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Get Rich Your Way! Learn From The Best

9. Learn From The Best

“Start imagining what the desired outcome would be.

Review these images in your mind,

sketching out details

and improvements.

You practice them over and over again

until they become your reality.” Maxwell Maltz

There are only two ways to learn what you need to learn to become rich.

You can learn from your own mistakes and experiences,

or you can learn from the mistakes

and experiences of others.

The second method,

learning from the mistakes and experiences of others,

is the cheapest and easiest of all.

It is the least used.

However, you can grow

and progress much faster in financial success

by systematically studying

and imitating successful people

who have come before you.

In this chapter,

you will learn what other self-made millionaires did to become rich.

You’ll learn what the most successful businesses have done to rise

to the top of their industries.

You will learn the strategies,

techniques and methods used by the most successful organizations

and individuals to achieve goals far beyond the ordinary.

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IMPLETE THE BEST OF YOUR WORK

One of the most powerful personal development techniques

is called “stereotyping”.

This method requires finding successful people,

studying their ways of thinking and functioning,

and then imitating them.

Top achievers in everything from the arts to music,

including sports and business,

all start by learning

from the best in their fields.

The principle is that if you want to be a winner in any area of your life,

start walking, talking,

and acting like other successful people.

So soon they will start to think

and feel like successful people

and achieve the same results as those people.

You will begin to believe that you were born

to win and that nothing can stop you.

By and by this belief will become your reality.

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QUALIFICATIONS OF EXCELLENT PEOPLE

A few years ago,

the Gallup Institute (public opinion poll) interviewed 1,500 people,

both men and women,

listed in a book titled Who’s Who in America.

This book is often referred to as the “Social Book”.

It covers all of the most admired,

respected,

and respected people in the United States.

Gallup researchers cross-interviewed this class

of top Americans and asked them,

among others,

“Why do you feel you have achieved such great success in your career?

the course of life?”

By combining the results of these interviews,

they analyzed and found five qualities that top leaders put up to explain

why they outperformed those in the same position efforts in the same field.

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Common sense is normal

The first quality is that they all agree it’s common sense.

The interviewees said over

and over again that common sense

is their fundamental quality and secret to success.

The researchers then asked them,

“What do you mean by ‘common sense’?”.

The most accurate definition they accept is

“Common sense is the ability to have experiences,

to comment on these experiences

and then draw from those experiences general principles

and relevant guiding principles.”

can be applied to subsequent experiences.”

In other words,

common sense is the ability to learn from experience

and to develop the wisdom that accompanies learning.

The Greek philosopher Aristotle once said,

“Wisdom is the equal measure of experience plus judgment.”

People who seem to have a high degree of common sense are those

who not only have had different experiences,

but who have taken the time to review those experiences

and learn from them on a deeper level.

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Don’t learn from mistakes

There are many people who have many years of experience,

but they never take the time to sit down

and consider their experiences.

They are too busy to comment on

and evaluate those experiences

so that they can derive general principles

and rules that they can apply to the future.

In the 21st century,

the secret to success is knowledge

and ability to apply.

Aristotle’s words can be paraphrased as,

Today’s wisdom is primarily a combination of knowledge plus experience

and the ability to judge.

Gaining wisdom today requires first learning

what you need to know about your field to excel.

Wisdom requires applying information to each subsequent experience,

receiving feedback,

and then commenting on what you have learned.

Wisdom constantly requires replenishing your stock of knowledge

and experience so that you can improve your productivity

and do your job even better next time.

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Intelligence is the act of intelligence

The second quality of the top Americans found in the study saving is intelligence.

Almost all of those interviewees said

that they achieved high rank

because of their intelligence.

The researchers then showed that many of them did not have a college degree

and some did not finish high school.

Of those who go on to college,

many are not good students.

Many of the compositions listed in

Who’s Who in America are average or below average.

Hence there are two definitions of intelligence.

The first definition is the intelligence that most people act on.

It is the “intelligence quotient” or IQ.

Most people estimate their IQ based on their academic performance in school.

Ordinary people do not have a good level of learning,

often think they have a below average IQ.

This belief can affect them for the rest of their lives.

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Your qualifications do not define your future

The reality is that there are many people

who do not have a good academic background,

but they become very successful in their adult life.

Several studies have shown that successful business owners often

share the same characteristics

as children with attention deficit disorder.

They are curious,

impatient,

active and uninterested in trivia or details of the subject

or later life and details of work.

However, they are very smart.

Dr. Howard Gardner of Harvard University has noticed

what he calls “Double Intelligence”.

These are different types of intelligence,

such as,

visual spatial intelligence,

sensory

or physical intelligence,

and musical intelligence,

none of which are measured in school.

