fraud/scandals.
The same strategy works since you’re only 22. Try to go to Goldman or a more stable bank, otherwise keep on the same path and move on to Private Equity/hedge funds etc. You’re set and good to go.
Thanks again!
I feel like I m am oblivious when it comes to reading people. How can you get better at reading their emotion (happy, lying, etc.) when interacting with them? And determining if they are a regular person or of value?
I assume when you’re talking with someone with value, you shouldn’t lie down and show your cards?
The fastest way is to read books on body language such as “what everybody is saying”
Courses taught by FBi agents and other security professionals is where you would go.
In person is always the best so look for classes on reading people taught by security/interrigaators and you’ll get a good baseline.
Do you have any advice on how to balance productivity and privacy? There are dozens of tools that increase productivity at the cost of privacy. Grammarly, Alexa, virtual assistants, ect. While this might seem unimportant now, Chinese style social credit systems are likely to expand in the future. One’s ability to borrow, get health care, travel, ect.Plus, there is the risk of companies being hacked and your addresses, emails, and other information being leaked.
Same as we do here.
Separate computers, separate phones, pay for people’s Ip addresses. etc. Good to go.
Privacy is a personal choice, take it as far as you like.
Can’t find book ID purchase numbers, and don’t have time to look.
Sales:::: I have one semester left in school, doing a summer sales intern. I have a biology degree (premed) and am heavily focusing on surgical device or med capital equipment sales.
I’ve read the software sales article, but just asking what are some other big money fields that arent really discussed besides tech and medical? I remember CAT machines being mentioned before.
Ps. Would enjoy another sales article like the tech one focusing on other fieldS.
Love the work on this page.
Yes that is still enterprise sales.
enterprise sales means: LArge medical equipment, Houses, software, data center…
People have a hard time conseptualizing it. Anything over $100K per sale is enterprise. Much easier definition.
38, life science PhD, publishing experience, science writer and copywriter. Not interested in lab work (boring). Healthy, athletic, free, no substantial wealth created yet. Introvert, confident, good communicator.
Figuring out how to leverage my expertise and benefit from new tech/ sales opportunities. Learning how to code now does not makes sense as I am too old and would compete with 18-year-old whizz kids. I am thinking of international enterprise sales or a freelance sales engineer position for complex life science/ pharma/ med tech products, if that exists. At the same time, I am working on getting larger projects for my writing business, outsourcing work and taking cuts.
Any advice on how to grow the writing business and what kind of online business/online product with recurring revenue makes sense with my background? Writing over the long run is isolating and not scalable.
Thank you for the great content.
probabyl healthcare related saless (not sure what your real background is in) anything $100K+ sales items.
Otehrwise you have to start selling a product, trying to get rich writing is a horrible idea. Even at large audience levels unlikely make more than a few hundred grand.
Thanks. My background is in biotech (diagnostics in the broadest sense) and analytical chemistry, which is relevant to medical applications. I agree that writing is bad to get rich, I got into it originally to leave the corporate office life and be my own boss.
Digital health products are booming and could be an option to connect the dots. I can learn basic coding skills (e.g. bootcamp) and add this to my profile (Scott Adam’s “skill stacking” concept) to future-proof myself. The hard part is to know what makes sense and what is distraction.
Hey this is kind of a late reply, but have you considered starting a diagnostics business? It’s a bit more tedious than software/internet/ecom but the margins are decent if you can find a niche disease….
Do you know any people who have become truly rich who didn’t find their work meaningful?
Ha tons! They typically quit then just do something they love.
Best $100 you’ve spent in the last year?
Purchase? Probably airpods
Rising Senior at top state school (think Berkeley, UVA, UCLA) with a bad gpa (think 2.5ish) wanting to get into enterprise software sales upon graduation.
What would you recommend in order to ensure the best chance of getting a job at a Oracle/SAP/Salesforce despite my gpa? Really want to leverage my schools name to attain the best entry SDR role possible.
Covered in post on enterprise sales, please use search function.
Other than that we don’t know, never been in that industry.
Not WSP by I do work in tech sales. Not at any of the three you mentioned but at one of the big names.
Getting an SDR position in a large company has less to do w GPA than you might think. Most sales managers don’t really give a shit honestly. Working with recruiters honestly helps a lot too starting out, they get a bad rap but they’ve helped me a lot for my first jobs.
Resume should show:
– Past results FIRST (if applicable)
– Sports experience/competition (if no sales results)
– Sales highlights
If you don’t have these get an entry level sales job and grind that for about 6 mo and try again. Car sales worked for me when I started, but pick your own poison. Also be willing to take an SDR job at a less desirable company to get the experience, stick that out for about 8 mo and try again (worked for a coworker of mine)
Hey Caleb, I hope you don’t mind me piggy backing on this question. I’ve read on previous enterprise sales post that college major doesn’t matter that much, but do you have any recommendation on what to major/man minor in while still in school?
I don’t want to major in something basic as I’d rather not have something pathetic on my resume but if I don’t have to major in software engineer program that would save alot of free time in school.
Appreciate any input!
I invested $375k in a private equity deal with a mentor (we talked monthly for an hour). The money is “under the table” type of industry. He’s worth 8 figs at least and runs an $XXXM company.
