Michael Ross's Challenge

Hi All,

I was reading a post written earlier in August by Gordon in regard to a challenge by Michael Ross.

Here was the challenge by Michael Ross:

“Imagine this... you are out of work, have no money coming in whatsoever
and cannot get any on credit cards or in any other way. You are too
proud to go on welfare, have no products to sell, no customer list,
refuse to get money selling your body for sex, refuse to get a job
working for someone else for a wage and you refuse to sell any of your
possessions. Knowing what you know now, who you know now and having the
resources you currently have at your disposal, what would you do to get
yourself back on your feet before you ran out of money?

You only have $1,000 left.”

Has anybody been able to solve this one?

If you have already answered, please just post the link. I would be most interested in seeing a solution.

Thanks,

Duane Adolph

Dr, Rice mentioned a television program that covered this very subject and the participates in question used their previous contacts in some way to make money, I can’t remember if that was allowed, but these exercises in ‘making it again’ seem somewhat pointless.

These kind of tests are always aimed at people who already have had success, they know what it’s like.

The exercise seems to be provided so that people who have had no success can learn from people who’ve had it.

But the people who are offered the challenge have an unfair advantage over someone who has never had success other that holding down a job, they already have the knowledge even though they may have gone broke, so starting again is not as difficult as someone who’s never experienced success on that level.

Also, the people in the test will more often than not, revert back to how they did it in the first place, they just do what they’ve felt the most comfortable with.

If someone made a million dollars selling hot cakes and didn’t know how to do anything else and was given the challenge, do you think they’d say that they’d become a Doctor? or a Dentist? No they’d go sell hot cakes.

You’d go with what you know and I don’t think that helps people because it just shows that others stick to their strengths. What if you have no particular strengths and you’ve had no success? How does that help you?

I suppose it shows you that you can make money selling hot cakes;>)

These challenges should be called, "What do you think is the best way to make money" because everyone will just redo what they’ve done before.

I think there can be more gained from successful people’s stories of how they did it in the first place rather than what they’d do if they had to start again.

Richard.

Hi Duane, Richard and everyone....

The TV show Richard mentioned is "The Money Game".... To find my earlier posts on this, here is the first post, then the links to parts 2, 3, and 4 are at the bottom of that post....

What Richard said is correct, these people did do (to some degree) what they knew.... But, having said that, I learned some very valuable lessons....

Like these....



1. The winner of "The Money Game," Cameron Fisher, not only made the most money but also did the least work. How can that be?

He employed others to do a lot of the work for him.... alternatively, you can outsource the work, or "share the wealth"....

When you have others working for you, it means you can achieve MUCH more. And that could mean greater profits....

You don't have to have employees to have others working for you too -- outsourcing is another way to have others working for you, use their services!

2. Having said that, they knew what services were available. Cameron Fisher knew how to contact telemarketers, celebrities, and so on.... The others knew how to contact other services....

Knowing what kind of services are available for you to make use of is very powerful knowledge!

Learning this lesson caused me to really study my Yellow Pages.... I flipped through it, to familiarize myself with the categories, and what services are available to me. Many others also get Yellow Pages from other cities, so they have them available....

(They're available online too, but I find it easier to flip through the paper version....)

3. The power of name recognition.... "Crazy" Ron Bakir and Pamela Noon to an extent used their own name recognition.... Cameron Fisher didn't have any name recognition of his own, but he ended up making the most money? How?

He used *other people's* name recognition.... He hired local celebrities to speak at the dinner and the business luncheon which he organized....

So, even if you're not famous yourself, and you don't want to be famous, you can use the name recognition of other people (for a fee).... This gives your project instant appeal and credibility.

Producers of those late-night infomercials know this very well....

4. The power of being able to sell something before you have to pay for it. Cameron Fisher, again, used this principle to great effect....

He held an auction of sports memorabilia, where he had an arrangement that he didn't have to pay for any of it unless it sold.

Another way he used this approach was he sold tickets for his business luncheon to be held in two weeks time, but he got the money up front.