Standard IQ tests measure only two dimensions of intellectual functioning,

verbal language, and math.

What Dr. Gardner found was

that a person could be a genius (say, Mozart) in terms

of musical intelligence,

but poor in college subjects.

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Intelligence is highly paid

The intelligence that is highly paid in America today

is “social intelligence” defined

as the ability to work adaptively

with different types of people

and “business intelligence” defined

as the ability to see sees opportunities

to create products and services that people lack

and need and that can be sold at a profit.

These two types of intelligence have never been tested in school.

You can be a genius in either

or both of these intelligences,

but if you have a low level,

you may consider yourself less intelligent than others.

This is absolutely not true.

The reality is that the full range

of intelligence cannot be measured

by a standardized IQ test.

The best definition of intelligence

I’ve come up with is that intelligence is a way of acting.

If you act smart in a given situation,

by this definition you are a smart person.

If you act foolishly in a particular situation,

by this definition you are stupid.

It has nothing to do with the level you get in school.

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Smart action

If you agree that those who act intelligently are quick-witted,

and those who act unintelligently are not quick-witted,

then the next logical question is

“What is the smart way to act?”
It goes like this:

Smart acting is when you act in a way consistent

with achieving self-determined,

self-proclaimed goals.

Every time you take an action

that moves you toward accomplishing something

that’s important to you,

you’re acting smart.

It is your choice of what you really want that will determine

whether your actions are smart or not.

Every time you do something that doesn’t move you,

toward something important

to you or even worse,

something that takes you somewhere else,

you’re behaving unintelligently.

Consistent with everything else,

you are smart to the extent that you take the steps back

and forth as one that leads you to the success of your goals.

If your goals are to be happy,

healthy,

wealthy,

and have a wonderful family life,

the most important thing you can do is move yourself toward any one of these,

as defined by the government.

You are a quick-witted way of acting.

That is very smart.

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Do your job well

The third quality of outstanding people found in the survey is proficiency.

Proficiency is defined

as “the ability to do a job extremely well”.

You have mastery when you are recognized

as one of the top performers in your field,

capable of achieving the results required in your position.

All of the people in the study reached an outstanding level in their field

only after they decided to

become really good at what they were doing.

They became successful only

after they were fully committed

to being personally excellent in their profession.

Unfortunately,

most people fail to grasp this simple matter.

You will never find anyone

who becomes successful in any field

by performing averagely or mediocrity.

Even performing above average is not enough.

Only your determination to excel will propel you to the top of your field.

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Determined to be excellent

The people who really become successful,

they start on the road to soar thanks to their own dedication

to “becoming excellent” at whatever they are doing.

They are determined to become elite.

As I wrote at the beginning,

there has been much research done over the years

on the subject of “mastery”.

The bottom line of the studies is that mastering takes 5 to 7 years

and 10,000 hours of application to get you into the top 10% of your field.

This seems to be the case with success in business

or success in business equivalent

to studying neurosurgery

or practicing law.

There are no shortcuts to mastering your field.

Based on thousands of interviews,

it takes about 2 years of working in a certain field

for you to know if this is the right career for you.

In terms of businesses,

it takes about 2 years of loss

before a business starts making more money

than it costs to keep the business open.

You need to have 2 more years to determine

if you have the desire

and ability to reach the top of your field.

In the business,

in the 3rd and 4th years you will earn enough money

to pay the debts you have to take on for the first 2 years.

After 4 years,

if you’re in the right field or profession,

you start to rise above your peers,

like stronger athletes running in a marathon.

After 4 years you will have enough experience to make more

and more effective decisions

and achieve better and better results.

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The next seven years of great achievements

By about five or seven,

if you’ve put all your heart into doing your job

in the best way possible

and continuously improving your knowledge and skills,

you’ll break through to the top.

You will be in the top 10%

and begin to enjoy results

and rewards many times greater than the average person in your field.

When you’re in the top 1 or 2% in your field or industry,

you’ll earn 20 to 30 times more than someone

who’s shuffling around at an average level of performance.

Sometimes in my seminars,

when I explain these principles and the number

of years it takes to become a master,

people complain and argue with me,

saying,

“That’s too long!”

But when I show them what’s stopping them on a certain path

to advancement,

I just want to say,

“Time will pass anyway.”

How old will you be in 5 to 7 years?

You will actually age 5 to 7 years old.

Anyway,

time will pass.

The only question is,

“Will you be at the top of your field in 5 to 7 years,

with all the rewards that come with great success,

or are you still running after that group of people along the way?”

with other average achievers?”

But time will pass anyway.

Whatever field you’re in,

make sure it’s the right one for you,

then put your whole heart into becoming a master at what you do.

It doesn’t matter if it takes 5, 6 or 7 years.

