MBA 031: Part 2 From Corporate Finance to writing a Crime Thriller with LOUIS WIID

Marketing:
Book reviews that will be featured in certain magazines do not cost anything although the exposure is worth thousands!

The writing community forms a tribe which helps promote each other’s work.

Social media is used to share the reviews of the book.

Writing proposals in order to get international representation which can have a spin off into a movie or the ultimate is a TV series.

How Bookstores Work:
They don't keep large numbers of a particular book in store unless you are a proven best-selling author. They will keep a certain amount of books and keep on ordering more as the particular book is sold out.


Making Money:
Louis did not write the book in order to sustain him financially, he has saved money and invested wisely over the years. He also invested in property that is providing a passive income.

Have the end in mind, plan a couple of years upfront in terms of investments to grow your wealth in order to easily pursue your passion and not be focused on the income.


Before you Quit your Job:
Make sure you have enough money in order to sustain you at least a year in order to follow your passion. Practice the skill sets that is required being economically viable and still aligning it with your passion.

Product Expansion:
The most important part of being an author is the discipline to write every day. Writing a sequel that will follow from the existing book will create new revenue.

He will be translating the book in Afrikaans which is also a big market in South Africa.

In South-Africa the books that sells the most is stories about people (autobiographies) and he is busy writing his own in terms of a memoir.

Engagement with Customers:
Louis is utilising Facebook groups like virtual book clubs to get valuable feedback and input from readers to help with writing the sequel.

Tools of the Trade:
Utilising an App called "Good Reads" where you can track reviews on your book.

Louis was trained as an Accountant and his secret weapon is a MS Excel spreadsheet, used to create his plots, events and characters. He is also using it in terms of how characters interact with each other, places they visit etc.

A program called "NeoNovelist" gives you guidance as you go through the process of writing.

Microsoft Word is used to write the actual book and he started utilising the voice recognition capability that allows him to get more done as it is easier to talk about the story in your head versus typing it out.


Reset Scenario: Starting all over with the current knowledge, what business would you start?
Louis would make use of the experience he encountered during his rehabilitation after a couple of accidents to encourage people to follow a more healthy lifestyle.

The important factors that Louis mentioned which underpin a good business:
1. Willingness to genuinely help people, not focusing on the financial reward.
2. Utilise your experiences to identify what can be improved.

Last Words:
Focus on creating the best possible product within your capabilities before you do anything else. Do not focus on making money and being famous but have a product out there that you can be proud of.