This is a very powerful principle, I think, because it gives you a lot of leverage. Some of the top companies use this principle.... Dell Computers, for example, don't have any computers put together until they have your money in their pocket (and I think they outsource putting your customized computer together too).

5. Have more than one profit source. Everyone on the show had plans for more than one profit source for what they did....

Pamela Noon had sponsors for her TV show, and planned to sell the show too (though this latter plan didn't work out in time)....

"Crazy" Ron Bakir had sponsors too, and also sold tickets to his party....

Cameron Fisher sold tickets to his dinner, and also had a sports memorabilia auction as another profit source....

With more than one source of profits in your project, you reduce your risk and also increase the potential profit you can make....



So while Richard's points are valid, there were other more general lessons I felt I learned from the show.... And I thought they were quite powerful lessons too, which I summarized above....

Dien Rice

Hi Dien, Duane, Richard and everyone....

Thank you, Dien, for such a powerful synopsis of "The Money Game." It was a great reminder of many principles of success.

> 1 . The winner of "The Money
> Game," Cameron Fisher, not only made
> the most money but also did the least work.
> How can that be?

***This is a principle I am studying A LOT these days, as it seems many people are jumping on the "Work Less, Make More" bandwagon. It just seems to make great sense to me.

One way I do this is to write one article and then I recycle and reuse it on different venues, I use it in different products such as courses, books, classes, coaching, audio programs, etc etc etc. Created once, used SO many times. All valuable and all valid, with slightly different audiences.

> 2 . Having said that, they knew what
> services were available.

> Learning this lesson caused me to really
> study my Yellow Pages.... I flipped through
> it, to familiarize myself with the
> categories, and what services are available
> to me. Many others also get Yellow Pages
> from other cities, so they have them
> available....

****Excellent idea, Dien. I am going to try this one on myself!

> 4 . The power of being able to sell
> something before you have to pay for it.
> Cameron Fisher, again, used this principle
> to great effect....

****I call this the "Show Me The Money" principle. (Wasn't Jerry Maguire a great movie? I thought Cuba Gooding, Jr. was terrific.

Why hand over the goods without the money on the table? What is that old saying, "A bird in hand is worth........"

> 5 . Have more than one profit source.
> Everyone on the show had plans for more than
> one profit source for what they did....

****I am planning some downtime this spring and summer. I am diligently creating some products to support "me" when I am not physically here sitting in my home office. This is one of the most exciting times in my business life!

Thank you, again, Dien, for all of your insights!

With Purpose and Passion,

JULIE JORDAN SCOTT


Dare to........

Hi Duane:

> Here was the challenge by Michael Ross:

> “Imagine this... you are out of work, have no money coming in whatsoever and cannot get any on credit cards or in >any other way. You are too proud to go on welfare, have no products to sell, no customer list, refuse to get money
> selling your body for sex, refuse to get a job working for someone else for a wage and you refuse to sell any of your
> possessions. Knowing what you know now, who you know now and having the resources you currently have at your
> disposal, what would you do to get yourself back on your feet before you ran out of money?

> You only have $1,000 left.”

> Has anybody been able to solve this one?

There has been a bit of discussion about this, primarily in regard to the tv show ""The Money Game"

I don't know about you, or anyone else - but in my opinion, a television show in which the participants prove their money earning ability is vastly different than a person that has to do the same to put food on the table. A person in this situation is likely to feel a little more stressed. At least I did. *g*

Not to mention that if it's bread and butter the person has to earn, the repercussion of not succeeding is different than the tv contestant.

I am, by no means, a television personality. However, several years ago, I found myself in a very similiar situation. So, I'd like to answer your post from the perspective of a "real" person in that situation.

I had a little less than 1,000.00. Seven hundred and fifty two dollars and fifty three cents to be exact. That was all I had to my name when I discovered (after leaving an alcoholic and abusive ex) that the marital assets that I thought would be divided up so easily - weren't. (He'd put it all in his name - and then transferred everything to his dad's name.)

I had a mortgage payment due - in excess of eleven hundred dollars... utilities worth close to a thousand that were due for payment - and a child to feed and support.

