Building Your Money Machine

In this episode #1 Bestselling Author, Mel Abraham walks you through his thoughts on wealth creation and the framework as well as how to get out of debt.  

In this special live episode from under the Sydney Harbor Bridge, #1 Bestselling Author, Mel Abraham answers a question about the importance of mentors, what to look for and how to get a good mentor. Importance of MentorsMentors are tremendously important for the growth and success of your future. We have to get the right mentor if we want to reach our dreams. They are like bridges that navigate you from point A to point B quickly and easily without having to deal with hazards, pitfalls and problems along the way. Mentors already know about such hazards and their knowledge prevents you from having to deal with the same.What to Look For in MentorsMentors should have travelled the same journey that you are looking to travel. They should have the experience to share so you may be able to face the challenges. They should be able to clearly understand your values, visions and ideals. Their own values and visions should also be in alignment with yours. If it is not the case then they will bring in-congruency into your life. You will learn some good advice but that might not be related to the path you want to travel.Mentors should also be accessible not only from a time standpoint but emotionally as well. You should be able to have frank and transparent conversations with them at a deep level. Your mentor should be direct to point out the mistakes without sugarcoating them.How to Get a Good MentorThere are two ways you can get mentors:1.     You can pay them making sure they are worth every penny that you've put in.2.     You can serve them and they will reciprocate with their knowledge and experience.

Learn about evaluating and developing blockbuster business ideas by aligning with your vision and customer promise. Understand the importance of understanding your target market, generating profits, and considering growth potential. Explore the obstacles and fulfillment that come with pursuing your ideas, and discover a guidebook with questions to evaluate and develop your ideas.

This session is a bit different. Mel Abraham shares with you a tale of irresponsible marketing that I experienced recently. The goal is to understand what marketing should be really about, how we can set it for success and the ways to create connection with customers and your team. The Tale of Irresponsible MarketingI worked with a service provider that helped me to reach and connect with my customers. Within a week, the CEO makes a blog post which starts out as "Death of the business name". It reflects on how the company's creator looks back at his four year old business and realizes that he secretly despised it. This story spans to three posts over a week and it keeps the clients in suspense about the future of the company.The idea behind it was to create suspense, generate attention and then share their re-structuring plans. The post generated a lot of attention in a negative way. The way it was presented, abused the pristine client-provider relationship.  He should have started with the re-structuring idea instead of polarizing the customer-base.Lessons that came out of this irresponsible marketing effortFirst we need to understand the objectives of marketing.- It's to create relationships that will convert into sales.There are 5 objectives:To capture the market's attention so they notice what you have to offer and how it'll make a difference in their life.To communicate with empathy to show that you care about the customers, clients and your team.To create deep seated loyalty by offering your customers a solution that doesn't just solve the issue but also creates a bigger vision for them.To convey low risk opportunity or entry point for your customers to do business with you.To connect emotionally so that your customers are with you because they believe in you.The five questions we need to ask when deciding to go on a marketing campaign:Is it responsible?Is it caring and compassionate?Is it respectful?Does it build trust?

In this episode, Mel Abraham talks about the concept of goal setting which is the last stage of the Think Up phase. We look at goals differently to fuel, energize and electrify them, bringing them to life.We know SMART goals = Specific, Measurable, Specific, Relevant and Time-driven.There are a couple of elements missing with SMART Goals and I change it to "A Smart Goal" where A denotes Aligned.Aligned: Goals need to be aligned with your higher mission, vision and purpose.Specific: The goal that you're creating should be specific and linked with your strategic plans.Measurable: We need to make sure that goals are measurable because if we can measure it, we can manage it.Attainable: It needs to be reachable and realistic.Relevant: The goals need to be relevant to our outcome and the tasks that we are doing.Time-driven: Goals need to have a deadline to draw us forward. All these are left-brain stuff that lack energy, movement and emotions. If there's no energy, electricity and vibrancy attached to them, they become stagnant goals and don't really drive us anywhere.Ladder of Achievement ProcessThis process is used to connect goals to the emotional side of your brain with your heart, soul and energy elements that will drive you forward.This process is focused on primarily three things:1.     Personal growth: The innate and emotional desire to move forward; a commitment to strive to grow.2.     Perseverance: Every entrepreneur needs determination and focus. With perseverance come these elements:Purpose: Your emotionally compelling why.Passion: This is the fuel that drives you forward.Patience: We need to know that we can't control everything and in time, things will come into place. 3.     Practice: Your discipline of action and execu

