Difficult Technique for Me

“What would be the most difficult technique in this book so far for you to learn how to do well? Why?” – Dr. North

The most difficult technique for me in Dale Carnegie’s book, How to Win Friends and Influence People would be from the chapter “The Secret of Socrates”. I am not sure I would be good at getting a customer with a no attitude to start saying “yes, yes” immediately. Every person that says no is different, and I wonder if I could assess them quickly enough. Now some people will be easily swayed, however others can be rather difficult. I typically would not let someone disrespect me by nature. I know I would have to learn how to be savvy enough to turn the conversation around and lead the customer to an open minded state where they are willing to work towards the best possible outcome for everyone.

 

In this chapter Dale Carnegie gave the example of a banker in New York City who encountered a customer that wanted to open a account but did not want to give the required information needed to do so. The banker, before studying human relations, said that he would have turned the customer away. I probably would have done the same. He realized that was not making the customer feel welcomed or important. He knew he must make the customer feel that the necessary information was needed for his sake, not just the banks. He turned every refusal that the customer was giving him around, and with a positive reasonable question changed the customers mind. This is where I think I might struggle. Would I be good at analyzing the situation in changing their mind without them even realizing what I was doing and that we actually agree. The banker was even able to get the customer to do more than he originally entered the bank for.

I really feel like I am going to need to work on everything that was in this book. Every chapter offered something and should be taken seriously. I guess the one in my paper stood out a little bit more.

He who treads softly goes far.” – Chinese proverb

How Important is Trust? – Very

“How important is trust in establishing long-term business relationship?” – Dr. North

But have renounced the hidden things of dishonesty, not walking in craftiness, nor handling the word of God deceitfully; but by manifestation of the truth commending ourselves to every man’s conscience in the sight of God. – 2 Corinthians 4:2

Trust is important in any relationship in life. Establishing trustworthiness and honesty is honoring God. Certainly, in the business world to be successful clients/customers rely on your honesty with them in a relationship. Treat others the way you want to be treated.

Integrity is essential to building a strong foundation and reputation. This means you will have an abundance of reoccurring loyal customers. It is known that word of mouth is the best kind of advertising. You know who you would want to do business with, so be that person.

Building trust begins simply with the way you greet the customer. Energetic positive vibes will create the stepping stone needed to begin that long term relationship. After that, continuing to establish yourself as trustworthy requires many other things. Punctuality can prove to a customer their importance to you. Sincerity will also be key in letting your customer know you truly care. Be sure to nurture the relationship by staying in touch with your customer. Always take responsibility when something goes wrong. Apologize and assure your customer you will do whatever is necessary to correct the error. These are just a few things to help a customer to feel like they can trust you.

Trust is synonymous with your reputation and it begins with the very first customer. Maintaining a certain product or service will reassure them that they know what they are getting every time. This gives them confidence in you.

Again, I can not stress enough the importance of knowing your expectations as a customer because this will translate when you are on the opposite side providing the service. I have written my paper as the provider of the service but these are also the qualities I would need to see if I were the customer paying for a service/product.

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In the words of Bob Marley integrity builds the greatness of who we are in all aspects of our lives. The fact that this will make us successful in business is a nice reward.

What Tariffs Actually Do

“Does a tariff on imports also reduce exports?” – Dr. North

Tariffs are taxes that the government instituted to be paid on imports to “protect” us from foreign competition. They restrain us from purchasing imported goods/services that we want. It makes goods/services more expensive for the consumer.

tariffs

Pro-tect-tion-ism

noun

The theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports. 

Protectionism is a misnomer. The only people protected by tariffs, quotas and trade restrictions are those engaged in uneconomic and wasteful activity. Free trade is the only philosophy compatible with international peace and prosperity. – Walter Block

Tariffs will definitely reduce exports. People in foreign countries paying these tariffs will not have as much money to buy our exported goods. In turn you will not have as much money to buy their goods. When this happens no one is getting what they want but the government.

It is also important to note here that tariffs will cause a decrease in competition thereby causing a decrease in quality of product. When there are less people to sell to it only makes sense that product standards will go down because companies feel less threatened. When the product is less available and we do not have many options we will pay a higher price for a poorly made item.