The most important thing is

that sometime in the future you will reach the peak.

When you do,

all the suffering and sacrifices you made to get there will disappear.

What remains is a feeling of great pride,

personal competence, and self-esteem.

It’s worth your effort to be excellent at what you do.

As Frank Sinatra said,

“Excellent success is the best act of revenge”.

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Take charge of your life

The fourth quality of top Gallup research is self-reliance

or self-responsibility.

Leaders have always believed in themselves

as the main creative force in their lives.

They see themselves as the person

who bears the greatest responsibility for their own success.

They see themselves as fully responsible

for setting goals to achieve them that are important to them.

The leaders refused to forgive them.

When they make a mistake,

they quickly admit it,

correct it,

and do it again.

They don’t expect others to do it for them.

They don’t like to blame

or become angry at others

for making them uncomfortable.

They do not criticize

or blame others.

They always believe in themselves as the main actors

in the stage play of their own lives.

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Extraordinary step to mastery

Taking personal responsibility for yourself,

for everything you are now,

and for everything you will become is an extraordinary step toward mastery

and high achievement.

Many people ruin their lives by constantly reminding themselves

of unhappy experiences

that have happened in the past

They are still angry at their parents, brothers,

unlucky marriages, bad bosses,

and bad investment experiences.

They cannot ignore them.

They keep talking about the past over

and over to themselves or to others.

Therefore, they actually put their foot in the brake

to stop their own ability.

They restrain themselves.

One of the hallmarks of exceptional people is that they let the past slip away.

They don’t get confused about

what they can’t change or do nothing about.

And this status will include all past events.

The best way to deal with the past is to learn from it,

develop more wisdom

and understanding,

and then make progress for the rest of your life.

If you are still angry at someone who harmed you,

practice the spiritual principle of forgiveness

and letting the other person go.

Whenever you think of someone in the past

that you still have grievances against,

say right away,

“I forgive that person for everything.”

Then, work hard on your own goals

so that there is no time left to think about

what the person did or did not do

or what might have happened before.

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Let go of negative emotions

The best way to avoid or let go of any negative emotions is

to simply repeat the affirmation,

“I am responsible!

I am responsible!

I am responsible!”

Since your conscious mind can only store one thought at a time,

positive or negative,

you can use the law of substitution

that can cancel out negative emotions by saying quickly,

“I responsible!”.

Because the most negative emotions hold you back

from taking root from some blame,

whenever you say “I am responsible!”

You pull the latch to close that blame

and push yourself into the driver’s seat of your life’s car.

You feel more empowered right away

and in control of your emotions and circumstances.

As long as you blame anyone else

for anything that makes you unhappy,

you’re setting yourself up for a victim.

If that person is a parent you are angry with,

you are making yourself both a child and a victim.

When you blame or criticize,

you make yourself weak while making others (in your mind) strong.

In fact, you let others control your emotions from afar.

As soon as you think about them,

wherever they are,

you become angry

and unhappy right away.

You fall into the trap of digging at your feet

and ruining your future

by not letting the unpleasant experiences

that happened in the past go away.

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Complete the work

The fifth quality of excellence in all research,

including top performance studies,

is “results-oriented.”

Results oriented is the determination

that top achievers constantly have to think about results.

They focus on pursuing a single goal to get it done well,

quickly, and reliably.

Results-oriented people set clear goals,

targets,

and priorities.

They focus on what’s relevant and important,

and they stick with the work until it’s done.

As a result,

they produce more than the average person

who fails to cultivate these attitudes.

In the final analysis,

the results are of the utmost importance.

You will always be rewarded for the quality

and quantity of the results you achieve in your job

or position.

Always ask yourself,

“What results do people expect from me?”

Of all the outcomes people expect from you,

which one is the most important?

How can you organize your life so that you will achieve more

and more of the most important outcomes

that define your success and income?

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THINK LIKE A CHAMPION

In our own training programs,

we train business owners

and executives to think about the “hourly pace”.

This is almost always a surprise.

The vast majority of business owners

and executives think about how much money

they make each month or year.

But the greats, high achievers,

successful business owners

and brilliant executives,

think about how much they make every hour.

Therefore, they use their time much better than the average person

and achieve far greater results than the people around them.

The law of 3 duties applies to your job,

which means that there are 3 things you do at work that account

for more than 90% of your results.

Your ability to identify these three tasks is key to peak performance

and maximum results.

Here’s the exercise for you:

Make a list of everything you do

for work over the course of a week or a month.

Review this list, asking,

“If I were to do only one thing on this list,

which activity would add the greatest value

to myself and my business?”

The most important thing you do at your workplace

will probably go off this list.