We stopped doing monthly calls after his schedule became busy and I had no worthwhile questions to ask… ( I was wasting his time, I should have offered to stop meeting)
Been 1.5 years and the deadline for getting a return keeps being pushed back.
Anything I can do here? Should I be worried? I used to sell his products but don’t anymore. I don’t have much leverage besides a contract owning his equity on another contract.
We have no idea this is a contract you signed for an investment. Can’t help here…
How much do you value the skill of coding? Is it worth it for the average guy to learn how to program or should he focus on getting his sales up?
More valuable than sales if asked to choose.
That said sales is still a necessary to maximize your income.
The average person is never going to be in the top 1% of writing code and being in a researchy role, I find so many bullshit artists saying they know to code who in fact don’t.
That being said, you don’t need to be in the top 1% in coding to make a lot of money just because there is a lot of demand for this field
But you must be ready to work your ass off to learn something new else, get ready to get kicked off by someone younger and willing to work for much less (Mastery (by Robert Greene) in a single line).
Gentlemen,
How did you learn to obtain this type of no BS practical real-life “knowledge of life” that you provide through this blog? Pretty much everyone I know, no matter their age, seems to walk through life confused, unsatisfied and oblivious (to different extents).
In other words, how did you “unplug from the Matrix” and learn to see what is important in life and how to go about obtaining it?
I realize this is a more abstract question, but I’m grateful for any input.
I’m in my early 20s, and despite having a long-term “game plan” for my life (à la Efficiency), I sometimes ask myself whether I’m missing a component for fulfillment in my life.
Thank you for your time.
Not really sure, probably self evaluation. Despite the name of the blog we’re actually pretty good at self evaluation.
1) was talent, realizing while software was the future no way we could be elite coders this was acceptance of reality.
2) this led to “ends justify the means” type thought process. If you get what you want in the end how you got there ends up being a lot of riff Raff. If we were talented in selling Porto-potties we would actually do it. No shame. If you can get rich off it with little effort that’s called an amazing grace.
3) most people get upset when they find their passion isn’t what they will be in the 1% in. We see the world differently. Being in the 1% in anything is already a blessing and your hobbies are always there. This is why we never took fake majors seriously, if someone is really interested in philosophy and isn’t doing it to “cruise by” they can read when they are done.
4) getting to the point is probably our core skill on this blog. Most people try to build credibility with “long stories” as you have seen we build credibility with results. This is because we realized long background stories is just ego. No one really cares, they just want to get better
5) rational optimist and stoicism was also helpful in changing the way we think (books).
When you put all this together it is extremely difficult to be unhappy. You end up well off financially, have friends you enjoy and don’t get jealous of the guy with 10 Patek watches. You’re more interested in making sure your free time is always protected and wake up happy on a daily basis. Many unhappy rich guys, we hope they figure it out one day.
Anyway long answer but essentially, “no bs” is typically seen as a negative. We would phrase it as “saving people time”. People who need attention and long winded stuff constantly are usually a waste of time and won’t get anything done.
Yes we realize the irony of having a long answer when we are typically short in nature!
“Could never be elite coders” that resonates a lot with me.
Funny thing is I am about to graduate with a degree in computer science.
Any advice on what path I could head down with a degree in computer science if I do not want to be an elite coder?
I have my own business selling websites, and a lot of online marketing skills.
19 years old. Doing an internship at a tech firm in SF. I try to follow the weekly schedule in Efficiency as much as possible (work from 9-5, go to the gym, work on my affiliate marketing business) but it seems like my energy plummets once I get home after I go to the gym. Coffee/energy drinks don’t do anything for me.
How did you guys push through when working full time and starting a business? Or am I not taking enough breaks?
I *think* that I’m not lazy because I still work on my affiliate marketing business but my efficiency when I work plummets.
Thank you.
Maybe you need to work less and adjust your schedule. If you’re already in shape then you can take it down to 4-5 days a week of working out.
Also, you have only “plummeted” when you quite literally cannot focus. If you’re browsing websites it just means you don’t care about what you are working on.
Company (enterprise B2B sales) laid off entire team of SDRs because they were not profitable. I had deals in my pipeline which I obviously will not be paid on. If they can get rid of me so easily with no prior warning, what’s the point of getting another B2B sales job?
I’d rather take their sales model (book webinar –> do the 1 on 1, 30 minute webinar with prospect –> close) and apply it to a transactional sale.
In this case, I’m talking about a home automation solution (control your entire home with your smartphone) where I would make ~ $500 deal and cost to customer is ~ $50/month.
Sales model: FB/IG/Twitter ads for leads –> call prospect to set date for webinar (can be outsourced eventually) –> do webinar –> close
What are your thoughts on this vs another B2B sales job? The main skill is the sales presentation (webinar) which I can get better and better at.
Thanks!
Despite the long comment this would work.
The point of being good at B2B is higher payouts assume you are liked and don’t get fired. Don’t work for a chop shop firm.
That said your idea could work (execution is always the issue)
I know that you recommend Sales and Tech.
But what’s your take on management consulting firms? In particular MBB or Tech?
Thanks!
No change in 6 years, not enough money, won’t get rich in time. Run the numbers!
Is it worthwile to pursue corporate law (m&a) as a career/stepping stone given that one has opportuties to climb with a top firm? Or should one try to go directly to IB/entreprise sales?
