How I made $3M in 15 weeks with a brand new business.
And how video game theory made me a multi-millionaire…
First, let me clarify – this isn’t my first company, but that shouldn’t distract you from the true and honest reality that you can replicate what I am about to teach you.
Yet before I lay out a strategy, let me warn you, if you have never played an RPG video game, like Blizzard Entertainment’s Diablo II™, then the following will likely fly right over your head and you should download any RPG game that has a SKILL TREE and here is why…
In life everything you do, unlocks new opportunities, yet every single business strategy, project management system, and business framework I have seen, fail to incorporate this fundamental reality into their daily business operations.
And this is where game theory and specifically the importance of understanding how skill trees in popular RPG video games play a critical role in my past success and soon to be yours.
Every game ever, shows you the ENTIRE skill tree, and allows for you to see the end destination and the beginning of the decision you are about to make.
You put a skill point into “Firebolt” and then level it up to say level 5, and you unlock “Firewall”, repeat, and you unlock “Meteor” and so on and so forth, but because you can see the entire skill tree, you know where to put your skill points in order to unlock the most powerful skills as early as possible.
Now for those of you that are lost in all this video game jargon, essentially in video games, as you level up through quests or fighting monsters you gain experience, similar to how you do in real life reading books and reading or watching “How To” videos and articles on the internet to learn about a new skill, industry, or craft like marketing or copywriting for instance.
The more time you invest, the greater your experience and hopefully your skill, and just like how in real life your resume builds up, you unlock higher and higher paying jobs based on your skill level and accolades; In video games, specifically RPG games, it is the exact same.
This entire methodology however is simplified for children of all ages to play, and that is where the genius of game theory applies to building easy to execute business plans that anyone can follow to achieve wealth and rapid growth, while at the same time avoiding many of the pit falls and traps that kill motivation and businesses before they have a chance to truly thrive in the world.
So what is so genius about this “game theory” I keep referring to?
It is the very categorization by gaming companies and how they layout objectives in such a simple and intuitive way that a child as young as 6 years old, can recognize and make not only the correct decision, but also achieve taking the shortest path to success if they know only the starting point and the desired end result – that is so absolutely genius.
“The definition of genius is taking the complex and making it simple.” – Albert Einstein
As Albert Einstein says, genius is in the simplest of practices, but the irony is that many are mislead by gurus pushing complex solutions to create the illusion of authority and prestige, and as a consequence (even those of you reading this) will overlook simple executable systems that all age ranges and backgrounds can follow, because their simplicity makes you so wary and cautious of their efficacy because of your prior conditioning to look for complex solutions over those that simply and directly solve your problems.
This symptom of being conditioned to only give attention to complex solutions, is a corrosive dogmatic ideology that has created a disease I like to call “analysis paralysis” amongst every day people and especially entrepreneurs and business executives of whom I coach with great frequency, to help recover from this metaphorical paralysis that can cost millions or worse – their business.
So in order to help you now, to help you understand the value of the solution I am about to outline below, you have to consciously make a single commitment to me while reading this, you have to take a deep breath and blink three times.
And while I could go into the psychology as to why this will help you remember what I am about to say, I will keep it short – you have been reading this long article of text, straining your eyes, while constantly both consciously and subconsciously connecting different phrases and key points made above against your wealth of personal life experiences to determine how well they either do or do not relate to you. You do this in order to determine if you can exact true actionable value in this post that will help you get ahead or solve a problem – all actions which naturally stress you out and lessen your attention span.
We, humans are natural problem solvers with an innate desire to win.
So by a simple micro-commitment to your future, such as blinking three times to give your eyes a short break and taking a deep breath (which you may or may not have noticed you have decreased the frequency and depth of your breathing when you started focusing on this article,) will all help combat the stress chemical (cortisol) in the brain, and increase overall retention. After all, the classes you were likely best at in high school and perhaps college (if you attended), were the classes you had the most fun in. Where you smiled and laughed the most, both two textbook reactions that release serotonin and dopamine (the happy chemicals) that kill cortisol (the stress chemical) and help you not only narrow in your focus, but also greatly retain more information.
Fascinating, right? Now STOP!
