Creating exponential business relationships
Date: December 15, 2016
Name: Creating exponential business relationships
Presenter: Jacob McGill
The bigger the network does not mean the bigger the net worth; moreover, many entrepreneurs tend to forget the importance of business relationship. Vancouver Entrepreneurs & Business Builders invites Jacob McGill, the Founder of 8020 Media, to discuss his insight on making beneficial business relationships. Jacob McGill will provide key takeaway for entrepreneurs to build meaningful relationships. In addition, entrepreneurs will establish the right fundamental skills to improve their communication in their businesses in the right direction.
Jacob McGill is the Founder of 8020 Media. For the past 18 years, he focused on creating a better health systems for people. He is a Total Health Consultant for Complete Wellness Solutions. His passion and beliefs help many people to break their limited beliefs in communication, business and life. He was also sales and leasing consultant for Enagic and Vendor Partner from Rapid Time Networks. In addition, he studied Aikido for over 15 years.
Jacob McGill is a great believer in the importance of getting pass the fundamental education. He mentions he was inspired by Robert Kiyosaki from Rich Dad Poor Dad. He was taught that people work in narrow channel inside the box. It is good for memorization, but in business, nobody wants to see the report card.
McGill believes it is important to get outside influence. Entrepreneurs should build network that they can leverage. McGill founded 8020 Media. This is a digital brand agency with using collaborative business model.
“I want my business to strive”
McGill states in Moore’s law, when the rate of frequency is moving up, the process will eventually go up exponentially. Applying this theory to business world, big corporate businesses will not last due to the rate of going extinct. Less than 50% of Fortune 500 companies will disappear. As times continues, the rate is getting faster and faster.
McGill emphasizes the problem in this reality is fake entrepreneurship. There are many people who have ideas and they are executing; however, money is active, yet people are not linking that with ideas. Even though government placed an act to protect companies, especially after the Great Depression, fundings are not going into business and business is not maintain relevant.
“In business, people are seeing the tide going away”
The collaboration builds the fundamental in McGill’s business model. It is designed to grow other businesses. This turns operation into agility. The purpose is to build meaningful business relationship. McGill wants entrepreneurs to remember that no matter where they go, marketers will come and screw it up.
In this generation, business focuses online. There are over 308 thousand babies born per day and 4 mobiles ship per day. There are over 8 million people online. Traditional advertising works for old school and it is not collaborating with the new generation because this generation has the ability to choose what they want to see.
Attention is rare and developing relationship is the only way for business to move forward.
Entrepreneurs are now taking the existing business model and hire people for data. When data is integrated to the existing business model, they will discover things are different. Entrepreneurs will need to change the existing business structure. They create a new business plan and get back to the playing field once more.
The collaborative model initially comes from native. It works not just vertical, also horizontal. In business, entrepreneurs are used to play finite game; but business is an infinite game because entrepreneurs need to change the rules all the time in business. Finite will not work in business. Most importantly, building relationship is infinite game.
Finite looks at the horizon, and eventually it will come around. Infinite looks at the projectile, and it will see things above. McGill believes that is where collaboration comes from.
If corporations keep the advertising budget for television and use it as a contest, they will identify customers’ concerns. McGill states corporations are not wasting money because those advertising budget will be wasted in ineffective television campaign anyways. It will work because it creates collaboration with customers.
“Collaboration starts with questioning and listening”
In leadership, successful entrepreneurs always sit in circle and always the last to speak. This is developing collaboration. Entrepreneurs need to figure out what others before take actions.
Collaboration reveals different revenue streams. Entrepreneurs will know the bigger picture and understand how to add on to the big picture. They will able to link other entrepreneurs who are relevant. Sometimes marketplace does not understand, and collaboration helps entrepreneurs to make action. It is a challenge to link with actions, especially people now it, but they do not know what to do. Many people are lazy. It is a part of the human nature. Collaboration helps them cut down to pieces to make it accessible.
Demographic plays a huge role in collaboration. Making it accessible is important to the right market. Execution is the main piece and when generation changes, entrepreneurs must be flexible.
Collaboration looks at the sentiment of the market. It gets the attention. McGill suggests entrepreneurs to keep consistent on actions. Eventually, they will attract the right people and right value.
Questions and Answers
The audience asks how to build relationship in business without depending on finance. McGill advises entrepreneurs to do the following.
- Think about what people they want to attract and build
- Understand the value of time
- When they say no to one thing, they are saying no to 30 others
- Look at the long-term plan
- Look for overlap from others
- Keep asking questions to know what to provide
- Know what others want
- Do not sell short
- Look beyond the transaction
- Surround with similar mindset
- Focus on relationship and collaboration, not how sell because sell attracts sell