Then you ask the second question,

“If I just could do more than one thing on this list throughout the day,

what activity would it be?

Once you’ve chosen your #2 task,

apply this question again until you’ve identified the top three.

If you want to reach the top of your field,

double your income,

and become one of the most successful people in your business,

from now on focus on those three tasks

or three activities in  this all day.

That simple formula will make it possible

for you to increase your contributions

and your earnings faster than anything else you can do.

By becoming highly results-oriented,

dedicate yourself to doing more

and less of the things that contribute to the greatest value

and doing them better and better.

This is one of the most important parts of getting rich your way.

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FOLLOW THE LEADERS

We mentioned earlier that modeling

or imitating the attitudes of others

who have already achieved certain goals

you want to achieve is one of the smartest

and fastest ways you can hit the gas

to increase your speed for your life.

As Albert Schweitzer once said,

“You have to teach people in school by example

so that they won’t have to learn from others.”

The world around you is full of people

whose role models are worth emulating.

Dr. David McClelland of Harvard University, in his book,

The Achieving Society,

concludes that your choice of “reference groups,”

people with whom you associate and befriend,

have a very special influence on everything you do in life.

Your ability to choose someone you respect and admire,

and then spend time with them,

can have a greater impact on your success than any other factor.

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QUALIFICATIONS OF LEADERS

Successful business owners and entrepreneurs have certain qualities

that you can incorporate into your own attitudes

as a result of inquiry and practice.

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Vision

The first quality of outstanding people seems to be

that they have a clear vision of the ideal future

they want to create for themselves and their families.

In 3,300 leadership quality studies led by James Cribben,

searching for the qualities most common in outstanding people,

he found “vision” to be a quality that appeared in every study saved back to 600 BC.

The leaders have a vision,

and the people who are not at the top have no vision.

Every act of creating a vision for your life begins to make you a leader

both to yourself and to others.

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Imagine your ideal future

One way to develop a vision for yourself

and your work is to practice “idealization”.

Plan ahead 3 to 5 years of your life

and imagine your life being ideal in every way.

What does it look like?

Imagine your job or career is ideal in every way.

What you will do?

How much money will you earn?

Imagine your financial situation is ideal.

How much money will you have in the bank?

What is your net worth?

Imagine your family situation is perfect in every way.

What kind of lifestyle will you have?

How much money will you spend for your family?

Imagine how good your health is in every way.

How much will you weigh?

How will you be able to figure?

What will you do differently today?

In the film, South Pacific has the lyrics,

“You start having dreams if you want to make dreams come true”.

Napoleon Hill in his book Think and Grow Rich,

says, “Whatsoever the human mind can conceive and believe in,

it can achieve.”

All the top people let themselves dream,

and then they go to work to make those dreams come true.

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Anticipate for the future

In building a business or career,

take a moment to think about what it will look like in the future

if it turns out well.

If you want your business to be the best in your industry,

describe how it will look from the outside

when you achieve that goal.

When I created strategic plans for companies,

we began to imagine the company as the company

that would be at the top of the industry five years into the future.

We then walked around the table and asked,

“What would other people think of us

if we were the best company in this business?”

We usually get 20 or 30 different ideal descriptions

that cover every aspect of the business.

We then asked,

“Which descriptions are more important than any other?”

We then prioritized the ideal descriptions

and discussed specific activities we can take now

to start creating our ideal future.

You can do this for yourself,

for your business,

and for any work in life.

It is a powerful exercise that often changes the entire direction of your life.

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Develop a sense of duty

The leaders have a sense of duty.

They are passionate about what they do

and are absolutely determined to do it well.

Top people envision what their business will look like when it excels at it.

They view their goals and targets as a reality long

before they actually happen.

One of the most powerful techniques you can perform is called “recalling from the future”.

With this technique,

you plan 3 to 5 years in advance

and imagine that your life

and work are perfect in every way.

From a future vantage point,

you look back at the present and ask,

“What will it take for me to get

from where I started today to where

I want to be in the future?”

Usually this exercise gives you a clear idea

of the activities you need to do next.

By recalling from the future,

you can immediately see the things you will start doing

or stop doing immediately.

You see things that will need to change one way or another.

You will see the things you need to do more or less.

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Believe in your dreams

Once upon a time,

an unknown film director named George Lucas had a vision

of a futuristic space adventure film

unlike any that had ever been made.

He spent month after month going from studio

to studio trying to get support

and support for his ideas. But that idea is too radical.

Time and time again he was rejected.

However, George Lucas still refused to give up.

He persisted and he eventually made enough money to make Star Wars,

which became one of the most successful films in history.

Star Wars has become the era

of the biggest box office hits earning more than $100 million each.

