Yanik Silver

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Why Shark Tank’s ‘Mr. Wonderful’ is woefully wrong

November 21, 2015 by Yanik Silver

I get it.

Kevin O’ Leary AKA “Mr. Wonderful” has his shtick.

He’s got great sound bites and plays a somewhat ‘mean’ character on TV. But this time he is flat out wrong…

Kevin was presenting at Inc. magazine’s Iconic event in DC last week, and I’m always interested in hearing from business successes. He had a lot of smart things to say and I wanted to get some distinctions on royalties and percentages.

I hopped out of my seat to ask him that question, but as I was in line for the mic, I had to do a double take. Kevin was spouting off that business and giving do not mix to maximize profits.

Nor do friendships in his world.

He actually told the story of his first company and how he sat down his best friend to tell him he’d make him ‘rich as piss’, but that he couldn’t show up the next day because the company had outgrown his skills. Kevin did make his friend very wealthy,but they haven’t spoken for 20-some years.

Mr. Wonderful even said he would fire his mother if he needed to!

Kevin believes business has only one responsibility and that is to the shareholders to maximize the returns.

Is that really true?

What he totally missed out on is the possibility (and growing consensus) that making a difference and making money are NOT mutually exclusive. In fact, I would claim it’s just the opposite. Business can become one of the biggest levers for good—while actually being good for business.

And I’m not alone…

Bert Jacobs, co-founder of Life is Good actually opened up the event talking about the 4-letter word in business…‘LOVE’.

BertJacobsLifeisGood
That’s how he’s built his company into a $100MM+ powerhouse by giving at least 10% of their profits to support their foundation. He predicted, “Integrating a social impact is the future of capitalism.” I would agree.

And then I was really pleased to hear Kenneth Cole come on about an hour after Kevin with a whole host of notes about why “Mr. Wonderful” was wrong, too. One of my favorite quotes from Kenneth was, “All businesses need a greater purpose that connects in a way bigger than just a transaction. Stakeholders are more important than shareholders.”

But let’s put some facts behind these assertions too…

•    Fact: In the exceptional book Firms of Endearment, the authors show how firms that explicitly take a stakeholder-centric approach returned 1,025 percent over a 10-year period, compared to 122 percent for the S&P 500 during the same period.

firms-of-endearment-graph
•    Fact: Data from a recent Cone Communications study showed –
o    80% would be willing to buy a product from an unknown brand if it had strong social and environmental commitment.
o    62% would choose to work for a socially responsible company, even if the salary would be less than at other companies.
(Source)

•    Fact: New research from Nielsen shows data that’s also in-line with these findings across the globe –
o    67% prefer to work for socially responsible companies.
o    54% of global consumers (in 58 different countries) are willing to pay more for goods and services from companies    that make a difference. (Source)

And here are more real-world examples…

•    11X Valuation and turnover reduced from 100% to 18%

My buddy, John Ratliff, founded Appletree Answers in 1995 from his two-bedroom apartment and grew it through a number of acquisitions to 24 locations and 650 employees before selling it in 2012. I’ve never seen anyone at the ground level so passionate about making the lives of his employees better and living/breathing the culture.

It showed up in the company’s growth and in a reduction of employee turnover from the average of 100% to just 18% between 2008 and 2012 by using a key initiative called “Dream On.” Think of this as Make-A-Wish but for employees. And this translated into getting 11x what most other companies in this industry receive as a valuation.

•    15% Conversion increase on shopping cart

My friends, Josh Bezoni and Joel Marion, sell supplements and meal replacement products. Their company, BioTrust, added an optional donation to a charity on their shopping cart page and that increased their shopping cart conversions by 15%. They’ve now donated over $1,000,000 to their chosen cause all because of a simple impact element added at the point of purchase.

•    10% Conversion increase from website

I’ve got some more empirical proof that you make more when you give more. One of my colleagues launched a new Forex trading course, and he decided to split test a certificate showing the causes they give to on his sales page. They tested with the certificate and without. Having the page with the certificate raised the conversion by 10%. Now, this was a $2,000 product, and the 10% bump helped them write a $40,000.00 check to charity. Very exciting because that ten percent bump also represented tens of thousands in additional sales that wouldn’t have happened without this tie-in.

So, Mr. Wonderful, it seems you do have it wrong. All of this “stuff” is not an expense but actually drives bottom line. Therefore if you do not have an authentic and genuine core impact with what you’re doing in business you’re not maximizing revenue.

I call this an Evolved Enterprise™ and this concept is garnering significant accolades across the business sector.