Covered 100 times as well.
No, go direct. Never worth it.
WSP’s,
After reading Efficiency I landed an SDR role, but was fired after 6 months as I failed to hit my targets. Fortunately I found a similar role, but after just 3 months I’ve been fired due to the same reason as before. At both companies my managers said that my personality type isn’t well suited to the job, because I’m too low-energy/reserved, and don’t come across as enthusiastic.
Question is, should I continue to grind it out at sales and hope that I improve (if so, any tips for becoming more energetic/enthusiastic would be appreciated), or settle for a job(s)? I’m numerically challenged so IB and software engineering aren’t really options for me. Whilst I have a few business ideas, I lack the capital to start.
I’m based in the UK if that affects your answer at all.
We have no idea here, take a class on sales and try one more time. Otherwise… you’re basically forced into starting online sales/going into real estate (flipping not selling)
Ok, thanks. Hopefully i’ll be third time lucky!
Check out the subreddit r/sales and read around for tips. You don’t have to be a dancing monkey on the phone to be good at sales.
take some grant cardone courses
What criteria should be used to decide if it’s better buying or renting a good?
You have to live there for over 10 years. That’s really it. Also shouldn’t be more than 30% of net worth (total apartment/home value)
Hi WSPs.Thank you for this Q & A extra session.
I’m looking for my first purchase, to buy a small complementary website to mine (without an intermediary third-share).
The approximate figures of the seller are: (official documents not checked yet)
Revenue 65K €.
Marketing Budget 28 K €
Net Margin ( for US EBITDA) 12K €.
Sale price before discussion 22K €.
Does the ratio budget marketing / Revenue seem to you a Redflag before considering going further?
Looks legitimate until the salesman price. Selling at under 2x and high marketing costs is extremely strange.
Looks like a dropshipping site if had to guess. Probably less than 4 months of data. Guessing product has “died”.
How to decrease the chance of a crisis in supply chain from happening, generally and more specifically in the supplement niche?
Ha easy, build a small inventory.
Diet pills practically never have this issue so don’t worry about it. It’s all the same caffeine pills.
I am pretty sure my talent is in synthesis and being able to focus/prioritize.
In the past you had said synthesis is good for HR / Head Hunting.
When building a business without outside funding how can one best use the above to their advantage, besides hiring the right employees or agencies?
Thanks!
That is really all there is. If you can hire the right people all the time you’d be a billionaire. That is the toughest skill.
Felix Dennis echos the same
Hi,
Thanks for spending time on this, I appreciate your writing a lot. I know it’s one question per transaction, but I’ll post a few and you answer however many you want.
1. How do you go about evaluating professionals to start and continue collaborating with and why? E.g. accountants/SEO specialists
2. How do you structure your wealth / revenue generating activities / businesses among entities / personal and why?
3. Sample list of everyday activities/chores you’ve outsourced/automated, like groceries delivering for example(if you cook at all that is).
4. Updated thoughts on family? I know you offer no opinion in efficiency, just wondering if your thinking has changed on this.
5. Strong beliefs you changed your mind on in the past 2 years.
No we won’t choose one. No one is special.
Good day WSP!
Quick background:
– Really hate copywriting and don’t have talent for it
– Average in sales, although I’m constantly improving but definitely won’t make it to the top 5%.
– Two months ago launched an online shop with minimal 500$ investment that has already generated 1000$ net profit for June and has a huge future potential.
What I realized recently is that I’m better than others in business strategy and have a good eye for details, thus I’m thinking about getting a job in junior data analyst position (I’m recent graduate) since it will allow me to build better analytical and data management skills that I would later apply in my own ventures. Is that a right choice in my case?
Corporate development or M&A banking are your two best fits. The other one you mentioned is too vague, data science can also mean stuff that will be automated soon “numbers analysis”.
Even though Politics is for Regulars….
What is your prediction right now (% chance) Big Don is re-elected in 2020?
80-90%
(Ignore this comment if it’s been submitted already, I got a 500 error when submitting comment for the first time, but I am not sure if it processed beforehand)
I’m graduating this month from university and about to start a competitive graduate scheme within British government (will lead to significant policy responsibilities in 2-3 years). I think my skill lies in synthesis, especially in creating novel ideas which are valid; I’ve been rewarded through very high marks at my top-ranked university because I could do it extremely well. Any ideas on how I can develop my skills in my new environment?
I’m open to ideas from anyone, especially if you have had experience in working for a government organisation. And before anyone tells me I should have gone into banking or sales or tech, this role offers more responsibility within a few years that far exceeds most private sector roles, even in banking.
Thanks for the advice so far!
We have zero clue as not based in Europe. Mentioned here many hundreds of times in the past.
All we could say is politics is everything so just find a way to make important people like you, sales. We don’t even know what you’re doing so our advice is worthless beyond that.
Cheers, no problem. Politics will be important, but maybe someone in the comments can provide some advice too.
I did the civil service grad scheme years ago. Things to do:
1. Never outshine the other people in your office. We’re civil servants, not heartless bankers and you *will* be heavily disliked if you’re too competitive, consumed by avarice or blatantly are in it for the power. Believe it or not we can all tell which personalities are in it for the perceived power of implementing government policy.