Pay attention or everything you have read to this point will vanish and be forgotten in the void a thousand new experiences, you are bound to experience today. HOWEVER, if you are committed to making a positive change in your life, if you are committed towards your future success, get closer to the screen, stop skimming the text and read WORD by WORD, for I fear if you do anything else, you may miss the simplicity of the solution I am about to provide by your haste to get to the end.
Each word I use from here on out is carefully crafted and I implore you to re-read not only the following section but the entirety of this article again, and then in the company of friends, to thoroughly retain and then talk over the strategy covered until YOU fully understand – this is for YOU – not THEM.
Step 1 – Start with the end in mind, but leap with clear conscious where others misguidedly step
In game theory and in this article, I gave you a glimpse about the depth of the topic we would dive into at the start in order to prepare you for the next set of information and the next and so on. In game theory, this is no different than you having a basic skill such as typing on a keyboard, which aids you in being able to complete more complex tasks such as navigating the internet, blogging, copywriting, and more. Every bit of prior information and experience, unlocks the next opportunity.
For those of you feeling numbed by the common sense above, thinking “of course you need to know how to type before you can navigate the internet” you have already failed this lesson. For you could never type and instead use speech or any variety of inputs such as a simple computer mouse to complete the task… and this is where you need to kill past prejudice about the simplicity of things, to allow for the genius of game theory come to life.
Having a firm and CLEAR understanding of where your starting point is (where you currently are now in your life at the time of reading this), and the resources that are available to you like money, time, and assets in the form of experience or relationships that you can withdraw from ( know that every relationship is like a bank account that can go bankrupt ) for any of the prior mentioned resources, and MAPPING all of these resources out before you, is the single most IMPORTANT action you can EVER do because…
It allows you to identify your ORIGIN, ground zero, your base, the lowest point at which you will ever be if you are truly investing in yourself and have already started taking notes with a pen and paper by this point of the article.
You need to write down, all of the resources I mentioned above, how you spend your time, your income, the valuable assets you have from the device you are reading this on, to your car and any other miscellaneous valuable things in your possession including junk which could be repurposed ( this list will be LONG ) and any valuable connections, etc.
STOP! Remember how I said genius is in simplicity?
Why are you falling into the SAME TRAP of pursuing complex solutions?
Consider for a moment, how can you know what is valuable or what you should write down when you DO NOT EVEN KNOW YOUR GOAL?!
I gave you a NEW PROBLEM disguised as a solution that you believed would advance you closer to your GOALS, without giving any context as to what is considered valuable. Subconsciously in your innate desire to win and solve the problem, you already started thinking of things – or worse, already committed to writing them down without knowing the END GOAL of why you are writing anything down to begin with.
Again, and this is the last time I will test you, as any room for future confusion will only hurt your ability to learn what you need to from this experience, you need to LISTEN and become a student. Kill any and all form of ego, pride, and status you believe you have – only through abandoning those distractions will you reveal your ORIGIN and with complete and total CLARITY, understand that you are truly at the STARTING point and no closer nor farther away.
It is incredibly important that for the purpose of the remainder of this article you think about nothing else but YOURSELF and reflect on everything I will say in the context of where YOU want to go with YOUR LIFE in the context of the two following questions :
What fulfills YOU, makes you HAPPY?
Who do YOU want to be in the FUTURE?
Take your time to answer both of these before continuing to read the remaining steps to understanding the genius of game theory and how to apply it in the context of YOUR LIFE, because any LACK OF CLARITY will cause you to misstep, instead of take the actions that will progress you by LEAPS and bounds closer towards your goal.
Once you have a CLEAR idea of what the answer to both of these questions is, write them down. It doesn’t have to be organized in any way, it doesn’t need to be even in complete sentences or even words at all, it can be in any form that makes sense to YOU. Remember, this is not for others, this is for YOU and how YOU hit your life goals.
Once you have your answers written down, a FUTURE is created. Now we can get to work – as you now have both pieces that are NECESSARY to successfully utilize game theory to it’s fullest extent as I have to achieve success.
You have an ORIGIN and a DESTINATION, the two points that even a 6 year old can connect the dots between to find the shortest path.
Remember how I said ego, pride, and the status you believe you have would only serve to distract you?
Do any of those things truly matter if a 6 year old is on the same playing field as you at being able to connect the dots between two points?
That is why I told you, to be a student, a BLANK SLATE, as are children who are still eager to learn how the world works.
Now get ready for the GAME part of the theory.