Here’s what Tony Hsieh, CEO of Zappos, said about the new book:

“There’s a transformative shift in business, and what worked before is no longer an option. It’s time for evolved entrepreneurs, visionary creators, and change makers to rewrite the rules of business for the 21st century.”

When you finally align the true soul of your business with more impact, meaning and happiness — you’ll inevitably create greater profits.

I’m giving away 10,000 copies of the Evolved Enterprise book at my cost to plant the seeds of the new coming shift that can truly change the way business is played. Let me know what you think here or after you pick up the book…

Filed Under: Evolved Enterprise, Impact, Public, Truth

Experiment: How to see more ‘magic’ with your kids

January 17, 2015 by Yanik Silver

This past summer, we took a road trip with the kids to check out a camp our 9-year old, Zack, was deciding on. I really like windshield time because I make it a point to turn off the radio for some of the journey. I also like this for short rides to school or hockey practice or art lessons. It creates some dialogue because your kids can only stare out the window for so long before they must talk to you.

Now we had 5-hours of drivetime so lots of conversations about all sorts of subject. I brought up the idea of the magic of your imagination and consciously creating your intent. I started by asking the kids what kind of animals they thought we might see on the way up. I got the usual answers like deer or horses. And then Zoe, our 7-year old said, “a dog being walked”. That’s specific. I like it.

We saw deer and horses and then at the next 2 places we stopped, we got the doggies.

Yes, of course, it’s not that crazy to see dogs being walked on rest stops, but it was a start. It got them intrigued and then Missy said she’ll believe it if she sees a penguin!

Now I wasn’t sure we’d see a penguin waddling around in July but I have a cheerful expectancy that something intriguing would happen.

Arriving at camp, the kids are whisked away with other potential campers and sent on a full trial run of all the best parts of camp. And then the parents are sequestered and taken on their own tour to sell them too. We see all the recreational facilities, water sports, full-sized hockey rink and even some wild stuff like zip lines and trapeze set-ups. Wow! I want to go to camp. (As an immigrant child, camp was just never a typical thing so I never got to experience a full-blown sleepaway camp. So I need to do something about that. Look for a big announcement soon on what’s replacing Underground.)

As we entered the art room, I had a feeling I might spot a piece of penguin artwork. I was intent on finding one and I was checking all around the art room, but still no luck. However, my intuition was kinda right.  As we kept moving along to check out a cabin, there hung up on a camper’s bunk bed was a picture of a penguin she drew. I snapped this shot while walking through:

Missy looked at the penguin and her jaw dropped.

Of course, you might dismiss this as selective perception, like the way you notice the same make of car after you just bought it. But I’m not that sure here. We only walked into 2 cabins out of dozens on the camp and I doubt artwork lasts a long time since they are continually creating new stuff. Regardless, I’m willing to accept it might have been a coincidence.

On way home the next day we talked again about the magic of our imagination and intention. I brought up the penguin and we started playing the game again.

I said I wanted to see an ‘ice cube’ and then Zoe said a ‘polar bear’. Once again I had no idea how or where it’d show up but I knew it would. About 5 minutes in, I spotted a sign like this:


It said the word ‘ice’ so I thought that was my ice cube and I was (mostly) satisfied.

But we had a lot more road time still to go. The weather was pretty wild and we got everything from perfectly sunny weather to blinding rain and lightning multiple times. Then add in nasty traffic, multiple accidents, re-routed detours and the kids arguing with each other.

What was a 5-hour drive the day before ended up turning into a 7-hour trek home. But beacause of the detour I took, this next moment really blew us away…

I took us off the highway to hit some back roads to get around a big accident and major traffic. Now before we got back on the interstate we came to a corner convenience store. Everyone in the car was ready for a stretch, bathroom break, and maybe a snack so we piled out. And right as I walked towards the entrance I pass an ice machine and do a double-take. I see this on the side of it:


That is a polar bear INSIDE an ice cube!

For me this was a significant synchronicity because it’s a combination of both our thoughts – that’s pretty wild! The interesting thing about synchronicity is there’s just enough potential for it to be explained away. But if it’s a meaningful incident to you – it matters. (The subject of synchronicity that Carl Jung introduced is endlessly fascinating and I was even re-introduced to Jung’s work via a synchronicity.)

The best part is Zoe was definitely impressed and it made a big impression on everyone in the family. So much so that when we created our family values, which we call our ‘13 Silver Keys’, one of them is “Make Magic”. Ths 13 Silver Keys are inspired by Ben Franklin’s 13 weekly virtues and also my friend value-based parenting expert, Richard Eyre. (I’ll probably do another blog post about this topic soon and how we created them together as a family.)