The podcast discusses how to create an elegant solution for customers and the market. It explores the three levels at which an elegant solution should serve the market and the concept of IDEA loops for refining products and services. The importance of empathizing with the audience and delivering solutions to known and unspoken problems is highlighted. The chapter also covers the design process and execution phase of finding a solution.

In this episode, Mel Abraham continue our journey down the three phases of business life by digging further into Stage 1 of Phase 1 which is the Decide stage. We talk about the obstacles and challenges that may come up and the ways to navigate them:1. Are you in the right business?The right business is the one that is driven by your passion and vision. It serves at a greater level helping people shift their lives, and get solutions for their problems.2. Financing: "I don't have the money to start a business".There are different ways to access funds like debt, bootstrapping, crowdfunding and angel funding. We need to think about our capital requirements, costs as well as the legal costs.3. I have a hard time finding customers.To find the right customers you have to create loyalty, connection and relationships. Deliver customer promise by connecting with them at an emotional level. Know where your customers hang out, communicate and understand what they are looking for. 4. When do I quit my day job?Before you quit your day job, you have to have a sensible plan and the financial foundation to back you and your family during lean times. Make sure that the cash flowing in from your part-time endeavor is at least 30% of what you're making.5. Should I be an entrepreneur?Being an entrepreneur means being comfortable with psychological obstacles. Every day an entrepreneur needs to stand with one foot in the bank deposit line and the other in the unemployment line.6. Obstacles with respect to legal, tax and money management.Always make sure that you have proper legal advice. Get your taxes paid up front with a system in-place and get educated about book keeping.7. Imposter syndromeYou get this fear that you're going to be found out, you're not good enough, and maybe you shouldn't be doing this. Don't suppress this self-doubt but deal with it and overpower it.8. How do we deal with staffing? Who do we hire? How do we hire?Do value based hiring, coaching and if necessary, firing. Make sure you hire people who have the same or similar values.9. What is your competitive positioning?

In this Q&A session, the podcast discusses scaling a coaching business, exploring different business models and strategies for increasing profitability. The importance of creating frameworks, systemization, duplication, and productizing is emphasized. Strategies such as group coaching, creating communities, and licensing intellectual property are explored. The podcast emphasizes not relying solely on one-on-one sessions and utilizing technology.

This is a Q&A session, where we answer the question sent in by Bill Parravano about “Angel Financing”.His question is: “What is your approach? How do you approach an angel investor? How do you find angel investors? What do you need to have prepared when speaking with them?”An angel investor is typically a past entrepreneur who has high net worth and wants to invest in ideas, management and things they believe in. The size of angel investment can be from $5,000 to $10,000 to up to $2 million. Know that, angel investment is not just a typical financing arrangement for getting returns on investment. It carries with it some mentoring, advice and control. Angel investors come together as groups to form angel investment groups. They make decisions as a group but the investment is done on an individual basis.Finding Angel InvestorsSearch for them online and you will come across different associations of angel investors.Angel Investments vs

The podcast explores the importance of decision-making and finding market distinction through core strengths. It discusses the intersection between abilities, interests, and market needs, and how they contribute to passion, solutions, and potential. The podcast also emphasizes the significance of adopting an entrepreneurial identity and operating within core strengths to enhance success. It provides insights on defining and leveraging core strengths, discovering interests and passions, and identifying strengths when starting a business.