Sidenote: those who aim for power are disappointment to find it isn’t really here. Nor is it in politics. It is strangely distributed across both, as to implement change (not that much ever really changes), we have to work together with a common vision. You will never be able to make powerful decisions wholly by yourself like you would in the private sector.
2. Despite the stereotype, civil servants are not inefficient and nor will it be tolerated for long. You need to do your job and do it well or you’ll soon be transferred to a nobody department like the forestry commission.
3. Don’t sign up for all the training courses- against your better judgement. If you take the wrong course you can get stuck in a civil service role for years. A friend of mine did a very convoluted forensic accounting course and now he can’t escape tax investigations.
4. Read extensively about the history of the civil service, the structure of government and how it all works. It is always good having civil servants who understand the internal mechanics and not just their remit. Plus this gives you an insight into what departments are actually important- spoiler- most these days are where careers go to die.
5. Make friends.
Best of luck John. Enjoy the sweet pension (when/if you finally get it) and the heaps of time off. If you’re good, the service is a meritocracy, so you’ll go far. If you’re not good, well, you’ll be sidelined in some shitty department.
Thanks Jane. Thankfully, I am not the frightfully competitive type, so I think that I should be able to get on well with my colleagues. My motivation for joining the Civil Service is that it offers an incredible opportunity for career development, at least with the programme I am on. Plus, as you mentioned, the free time is great!
I will bear your points in mind. Best wishes to you too with whatever you’re doing!
In your post on the four levels of financial independence you said: “we will guess that you end up living in two cities instead of one”.
How do you structure your lifestyle so that living in two cities doesn’t come with too many hassles and is a real improvement of the quality of your life vs compared to living in one place?
I mean stuff like relationships drifting away if you’re away for six months a year, feeling out of place in both places since neither feels like a permanent home, traveling between those two places, etc.
By the way, you should change your opt-in box (Advice From Real Wall Street Professionals). It’s been a year since you released Efficiency and it still says: “Efficiency will be released on July 23”
None of your concerns have been an issue at all. Hundreds of people do it, it’s really common. Worry about it when you get there.
We have had no issues at all.
Already got there and can’t figure it out. Feels like it’s impossible to have everything: you can’t really have good relationships in both places if you aren’t there for a half a year. Living mostly in one place sounds like a better idea than trying to split your time. That’s why I was curious how you manage it that it actually improves the quality of your life.
So spend 2-3 months in one city and 9 months in the other one when weather is bad. We can’t help you change how your relationships work. We have had no issues
Roughly, what sort of % drop in $ income did you see in your SEO organic affiliate niche sites during 08 recession?
Don’t recall as it wasn’t that profitable compared to now, would say similar to all other markets at -40% or so. 10 years ago numbers were much much smaller. But money based products sold well then (naturally due to fear)
Do you recommend focusing on a network marketing business, which I will have the help of a mentor or it is better to go the online sales route on your own?
our recommendatio is in the book. If you want to go a different route then ask yourself what the benefit is for the aforementioned mentor. Run a percentage chance on success times the payout. If you end up just working for the guy, that isn’t a biz, it’s just a job.
Deep Tissue Massage.
You make multiple references to it’s value.
Any specific recommendations on providers in NYC?
Any specific tips on instructing and or selecting a masseuse?
How often? Any experience working with Chiropractors?
We go once a week. We won’t give q specific doctor, simply go to one who specializes in active release therapy. You should go for the one that induces he most pain/pressure since the goal is break up scar tissue. Explain that as being your goal before going in.
Thanks.
Understand not giving specific doctor, but you would say an actual doctor vs just a massage therapist?
Sports specific physical therapist
When is a good time to quit your job for side hustle?
Background: Public sector worker. Future employment options weak if I want to rejoin. Current side hustle selling on Amazon makes more than full-time job. During economy decline, side income may decrease 75% while job will still be safe
Should make 2-3x your job/career income. Minimum.
Health / Fitness has been maxed since I was 22. (I’m now 23).
Money: Was on the right track…Career and online affiliate sales… but I made a mistake last year and bought a house 100% cash down to live in. Yes my living expenses are extremely low but all that $$ could be worth so much more if invested in more liquid assets (Stocks/crypto).. or preferably hoard the cash and wait for the incoming downturn.
Furthermore, I am looking to get into high tech sales (Saas) or high end luxury and realized the house is indeed an anchor (Thankyou Efficiency!)..since it’ll be a headache moving to a new city now :/
I’d like some advice:
**Sell the house and take the cash or find tenants and rent it out for some monthly cash flow? I’m leaning towards selling but have no idea how to list and close a property ASAP (not willing to wait several months).
We don’t know your situation well enough. If you don’t have a lot of cash (under 1 year living expense) go ahead and sell assuming you make a profit. If you won’t make a profit then rent it out is how we would operate.
Any cryptocurrencies worth purchasing at the moment?
Thanks.
No change from book
Thank you Sir
There are a few ways to do this, but in your experience, what is the most efficient way to “hide” code for landing pages so other affiliates can’t rip it and proprietary scripts as well as hide your referrer URL so the vendor you sell for can’t see your sales funnel/LP’s.
Also don’t want spy tools to pick up my pages but think this would be answered with the same q.
Your book was a huge help, main issue now is dealing with affiliate copy cats.
Keep it Up!
Very little you can do, the only way to hide it is with more complex code/working with a specific security company where IP is exchanged. It’s a copy cat industry for sure.