Ultimately, his company Lucasfilms generated billions

of dollars in sales of the 3-episode Star Wars movie,

the Star Wars movie, and other box office hits around the world.

He has no problem raising capital for his projects.

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Completely optimist

In addition to a broad vision and a sense of mission,

one quality of successful leaders and businesses is

that they have a high level of optimism.

Because of this optimism,

they have “unrealistic expectations” of success.

They absolutely believe that sooner or later,

one way or another,

they will be successful at what they do.

Optimists seem to have two notable qualities.

First, because they have unrealistic expectations of success,

they try more things.

If something doesn’t work,

they try something else and then try another thing.

They are much more willing to fail than the average person

in order to achieve the success they believe is absolutely certain.

The law of probability says that the more things you try,

the more likely it is to make you successful.

Almost all successful people try and fail countless times

before they finally develop the knowledge and experience

that makes it possible for them to try and succeed.

They use the law of probability for themselves.

As Phil Knight of Nike once said,

“You only get it last time.”

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The iron quality of success

The second quality that true optimists possess

is that they are persistent.

They never give up.

They keep trying other new things

and if that doesn’t work,

they try something else.

Furthermore, they use the law of probability for themselves.

If you try more things and you persevere,

chances are you will eventually try the right thing at the right time

and make a breakthrough.

Colonel Harland Sanders rose to prominence

at the age of 65 by selling his recipes,

which included the secret to mixing herbs

and spices to make fried chicken.

He called more than 1,000 restaurants to share his recipe with them,

and he was turned down 1,000 times.

But he kept calling,

living around with his old car and pots

and pans around him.

He never gave up.

Finally, after traveling up

and down the Atlantic coast for months,

he found a restaurant owner

who agreed to pay 5 cents for each chicken dish his way.

Soon he found another restaurant and then another.

The remaining events are history.

Kentucky Fried Chicken has become one of the most successful franchises

in history

with more than 7,000 outlets around the world.

Harland Sanders has become a multi-millionaire

and is one of the most famous

and popular figures in business around the world.

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Know inside and outside the business

An important quality of successful business owners

who have become millionaires is that they research

every detail of the business.

They constantly survey the information again and again

to find the remarkable factors

that can lead to great success.

Bright people

The founder of the first consumer store monopoly,

Mac’s Milk Stores,

found that large grocery stores were only open during standard business hours,

from 8 a.m. to 6 p.m. After 6 p.m.,

it’s almost impossible to choose between two pints of milk

or one pound of butter.

They saw that there was a market opportunity in this situation,

so they began their detailed study

by interviewing shoppers exiting grocery stores

at the 5 o’clock rush

and asking what did the shopper buy?

They found that 80% of shoppers mentioned 346 items,

and 90% of those purchases represented about 700 items.

Based on this information,

they open a consumable store with overtime hours

of operation from 7pm to 11pm.

They stock only 700 of the most popular items,

popular brands and popular sizes of those brands.

The remaining events have become history.

Within a few years,

there were thousands of consumer stores opening everywhere,

generating billions of dollars in sales.

As a result, many people

who have gone into the consumer goods business have become millionaires.

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Look for opportunities everywhere

Successful business owners and entrepreneurs seem

to be very good at finding market opportunities in the form

of products

and services that people need and want,

but aren’t currently available.

They then design, manufacture,

or acquire the right to distribute a new

or better product

or service to serve that market need.

They look for a need and satisfy it.

William Kelly saw a growing need for secretaries

who could control office equipment.

He has begun hiring and training these people for businesses

to work on a temporary basis.

His company, Kelly Services,

now has offices throughout the United States providing employees

of all kinds to businesses everywhere.

William Kelly, from a small office in Detroit,

became a multi-millionaire.

He found the need and satisfied it.

Tom Golisano, an accountant based in Rochester,

New York finds that his clients are small business owners

who need help keeping up with payroll updates

and constantly changing employment laws.

He opened the Paychex business to handle the payroll needs of his clients

and built it into one of the most successful companies in the country.

Currently,

Tom Golisano is ranked by Forbes magazine

as one of the richest people in America

with a net worth of more than 1 billion dollars.

He found the need and satisfied it.

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FIND OUT YOUR “DIAMOND FIELD”

There are countless opportunities

for you to find or create a new business,

and most of them are right under your feet.

How do you develop your ability

to follow in the footsteps of the leaders

and find opportunities you can take advantage

of to get rich in America?

There is one step you can take.

**************

Step 1. Collect information

First, start gathering information about people

and businesses in your area of interest.

Subscribe to all the magazines

and trade journals in that field.

Apply for promotional material of companies,

research, compare and analyze it.

Talk to employees, customers,

and other business people about industry leaders

and successful companies in your area of interest.

Attend seminars presented by experts in your chosen field.

