Dan Peña – Ep 1: Ask And You Shall Receive

The talk in EP1 is very informative.  I hope we all can learn, so share here.

Some Q&A points I highlight here to recap:

Q. The better way to Build self-esteem?
A. around 4-5 people with – who you expose to the high performance people

Q: How can you get more money? from business angel or investor or bank?
A: Dream Team – Dream Team – Dream Team.  You have creditable and reputable in your team memebers.
The investors believe they put their future career in the company, so there will be better chance for them to invest.

Q: Do you devote full time or part time?
A: How committment are you? Full time as people see you to put full time commitment to it.

Q: How to be successful?
A: Dream team and Mentor.  Mentor by the one who you want to be

Q: What is your highest priority?
A: The priority should be from your heart, do the thing you like. The passion is to get you to do thing. High performance people are able to accumlated wealth.

Q: Taking risks is critical to success, How do you gauge whether the risk is worth?
A: Never look at the risk as reckless. Focus on the thing done, do not focus on the risk involved.

Q: How many dream team members would you recommend somebody have before they look for financing? To be specific, do you see a problem interviewing lenders before I have accounting and legal representation?
A: Chairman and board members and accountant and legal (transaction guy handling the done deals) and industrial specialist. People have to take risks to build successful business

Q: How can you find cofounder?
A: Ethic, Moral, Passion

Q: In one of your seminar clips, you discsused 4 types of leaders (commander, visionaries, excutors, strategists). Every one wants to be a visionary.
A: Visionary and commander are different.

Q: What are the hot market?
A: Health Care and Telecommunication

Q: For cash flow lenders, what have you seen as the average ratio of editda to debt service typically required?
A: free cash flow 1:1-1.3
Risk deal ratio: 1:1.5
Not getting the deal. Sometimes, it is presentation, not financial institution. So, be prepare.

** Definition Earnings Before Interest, Taxes, Depreciation and Amortization. An approximate measure of a company’s operating cash flow based on data from the company’s income statement. Calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. The formula is:
EBITDA = Revenue – Expenses (excluding interest, taxes, depreciation and amortization)

Q: Can QLA work if you don’t have a warrior mentality as exhibited in movies like 300?
A: Better to have. Or You have one with warrior mentality in the team.

Q: What single ingredient has led your devotees/mentees to their scucess?
A: Mentees: Push and accountable. Using Tracking system to keep track progress. Passion & Take Action

Q: Is it a good time or Are you ready for “anything”?
A: Continue to take risk and push out your comfort zone. Push Push Push outside the comfort zone.

Q: When you are the problem, or actually personify the problem, how doyou become part of the solution?
A: Changing the 5 people surrounding. Changing the dream team, chaning the mentor.

Q: Use Stand desk?
A: Yes. Make your mind sharper

Q: How do I stay focused on my long-term goals when life tries to either throw me into dwelling on my short-term misery or overcoming my short term wins?
A:Surround high performance people. High performance people don’t feel sorry about himself.

Q: Leadership skills
A: Read books. Surrounding with someone who has leadership skills. Communication is part of leadership skills and Practise, Practise, Practise.

Q: In Pre-negotiation preparation or during negotiations, are these any specific techniques, tools or questions that you use to flesh out the other side’s exact needs and wants so that you can maximally squeeze them?
A: During the interview process, flesh out first what is the reason they are selling. You structure your offer towards those end. Find out what they want, work or negotiate close to their desire.

Q: Is it true your strength is taking responsibility and moving on?
A: I take responsibility. I messed up and I did it wrong, Let’s move on.

Q: How to keep good habit over and over again?
A: Keep track. Motivation to start, good habit keep you going, smile.

Q: The best advice you ever get and the best advice you ever give
A: Just xxxxxxx Do it!

Q: What book you recommend to read?
A: Your First Hundred Million, $50 Billion QLA eBook – talk about mistakes, Release your brakes, Think and Grow Rich (Read a few times), Winning through Intimdiation, The E-Myth

Q: Ego Management v.s Ego Enhancement
A: Don’t worry about your Ego management, but more concern about your Ego enhancement. Feel good about yourself all the time. self-assurance. Feel good about all the situation you are in.

Q: how to raise self esteem?
A: The more one has self esteem, the more he can give out. Mentor and Dream Team. Don’t focus on wrong things such as how many day sick leave, complaint and so on.

Q: What is the number 1 challange as a small business owner or aspiring entrepreneur?
Focus – difficult to stay focus. Quantum thinking – we have nothing, buy premuation happen, thing is evolving like the example of first man in the moon.

Q: How do you forge fearless mindset in situation outside your comfort zone?
A: Constantly do thing, constantly talking to customers, not in the comfort zone initially.

Q: How to evaluate what “idea” would work?
A: Do 1, 2, 3 thing at a time the most. Find one thing to drive until it is false or success.

Closing speech

• If you trust no one, you cannot trust yourself.
  Honest & Ambitous
  People like to be around for successful people. One time to impress peope.
  Have faith to yourself. You do not believe youself. No one will.
  Dress for success.
  Be High Performance people