You guys advocating selling online. The only problem I have is that I am struggle choosing what product to sell. How should I choose a product to sell?
Thank you.
products we recommend are already in the book: diet, skin care, magic pills etc.
Thank you. Sorry guys, a follow-up question quickly: do I just buy the product wholesale from places like Alibaba/Amazon and resell it on my own website? or do I have to go directly to a manufacturer?
WE don’t know what you’re selling. We recommend affiliate marketing first, then creating your own product as outlined in book.
You say that sales is a vital thing to learn in order to succeed. And I agree.
However, I see copywriting also is mentioned elsewhere as a key skill to learn, since it can make you a great amount of Money and in essence, is selling in print. Would you agree With that?
Copy writing is just written sales so no difference yes.
This question is related to IB.
Quick background: Taking finance in school in Canada (Tier 2/Non-Target Program), worked as a teller for TD part-time 3rd year (developed sales and professional pedigree), about to start an 8-month B2B sales internship with good financial institution (deffer a year in school and building more sales skills), looking to finish CFA level 1 in December 2019.
I definitely have the personality for sales and my career trajectory is going toward sales but IB fascinates me. However, I have shit grades because of hedonism and apathy (improving everyday) and that is likely not going to get me past the very first screening. The only reason I’ve been able to land previous roles is because I know how to talk. I do believe I’m smart enough to do IB (many people are shocked how smart I am in comparison to my personality) but obviously that’s going to be impossible to convey to employers with my shit grades.
If I cannot go into IB, I will 100% go into sales but what can one do in my situation (shit grades, only sales jobs) to land something eventually at a BB?
Same stuff as in the book and blog. You try to transfer after a year of work. If not you have to go the MBA route.
You have until around age 25 to break in, otherwise forced the MBA route.
People incessantly look for some “new trick”. There is never a new trick. Banking is a structured recruiting process and if you messed it up they will go with someone who didn’t mess it up. How that world works.
Apply every single minth to many many banks and try to befriend a VP or above. Nothing else will really work.
33yrs old, studied Politics, found out after some tests that I’m really into Numerics (easily solved all your test questions).
Learned basic Software Development (Frontend) in 6 months, got a Fulltime Job in Europe for it.
Got laid of because of being to much a Beginner (third employee in a startup, they needed a real Senior Dev).
Now I am having these options:
1. Going the Fulltime Employee Route (doable as a 33yrs old beginner?)
2. Searching for some Freelance Gigs
3. Starting a Business (but really no interest in economics, dealing too much with people).
Some advice how to find out which option to choose?
Thanks.
Since you’re older you want to choose the career/job with the lowest hours that pays the bills. Then you spend all your time creating a biz
VP / Senior Associate IBD Right Move?
– Received offer at Tier II, strong BB (not MS / GS or JPM), but asked to take year back
– Have guaranteed VP in 6 mo. at public, low-tier MM
– Comp: BB = 400+ for 2 years as associate vs MM = 350 Assoc. / 400 VP1. Difference scales as you go up if you make it that far (500k vs. 700k for Director)
– Big middle layer at BB of 13 VPs and 9 associates (thought this was big consideration given 10 years into bull market)
– Lifestyle: 40/50 hours a week at MM now vs. naturally more at BB, though not sweatshop
– Made choice based on speed to promo but always second thoughts…
– Hard to see how prestige doesn’t matter in this business for next jobs
Always take the promotion. Less hours and more time to start your own biz. The $50K difference doesn’t matter, it’s about more free time (biz development) and more responsibility
If the BB brought you in as a VP then you would naturally jump/leave. Going back for less money and more hours is pretty terrible
I graduated last year from college (Int. Biz + MIS) last year at 24.
Immediately after school, I made the naive mistake of working solely on dropshipping, rather than 1 AND 2 (Job + Side Business).
In the interest of building skills and connections to build large companies (50M+), is something like MBB a better option than Tech Sales?
Creating companies solely for the lifestyle doesn’t appeal to me (part of why I didn’t like drop shipping), as I’m more interested in massive impact and the sport of the game.
The same careers are what we recommend for money. We can’t change how you feel so if you want to do something for emotional reasons and not money you’re probably asking the wrong people, ha!
How do I increase conversion rate on a tripwire page for an info product?
Current testing variables are: headline, cta button.
Is there anything else I should be testing to improve my conversion rate?
It’s currently converting at 5% for a $1 product, should be higher than this…
Never sold $1 products so can’t help. Seems like an odd market to say the least
Perfect timing here:
I am finishing up the second year of my IB program and have saved up quite a bit. I was offered a third year but I am set on quitting in Sept/Oct with no real next step. Just want to take 2 months to re-charge my batteries. Is this too risky and should I consider any other factors?
Terrible idea. Recharge at loss of future never a good idea unless rich.
2 years is a joke btw, everyone does it.
Have you guys tried using messenger bots for marketing? Services like Manychat and Chatfuel.
I’m interested to know the kind of uses you guys have for chatbots
I’m currently using messenger bots for the following purposes:
Multiple CTAs, for example, a facebook ad that invites them to join a facebook group via messenger. after they press the button to join the group, the bot immediately sends them a link to a top-of-funnel offer. Sort of like selling your customer 2 things at once, and you also get their contact (messenger subscriber) so you can sell/nurture them again.
