Dan Kennedy outlines six core entrepreneurial competencies for business success. He argues that economic cycles mask true competence and digs into the first: creating irresistible offers. Bob Stupak's casino strategy illustrates how a single compelling offer can drive massive customer acquisition.
Right after Reagan's tax cuts and right after Trump's tax cuts. If you want to be recent and literally for a period of time, you didn't really have to be very good at what you were doing. You just had to be there right then we have periods of time where the exact opposite is true. Gee, it's tough out there. Economic conditions, mood, black swan, event, virus. Then that's when Warren Buffett said, you can't tell who's naked until the tide goes out. And one of the things that is meant by that is you can't tell really who's competent until the tide goes out.
Hello, and welcome to this month's Masterclass. My name is Darcy Juarez. I'm here with Dan Kennedy. You listed a chart that you call the six core entrepreneurial competencies. The diagram is going to be posted along with this video, but I wanted to go through them one by one in this masterclass and get your current thinking on them. The most recent edition of that book was 2010. Yeah, but it's a good book and a good chart. Can you tell us a little bit about the core entrepreneurial competencies?
So the most important thing I think to know is that the most recent addition to that books 210, but the first edition that books 2004. So if you want to make it sound even more obsolete, you can go there. But it is not because the way we execute the competencies has changed, but the required competencies have not. And the they are about what the entrepreneur himself has to master or supplement by renting and buying for his business. And they haven't changed. They are requisites. One is no more really important than the other. So it's not like you can put them in a ranking and they're personal before they are business. How good the person is at these six really determines how sustainable and successful, you know, the business is. And we have. We always have periods of time where they kind of wane in importance because money's running uphill to everybody. And in many cases, all you got to do is, like, be there with the lights on and the door open. And we have those times in this country. We most notably had them right after John F. Kennedy's tax cut. Well, go back further. Right after the end of World War II, right after John F. Kennedy's tax cut, right after Reagan's tax cut, and right after Trump's tax cut. If you want to be recent and literally for a period of time, you didn't really have to be very good at what you were Doing, you just had to be there.
Yeah.
Right. Then we have periods of time where the exact opposite is true. Right. Gee, it's tough out there. And economic conditions, mood, black swan, event, virus, then that's when Warren Buffett said, you can't tell who's naked until the tide goes up. And one of the things that is meant by that is you can't tell really who's competent until the tide goes out.
Yeah. So let's kind of unpack these and start with the first one which is the ability to provide appealing products, services and offers. Share a little bit about that.
Sure. The failure to be appealing. Right. And to make your yourself, your business, your unique selling proposition, your lead generation magnets, everything that you do appealing to your intended audience is a very, very common failure. And getting it right is one of these critical competencies. So if you micro it now, you can see it most whenever you get down to offer. So most businesses and their advertising and their marketing either has no offer at all, which is a stubborn incompetent. The bigger the company, the more likely it is that this is going on, but it's there, or the offer is so vanilla that nobody cares about it.
Yeah.
You know, we have a member, you know, Lee Bellinger. I just got his newest direct mail piece for his newsletter subscription and I copied the page just about the bonus report, the six or eight, whatever they were, that you get when you subscribe and set it to four or five of my clients. So this is how you do this. Right. Because the titles alone are like Irresistible. Okay. And if you look at most lead generation magnet offers. Yeah, right. The titles are very weak. Right. I think one of the reports is the 113 secret words Google's algorithms use to turn your email into spam. Oh. Now if you're, if you're emailing, do you want to know the 113 words? Of course. Yeah. So, but you know, for most people that would be like the Google spam report.
Yeah.
Right. So this idea of sitting down and thinking through your offers to be irresistible and the example that I usually tell people to go look at, I almost brought it, but I was tired from yesterday. I didn't. It was just framed and I didn't drag it. But it was Bob Stupak's irresistible offer, which anybody can find now online. You can. Not at this moment, but you can Google Bob Stupak or Google Vegas World and the old irresistible offer ads will come up and you ought to have one and compare that to your offers and say, gee, is bite as good as this and it probably won't be right?
Right?
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