Tag Archives: Entrepreneur Skills

Laws and Principles Entrepreneurs Live By

Pareto Principle  | Parkinson’s Law  | Law of Averages  |  Law of Association

4 Laws & Principles every Entrepreneur should know and live by:

The Pareto Principle

The Pareto principle is a very popular law …my guess is that you’ve probably come across it or have even heard of it numerous times throughout your life… however it was most likely referred to with a different name.  If you’ve ever heard of the 80-20 rule, or the law of the vital few, or even the principle of factor sparsity….then you’ve been exposed to the Pareto Principle.

Essentially this law states that, for many events, roughly 80% of the effects come from 20% of the causes.  And naturally this applies to a great many things and events especially concerning to the entrepreneur.  For starters….  as an entrepreneur….you’ve probably wondered why the distribution of wealth is the way it is….observing that just about 20% of the population has much of the wealth, while the other 80% doesn’t.  Who knows, maybe this keen observation on your part is the exact reason you are an entrepreneur…. so you can in fact make your way to the top 20% :).

This principle is also very relevant for the entrepreneur for purposes of time management…..20% of the things you do will account for 80% of your results while 80% of the things you do will account for 20% of your results.  I know…a bit depressing when you think about it….but this knowledge can be useful for creating and perfecting your plans of action.  In addition, the principle will come into play when trying to understand why some customers buy your goods and services, and why some….let me rephrase that…many, don’t.

So when 80% of the people you approach with your products, services, or opportunities say no….just keep in mind that it’s not you….and most likely not what you’re offering, and that it’s just a bit of the Pareto Principle at play.

Parkinson’s Law

Parkinson’s Law is something all entrepreneurs should be aware of.  Like the last law… you’ve probably experienced this one in the past but just haven’t been introduced to it formally.  So…I’ll do the honors.  Parkinson’s law was first articulated  in an essay of The Economist in 1955 and has been made more or less mainstream by author/blogger/entrepreneur Tim Ferriss.

The law essentially postulates that…  work expands so as to fill the time available for its completion.  So if you have ever had some friends or co-workers who were given an easy task to do with a somewhat large amount of time to complete….and yet they  somehow managed to stay extremely busy, spending an inordinate amount of time on a task that you could have finished in a day….. well then, you’ve been acquainted to Parkinson’s Law.

This is essential knowledge for an entrepreneur….especially those new to being their own boss and in charge of running their businesses efficiently.  The understanding of this law will help the new entrepreneur combat the programming received while they were an employee who wasn’t 100% vested in how long tasks actually took to complete.  Ultimately, if one truly cherishes their time and leisure, and doesn’t want to be a slave to their business….knowing this law is critical.

Law of Averages

This is a great law for us.  It’s the idea that probability will influence all occurrences in the long run, that one will neither win nor lose all of the time.  For example, If it rains every day this week, by the law of averages we’re bound to get a sunny day soon. This colloquial term is a popular interpretation of a statistical principle called Bernoulli’s theorem.  As an entrepreneur or professional, this law becomes important to you when  you decide to start going after the deals, the partnerships, and the sales.

The more you experience the no’s and failures in the pursuit of your ventures….the more likely you are over time, to experience that crucial yes and ultimate success.  A fantastic example I like to refer to, is the baseball player….  he strikes out 7 out of 10 times….and still get’s paid 5 million dollars per year.  The same success awaits the entrepreneur who  understands that with every no…they inch that much closer to their YES…and indeed their SUCCESS!

Law of Association

This law is often looked over for striving entrepreneurs but is crucial in moving towards the achievements you set for yourself.  Basically this is a law which suggests that we become like the average of the five people whom we spend most of our time with.

Meaning….that everything about you will average out to be similar to those five people whom you are currently spending most of your time with.  For instance,  your income will tend to be the average of your five best friends’ incomes.  If you want to raise the quality of your life, hang out with people who have already been there and done that…and who are living the quality life which you seek. If you want to become a better communicator, hang out with great communicators.  If you want to be more positive, hang around with more positive and up beat people. If you want to be a terrific parent, spend lots of time with men and women who have mastered the art of parenting.  If you want to start making at difference….get around those who are out there making some waves of impact.  So in essence… birds of a feather flock together.