And now every time we get to the ‘Make Magic’ week, I can just say ‘polar bear’ and the kids remember the story and it becomes short-hand for them.
Try this little game with your kids in the car or anyone really, and see how it ‘magically’ shows up in your life.

At the top of this post is a drawing in my journal from one of my favorite Einstein quotes that really sums this up for me:

“There are only two ways to live your life.One is as though nothing is a miracle and the others is as though everything is a miracle.”

And why not?

Wouldn’t you want more awe, wonder and magic in your word? I know I do!

Filed Under: Family, Happiness, Public

Legendary Legacy with Jordan Guernsey – The Light Inside: Truth in Business, Life and Love

December 9, 2014 by Yanik Silver

My friend Jordan Guernsey passed away on December 8th. He was 30 years old. Yes, way too young. As Jordan was in very late stages of melanoma, he agreed to this private interview in his home as a way to further his legacy and share some of his insights with the world.

As a Maverick1000 member, together we’ve travelled all over the globe from the Ice hotel in Sweden to helping orphans in Haiti.

The conversations we’ve shared over the years were intensively powerful and enlightening including why he looked at cancer as a gift!!!

After getting the news from his wife, I cried twice yesterday. The first time out of joy, believe it or not, for him opening his eyes in a new way this morning. And I cried again as I re-listened to the interview hearing his answer again to the question of the message he most wanted his kids to know. My heart goes out to his wonderful kids and his loving wife, Paola.

I’ve never actually re-listened in full to any of the interviews I’ve done including some of the biggest icons and business celebrities. It was an emotional outpouring tuning back in to Jordan’s wisdom again. I know after listening or reading the transcript, you can’t help but walk away inspired and changed. On our private page for Maverick members there continues to be an outpouring of stories on how he’s touched so many lives from the deep conversations to incredible fun together.

As the interview finished, the next song in iTunes that ‘randomly’ came on after the was from an album called ‘Light Inside You’. I thought it was appropriate for the name of the interview since Jordan really did have a light inside.

I truly respect him as an entrepreneur but also one of the most beloved men I’ve had the honor of knowing. It was, and still is, my absolute privilege and joy to be able to bring this forth. After my time with Jordan I drew this in my journal from our final conversation.

3 wishes

Please share this with others. I am not copyrighting this work and you are welcome to put it out (but please keep it complete).

https://s3.amazonaws.com/maverickyanik/YanikJordaninterview-AudioOptimized.mp3

Or Download It Directly Here

You can get the transcription here: JordanGuernseyLightInside

Update:

I added a new page from my CosmicJournal.com (feel free to share this page if you like).

 

Filed Under: Cosmic Journal, Happiness, Public, Transformation, Truth

15-Years in Business (part III)

July 28, 2014 by Yanik Silver

This month marks the 15th year anniversary of being in business on my own. I figured it’d be fun to cover a few stories from back in the day and share the inside scoop.

If you’d like to read part I – click here and part II is here.

Going the Opposite Direction

For the past decade, some of the biggest players in the online space, digital trendsetters, and out-of-the-box Internet innovators gather from around the globe in one place – and it all started on the back of a Delta boarding pass.

It’s become one of the top networking and learning events for online entrepreneurs and was named by Forbes as a “Top 10 event for entrepreneurs”. The Underground® attracts presenting attendees such as Tony Hsieh, CEO of Zappos.com, Tim Ferriss, Mike Faith, CEO of Headsets.com, Darren Rowse, ProBlogger.com, Bob Parsons, CEO of GoDaddy.com, Gary Vaynerchuk, author of “Crush it”, Jessica Jackley, co-founder of Kiva.org and many other notables and little-known influencers.

This past year was the last year of the Underground® as it stands in current iteration. Look for an update shortly on what’s next. But to wrap up this series of behind-the-scenes looks, I created this video that chronicles some of the highlights and backstory of the Underground. If you pay attention there are several lessons on positioning and making yourself the ‘hub’.

Filed Under: InternetLifestyle Popular Posts, Public

15 Year Anniversary “Behind the Scenes” Stories and Special (Part I)

July 21, 2014 by Yanik Silver

This month of July 2014 marks the 15th year anniversary of being in business on my own.

My father reminded me that this month is also his “Independence day” since that’s the date our family came over to the United States from Russia. (The exact date was July 3, 1976 – pretty cool since it was right before the bi-centennial celebration.)