Warming people up for webinars, the normal way of reminding people about webinars via email is less effective now because a lot of webinar emails end up in spam. messenger bots are a more intrusive way to remind people about your webinar (prerecorded or otherwise). In other words, if they still don’t show up, it means they’re not interested, not because they forgot.
broadcasting like email, but more interactive. You get to ask your audience what kind of product they want, particularly good for info products because you get to make a product that they asked for and sell it to them. Live market feedback.
I’m interested to know the kind of uses you guys have for chatbots
Have not used it. Many people have success stories with them though, primarily for enterprise sales though (real estate, etc)
Working to build an informational product (e-book) to address typical fears during a recession. With a potential pullback in a couple years, thinking it would be smart to capture that huge emotional audience. I know you guys recommend
against the one time sales /product in Efficiency but do you hold the same stance during a recession (riding a big one-time wave)?
Same stance recurring revenue is always better. Book sales don’t make squat unless you sell millions of copies.
At what point do I kill a campaign for a product and stop spending money trying to optimize it?
I’m unsure of the product’s viability in the market place.
I intend to create a store that has a luxury brand identity, and has top notch content, but I’ll actually just be dropshipping.
If you convert at 2% off ads but don’t make any money.
Would like to follow up on that. Currently running a niche biz (cable management items) that converts about 2% and only yields traffic through adwords ads. Haven’t got around optimising SEO further, and building bigger social media presence due to time constraints (day job). Items got quite a margin (100-400%), but only low cost items below $25. Currently hovering around break even with product and ad costs. Would you suggest shifting focus to a new business selling higher cost items or optimising SEO/social media?
Reduce ad costs, see if you have returning visitors (if so) then you can continue down the path.
If you take ads to zero and make nothing, the product sucks.
What is your most radical belief change(s) in the past couple of years?
Probably stretching and scar tissue removal to improve health/blood flow.
Hi,
I am 22 years old and a number of things in my life is going the right way.
I really just want to get a pointer as what my next priority should be to keep up momentum.
Some background:
1. I am studying a bachelors degree (starting 3rd semester) while maintaining a GPA of 4.0 with relative ease. I have a very clear idea about which masters degree to get (different uni but one where employers basically line up to hire the best digital talent). My specific path of study can lead me into IT management consulting, Product Management, IT project management and similar roles. I am in a country where education is free.
2. I am working a job in a venture funded startup. I work 15-20 hours a week in customer success management (Startupish intersection of customer service, sales and marketing). My employers have complimented me (Still trying to figure out my talent) on my ability to think and write fast, my analytical skills and ESPECIALLY my ability to think in a structured way, improve our processes and creative problem solving based on systems and processes.
3. I am so lucky that my parents have come into a great inheritance which they want to lend me interest free to invest in a housing cooperative apartment where I will be able to rent out two rooms to two tenants and earn 1.45x the monthly rent while I am studying.
I feel that I have been slacking on my health, bad at saving up and drinking too much/often while all of this has been going on
To reiterate, what should be my next priority be to keep up momentum?
There is no question here just a life story. Come back with a 2 sentence question, we have no interest in life stories, adds no value to anyone.
“Keep up momentum”? Just means keep trying to make more money so we have no idea what the question is…
I get your point. Sorry about the lifestory.
How do I leverage my educational path (intersection of business management and tech), current career (customer success in a startup) and ability to think in and improve systems in order to figure out what my talent is?
… again this is not a question.
1) what have you tried
2) what are you good at (or other people tell you you’re good at it)
3) find a way to monetize number 2
A life story or background doesn’t say anything about skills because it is biased and also is historical and has no context…
We would go and work on what your talent is first then come back. Broad questions like this are just a time drain…
I’m a university student studying programming. I have a lot of contacts who can set me up with very relevant work experience in many different sectors.
Should I get as much diversified experience as possible (same skills in different sectors) or focus on one niche?
Absolutely not, get niche asap. Find what you’re good at that is your career.
Based in NYC. I work as a quant, have a side business, and have decent social skills. Go out twice a week (Thursday and Saturday). But surrounded by regulars and nerds. I haven’t found like minded people (true friends) to hang out yet. Advice how to improve the situation and expand contact list (where to meet right people and how to keep in touch given busy schedules)
Same recommendation, go out in places away from regulars.
Join gyms, join groups in your area.
Most importantly work less, if you’re rich you shouldn’t be working hard anymore. That will free up time for more socializing.
Hey guys
Any advice on improving skin care margins? I manufacture and sell in the US but not sure the best way to meet good private label manufacturers in South Korea or China. In the book you talk about trade shows but I have none in my country.
It’s a good quality product so I don’t want to compromise but our net margin is only 30% due to high manufacturing costs.
You have to fly to conferences it really is the best way. Copy the competition, no short cuts.
Alright.I appreciate and I think that your dismissiveness is good advice in itself and I obviously got my head stuck up my own arse (No irony).
Will get back to the grind until I have more to show for and I have a **real** and **specific** question that I believe you or someone else would be qualified to answer.
Maybe spending too much time around regular people makes you need to be checked so as not to become one yourself.
Cheers!