But…do you know why birds of a feather flock together? It’s because they’re all going in the same direction. They share a common vision. So if you’re going after a goal, any goal, go and find the people who have already achieved that goal, or who are well along the path to attaining that goal, and then be with them, hang out with them, camp on their doorstep if you have to. :).  Joking aside…this is an important law to live by….so get out there and make some connections with those whose lives you want to be living.

And if you find your self in a situation where making critical associations with people is difficult because of your location, or because you just need some time to gain the courage to reach out, remember that the next best thing to associating with great company is reading great books.  It was Rene Descartes after all who once said “The reading off all good books is like conversation with the finest men of the past centuries”.

To Your Success!

“Our acts can be no wiser than our thoughts…our thinking can be no wiser than our understanding.” – George S. Clason

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The LOSER’s LIMP

For the past couple of weeks I have been having my fair share of trials and tribulations. I’ve essentially been busy being busy and not fully executing on the tasks I’ve set for myself to reach specific goals that are important to my personal and professional life. Basically two weeks have passed since I made an agreement with myself on what needs to be done in order for me to get where I want to get, and I didn’t realize until recently what I was doing specifically and what was really going on internally that was keeping me in this mode for the past three weeks, until of course my Fiancé asked me, “So how are those plans coming along…you know, those plans you shared with me the other day and set for yourself?” and naturally, I answered hesitantly, “uuhhhmm,… well, I am doing good everything is coming along, EXCEPT, I can’t really move forward UNTIL I am absolutely sure this is the right approach, so I am going to WAIT till next week…just to be sure …” Well, I pulled the wool over her eyes and appeased her for the moment. However it was almost instantly after I did so, that I said to myself in this realization, “Wait a minute… this is a LOSER’S LIMP.” I was pretending I had a good reason for why I wasn’t doing the very things that I knew I could do, the things that I knew I should do. I read about this….this is what ole Zig Ziglar was talking about in his book See You at the Top.  I’ll actually quote him verbatim because it’s a superb anaology, one I didn’t think I could be guilty of, especially since I was aware of it….so here it is:

“Characteristically, when a person falls victim to Garbage Dump Thinking, he develops an assortment of “Loser’s Limps.” You know what the Loser’s Limp is if you’ve ever attended a football game or watched one on television. The offensive player slips behind the defensive player, reaches up, pulls in a pass and heads for the end zone. The defensive man quickly recovers and takes out in hot pursuit. When the offensive player gets about 20 yards from the end zone, the defensive player realizes he’s not going to catch the man with the ball. Everybody in the stands knows it too. So, the defensive player frequently pulls up limping and the people in the stands say, “Well, no wonder the poor guy couldn’t catch him. Look, he’s crippled.” Now that is his Loser’s Limp. What is yours?”

I figure we all have these Loser’s Limps, some are big ones, some are small ones. I obviously just realized I have some small ones of my own that I really need to take care of. So I am definitely going to make it a priority to work on them, because I don’t want to be “that person” who makes excuses or who others will make excuses for. So what I am planning on doing…actually, I should say, what I AM GOING TO DO to help me with this minor limp, is print out on a sheet of paper an exceptional quote that I captured three days ago from one of my favorite books, and proceed to hang that quote above my study room, so everyday I will be reminded that I have the choice to correct my Loser’s Limp. Curtains please…….

“If you neglect to make the start, or stop before you arrive, no one will be to blame but you. This responsibility is yours. No alibi will save you from accepting the responsibility if you now fail or refuse to DEMAND riches or success from life.” – N. Hill

So in my learning that we all have Loser’s Limps I don’t think I will ask you if you have one, but what I will ask is; What is yours…and will YOU do anything to correct it?

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Economics 101 – What are You Worth?

Wow! What a hiatus. Last month was an undoubtedly action packed one. I took a trip to Paris, got engaged, and started participating in a new flag football league all on top of the business activities I normally partake in. Of course the blogging suffered a bit due to “all the activity” and of course a small mishap which had my blog temporarily deactivated. However, the good news is…. I am back!