I thought this would make a really opportune time to share the back story and a couple interesting anecdotes from this journey.

And as a reward, you’ll really get something cool for sticking around. You’ll have a chance to literally pick your own price for some of the best resources & tools that I’ve developed over the last 15 years that have helped so many people. (If you want to skip the walk down memory lane and lessons learned you can fast forward straight to the ‘Pick-your-price’ auction here. But you’ll miss a few funny pics!)

Where it Started…

I still remember the day I left my father’s business 15 years ago to work on my

own. It was by far one of the hardest decisions of my life. You see, I had worked for my dad since I was 12 and he thought I was going to take over the company. I had that same thought as well until I got the “bug”.

In fact, my wife, Missy, reminded me that when she met me, I had only one thought: “how to grow my father’s business”. I would stay late working on new ads and marketing pieces. I was in early, calling my accounts trying to make sales, etc. etc.

Here’s a pic I found of me and the very first team of Med-Electronics:

Looking back, I can see I showed some advertising and marketing promise early-on by creating a private label line of X-ray film called ‘Ultimate’ that we trademarked. It was one of our top sellers for years and years.

However, one of my ‘synchro-destiny’ moments, came when I furnished a surgi-center for one of my doctor clients, Nathan Wei, MD. He’s one of the top osteoporosis doctors in the country and by outfitting his whole office we got to develop a friendship. He shared with me a Jay Abraham cassette (yes, cassette) program. It was all about optimization and using direct response.

It just turned on the lights for me.

I had always been interested in advertising and marketing but this was a whole new level. I would study, read and learn direct response marketing, psychology and copywriting for 2-4 hours per day. It was fascinating to me to see how we could write words and have somebody respond.

I was probably 18 at the time and pretty lucky that I learned early on how powerful this expertise could be. I hated cold-calling and knocking on doors and I figured learning everything I possibly could about copywriting was my ticket out.

As you might imagine – something new is not always greeted with open arms.

I remember handing a new ad I’d written over to my dad for his review. I’d usually get an answer like this in his thick Russian accent, “Who’s going to read all that?”

They did.

And more importantly they bought.

Developing my copywriting skills completely transformed the way we did business from a small, regional supplier to being able to compete nationwide against companies 10x our size. We had figured out exactly how to sell complicated pieces of medical equipment without being face-to-face with the doctors. (BTW – many of the ads I wrote in 1998 and 1999 worked for years and years after I left, responsible for hundreds of thousands of dollars in sales.)

Here’s an example of one of those ads from back in the day:

medelec-ad

But with every ad I wrote I was getting more and more aggravated.

Not because the ads weren’t producing sales – they were – but because of the grief and politics I had to deal with. Everybody seemed to be an advertising expert even though they’ve never studied or read anything on the subject.

Friction creates a positive change

Looking back that kind of friction was actually positive since it forced me to move towards creating my own ads for something I owned.

My first product was to help Dermatologists who wanted new cosmetic patients. I picked Derms since I had been directly working with one of my clients, Dr. Finzi, to help them with their marketing and advertising. They were seeing some really good results and I realized I had no leverage just doing more consulting. I thought I could package up everything into a big kit (manual, tapes, reports, diskette, etc) to sell.

I had started learning about the world of information marketing from mentors like Dan Kennedy and Ted Nicholas at the time. I had no idea how far and wide ‘publishing’ could take me.

Side note: The really interesting thing is the Universe always provides you clues to your bigger role. When I was 8 or 9, I created a comic book called ‘Big Nose Fred’ with my best-friend Jamie. It was a very crude, early cursor for what lay ahead. And I was able to find this picture of another comic book I created when I was 12.

condorcomic

The Real Start of My Publishing Business

I ran my first ad in April 1998 in Dermatologic Surgery magazine. I don’t think this is the exact one – but pretty close:

theylaughedad

I got 10 responses so I sent them the 20-page sales letter I’d written selling this $900 kit. Not one order.

I waited…

Sent out a 2nd notice to those 10 respondents.

Nothing…

Then I sent a 3rd notice telling them the expiration date to get all the bonuses was only 10 days away. Finally on the very last day of the expiration date I got one order

over the fax machine.

Yipeee!!

I still remember that doctor’s name in Flushing, NY. What an incredible feeling. That was the start of my independence. I realized I now had the power to chart my course as I wanted. That first sale. That’s one of the greatest feelings in the world – when something you’ve created is sold. It took me a little over a year after that first order to realize I needed my own thing.

I wanted my freedom and I finally quit on July 1, 1999.

