Ep236: Chris J Reed – LinkedIn Marketing Lesson: Bounce Your Idea Off Other Entrepreneurs
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Guest profile
Chris J Reed loves to share his uncensored, polarizing, and authentic thoughts on a variety of business topics on LinkedIn and for Forbes, where he is an Official Forbes Business Council Member. He is a quadruple international best-selling author on the subjects of LinkedIn, Personal Branding, and Social Selling, and he is infamously known as “The Only CEO With A Mohawk,” recognized globally by his notorious pink mohawk!
“You gotta have some kind of elevator pitch or icebreaker on LinkedIn, just like in real life.”
Chris J Reed
Worst investment ever
Replicating success
Chris created Black Marketing, which became an instant success. With this successful experience, he believed that he could do it again, so he started another marketing company. However, it wasn’t as successful, but luckily he was able to sell it off after a couple of years.
Believing in his hype
After selling his second company and making money off it, Chris had it over his head that he could start a third company. He created another company, The Dark Art of Marketing, that was linked to LinkedIn marketing focusing on PR.
He employed people and invested in office space, branding, marketing websites, the whole nine yards. For the first couple of years, it worked to a degree, but then the revenue dwindled.
Chris decided that the solution to the now not so successful company was to create another company aimed at bringing female keynote speakers to the fore.
Too much to handle
What Chris didn’t realize was how challenging the market he had entered was. No one wanted to pay him for his services, but he managed to negotiate for commissions. He also, soon enough, realized that he had hired the wrong people who could barely deliver on promises.
After six months, Chris figured this business was a sinking ship and closed it down after investing a million dollars. He went back to the basics and put his focus on Black Market that was still successful.
Lessons learned
Double-check your ideas
Every single thing you do bounce it off to about 10 entrepreneurs before you start it. Don’t listen only to your instincts; listen to the right people too.
Be a more cautious entrepreneur
Practice being more conservative and calculating in terms of what you can win and what you can lose. Always weigh up the pros and cons. be much more conservative and calculating
Andrew’s takeaways
Powerful personal branding gives you a powerful platform
Personal branding makes a lot of difference in your business success. You have more power if you have a strong brand.
Go back to the fundamentals
When looking to expand or start a business, go back to where you add the most value, and refocus on that and build on that.
Actionable advice
Do a better analysis of the markets. Ask for advice from people in those markets, but not people who are competitors. Then decide how much money you can lose on the venture, be prepared to lose it all and then ask yourself if it is worth it.
No. 1 goal for the next 12 months
Chris’s number one goal for the next 12 months is to focus on his company Black Marketing. He’s been streamlining the business and is now looking at how he can help entrepreneurs grappling with the COVID-19 pandemic, to see it as an opportunity.
Parting words
“Go for your personal branding. Go for your LinkedIn marketing. Don’t underestimate branding yourself; do it for free. 95% of people can do it for free. If you don’t have time to do it, turn to us. Find me on LinkedIn with a Mohawk.”
Chris J Reed
Connect with Chris J Reed
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
Connect with Andrew Stotz:
About the show & host, Andrew Stotz
Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.
Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.