So today I wanted to touch on something that has been on my mind a lot lately, Economics. I guess I am really writing this now because of a certain essence that seems to pervade the internet, the television, heck the world. This essence manifests itself as a blatant misunderstanding of Economics and economic principles. It is an essence that can be summed up in a mentality known all too well as “The Get Rich Quick Mentality” or “The Something For Nothing Mentality”.

Now, it is understood that this type of thinking may never go away, but perhaps it can be curbed a bit through people talking about it or blogging about it. Who knows?  So hopefully I can save someone some valuable time by helping them realize that they shouldn’t start something if they don’t really intend to be in it for the long haul and put in the necessary work (and yes anything worth doing requires work). In addition it would be nice if this post could help save someone, anyone from quitting too soon…all because they felt their expectations were not being instantly met. (Hello…..things take time!!!)

So, here it is….a pithy point to keep in mind or to share with a friend/acquaintance who is suffering from this dreadful mentality…..

It is…that you can’t get without giving!!!! Seriously, there is actually a law of economics which irrevocably controls the system that neither recognizes nor tolerates, at least not for long, getting without giving. So….what this means is, that there really is only one dependable method for legally accumulating and holding true riches, and this without a doubt is…………….. by providing useful service.

Now how does one provide useful service and why is it important you ask? Answer….  first understand Economics! Which you can find a bit more about in this neat little video.  To your success!

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The Terror Barrier

I went to an event last week where I had the pleasure of seeing Bob Proctor, a 75 yr old millionaire and world renowned entrepreneur who carries himself like a youthful 25yr old.

It was a pretty phenomenal experience and EXTREMELY valuable, and I stress extremely because I personally walked away with powerful ideas and insights from an event which usually costs anywhere from $500 – $1,000 all for free!!!

One of the main ideas that I walked away with and really want to share with you, was this idea of the “Terror Barrier”.  An imaginary barrier that many have but probably won’t experience until they try to achieve something great.  If you are one of those who have ever been on the hunt of bigger and better things you probably have very intimate knowledge of what I am talking about.  So, this barrier usually appears when we are just about to make some critical gains in our endeavoring that would definitely set us apart from the also-rans, but….we stop short.  And of course this happens because of an internal block or fear we have, or because of a rule or paradigm which is programmed deep within us.  The barrier manifests itself in self-sabotage, excuse making, circular arguments or rationalizing with ourselves as to why we aren’t doing or can’t do the activities absolutely necessary for our break through towards our success.

So, what’s the solution?  Well, it’s a change in your mental paradigm so you can ultimately change your behaviors.  How do you change your paradigm?  Change your thinking!  How do you change your thinking?  First……START THINKING, (and it’s important you don’t mistake mental activity for thinking), then decide to change what you put into your mind.  Learn, Grow, Challenge yourself and in so doing be selective and very vigilant with what you read, watch, listen to, and then of course with what you think.  It’s as simple as that.

[Disclaimer – This post is written soley for those interested in doing extraordinary things.  If this is not you, please disregard NOW.  This post will self-destruct in 25 seconds……no not really, 🙂  I hope you are smiling!]

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Billionaire Mentor Next Door

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It’s pretty rare to get an Olympic Gold Medal, wouldn’t you say? Only 1,210 Americans have received one. It’s unusual to climb Mt. Everest, too: Just 2,300 people have done that. But there’s an even rarer category: The number of billionaires. No more than 1,125 people in the world can claim that distinction.

My friend, Bill Bartmann, did just that. Now keep in mind that this group of 1,125 people includes people who had major help along the way: Many were born with it, inherited it, or had every advantage while growing up.

In the history of billionaires, Bill Bartmann stands alone. He’s the ONLY former homeless person and gang member ever to have made a billion dollars. That’s right, Bill went from eating out of dumpsters and living under a bridge viaduct, to having after-tax, take-home pay in a single year of more than $100 million and being listed as the 25th richest person in America.

Here’s where it gets extremely interesting: Bill is willing to coach individuals…and that includes YOU on how to succeed in business.