Final Step – Work Backwards From Failure
This is how NASA put a man on the moon, they used game theory, defining the two points above, to discover their ORIGIN and their END POINT, and then proceeded to work backwards from failure.
Luckily, achieving your goals is likely easier than putting a man on the moon. If what you are about to read is properly followed, you will learn the system by which even NASA and the billionaire elite operate, as well as 6 year old children who all realize that FAILURE is only the temporary status of a MISUNDERSTOOD dependency of SUCCESS.
Consider for a moment, you have both the INPUT and OUTPUT of a PROBLEM, does it matter what you put in-between as long as the ORIGIN equals the DESTINATION in the end?
If I have a desire to make 382.18 equal 3,000,000 does it matter whether I use multiplication, division, addition, subtraction or any other process in-between to make the numbers equal one another in the end?
And when you realize how powerful that concept is, you will have fully grasped the power of game theory and how anything becomes possible for anyone with the willingness to UNDERSTAND that FAILURE is only a TEMPORARY status of a MISUNDERSTOOD dependency of SUCCESS.
To put it plainly, the secret to success is not wealth, money, status, or power – it is through finding fulfillment through understanding failure.
It may take you a few years to fully grasp that last statement, but if you know the ORIGIN and the desired DESTINATION of any given problem, then all that’s left is to work backwards from failure.
Pay special attention to what I am about to say next.
Most people when they start a project, they just dive in and try to build as they go versus looking at the entire landscape to see where the points of resistance, obstacles, and death traps are.
DO NOT BE ONE OF THOSE PEOPLE!
Furthermore, most business owners and consultants tend to create roadmaps for businesses from the ORIGIN, however this is an incredibly TOXIC and limiting approach to scaling any company.
Consider this, if I asked you how to build a $100M million dollar company right now, would you know which questions to ask yourself and which actions you should do first in order to have the GREATEST IMPACT for the LEAST amount of capital or resources?
No, because you are thinking from the BOTTOM UP, you essentially are forced to think small because you are likely looking at your available resources and going “what can I initially build with X tiny budget to make more money so I can afford the next step”.
And just that question alone, can create “analysis paralysis” where you are so caught up in trying to make the right decision with what little funds or resources you may have, that you unintentionally stress yourself out as a result, and make rash emotionally clouded decisions.
However, if you follow game theory and instead worked BACKWARDS from your DESTINATION/GOAL, and repeatedly asked yourself the question of, “What ways can I achieve this?”, then instead of having to constantly try and figure out what the next step is or even beat yourself up whether you are asking the right question, all you have to do is continuously list actions that are necessary to achieve the last step.
You solve for failure.
To achieve this GOAL, I can do A, B, or C action to get there, and to A,B, or C action, these are the things I need to do in order to make sure those happen, and so on and so forth. You KEEP DOING THIS until you can not break down the dependencies (requirements) of any one action any further.
And without you even knowing it, you will have discovered that the actions that are all listed at the very bottom of what will look like an upside down tree, have become so granular and simple, that any one of them have become STARTING points, that all lead to your DESTINATION.
Do not be afraid to spend a week or more doing this, it is by far a lot more efficient and smarter to spend a day to sharpen your axe to cut down a tree in a few short swings, than spend an entire day hacking away at a tree with a blunt axe.
By the time you get done, it should look like a really large triangle of sorts, with rows that have the least amount of steps at the top and dozens if not hundreds of steps or actions on the very bottom row.
Now, you might consider you are done and that you have the most thought out business plan in the world and there is no possible way you could fail, and while you will certainly out perform others who do not plan, still have skipped an incredibly important step.
You haven’t written down what any of these actions will COST you in terms of time and money.
You likely don’t want to retire and start living your dream life at 65, when you’re so old that you can break a hip riding a jet ski. So now the question becomes, which path will get you to your DESTINATION the fastest for the least amount of time, money, and effort?
Right now, just by looking at the web of possible futures you have created for yourself there is no context or way of telling which path is the easiest and which one will cost you the most or stress you out the most.
What you will read next, is the MOST IMPORTANT step of game theory, and if followed incorrectly will render everything you have done up until this point useless.
In order to add context to this massive web of possible actions and steps before you and to make the entire thing so easy to understand that even a 6 year old can answer the question of “Where do we start?”, we need to add two values.