A year before leaving my ex, I had closed down my little home business in a last ditch attempt to make the marriage work. So, I was left with little cash, no job, no contacts and I needed to make money fast or my daughter and I would be literally out on the streets.

None of my friends or relatives would help because my ex had already phoned and threatened anyone who intervened "would pay". Everyone I knew was petrified and would not get involved. I couldn't go to the police - he worked on their communications systems. (I tried - long story.)

I couldn't get a job outside the house because he was following me and went in afterwards to harass people everywhere I went. It was easier for people to just "not" hire me.

I then decided to sell the house. As it turned out, I couldn't even do that because my ex's name was also on the title and he would not agree to sell. According to Canadian laws, I could not sell without his agreement. (He was being a miserable sot and trying to make me suffer for leaving him. He figured I'd give up and come back)

It was, in a word - a nightmare. I cried myself to sleep a number of nights before I got very angry and even more determined. To make a long story a little shorter... I had no options left but to take what I had and make it work.
And I did... : )

The points that Dien mentioned (in a later post) have some very good merit. You don't have to be a celebrity or have a "known" name... but you DO need persistance, perseverance and determination.

I had over a decade of experience in graphics behind me. I'd worked as a "suit" for Canada's largest department store chain. I'd run my own little graphics company out of my home. I decided I needed to revive that and make it work for me... and fast.

I got on the phone one evening and called everyone that I knew that my ex did not know. *g* (No risk of him intervening that way.) Parents of kids my daughter went to school with..
people I'd gone to school with. Anyone I could think of. I asked them all to do me one favor.. to keep their ears open for someone looking for graphic arts or copywriting.

I found one person that "knew someone who.."

I remember walking into the board meeting to present my graphics proposal to a national board of directors looking to hire someone to do the graphics for an upcoming national event.

I knew about the board meeting because my daughter's friend's mom told me about it when I made those calls. She knew one of the directors..

I knew that there were three big companies competing for the contract. Before the meeting, I checked out the history of 'the competition.'

I knew that part of the event they were running included selling 'event t-shirts'. Prior to the meeting, I had a local printer print my work on a tshirt so I could I let the board members pass the t-shirt around and look at the detail. It was no longer ink on paper.. it was a tangible, touchable sample.

I convinced a small printing company to print the shirt (free) by promising the printer that the order was his if I could pull this off. Landing a national event would be a coup for him, too.

As I made my presentation, I also offered to

a) Do the graphics for all areas of the event, including the event souvenirwear as well as other printing projects (brochures, newspaper ads, etc)

b)handle the details of ordering the t-shirts, sweatsuits, brochures, cards, printed items, etc

c) Oversee the printing and proofing... and

d) To have it all delivered to their office.

By offering that, I reduced their work load immensely. (I also afforded myself the opportunity to buy the goods at wholesale and mark them up to make a profit. )

As is typical, they said they would discuss the presentations and "get back to me".

As I left, I gave them the t-shirt. I told them that having the shirt to look at would mean they didn't have to "remember" what it looked like when they were comparing proposals.

As I walked past the board members, I leaned slightly towards the one that was related to my daughter's friend's mom and whispered (Donna said to tell you hello). *smiling*

I got the contract.

I ordered the merchandise needed on a 30 day invoice, collected the cash for the order, banked it - and paid for the merchandise 30 days later.

So, instead of just making the profit of a new graphics order, I also made profit on marking up the merchandise and earned a commission for selling the printer's services, too.

Do you have ANY idea how much markup one can make on over 5 thousand t-shirts? Not to mention the sweatsuits, shorts, golf shirts, etc? *g*

I was glad I didn't just go in offering to do the graphics alone. At the time of the presentation, I really had NO idea of the vast size that the order would be.

It was one of my best... and one of my last offline events. I found the Internet shortly after. I've more than doubled my income online and have set up two successful internet businesses that employ multiple people. And - moved half way across the country. *g*

I do it by not only knowing my field of expertise inside out, but also by knowing my competition inside. You can't be "better" if you don't know what you're up against. : )

It is entirely possible to take little or nothing and turn it into a fantastic income... as long as you know your field and you have the persistance and belief in yourself to carry you through.