Ask the experts questions at recess.

Ask them for advice

and recommendations on what to do and what to read.

Start gathering mass information about your chosen field,

and then watch it over and over again.

Become an expert.

The competence of an expert is of great value.

**************

Step 2. Consider yourself successful

Start visualizing yourself being successful in that business.

Create a clear picture in your mind of how you will look,

walk, dress,

talk,

act and live as the success you have planned for the future.

Combine your visualization with action.

Do positive and constructive work every day

that will move you towards your goal of success in this area.

Psychologists have discovered that you can act on

how you believe in your ability

to succeed by pretending

that you are already successful in what you want.

The more you walk,

talk,

and act like you’ve succeeded,

the more you feel it,

believe it,

and it quickly becomes part of your personality.

**************

Step 3. Always keep an eye on the search

Look for money-making opportunities everywhere.

Opportunities exist in almost every job. For example,

Jerry Gordon got his start as a cook at the Kentucky fried chicken monopoly.

He saw a need for electric motor-powered flour sifters

because they used to sifting flour by hand.

He started making them in his garage in his spare time.

Within a year,

he was able to sell 12 of these flour sifters

to Colonel Sanders (Kentucky Fried Chicken millionaire).

Sanders was so impressed that he lent Gordon $10,000 to start his own business.

Jerry Gordon

continue to become a millionaire manufacturing food processing equipment

to save time and money for fast food processing businesses.

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Look into your sights

In business and production there is a concept known as “theory of sights”.

What this concept means is that each person can see opportunities

for improvement in his or her sights.

You look into the line of sight, right where you are.

You can almost always see a reason

to improve on what you’re doing.

You can get valuable ideas from common problems.

The Coffeematic founder tracks work time wasted

by employees having to go down the street for coffee breaks.

He showed business owners how a coffee filter would pay these people

to save time working in their businesses.

He did not assemble machines for any great purpose

and made money off the coffee and coffee filters he provided.

Now the Coffeematic

or something similar is available

in almost any office around the world.

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Start small and use customer financing

You don’t need a lot of money to get started.

You can start small and raise capital from clients.

Daniel K. Ludwig started with very little money,

but had a great idea.

He found that if he could enter into a long-term charter

with the oil company to carry their oil

by tanker,

then he could take the lease to the bank for a loan.

New design and construction of oil tankers.

Chartering fees were guaranteed

by the big oil companies to pay

for bank loans and generated huge profits.

He then repeats this process over and over again,

signing a charter with an oil company,

borrowing money from a bank to design a new oil tanker,

and then repaying the loan with his earnings.

Within a few years,

he became a billionaire and one of the richest men in the world

by working with other people’s money.

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Looking for common solutions

Look for solutions that can be simulated for other customers.

Find something you can do over

and over again for others.

Finding problems and solutions

for a large number of customers.

Always ask,

“Is there a market for this idea?

Is the market big enough?

Release the iron hunter to catch the perch.

Look for the largest markets

instead of the smallest markets.

Xerox Company started with a solution to create multiple copies

of documents without using carbon paper.

The company developed a patent on photocopying technology

and transformed the business world.

Then the Xerox solution evolved to be applied to every company.

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Definitely can be sold

Look for a solution to a product or service that can be sold by ordinary business people.

Always ask the following questions:

“Who will sell these products or services?”

and “How will they sell it?”

Remember, since you’re only looking for

the average business person,

it should be a product

or service that can be sold by the average business person.

If a product

or service requires a highly qualified person to sell or assemble,

it is unlikely to succeed.

**************

Use word of mouth advertising

Finding a solution to a problem actually works

and can advertise itself orally.

Up to 84% of sales in the US are in one way

or another determined by word of mouth advertising.

If you find a solution,

say a light bulb that has a lifespan of 50,000 hours,

and you get word-of-mouth advertising for this product,

that could be your marketing strategy.

**************

Look for profitable products and services

Look for solutions to problems

that have the most beneficial price capital relationship

(cost-performance).

You should at least earn 3:1.

This means that if the product costs $1,

you should be able to sell it in the marketplace for as little as $3.

Better in production to earn profit plus capital equal

to 1 capital 3 profit

or 1 capital 4 profit

or even 1 capital 9 profit.

Many manufactured products, especially imported products,

have to earn as much as 1 capital

and 9 profits when retailing.

This return on capital helps you afford the product

through the startup stages,

earn enough profit to grow your business

and generate enough additional profit

to introduce new products

and services in the future.

**************
BECOME A NEW EMPLOYEE

Another way to “follow the leader” in any industry

for you is to spend some time off

or even full time in your chosen field.

You can gain experience

by starting a part-time job in the field

you’re thinking of getting into.