The first, the time it will take to find and have SOMEONE ELSE do that task.
The second, the amount of money it will cost to have SOMEONE ELSE do that task.
Consider for a moment, what is the #1 trap you hear most entrepreneurs and business owners falling into?
That they get so caught up IN their business instead of ON it, right?
So why would I have you write down the amount of time or money it would cost YOU to do any of the tasks that you have written out?
If you don’t know the time or cost it would take to do a task on your decision tree, ask someone who would know, utilize your network. If you do not have someone in your network, jump on LinkedIn and look up people who are in positions at companies who can.
Make educated estimates, but do not GUESS.
The goal of game theory is to give you the shortest executable path to achieve your end DESTINATION/GOAL and to answer the question that has probably been nagging in the back of your mind of “Where do I start?”.
Once you have filled out the answers to these two questions above for every action you have in your decision tree, have likely made all of your friends feel like you’ve fallen off the deep end and become some mad genius – the real fun starts.
It is time to find the shortest path to success.
You have thousands of ways you can succeed, thousands of ways you can solve the problem of how to get from where you are now to where you want to be, and there is NO WRONG ANSWER, just a series of shorter and longer paths that will get you there.
It’s time to get out a blank notepad and a calculator and get to work. Start adding up which path will take the LEAST AMOUNT OF TIME AND MONEY to get you to your desired end DESTINATION.
Sound like a lot of work? Work smarter, not harder.
Do not calculate paths from the bottom up, start from your DESTINATION and then work backwards yet again. Only follow the path that has the SMALLEST time and monetary commitments, and repeat until you get to the end.
I suggest that you highlight this path as you go in green, as this is the SHORTEST possible path. When you reach the very last action at the bottom, which should be the easiest action you can do today to start on the path of SUCCESS, you have officially found your point of ORIGIN.
In doing everything above, you have literally created a roadmap and system so simple, that if you were to show a 6 year old, they would be able to follow it, and in doing so you have freed yourself from every possible entrepreneurial trap and mental block that would ever get in-between you and the future you are trying to create.
As a consultant, public speaker, and as a serial entrepreneur myself, the greatest barrier I have found that prohibits people from achieving any form of success, is that they (especially business owners and executives) mistake action for progress.
By following game theory and the exercise above, you’ve fundamentally done what 99.9% of people in this world have failed to do. You have predicted the future.
It sounds wild, but in life nearly every person you meet, never considers the consequences of their actions beyond any immediate sense.
That is why 99.9% of people happily exchange time for money, they wake up and go to work because the immediate result is money.
They are too distracted or stressed by relationships, money, how they look and what people think of them, that they never take a moment to step back and consider if the actions they are doing each and every day lead to any true progress. That is the cause of every major world problem.
There isn’t a single school in the nation that teaches you to THINK like this article does. They all teach you to REACT, instead of carefully predict each move you make with calculated precision.
Following the traditional way of thinking will make your life progress no differently than if you were to have a single bow and arrow and fire it with all your might, only to then spend time chasing down the arrow (the direction of your life) to fire it again, only to end up wherever it is that you end up.
Whereas game theory and methodology that I have explained above will allow for you to accomplish each and every desire you ever have in this life.
It is like having that same bow and arrow, but having a clear and defined target to aim for. Instead of exerting all of your effort and strength into aimless progress, your life becomes a series of precise and calculated accomplishments, that all line up to the culmination of the ultimate goal in life – fulfillment.
Whatever you seek in life, whether you seek to create multiple multi-million dollar businesses as I have, to travel the world, to be present with friends and family, or to press the boundaries of human ability or imagination, the drive you have to achieve that goal, the thing you are seeking is called fulfillment.
No book, nor article, nor advice by any “guru” has ever come as close to answering how to achieve the true success or fulfillment as well as game theory does.
This is not just a theory, it is act, the dedicated craft of predictive thinking that is not taught in universities or schools, nor by the internet’s most followed influencers nor business gurus, but the one trend you will find amongst all billionaires and top performers of any industry or craft, is that they all do it.
None of their actions are by chance. Each decision is carefully crafted to set themselves up in the best possible position to achieve the next goal.