About to be a freshman in a decent top 20 college. I am weak in pure sales but pretty much even for numbers/synthesis(perfect math sat etc, can see blind spots). Given that finance is in secular decline(except m&a) and tech will be booming for a while, is it worth it to go into software engineering post college even if they pay is 90-120 compared to the 150 in banking? taking into consideration that tech skills will allow me to create a product and i would have the hours to do a side biz. I know the efficiency answer is that both will be fine, but would really like a long term suggestion on this dilemma.
Yes if you are equally talented at M&A and software. Choose software/code.
If you won’t be very good at coding, then flip to M&A immediately.
Super late reply and don’t know if you will even see this but for any reader who does – I’m an intern at a big Tech company and this 90-120k range is total BS. Starting base salary at GOOG/FB is 110k and total comp is ALWAYS north of 150k. When I say total comp I mean base salary + RSUs vesting that year + Performance-based cash bonus. When you start, if you’re any good, you’ll typically also get a signing bonus between 5-100k (huge range, I know, but without delving into specifics of who gets what, this is what it is) + relocation (of course, if relocating).
I have just graduated from a top tier university (UK) and starting as an analyst this summer (age 22). The bank is DB (London office). Given you said don’t go to DB in tweets re: banking as a career, what is your advice? Work for 1-2 yrs then look to jump elsewhere? What is the typical route for lateral hiring from other banks.
Thanks a lot.
It was a partial joke highlighting their recent fraud/scandals.
The same strategy works since you’re only 22. Try to go to Goldman or a more stable bank, otherwise keep on the same path and move on to Private Equity/hedge funds etc. You’re set and good to go.
Thanks again!
I feel like I m am oblivious when it comes to reading people. How can you get better at reading their emotion (happy, lying, etc.) when interacting with them? And determining if they are a regular person or of value?
I assume when you’re talking with someone with value, you shouldn’t lie down and show your cards?
The fastest way is to read books on body language such as “what everybody is saying”
Courses taught by FBi agents and other security professionals is where you would go.
In person is always the best so look for classes on reading people taught by security/interrigaators and you’ll get a good baseline.
Do you have any advice on how to balance productivity and privacy? There are dozens of tools that increase productivity at the cost of privacy. Grammarly, Alexa, virtual assistants, ect. While this might seem unimportant now, Chinese style social credit systems are likely to expand in the future. One’s ability to borrow, get health care, travel, ect.Plus, there is the risk of companies being hacked and your addresses, emails, and other information being leaked.
Same as we do here.
Separate computers, separate phones, pay for people’s Ip addresses. etc. Good to go.
Privacy is a personal choice, take it as far as you like.
Can’t find book ID purchase numbers, and don’t have time to look.
Sales:::: I have one semester left in school, doing a summer sales intern. I have a biology degree (premed) and am heavily focusing on surgical device or med capital equipment sales.
I’ve read the software sales article, but just asking what are some other big money fields that arent really discussed besides tech and medical? I remember CAT machines being mentioned before.
Ps. Would enjoy another sales article like the tech one focusing on other fieldS.
Love the work on this page.
Yes that is still enterprise sales.
enterprise sales means: LArge medical equipment, Houses, software, data center…
People have a hard time conseptualizing it. Anything over $100K per sale is enterprise. Much easier definition.
38, life science PhD, publishing experience, science writer and copywriter. Not interested in lab work (boring). Healthy, athletic, free, no substantial wealth created yet. Introvert, confident, good communicator.
Figuring out how to leverage my expertise and benefit from new tech/ sales opportunities. Learning how to code now does not makes sense as I am too old and would compete with 18-year-old whizz kids. I am thinking of international enterprise sales or a freelance sales engineer position for complex life science/ pharma/ med tech products, if that exists. At the same time, I am working on getting larger projects for my writing business, outsourcing work and taking cuts.
Any advice on how to grow the writing business and what kind of online business/online product with recurring revenue makes sense with my background? Writing over the long run is isolating and not scalable.
Thank you for the great content.
probabyl healthcare related saless (not sure what your real background is in) anything $100K+ sales items.
Otehrwise you have to start selling a product, trying to get rich writing is a horrible idea. Even at large audience levels unlikely make more than a few hundred grand.
Thanks. My background is in biotech (diagnostics in the broadest sense) and analytical chemistry, which is relevant to medical applications. I agree that writing is bad to get rich, I got into it originally to leave the corporate office life and be my own boss.
Digital health products are booming and could be an option to connect the dots. I can learn basic coding skills (e.g. bootcamp) and add this to my profile (Scott Adam’s “skill stacking” concept) to future-proof myself. The hard part is to know what makes sense and what is distraction.
Hey this is kind of a late reply, but have you considered starting a diagnostics business? It’s a bit more tedious than software/internet/ecom but the margins are decent if you can find a niche disease….
Do you know any people who have become truly rich who didn’t find their work meaningful?
Ha tons! They typically quit then just do something they love.
Best $100 you’ve spent in the last year?
Purchase? Probably airpods
Rising Senior at top state school (think Berkeley, UVA, UCLA) with a bad gpa (think 2.5ish) wanting to get into enterprise software sales upon graduation.
What would you recommend in order to ensure the best chance of getting a job at a Oracle/SAP/Salesforce despite my gpa? Really want to leverage my schools name to attain the best entry SDR role possible.
Covered in post on enterprise sales, please use search function.