Maybe it’s the new confidence you get when you realize you’ve created something that people want and are willing to exchange money for. That first sale is usually the hardest (but also the most rewarding).

From there my journey has taken me to all sorts of places.

That initial taste of selling information helped me come up with an idea at 3 o’clock in the morning that turned into our top-selling InstantSales Letters® product. Missy told me to go back to bed since entrepreneurs have ideas almost every waking moment. I literally jumped out of bed to work on the site to register the domain.

I really had no tech skills or anything like that and I definitely overpaid to get my sites up and out. (Right now there are so many incredible tools that make doing business online way cheaper.)

Here are daily deposit screenshots back from 2000…

I started all of this in little 1-bedroom apartment. Yes, I know it sounds like infomercial territory already. Sheesh! It’s pretty funny how these small beginnings lead you to a whole different path.

Actually it was a little while after I launched this first site that Missy got laid off. So it made sense to bring her in and we both worked out of that 1-bedroom apartment. (She worked in the bedroom and I was in the living room.)

The cool thing is after all these years – Instant Sales Letters is still selling (not as well as it used to but still get orders). It was my first product that grossed $1M+ in total, cumulative sales.  The average selling price was about $40 and I think it took me 3 years or 3 ½ years to hit that number.

Starting with that first million-dollar idea in the middle of the night, I’ve bootstrapped 7 other products and services to hit that 7-figure mark from scratch without funding, taking on debt or even having a real business plan.

An Overnight Success Years & Years in the Making

From that initial success and ongoing ones, other people wanted my help. They wanted to know how I did it.

Well, that turned into a whole different ‘career’ working with so many incredible people and helping them take their passions, knowledge, interests, expertise and message out into the world by selling content & information.

A cartoonist made this for me, that summed up what was going on:

I seemed like an overnight success but not too many people saw the years of studying and learning to get there.

And it was this skill that exponentially helped me figure it out. There aren’t too many shortcuts but with the right instruction copywriting can be…

One of the Biggest Foundations for Everything

Looking back, the key component to making these work was always copywriting. That’s the foundation for everything I put out there. Because if you can write words on paper or a computer screen – you could pretty much assure your success.

I had a little agreement with my buddy John Reese. He said if he’d put on a small workshop with what he knew about traffic and web marketing, I’d put together everything I knew about copywriting.

Well John fulfilled on his end and I was on the hook to do mine.

The price to get in to my specialized workshop was just a tad a under $4000.00 per person. I kept the room super small so I could work with each student and make sure there really was a formula I could teach. Frankly, I’d never worked so hard in my life preparing and putting together material for this event. (Just the manuals from the event weighed in at 39 lbs and were 1527 pages thick!)

Not that many people could actually teach exactly what they do – but I can. (Or more accurately could. I don’t think I could even put on that same workshop today because my literally doing a complete brain dump, I didn’t have to hold onto it anymore. I could move on to bigger things.)

I shared every strategy, tactic and tidbit I knew about writing sales copy that works. And at the time I was into ‘Harry Potter’ and I loved the idea of learning copywriting was the same as magic. It was like the alchemy of turning words into revenue.

I was just starting to theme events and I used a ‘magic’ type theme originally. Unfortunately, that ended up getting me in hot water with a trademark dispute. Instead of sending a ‘cease and desist’ or amicably resolving the name, I got a knock at my door with a lawsuit. Not fun!

Long story short, I ended up settling. I actually think I probably would have won but the only person that really wins in disputes like this are the attorneys. I figured I’d rather spend my energy preparing and working on the event than be bogged down with these hassles.

So the new name was the ‘Ultimate Copywriting Workshop’.

Not as catchy or fun as the previous one – but it explained it well.

Frankly, I was a little bummed walking into the live event because a lot of the profit was actually negated by my settlement. But I knew if the content was really awesome – I’d make it back 100x. It was. And I did.

I truly think this is the ultimate resource and from the rave reviews of people that have seen-it-all in the direct response world they would agree. Like this quote from a 15-year veteran, Ted Thomas:

“Although I’ve attended many expensive seminars and workshops in the recent years, yours was the most profitable!…I’ve been involved in copywriting for the last 15 years and I’m a direct mailer, I’ve learned more at this seminar than I have at any other..”

And here’s what one of my biggest mentors, Dan Kennedy, had to say about me when I trained his audience at his last-ever copywriting workshop:

“…He is the most amazing young guy…His websites are highly effective and profitable thanks to sound direct-response strategy and compelling copy ‘tweaked’ for Internet use.”

Filed Under: Creativity, Public

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