If I can give any more of my parting wisdom in this post than I have already, it is that anything easily earned is never truly valued. Our goals are our goals in life because they are hard, because they are worth earning. If they were easily obtained, we wouldn’t task ourselves with trying to accomplish them for they would have no value to us.
The true secret of success, is that success isn’t about having a lot of money, it is about finding fulfillment, a sense of purpose and meaning and pride, in every action you do.
How could you not be happy with a life like that?
A life where you never regret any decision?
That is the true meaning of success, the pursuit of happiness.
Utilizing this way of predictive thinking as I have outlined in the article above, will help you diagnose any problem you have in your life, allow for you to achieve anything you can imagine, and the only limitation of what you can achieve or become in this life, is the belief that you can.
This is the very process I go through with all of my clients, business partners, managers within my companies, and entrepreneurs and executives I coach at private masterminds that I frequently host.
Now that you have the keys to success, and the very blueprint for what has helped me become a multi-millionaire and hit $3M in 15 weeks with my latest company (as was the original title and reason why you clicked on this article), what will you do with it?
Will you study this article and use it to achieve your dreams?
Or will you let life’s distractions distract you from this little gem and will everything you read fade away in time with life’s every day events?
Nobody in this world will ever care about your dreams coming true, so if you don’t make them real, who will?
Thanks for reading!
I can’t wait to see how you apply game theory and this model of predictive thinking in your own life, and if you understand the importance of immersing yourself in the right environment and people, and want to immerse yourself deeper in a culture of select people who think this way, then you can use this very theory to figure out how to get ahold of me and become part of the community of people I surround myself with.
Don’t worry it’s not that many steps to achieve success there 😉 I’m pretty easy to get ahold of…
The 6 Step Process for Delivering Critical Feedback in a Constructive Way
We have all been in the position where we knew we needed to have a difficult conversation at work that involved delivering constructive feedback. Maybe a major deadline was missed, there was a clear decline in performance, or someone blatantly dropped the ball. Most of us avoid delivering the feedback, and the conversation can get pushed back again and again, wasting valuable time and money.
Delivering constructive feedback is challenging, and uncomfortable for most people, even highly trained leaders. Yet, delivering and accepting feedback is one of the most important keys for success. So why do we avoid these conversations? Because we never learned how to have them.
Open, honest, direct communication is not a skill we are taught in school. There is no “How to Have Tough Conversations” 101. As a clinical psychologist that specializes in couples work, I see just how important communication is in maintaining thriving relationships. I understand that good communication is the foundation of every successful relationship; both intimate relationships and your work relationships.
Below is a 6-step guide to providing constructive feedback:
Step 1: Clarity on the Goal of the Conversation
The first step is to get clear on the goal of the feedback conversation. Are you planning to see a change in performance, simply communicate how you felt, or receive an apology? Get clear on what you are hoping to get out of the conversation. Be honest with yourself about what you need, what is most helpful to the relationship, and what is most helpful to the organization. Getting clear on the goal also ensures you are speaking with the right person.
“I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.” – Elon Musk
Step 2: Invitation
Set up a time to talk. Feedback conversations are not meant to be had in the hallway. It is important that both parties can set aside adequate time and have the space needed for dialogue. Additionally, there must be respect for both parties’ need for time to process information. For example, if you are delivering feedback, and the receiver needs time to process the feedback before responding, setting up a subsequent meeting will be most helpful.
Step 3: Ownership
Own the role you played in creating the situation. When you model ownership of blind spots, failures, or missteps, you set the stage for the receiver to do the same. For example, you may acknowledge that you were not aware of how to support your employee and not aware of the problem until x situation occurred. Equally important as owning your role, is owning your emotions. Own your emotions using “I” statements. For example, “I felt disappointed when I realized your sales performance had substantially declined”.
Step 4: Open, Honest, Direct Feedback
Feedback that dances around the problem does not do anyone any good. It only increases anxiety on behalf of the receiver, and potentially causes the feedback to get totally lost. The conversation needs to be open, honest, and direct. For example: “I felt concerned when you did not attend the last two strategy calls this month…It brought up questions for me about your commitment to the company.”
Step 5: Listen, Validate and Accept
When providing feedback, it is important both parties maintain an open mind, and respond in a way that communicates validation and acceptance. As soon as an individual gets defensive, feedback cannot be taken in, and the value of the conversation dramatically decreases. When providing feedback it is important to listen, validate, and accept your receiver’s viewpoint. Notice, I did not say agree. This looks something like saying: “I can see why X led you to commit Y , I understand you were under a great deal of stress/dealing with a personal situation/frustrated.”
