Tag Archives: self improvement

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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What’s New for the New Year?

Global Entrepreneurship

I have to tell you… this is not going to be the usual blog….but hey… they can’t all be the same right.. what fun would that be? So in the spirit of the New Year I am going to do something new…Essentially I am going to blog about some of the “Newness” that I’ve acquired since 1/1/2010.

So for starters… I actually took some time off this year from my time off…and I mean serious time… to review the previous year. I earnestly pondered for just about two whole days all the happenings, the actions I did or didn’t take, their respective outcomes, and the many feelings I felt and how they changed as the year progressed.  It was a truly fantastic experience for me and I believe it is a practice that I will now be continuing to do from this year forward. I highly recommend it!

In addition I recently organized a local event for educating people on financial intelligence and for having a bit of fun while learning to increse their F.IQ. It’s called Financial Wisdom Wednesday’s, and it’s an event that I’ve put together to have others come and experience the Financial Philosophy of Robert Kiyosaki by playing his much acclaimed board game Cash Flow. If you haven’t read his book Rich Dad/Poor Dad yet, I sincerely hope you’ll put it on your list of books to read for this year…it’s a really good one.

Global Entrepreneurship

Furthermore…my website has been updated. There were some minor changes to the look and feel of the website. Some of the major changes are the additions of twitter and other various social networking buttons that will make it easier for viewers to keep up with what else is going on in the fast lane of the educated entrepreneur ;). Also a new and dramatic change is that the self development and accountability services have been shelved, however they might reappear in the future when resources permit a more advanced and higher quality service for my clients and customers. And then, there is the overhaul of the Get Educated page (http://www.theeducatedentrepreneur.com/GetEducated.html) which I feel has been adapted to be much more aligned with the essence of the primary revenue producing activities of the Educated Entrepreneur, and of course, it could still use some polishing…so please, please… give me your feedback if you have any, it is always welcomed.

And last but not least….I have some new powerful quotes I came across that I really, really like and well…I just have to share.  They are success/disciplined oriented and I think if one truly considers them and even goes so far as to apply them, they will experience some positive benefits. Here they are……

“In everything you do, be self observation, reading, or observing others, the intensity of your efforts will have a profound effect on the amount of knowledge you gain” – Jim Rohn

“The chief cause of failure and unhappiness is trading what we want MOST for what we want at the MOMENT.” – Jim Burke

“Weak is he who permits his thoughts to control his actions…Strong is he who forces his actions to control his thoughts” – Og Mandino

Wishing you much prospertiy, peace, and of course…much NEW in the New Year!

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6 Activities To Activate You

So I was journaling this morning and had a small reminiscing moment.  I am not too sure what triggered the flash of old memories but I noticed it took me back to a place that was roughly about three to four years ago.  What I saw was some pretty interesting stuff.  I was simply astonished by my realization of how much has actually changed in such a short period of time and I am not talking about the external world.  What really stood out from my memories was how dramatically my outlook has been altered and even more so, my approach to life!  And I think it would be safe to say that it has been at least a 180 degree shift and all for the better, which I am sure some of my closest friends might agree with. …. Hopefully 🙂

So, since I had this amazing flash back and since I feel all these changes I’ve made in the past couple of years have been blessings, I thought I might share some of the activities that I think I owe it all to.  So…here they are:

1.)  I started reading 2 – 3 books per month

2.) I started journaling

3.) I started meditating

4.) I started running.

5.) I started waking up early to do a Power Hour (1 hour just for me)

6.) I started doing incantations

Well, I sincerely hope the 6 activities that have activated me most will activate you.  Give them a try!  What do you have to lose…besides your old self?…..

To YOUR GREATNESS!

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Your Personality Sucks

I was surfing the net last night and I came across this blog by Rohit Bhargava.  Initially glancing through hist posts I was attracted to one tab in particular.  So I clicked on it and took a good look through it and began reading some of his postings for that blog (because he has two) and sure enough I came across his book which he titled Personality Not Included (PNI for short).  The book caught my attention because it wasn’t too long ago when I was listening to some Napolean Hill audio tapes in my car (I am geek what can I say), which incidentally was focused on personality and how important it is to ones success. 

Interestingly the Napolean Hill personality bit was a slightly different in its recommendations as it was primarily talking about the importance of positive mental attitude, tactfulness, and being courteous to our peers and customers in order to secure more business and in turn be more successful.   Now Rohit’s bit on personality was more about how it is vital in this day and age for your business to have a personality of its own, and how authenticity is key if it is to become and/or remain successful.

The cool thing I captured in being open to both ideas on personality is that basically if your business is not doing good or if your career is going nowhere fast, it’s probably because of your personality.  So in an attempt to be respectfully brutal in my honesty….if your business or career sucks……. it’s probably because your personality sucks.

So…. what are you waiting for?  Start working on your personal and organizational personality.

“If you don’t like how things are, change it! You’re not a tree.”
Jim Rohn

 

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What is ILG?….psst…It’s the type of Edge that won’t hurt you

What is ILG?

I have been receiving many emails about the ILG(ilearningglobal.tv) product which I host and advocate as an integral tool on my blog.    So what is this ILG?

Well, in short, it is an online learning medium which is essentially a virtual library of audio, video, and electronic books that have been produced by some of the world’s most renowned businessmen, professional speakers, business coaches, and motivational guru’s to date.

 IlearningGlobal

Why is this product on my blog?

 I have placed easy access to this tool/product on my blog because of its inordinate potential value to the public.  Since TheEducatedEntrepreneur.com is adamant in becoming a valuable tool and catalyst for assisting individuals and businesses in finding their passion, becoming extraordinary, and in positively changing the world, no better tool could be endorsed. 

I have personally found that the material provided on the ILG hub is some of the most (if not the most) relevant and current material one could find for competing and performing at the highest level in today’s business world.   DON’T GET LEFT BEHIND

 


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