Competition = Better Goods

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“Would you pay 20% more to shop at a store that sells only American-made goods?”

To answer this question it would depend on what I am looking to buy, the quality of the good and who has the best price. I am going to buy what is best for me as the customer. Whoever can produce the best good for me will get my money. I am not going to limit myself from only buying in America if I can get what I want elsewhere.

I think we need to get rid of tariffs. I have read that countries with low tariffs are more prosperous than countries that have high tariffs. In the same article it stated that people who embrace free trade have higher incomes than the countries whose people do not. Tariffs also bring down the quality in products because it eliminates competition. Competition is good. When businesses compete with one another they are competing over who can make the best goods for the customers. Lazy workers like tariffs.

“We shouldn’t be putting tariffs on anything. That hurts working men and women in the U.S. What we should be doing is making our manufacturing more competitive.” – Rick Santorun

So going back to the original question I will buy what is best for myself. Having more choices available by means of free trade would be the best scenario.

 

 

Using Spreeder

“What would it take for Dr. North to persuade me to use Spreeder for 10 minutes a day?”

This was asked of me by my Business 1 teacher. Spreeder is a website that is used for increasing your reading ability. Helping you read faster and comprehend more.

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At first I was doing it everyday for the recommended 10 minutes, then I got behind on my writing assignments in December when I had the opportunity to take a holiday vacation on a cruise. When I got back it just got away from me. I actually noticed a difference in my reading since I have not been doing it. I feel like it has slipped a bit. So I guess Dr. North does not need to persuade me, because I do feel guilty and really want to get back to improving my reading. Reading faster will help me be more productive with my reading assignments thereby allowing for better time management.

The holiday season was and still is a major challenge for me. Between vacation and the holiday itself, it really set me behind. It interfered with my sleep schedule, healthy eating habits and working out. These things are important as they help me to stay in focus. I just forgot about Spreeder. It is only 10 minutes a day so there is no excuse for not doing it. Anyone can take 10 minutes out of their day. This will only enforce good habits that can help me in my future endeavors.

Time vs. Money

When do I prefer first come, first served over high bid wins?  There are so many variables here. In the free market it should be up to the seller and the customer to figure out how they want to make a deal.

I think first come, first served would be preferred by me when standing in lines at department stores, grocery stores, gas stations, etc. Also, if I am going to an event, park, or concert and I can buy my ticket online ahead of time that would allow me to bypass the ticket sale line that day then I would certainly do this.

High bid wins has a place though. Online auction sites like eBay and auto auctions are some good examples. Now, also to be considered here are fast lane passes which are offered by some parks like Carowinds in Charlotte, North Carolina. These passes cost more money which allows you to get on the ride much quicker. This means I get to enjoy more rides in the amount of time I spend at the park. Sometimes in life your time is worth more than your money.

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Would I Sell my Business?

“I will sell my business when it makes a profit of [$??] a year, so that I can [??].”

When asked this question, I think I would sell my business when it had reached what I feel is the peak of it’s performance. In other words, if the revenue is the same after 2 or 3 years in a row, regardless of the amount, then I would say it has reached it’s full potential at my hand. So now I would have to consider outsourcing some aspects of the business so that I may grow the company. However, for me, honestly I am not sure what I would do at this point. There are a couple of options I suppose. If I were to sell my business, I would use the money to invest in a new company. I would work really hard to grow the new company bigger and better than the one before it. Now I would have some capital behind me at the beginning rather than at the end. Of course, on the flip side of this, maybe I would not sell my business. What if I took the profit to hire more people. Then I could produce more product quicker thereby getting a bigger return on my investment? If I did choose this option I would have to be careful my expenses did not cause my revenue to decrease. After writing about both of these options I do think I would be more inclined to sell my business at it’s plateau. I would not want to compromise the quality of my product after working so hard to grow the company to the point where it was at. Maybe I could take a small percent of the money from the sale of my company and put it in a secure investment for my future and use the rest to reinvest in a new company. Although it may be difficult to sell a company that I would have put my heart and soul into I know that it is important to recognize when it is time to let go.