Step 6: A Clear Plan for Moving Forward
In providing feedback, the magic is that now things can change! If feedback is never given, relationships end, things will stay the same, businesses will die, and money will be lost. If you have gotten to this step, that means you did the hard work, and now you get to put change into action. A clear plan includes an acknowledgement from both parties regarding what they will do differently to prevent the situation from occurring again, and how they will stay accountable in making the change happen.
The good news about delivering feedback is that the more you do it, the easier it gets. Remember, giving and receiving feedback is one of the most surefire ways to open yourself up to massive growth.
As a giver of feedback, it is your job to model openness and a desire for growth, so that the receiver may take in the feedback and make the necessary changes. Exceling at feedback delivery will help you set you apart from others and enable you to achieve extraordinary relationships, in both your personal and work lives.
Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show
Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.
What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.
1. Perceived Expertise
When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.
They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.
2. Global Acknowledgement
One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.
The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.
“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar
3. Backed By Numbers
One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.
The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?
4. Effective Communication
While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.
“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins
These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.
Have you ever thought about having a radio show? If so, what would you talk about? Let us below!
5 Essential Skills to Drive Success in Every Niche
There are many people who don’t have the courage to launch a business in a niche as they think they don’t have the right skills and experience to obtain success. While there are specific skills which determine the success in every niche, there are also some general skills which ensure success in any business you would try.
Below are 5 essential skills you need to drive success in every aspect of your life:
When you launch a new business, you need to be prepared for difficult moments such as fighting the competition and winning your target audience. Moreover, if you follow some successful entrepreneurs, you should keep in mind that they also faced difficulties and continue to experience them. So, how does a successful entrepreneur get over all the difficulties?
The essential skill you need to possess is called ambition. Set small and clear milestones in your development plan and use your ambition to go over each difficulty and finalize what you had in your mind. It doesn’t matter how hard the path is going to be. Visualize your target and put in all the efforts to achieve it. Staying organized and scheduling each step to get things done are some of the techniques you can use to achieve success.
2. Listen to those around you
While listening to your instincts is necessary if you want to be a successful entrepreneur, this is not enough. As your business develops, you will have an entire team to manage and lead to success. Therefore, you cannot be a successful leader and have success in every niche unless you learn how to listen to the people around you.
You should listen to your employees and discover what they are expecting from you. This is the way to follow if you want to keep your team motivated and help them give the best of themselves.
On the other hand, you will need to listen to your customers to improve your products and services and provide excellent customer support. By listening carefully to the voice of your customers, you will be able to stand out of the competition and ensure their loyalty towards your brand.
“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” – Jeff Bezos
When you decided to become an entrepreneur and build your own business, it means you are a courageous person. Courage will help you harness the power of creativity. Don’t be afraid to take risks if you feel a specific action will bring more success to your business.
Apart from doing intensive research on your ideas and developing the exact steps you are going to follow, you will need the courage to implement them. Not all the ideas will turn out to be successful.
Regardless, you will have something to learn from each success or mistake and this will help you move your business even further. When you have the courage to follow a path which is not very familiar to you, this is going to be the moment when you will widen your horizons and exceed your limits to achieve success.
4. Creativity and imagination
If you already implemented your idea and you see that it works, you most probably think that you don’t need to change anything to achieve more success. You need to keep in mind that customers’ preferences change and your competition is waiting for your mistakes to “steal” your clients.
Therefore, you need to use your creativity and imagination to improve your products and services to meet your customers’ expectations. What is more, creativity can also mean that you are open to talk to new people and use their experience to improve something in your business.
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.” – Steve Jobs
5. Continuous learning
If you want to drive success in every niche you will need to show a willingness to learn. You need to stay updated with what happens in your niche and what your customers expect from you.
Education is not only something for school. It is a lifelong process, and you should be open to seek knowledge and improve your skills with every opportunity. An efficient trick is to stay close to people who are already successful in your industry, ask their opinions on various subjects and learn from their experience.
The above five essential skills will help you build a successful business in every niche. A true leader is ambitious, knows to listen to the people around him, and is always open to learning from others.
