How To Create A Business That Is Founded On A "Productocracy" with MJ DeMarco

Welcome to this episode of the Real Fast Results podcast! MJ
DeMarco is today’s special guest.  He is an author and
successful business owner.  MJ wrote a book called The
Millionaire Fastlane.   In it, he describes how he built
a company, basically, from the ground up, and then he was able to
sell this company for millions of dollars. DeMarco is also the
founder and administrator at TheFastlaneForum.com, which is a
worldwide discussion forum that’s dedicated to the advancement of
fast lane entrepreneurship.  This forum has over 130,000
visitors a month, and it is one of the leading destinations for
startup entrepreneurs and offers discussions on how to grow a
business.  What M.J. is really doing, overall, is calling out
to folks that are tired of taking a “slow and steady” pace and the
conventional ways of growing wealth and a business.  Welcome
to the show M.J. Promise: How to Found a Business on
"Product-o-cracy" First, thanks for having me.  I appreciate
it.  I would say that the big result we’re looking for
today is how to create a business that is founded on what I call a
“product-o-cracy”.  That’s actually not discussed in
Fastlane.  It’s discussed in the new book that I released, but
a product-o-cracy allows business owners to grow virally.  It
allows them to grow beyond a linear construct.  Essentially,
it puts them in the driver’s seat to, pardon the phrase, “print
money.” [bctt tweet="A “product-o-cracy” is based upon a unique
product offering/service that is not offered by someone else."
via="no"] A good example of a way to look at this is that there’s
always a restaurant in your neighborhood, or in your city, that’s
always crowded, but they don’t advertise.  That’s the essence
of a product-o-cracy.  It’s when you have a product
that is compelled by word-of-mouth and there’s an expansion, so the
need to advertise becomes secondary. Download the Complete
PDF Show Notes Free for this Episode A lot of entrepreneurs are not
running product-o-cracies; they are running marketing firms. 
So if they stop advertising, their business slowly starts to
die.  That’s the difference between just a regular old
business and a company that’s running a product-o-cracy.  A
great example of a product-o-cracy is my book The Millionaire
Fastlane.  I think that I must have spent $3,000 in total on
promoting it since it was released seven or eight years ago. 
The growth was not because I’m some kind of great marketer or
because I hacked something.  The growth was because the
product was good enough for people to recommend over and over, and
that, in essence, is the product-o-cracy. Download the Complete PDF
Show Notes Free for this Episode Learn

Product-o-cracy

Meritocracy

Isolating the value array

Value attributes

Value skew

Bring something to the market that is different

Product

Process

Platform

Using a forum

Download the Complete PDF Show Notes Free for this Episode
Connecting with MJ DeMarco You can connect with me through
TheFastlaneForum.com.  It’s a forum with hundreds of thousands
of entrepreneurs.  Feel free to join.  It’s free!
Resources The Millionaire Fastlane
Unscripted: Life, Liberty, and the Pursuit of
Entrepreneurship TheFastlaneForum.com
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