You can find knowledgeable colleagues

who have years of experience in that field

and learn from them.

You can learn from the knowledge and experiences of others

by taking special courses in your field.

You can hire someone,

like a counselor

has the necessary expertise,

then you won’t have to learn it alone.

The principle is “knowledge is power”.

One of the main reasons people fail in business is

because they don’t know the full details

of their particular business to succeed.

On the contrary,

one of the main reasons for business success is

that the business owner learns everything

he needs to know about the business he is about to enter.

****************

RENT OR BUY THE KNOWLEDGE YOU NEED

One of the smartest things you can do early in your business is

to interview or hire an expert on a particular aspect of your business.

Be ready to have a sales consultant,

marketing consultant,

advertising consultant

or direct mail sales consultant available at all times.

You can hire whoever you need to get the expertise

you need to succeed.

Hiring their brains is like going to a doctor,

dentist,

lawyer or accountant.

Go to a counselor who has many years of expertise in a particular area

and buy that specialist’s knowledge and experience.

Take successful people to lunch

and ask them questions.

Almost always,

successful people will help others to be successful,

if you ask them.

Pick the people in your field

or community that you admire most

and invite them out to lunch

or at least invite them to coffee.

You have to shell them out when you do this.

A few minutes of being close to successful people is often the cheapest investment

you can make to gain the significant insights you need to succeed in that field.

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ASKING FOR ADVICE

If they are too busy to have coffee or lunch,

ask them for 10 minutes to give you advice on the best ways

to succeed in this business.

When you meet them, say,

“I really admire the success you have had in this area

and I was wondering if you could give me some advice

to help me be as successful as you are.”
Ask,

“What books should I read?”

“What courses should I take?”

“What audio programs should I listen to?”

A few tips from other successful people can save you years of hard work

and many thousands of dollars.

********************

SUCCESSFUL COMPANIES STUDY

Another way to learn by stereotype is to research another successful company.

You’ll have to be at least as good as your competition

and often better in order to survive and succeed in any industry.

Find a successful company,

preferably the top one,

and you can copy as much of what that company does as you can.

Then try to do better than that company;

aim for better quality in an area that the customer considers important.

How does the company attract customers?

When you research another successful business,

first find out what it does to attract customers.

How does the company promote,

advertise and generate income?

How does the company sell?

What techniques does the company use for sales?

What are the company’s most successful sales methods?

What does it provide?

What kind of warranty or guarantee does it offer?

What kind of after-sales service does it provide to customers?

Who buys the product or service?

What kind of customers does the company sell to?

Who are the customers for this particular product or service?

Detailed surname description based on age,

income,

education,

gender, occupation and financial ability.

How does the company calculate the price?

How much does the company charge for the product

and how do they charge it?

Does the company require immediate payment?

Do they offer monthly payment?

Do I have to pay all in cash?

What payment terms do they give?

What does the company give away?

What is included or added to the company’s product or service?

If you are competing with another company,

you must know everything that company is doing to attract or keep customers.

What is put in the package of that item to give away.

Where is the company consuming?

Where do most of the company’s products or services sell?

What are the best locations for the company’s stores or offices?

What city?

What province?

Where in the city?

Once you’ve gathered all this information

about your potential competitors,

you have to ask yourself,

“What can we do to better quality them?”

12 keys to follow the heads.

Key 1. Find out everything you can about the top people

and companies in your chosen field.

Key 2. Imitate everything

and whatever other people are doing successfully.

Remember that competition is one

of the highest forms of honor.

If your competitors are people you admire

because they do something successfully,

obviously,

copy them and use it yourself.

As you begin to come up with successful ideas and methods,

you will inevitably

People also imitate you.

Key 3. Admire your successful competitors.

Psychologically,

this is very important.

Always think and speak in positive terms

and admire the people and companies

that are at the top of your business

and then find ways to outperform them.

Never criticize your competitors.

Always talk about them in respectful terms.

Key 4. Look for strategies for success that you can transfer

or adapt from one line of business or business to another.

Perhaps the most famous example of a successful transfer

from one line of business

to another is the case of McDonald’s.

What founder Ray Kroc saw was the ability

to apply the fast-print mill method to mince pies.

He saw the rapid mass production of McDonald’s products in the city

of San Bernardino (Southern California).

He wondered why he couldn’t standardize the process

and repeat it over and over.

That was when the full control of McDonald’s began,

which now has 30,000 franchise stores around the world,

each of which uses a line-manufacturing method applied to the fast food.

Another example of a mode of production

that can be transferred

from one line of business to another is self-service launderettes

and self-service car washes.

Once they are set up and the machine works by inserting coins

and they can be duplicated the same operations over and over again.

