Jay Abraham is the CEO and Founder of The Abraham Group. He is appropriately known as the $21.7 Billion Dollar Man and is the highest paid marketing consultant, business leader and executive coach in the United States.
What we discuss in this episode:
- Jay Abraham has worked with over 10,000 companies and has had a transformative effect on each of them over the last 3 decades.
- Jay got his start by paying attention to business models outside of the industry that he was working in. He would take simplistic elements from each model and create a hybrid model that generated revenue. Doing so sparked his curiosity to learn as much about business and marketing as possible and to see how far he could push the envelope.
- It's important to create a competitive advantage in the marketplace. For example, Tesla spends $0 per year on marketing while Ford Motor Company spends hundreds of millions. David relates this to the fact that Tesla has created a competitive advantage, something that entrepreneurs should be focused on.
- Some entrepreneurs fail to see opportunity in the market and wonder how someone else can produce so much more within the same zip code. Jay explains the importance of taking advantage of strategic opportunities in your market so that you can take your business to a higher level.
- There is a difference between being a manager and an entrepreneur. A business owner is similar to a manager, who shows up and completes various tasks throughout the day to continue the operation of the business. An entrepreneur is like a leader who is continually seeking opportunity and climbing the proverbial mountain to gain a competitive vantage point and see where the opportunities exist.
- If you're not motivated by impacting people, it's a deterrent to optimal growth. David says the main reason people take a job is money, but that's not enough to keep them working. After a while the money will not carry them — it leaves them void of purpose.
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Thank you, Jay Abraham!
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