Other than that we don’t know, never been in that industry.
Not WSP by I do work in tech sales. Not at any of the three you mentioned but at one of the big names.
Getting an SDR position in a large company has less to do w GPA than you might think. Most sales managers don’t really give a shit honestly. Working with recruiters honestly helps a lot too starting out, they get a bad rap but they’ve helped me a lot for my first jobs.
Resume should show:
– Past results FIRST (if applicable)
– Sports experience/competition (if no sales results)
– Sales highlights
If you don’t have these get an entry level sales job and grind that for about 6 mo and try again. Car sales worked for me when I started, but pick your own poison. Also be willing to take an SDR job at a less desirable company to get the experience, stick that out for about 8 mo and try again (worked for a coworker of mine)
Hey Caleb, I hope you don’t mind me piggy backing on this question. I’ve read on previous enterprise sales post that college major doesn’t matter that much, but do you have any recommendation on what to major/man minor in while still in school?
I don’t want to major in something basic as I’d rather not have something pathetic on my resume but if I don’t have to major in software engineer program that would save alot of free time in school.
Appreciate any input!
I invested $375k in a private equity deal with a mentor (we talked monthly for an hour). The money is “under the table” type of industry. He’s worth 8 figs at least and runs an $XXXM company.
We stopped doing monthly calls after his schedule became busy and I had no worthwhile questions to ask… ( I was wasting his time, I should have offered to stop meeting)
Been 1.5 years and the deadline for getting a return keeps being pushed back.
Anything I can do here? Should I be worried? I used to sell his products but don’t anymore. I don’t have much leverage besides a contract owning his equity on another contract.
We have no idea this is a contract you signed for an investment. Can’t help here…
How much do you value the skill of coding? Is it worth it for the average guy to learn how to program or should he focus on getting his sales up?
More valuable than sales if asked to choose.
That said sales is still a necessary to maximize your income.
The average person is never going to be in the top 1% of writing code and being in a researchy role, I find so many bullshit artists saying they know to code who in fact don’t.
That being said, you don’t need to be in the top 1% in coding to make a lot of money just because there is a lot of demand for this field
But you must be ready to work your ass off to learn something new else, get ready to get kicked off by someone younger and willing to work for much less (Mastery (by Robert Greene) in a single line).
Gentlemen,
How did you learn to obtain this type of no BS practical real-life “knowledge of life” that you provide through this blog? Pretty much everyone I know, no matter their age, seems to walk through life confused, unsatisfied and oblivious (to different extents).
In other words, how did you “unplug from the Matrix” and learn to see what is important in life and how to go about obtaining it?
I realize this is a more abstract question, but I’m grateful for any input.
I’m in my early 20s, and despite having a long-term “game plan” for my life (à la Efficiency), I sometimes ask myself whether I’m missing a component for fulfillment in my life.
Thank you for your time.
Not really sure, probably self evaluation. Despite the name of the blog we’re actually pretty good at self evaluation.
1) was talent, realizing while software was the future no way we could be elite coders this was acceptance of reality.
2) this led to “ends justify the means” type thought process. If you get what you want in the end how you got there ends up being a lot of riff Raff. If we were talented in selling Porto-potties we would actually do it. No shame. If you can get rich off it with little effort that’s called an amazing grace.
3) most people get upset when they find their passion isn’t what they will be in the 1% in. We see the world differently. Being in the 1% in anything is already a blessing and your hobbies are always there. This is why we never took fake majors seriously, if someone is really interested in philosophy and isn’t doing it to “cruise by” they can read when they are done.
4) getting to the point is probably our core skill on this blog. Most people try to build credibility with “long stories” as you have seen we build credibility with results. This is because we realized long background stories is just ego. No one really cares, they just want to get better
5) rational optimist and stoicism was also helpful in changing the way we think (books).
When you put all this together it is extremely difficult to be unhappy. You end up well off financially, have friends you enjoy and don’t get jealous of the guy with 10 Patek watches. You’re more interested in making sure your free time is always protected and wake up happy on a daily basis. Many unhappy rich guys, we hope they figure it out one day.
Anyway long answer but essentially, “no bs” is typically seen as a negative. We would phrase it as “saving people time”. People who need attention and long winded stuff constantly are usually a waste of time and won’t get anything done.
Yes we realize the irony of having a long answer when we are typically short in nature!
“Could never be elite coders” that resonates a lot with me.
Funny thing is I am about to graduate with a degree in computer science.
Any advice on what path I could head down with a degree in computer science if I do not want to be an elite coder?
I have my own business selling websites, and a lot of online marketing skills.
19 years old. Doing an internship at a tech firm in SF. I try to follow the weekly schedule in Efficiency as much as possible (work from 9-5, go to the gym, work on my affiliate marketing business) but it seems like my energy plummets once I get home after I go to the gym. Coffee/energy drinks don’t do anything for me.
How did you guys push through when working full time and starting a business? Or am I not taking enough breaks?
I *think* that I’m not lazy because I still work on my affiliate marketing business but my efficiency when I work plummets.
Thank you.
Maybe you need to work less and adjust your schedule. If you’re already in shape then you can take it down to 4-5 days a week of working out.
Also, you have only “plummeted” when you quite literally cannot focus. If you’re browsing websites it just means you don’t care about what you are working on.