Another example of a method of transfer from one domain

to another is the case used by book clubs,

for example,

the Literary Guild.

These clubs have now become CD clubs,

fine arts clubs,

classical music clubs,

coin collectors clubs, disc collectors clubs

and tape clubs and video discs and DVDs.

Key 5. Look for regions about each area

where big profits will be made.

Focus on those areas.

Focus on products and services with high added value.

Remember that 20% of sales in any given area will account

for 80% of profits.

Remember Mac’s Milk or 7-Elevens stores (7pm to 11pm),

the way of the consumer store.

Always focus on selling high-margin products

or services in your industry.

Key 6. Look at what successful small businesses are doing

and then consider the possibility of building a large organization

to do the same at scale.

McDonald’s and Century 21 Real Estate each take a method

that works for one firm

or line of business and then multiply it hundreds

and thousands of times.

Domino’s Pizza takes the way of fast delivery pizza

and multiplies it into thousands of points of consumption.

The most successful franchise stores are prime examples

of copying successful practices

from one industry to another.

Key 7. Look at what the reputable giants are doing,

and then provide customers with a cheaper alternative.

Large companies have high administrative costs.

Usually you can see what they are doing

and then offer the same

or better product

or service at a lower price and supply it locally.

Key 8. Find a region where you can use speed

and flexibility to deliver products

or services faster, cheaper,

or better than the major players in that line of business.

One of the big advantages of a smaller company

is that you can move faster.

You can provide additional personalized services.

You can care more about the individual customer.

This constitutes the real value that people are willing to pay for.

Key 9. Look at the best-selling products in your niche

and find ways to improve them.

You only need 10% better value product

or service to start the path to a successful business.
Robin Cook,

author of the best-selling novel Coma (Comet Head)

he used this method. He sat down to read the last book,

the 100th bestseller on the New York Times fantasy list.

While reading these books,

he came up with a way to write bestsellers.

He wrote the Coma in that way

and it became a bestseller within a day or two.

Robin Cook has now written a series of best-selling books

using the same technique over

and over again.

Many successful authors,

such as Harold Robbins,

Tom Clancy and John Grisham have done the same.

Key 10. Always follow the leaders.

Don’t go ahead with a new product or service.

Let other, stronger companies go through the initial trial

and error process for you.

Let them take the risk

Large companies can cover the risk of new products

or services while small companies can’t.

When a business, product,

or service proves successful,

you can step in and look for ways to improve it.

Key 11. Remember that no one can patent a good business idea.

Feel free to borrow the opinions of others.

Anytime you see someone with a good business idea,

use it to get you going.

Sometimes using that idea to carry out will have much better results

than the person who originally came up with it.

Key 12. You get to the top and keep it up

by observing other companies,

especially your competitors,

and then following proven successful methods.

Never stop learning

and applying proven methods of success in any field.

Learn from the experts,

and then do what they do over and over

until you get the same results.

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EASY LEARNING LEARNING

Human efforts in all fields,

you can learn by yourself to succeed.

Gradually you build up a store of knowledge that enables you

to make the right decisions instead of the wrong ones.

You can learn a tenth by observing other people

and businesses closely,

following the best they have to offer.

You have the potential to achieve financial success

in any one of many different areas.

At this point you may not have the best idea for yourself,

but the fastest way to become financially successful is to get in the habit

of always being ready to learn

from the leaders in your field,

learn everything you need to know possible details

about the work you are interested in

and then stay at the top all the time.

Sometimes in the future,

people will study you

and your business practices

to know how to get rich.

Meanwhile,

keep learning and growing every day,

taking advantage of the experience of others

and saving you countless money and time.

Remember not to waste money!

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PRACTICAL EXERCISE

1. Choose a business, line of business

or person that you greatly admire

and start researching the activities

and qualities that are most admirable;

determined to learn the best.

2. Choose a business that interests you

and start gathering information about

how people and companies have been successful in that field.

Learn from the successes

as well as the failures of others.

3. Choose a role model in the business someone you

especially admire and admire.

Learn everything you can about this person

and practice the thoughts

and actions you think he

or she will think and do.

4. Do your research before you invest your time,

money or emotions in a new business or product;

Find out what potential competitors are doing in this area

to generate sales and profits.

5. Imagine your business

or some aspect of your life

at some point in the future would be great.

What will it look like?

How is it described?

6. In assessing a business opportunity,

identify the products and services offered in that area

that could be most profitable.

How can you improve them to be the best at that business?

7. Identify the three most important things you must do at work.

These three tasks or activities account

for most of your contribution;

Organize your time so that you work most of the time in these three areas.

“Use your time to improve yourself through other people’s writing

so that you will easily become what others have worked so hard for.” Socrates

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Angel Cherry

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