Seriously, what can you learn from someone whose daddy died and left him a billion? (The answer is…probably not much) But it’s totally different with Bill Bartmann: He worked in a slaughterhouse. He was an alcoholic at age 17. And at one point Bill was paralyzed from the waist down. Yet Bill discovered a DIFFERENT way of thinking and acting that enabled him to overcome all of that, and become a self-made billionaire.

After scaling the highest peaks in the business world and getting his fill of toys like $25 million aircraft, what’s Bill up to now? Well, seemingly…he has one current passion: Showing others his special techniques for overcoming any challenge and being as successful as they want to be. An aspiration truly respected and applauded by the Educated Entrepreneur.

Do you think Bill might know a few things YOU could use to overcome your own challenges? What if you could get his thoughts on dozens of business topics?

Well…it appears you can. Bill has launched a one-of-a-kind online service, called his “Billionaire Business System”. From the looks of it…this is not some one-size-fits-all deal. (thank goodness) Instead, Bill has built a mentoring tool that provides you with laser-targeted advice on many individual topics.

If you are already running a business but not sure what’s the best way to secure financing for your next stage of growth or if you are not even sure if business is right for you? Bill will help. He has various video sessions on these specific subjects alone.

In fact, the Billionaire Business System currently has almost two dozen topics, and is constantly growing.

I strongly recommend that you take a look at Bill’s system and see for yourself how it can remove whatever roadblocks are in your way to greater business success. You can find it by going to: BILL BARTMANN ENTERPRISES

Name me anywhere else on the planet that you can get specific, useful, and comprehensive business-building advice from a self-made billionaire? That’s OK, I can’t think of any, either.

The sooner you have somebody like Bill Bartmann in your corner, advising you on business success, the sooner you can sit back and bask in your own dreams coming true. Right?!

Well, hopefully you can get inspired by this guy. He truly has “been there done that”…and the chances are really good that whatever challenges you have, Bill’s been there, and found a way to overcome them. Seriously consider giving Bill a chance to show you how to side step many mistakes on your path to the top and visit His Website. He may just be the Billionaire mentor we all need.

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Marketing Tips From a GENIUS

 

Alright…I thought it would be a good time to refresh the creative juices of the business world especially with our economy being the way it is, and perhaps jolt some people with some purple cow thinking.  So…listed below are some superb ideas anyone can use in their marketing…to ultimately add more success to their product lines, services, sales, exposure, and business.

The ideas collected and listed here came straight from Seth Godin’s Book the Purple Cow so you better bet your bottom (possibly last) dollar that they are valid.  Pay attention…and truly consider using them.

Alright…here you go!!!.

  • “Create Remarkable Products that the “right” people seek out.”

 

  • “Instead of trying to use your technology and expertise to make a better product for your user’s standard behavior, experiment with inviting the users to change their behavior to make the product dramatically different.”

 

  • “Your ads should cater to the customers you would choose if you could choose your customers.”

 

  • “If you are making good stuff…how fast can you stop?  You should only be making remarkable stuff.”

 

  • “How could you modify your product or service so that you’d end up on the next episode of SaturdayNight Live.”

 

  • “Model the behavior of everyone who has make remarkable products in your industry.”

 

  • “Try being outrageous, just for the sake of being annoying, so you know what it’s like to be at the edge, of course you don’t want to do this too much.”

 

  • “Find things that are just not done in your industry”

 

  • “What could you measure?  What would that cost?  How fast could you get results?  If you can afford t, try it?  If you measure it, it will improve.”

 

  • “Explore the limits….Are you the cheapest, fastest, quickest, smartest, best looking, funniest, smallest, largest, newest…..If there is a limit you should use it (must use it).”

 

  • “Go one more or two more.  Identify your competitor and or who’s generally regarded as at the edges, and out do them.  Whatever they are known for, do that thing even more.”

Well, hopefully you feel these were worth some of your time.  I think they are terrific and creative insights that we can definitely and probalby should use for our own products or services.   I suggest you try one or two of them and see what happens with your Marketing, your sales, and ultimately your business :).

 

Thanks Seth!

make a referral week

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