Important points for anyone looking to get ahead:

1) As Dien says - You don't have to have employees to have others working for you too -- outsourcing is another way to have others working for you, use their services! (like I did with the printer)

2) The power of being able to sell something before you have to pay for it. (as I did by asking Hanes to invoice me for the shirts and asking the printer to verify my credibility because I had no order history.)

3) Contacts. Not just who "you" know.. but who
your contacts know. The next door neighbor or the bank teller just might know the person, or wife of the person that is going to decide who gets that big contract in your field. (just as my daughter's friend's mom had a contact for me)

and above all..

Know your field. Prove your worth. Believe and you will achieve.

Just my two cents...

Linda Caroll




Your image - is my business

Linda -

Bravo! Outstanding response and FAR more instructive than the contrived Money Game circumstances. Hats off to you and continued success!

Bob

Hi Julie,

> ****I call this the "Show Me The
> Money" principle. (Wasn't Jerry Maguire
> a great movie? I thought Cuba Gooding, Jr.
> was terrific.

Yes, it was a good movie.... Come to think of it, it's one of the few movies I can think of where someone starts a new business!

The character of Jerry Maguire is really an entrepreneur, in his own field.... :)

> Why hand over the goods without the money on
> the table? What is that old saying, "A
> bird in hand is worth........"

I think it's potentially powerful if you can make it work....

> ****I am planning some downtime this spring
> and summer. I am diligently creating some
> products to support "me" when I am
> not physically here sitting in my home
> office. This is one of the most exciting
> times in my business life!

Julie, that's great.... I'm in a pretty exciting time in my life too. :)

I like change.... In fact, I thrive on it. New challenges excite me....

Thanks Julie, :)

Dien

Thanks Linda for sharing that story!

It was very powerful, and a testimony to your determination....

It made me think of the strategy of "burning your boats" -- but in this case, your "boats" were "burned" for you by your ex -- leaving you with no choice but to press forward and to succeed....

Thanks, I agree with everyone else, it's definitely a powerful story!

- Dien

P.S. More in email....

> Dr, Rice mentioned a television program that
> covered this very subject and the
> participates in question used their previous
> contacts in some way to make money, I can’t
> remember if that was allowed, but these
> exercises in ‘making it again’ seem somewhat
> pointless.

> These kind of tests are always aimed at
> people who already have had success, they
> know what it’s like.

> The exercise seems to be provided so that
> people who have had no success can learn
> from people who’ve had it.

> But the people who are offered the challenge
> have an unfair advantage over someone who
> has never had success other that holding
> down a job, they already have the knowledge
> even though they may have gone broke, so
> starting again is not as difficult as
> someone who’s never experienced success on
> that level.

Agreed the successful people have the knowledge and also the "Activity-knowledge" called real experience. This definitely makes starting for them easier

> Also, the people in the test will more often
> than not, revert back to how they did it in
> the first place, they just do what they’ve
> felt the most comfortable with.

Given the time limit, they did not have much time to learn a "new" method.

> If someone made a million dollars selling
> hot cakes and didn’t know how to do anything
> else and was given the challenge, do you
> think they’d say that they’d become a
> Doctor? or a Dentist? No they’d go sell hot
> cakes.

I know I'd stick with hot cakes! If that was my specialty

> You’d go with what you know and I don’t
> think that helps people because it just
> shows that others stick to their strengths.
> What if you have no particular strengths and
> you’ve had no success? How does that help
> you?

Hmmm, Interesting point. It would tell me that I need to sharpen my skills and develop a strength.

> I suppose it shows you that you can make
> money selling hot cakes;>)

Boy if I could SELL hot cakes, then I could SELL almost anything! :->

> These challenges should be called,
> "What do you think is the best way to
> make money" because everyone will just
> redo what they’ve done before.

Maybe they should put in their rules, that you cannot do what you have done before!

> I think there can be more gained from
> successful people’s stories of how they did
> it in the first place rather than what
> they’d do if they had to start again.

I personally find that when "Successful" people tell their stories of how their fortune were made, they tend to oversimplify a lot of the important details that were critical to their success

> Richard.

Thanks for the feed back Richard!