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Here’s how to turn your disadvantage into an advantage
I recently attended CultureCon here in Brooklyn. My main takeaway was from comedian Sam Jay when she explained why she never copied the style of other comedians
”I didn’t want to portray myself as someone I’m not. Because what if it works? Then I’d be stuck pretending to be someone else and that seems taxing.”
What does this mean to us as entrepreneurs?
Focus on being the best version of yourself. Don’t pretend to be the person you think others want you to be. It’s taxing and won’t lead to sustainable fulfillment.
And with that, let’s get started.
Today at a glance:
Thought: How can you turn your disadvantage into an advantage?
Time-saver: Honesty is the best policy
Tactic: Why you should pay your friends
Reading time: 5 minutes
Thought: How can you turn your disadvantage into an advantage?
Last week my four year old, Tyson, had his first real homework assignment.
It was cute at first. But then I realized my wife and I would need to help him and his older sister with their homework this school year. Oh, and we have two more kids that will eventually need us to help with and/or review their homework as well.
This means my time will be even more constrained going forward. And it’s easy to view that as a disadvantage; but that’s a choice. In my experience constraints can be a good thing.
Why? Because when leveraged correctly, constraints lead to clarity and fulfillment. It’s commonly referred to as The Paradox of choice. Here’s a formal definition so you can wrap your head around it.
The paradox of choice is an observation that having many options to choose from, rather than making people happy and ensuring they get what they want, can cause them stress and problematize decision-making.
In short, too many options causes confusion and you may feel like you made the wrong decision.
What does this have to do with Tyson’s homework?
Since I have a bunch of kids, my revenue generating options are limited due to the time constraints associated with being a parent.
In short, I can’t just trade time for money.
To solve for this issue, I have a few options:
- Offer services that scale (ex. My group coaching program)
- Generate revenue through passive income streams
Although the options were somewhat forced on me, these revenue streams are a best practice for any entrepreneur.
So, I can focus on those two. Or I can kick things up a notch by leaning even further into my constraints. And that’s what I decided to do while revising my five year goal.
I’m going to create a professional development process that can be scaled and sold to an organization.
Once I sell my process I’ll have a bajillion dollars which will give me even more time to spend on homework.
How’s that going so far?
I made a very small first step this week by pitching a workshop based on that process to a Fortune Global 500 company. I want to prove that my process works with their internal employees and then pitch it as a service they should offer to their clients as well.
They got back to me and let me know they’re interested so I’ll keep you updated on how things go.
So here’s the thought for today.
“How can you turn your disadvantage into an advantage?”
Maybe you live in a small town. It can force you to build your business and network online.
Perhaps you’re not a good public speaker. You can focus on becoming an amazing writer.
The options are contextual to your situation, but give it a try. You may discover your perceived disadvantage is actually a valuable asset.
Need help finding yours? Reply to this email and I’ll give it a shot.
Time-saver: Honesty is the best policy
Not to say I’m a fan of passive parenting but sometimes I need a break. On a rainy Saturday I’ve been known to let my kids watch a movie while I’m doing something besides paying complete and total attention to them. But a line from one of their favorite movies, Cars 3, caught my attention.
“The truth is always quicker”
For context, here’s why the line stood out to me so much.
Once in a while I take much longer than I’d like to respond to messages and emails. In most cases it’s ok, but in others it could potentially damage a business opportunity.
This is exactly what happened while I was exploring the option of creating a live training course through Maven, a platform that empowers subject matter experts to offer cohort-based courses directly to their audience.
Earlier this year I was excited to join on as an instructor but then out of the blue, my entire family came down with Covid. I let my contact at Maven know and they were very understanding. But six weeks later my daughter and I both came down with pneumonia which caused further delays.
Once we recovered I doubled down on completing one big project which was my video course, The Solopreneur’s Fast Track.
Here’s the problem. I never got back to Maven! I just left them hanging. And now that my video course is complete I want to provide the option for live instruction based on the same content.
The truth is always quicker, so here’s what I sent to Maven.
“Apologies for the extremely long delay here. My family and I were hit with various illnesses on multiple occasions this year so it was hard for me to focus on and/or commit to much.
Fortunately we’ve all been doing well for an extended period of time and I’d love to revisit partnering with Maven if that’s still an option.”
That’s it. Nothing fancy or poetic. Just the truth.
They got back to me, continued to be understanding and my class will launch next month.
However I should note, it’s up to you to decide how much detail you want to provide.
I could have also said “Apologies for the extremely long delay here. I’d love to revisit partnering with Maven if that’s still an option.”
The main point is to finally get back to people without making excuses or telling long-winded stories.
Your turn.
Is there someone you’ve been putting off reaching out to?
Consider this as a sign that you should do it today!
Tactic: Why you should pay your friends
You may have heard the phrase your network is your net worth. And, this is true to an extent. The people you surround yourself with can totally change your life one way or another.
But, if you’re always that person asking for something – and not giving something in return – people may choose not to have you in their network. This is especially true if they’re a professional service provider (ex. a consultant or trainer) and you keep asking for that service without paying them.
I’ll share a quick story to illustrate how well things can go when you ask for help and respect the other person’s time.
In last week’s newsletter I shared my less than stellar live TV appearance. One of my friends, Almeera Jiwa Pratt, read it and offered to provide media training to help me prepare for my next appearance.
I accepted her offer and let her know I’d like to pay for the time. Why? Because she has a family, a full time job at LinkedIn, is a working actress and countless other activities that need her attention.
She declined payment and instead suggested that we do a swap; I’d coach her on business development and she’d help me with media training. This sounded like a good idea to me and we went forward with the training.
Within an hour she provided me with the tools, actions and mindset needed to effectively show up on camera. And the lessons she taught me will be useful in many other situations as well.
Now I’m looking forward to training her and I hope to have the same impact.
So, here’s my advice on what you should do the next time you ask someone in your network for advice.
Offer to pay
Yes, I know it may seem weird offering to pay your friends or acquaintances. But if they make a living off sharing their knowledge, you should strongly consider it. If they’re a close friend they’ll most likely say no but also appreciate the gesture.
Offer to trade services
This approach can be a great fit if you’re both subject matter experts and you both have something to offer each other. I used to work at a nightclub when I was in college. One time I let my barber in the club for free in exchange for a haircut the next day. It was the worst haircut I ever received!
Granted, he may have been hungover from the night before but I learned a valuable lesson. Make sure you’re both aligned on timing and expectations.
Send them a thank-you gift
Your friend may decline payment or a trade, but you can still send them something to say thanks. I use a service called Thnks, a platform that lets you instantly send gifts to express your gratitude.
And if the recipient doesn’t want the gift they can donate the cash value to various charities.
Provide them with a testimonial
Testimonials are a great way for any entrepreneur to land more clients. Write a recommendation for them on LinkedIn highlighting the challenge you had and how they helped you resolve it.
Why LinkedIn? This may be where they attract other opportunities and they can always re-post your testimonial on other platforms, such as their website.
Send them referrals going forward
Another way to say thanks is by sharing your experience with others who may be interested in their services.
Now is a good time to say I highly recommend reaching out to Almeera for media training if you need help preparing for an interview, webinar or developing your overall public speaking skills.
Don’t waste their time, apply what you learned
And, here’s one of the best ways to say thank you; actually take their advice and let them know how it went.
Whether you’re paying them or not, nobody wants to feel like their time or advice has been wasted. And, even if you’re just loosely acquainted, they’ll want to see you do well!
I hope you found this valuable (please let me know) and if you did please consider sharing it with a friend. They can sign up here.
Have a great week!
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