050. James Schramko On Frameworks For Business Profitability And Lifestyle

October 26th, 2015 By: Ash

How To Drive Business Profitability And Frameworks That Really Work — With James Schramko

 

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Key Points (Timestamps)

  • 00:54 — Intro and overview
  • 02:55 — The importance of  rejuvenation for entrepreneurs
  • 04:22 — How to have a high impact (even if you’re starting off as an entrepreneur)
  • 05:22 — Lead Generation vs Profitability and how to prioritize them
  • 08:04 — The Hunting versus Farming analogy and how it applies to recurring income models
  • 11:02 — Recurring errors that James has seen where people have left profit on the table
  • 11:49 — Make sure that what you’re building is worthwhile.
  • 12:05 — The importance of cultivating your existing customer base
  • 13:33 — Importance of doing surveys and using them to find out your customers’ preferences
  • 15 :44 — Related interviews with James Schramko, Robbie Kellman Baxter and Ryan Levesque
  • 16:31 — Challenges that high-profile entrepreneurs have faced and how they’ve overcome them
  • 16:47 — How James uses the power of question to help his high-profile entrepreneur clients to overcome their biggest challenges
  • 19:55 — James’ approaches to mindset:
    • The Socratic technique
    • Telling stories and using metaphors that move people
    • Probing and agitating thoughts and ideas
    • Share nourishing information
  • 23:59 — Actions a business owner can take to increase profitability and quality of life
  • 33:22 — The opportunity cost of chasing new systems – lost opportunity to find out more about your customers for increased profitability
  • 27:27 — Fixed costs vs Variable costs and how they impact profitability (Example)
  • 28:32 — Why it’s critical that you understand the impact of downtime when you change systems (Don’t adopt a new system just because it’s the best thing in the market.)
  • 34:13 — And if you’re going to do it…. Just DO IT with purpose.
  • 35:49 — When the pain point increases to a threshold or the benefits are higher than a threshold, James moves.
  • 37:08 — Podcast with Greg McKeown on Essentialism
  • 37:52 — Buck Rizvi and his take on the importance of a strong organizational culture
  • 39:05 — The importance of human potential
  • 42:10 — The books that have had the biggest impact on James and why they’ve had such a big impact
  • 46:34 — The importance of using new frameworks right away (and how James embeds new frameworks he learns)
  • 46:34 — James Silver Circle community
  • 48:32 — How to get in contact with James
  • 49:47 — Wrap up and recap of key concepts
  • 51:20 — Related podcast episodes

 

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