No matter the size of your business, you will need to be creative and use your imagination to improve your products and services. These skills will help any leader develop new skills, stand out of the crowd, and strengthen his position on the market.
What skill do you think is most important to be successful in life? Let us know below!
5 Key Investment Principles from Warren Buffett
Warren Buffett is a mentor for a lot of traders. Why shouldn’t he be? After all, his investing principles have earned him the title of the world’s greatest investor. His way of working is a little contradictory to many others in the arena of online trading. He doesn’t invest the way it’s depicted in the popular media. He is the kind of investor who likes buying and holding.
Buffett has taught us that once you buy a stock, hold it no matter what. Forget that there is a recession in the economy or it is at its boom. Whether it’s good times or bad, you’re supposed to hold onto the stock.
Buffett doesn’t just buy stocks for the sake of holding them. He buys them for a specific reason. When those reasons no longer exist, he sells the stocks. He not only looks for good prices but sound management and a competitive advantage. He shared his opinion that companies such as IBM, Sears, and GM are great but they cannot stay competitive for long. Therefore, these companies shouldn’t be a part of your portfolio.
Why not learn from the pro himself and invest the right way? Here are 5 key principles to begin with:
1. Invest In What You Know
Before investing in a stock, it is very important to understand what a company does and how it makes its money. Ever wondered why Buffett has always avoided investing in tech stocks? It’s because he does not completely understand their business model. He sticks to what he knows.
This also explains why he prefers investing in Berkshire’s stocks. It represents a diverse mix of stocks such as utilities, banking, and insurance and consumer products. All of these are businesses that Buffett understands very well. No wonder he has invested a significant amount of money here.
“Beware the investment activity that produces applause; the great moves are usually greeted by yawns.” – Warren Buffett
2. Before Buying a Stock, List the Criteria
It makes sense to buy stocks on the basis of criteria, right? After all, you’re ensuring that you don’t end up investing in something unfavorable. You could be searching for stocks in a certain industry with a set price to earnings ratio.
Buffett never makes the price of the stock the sole criteria of his buying decision. Sometimes, great companies end up taking a price dip because of the market situation. However, holding onto these stocks could still turn out to be favorable.
3. Be Aggressive During Tough Times
Generally, it’s not recommended to time the market. But if you’re a long-term investor, you’ll be fine no matter when you buy. This means that even during the tough economic times, you shouldn’t settle down. Keep on looking for opportunities. This is what Warren Buffett does because he knows that things will eventually turn around.
Buffett is known for capitalizing on opportunities during and after the great recession. Bank of America investment is one of the best examples of this. In his latest annual letter, Buffett said that “dark clouds will fill the sky almost after every decade. But it certainly will rain gold.” So don’t despair, keep on investing.
4. Don’t Worry About the Day to Day Market Movements
Along with other tips, Buffett also said that you must only buy a stock if you are comfortable holding on to it in case the stock market shuts down for a decade. Since you are holding onto the stocks for 10 or more years, there is no point in losing sleep over the minor swings.
Ignore the headlines about the trade wars, the government shutdown, and other chaotic news. Instead, you focus on learning the potential growth of your company over the course of time. The fact is, stock prices keep on changing, but it’s not significant if the company’s business still has a bright future.
“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.” – Warren Buffett
5. Buy Buffett’s Stocks
Buffett keeps everything simple when it comes to investing. If you don’t want to do the guesswork and research to figure out which stocks to buy, simply invest in the stocks Buffett already owns. But, make sure you understand the business. Buffett discloses his holdings publically each quarter. He has capital in companies such as Wells Fargo, Apple, and Bank of America. To keep things simple, you can buy the shares of Berkshire Hathaway itself.
Warren Buffett hasn’t been successful all by himself. He has a team of investors who help him do legal work and give him investment tips. He’s also a part of an advisor network because he understands that an investor needs all the help he can get. It’s amazing that a billionaire like him still listens to others.
Now that you know how to invest like Buffett, it’s time you prepare your investment strategy. These principles are not hard and fast criteria, they are simply a discipline strategy all investors should stick to. Along with these, you can use math, technical analysis, fundamental analysis, and even stock charts to make a decision. You may not end up a billionaire, but you will avoid losses and make more profits than your fellows.
Which one of the 5 key investment principles from above resonated with you most? Let us know below!
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