Category Archives: Finances

What Decisive People Know About Success that You Don’t

Which is better - drilling down to perfect your idea before execution or getting a solid plan outlined then acting on it? Just about everyone knows that a plan is essential for success, but as General George S. Patton, Jr. said, “a good plan, violently executed now, is better than a perfect plan executed next week.” Since business, like battles, rarely goes according to plan, in a planning versus performance face-off, default to performance.What Decisive People Know About Success that You Don’t

Remember in grade school when the teacher asked a question and you were brimming with enthusiasm to answer, squirming in your chair until called on to speak? Now think about how bad you felt when that answer was wrong. Is it any wonder that after a few times getting crushed by giving an incorrect answer you became much more skittish about speaking up unless you were absolutely sure you were right? Unfortunately, that lesson works against your success in business.

Patrick Lencioni argues that clarity about your plan is more important than perfecting it. Especially when working with a team, success comes from each member being clear about his part. Tom Hopkins says you should “put a little GOYA into your daily routine.” What is GOYA? Get Off Your Backside (polite word for Anatomy.)

Even if it turns out you made the wrong decision or had a bad plan, the experience and information you will gain by executing it will help you make adjustments as you move forward. You can only get to your goal by taking action. In most cases, as long as the next two or three steps are reasonably clear, you do not need to see a well-defined path all the way to your objective to get there.

Get moving, encounter obstacles, push beyond them. After a while, look back. You will be amazed how far you have come.

Question – How do you know when a plan you have formed is ready for execution?

You can leave a comment on this question or ask another question below

Take the Plunge: Action = Improvement and Success

“You know Facebook? Well, I had the same idea way before Zuckerberg.” I bet you have heard someone make a similar claim. So if it is true, the person is worth $1 billion, right?

Take the Plunge: Action = Improvement and Success

When I started my first business too often I found competitors had gotten clients I wanted. After a short time, I realized that I was spending too much time preparing. I needed to act, even though my scripts and skills were not perfect. Here is the rub. Even when I thought I was properly prepared, frequently I found the situation going in an unanticipated direction, making many of my preparations useless. I finally realized that I was placing too much emphasis on each potential client rather than on the process itself. In reality, there are always more prospects.

There are only three states of mind in business: we are sure we are ready, we are uncertain about our state of preparedness, or we know we are not prepared. We have to be careful not to use the last two as excuses to procrastinate. Preparation can be an infinitely long process. How do you avoid this pitfall? Here are some steps:

  1. Prepare by improving skills so you can work the process better – If you want to be successful in business you have to be superior to your competition. If you want to make money in sales you have to learn to prospect.
  2. Remember the perfect is the enemy of the good and of moving forward – Perfection is an illusion. For example, do not be fooled into thinking that if you wait until you are in the right frame of mind you will prospect better. Most of business is a numbers game: the more people with whom you interact the more successful you will be. Consistently acting will get you closer to perfection than any other thing you can do.
  3. Unless you are certain more preparation is crucial, ACT! NOW! – Not sure you are ready. Move forward. You will never figure out if you are ready by waiting. Think your sales script needs improvement? The only way to know is to work it. Are people ready for your fantastic business idea? You will have to take a leap of faith at some point to find out. No amount of research will be conclusive.

Question: What do you do to prod yourself to take action?

The Secret Fountainhead of Great Ideas

Ideas can come from any source at any time. The key is to be open to them and to have a system for writing them down so you do not forget them.

The Secret Fountainhead of Great Ideas

Walking down a street in downtown Los Angeles on my way to the gym in 1980, I met a street person who started talking to me. He asked about me and I told him I was studying architecture at USC. Launching into a virtual tirade, he professed vexation that architects did not consider innovative projects. Then he told me about a church on lower Market Street in San Francisco that had burned down and was trying to rebuild by developing a mixed-use project. His description was so detailed I decided to check it out. Two weeks later a fellow student and I had been hired by the church’s pastor to create a preliminary design.

Ben Zoma, a distinguish 2nd century student, said, “Who is a wise man? He who learns from every man.” A powerful business idea, a lead to a new client, or a new approach for improving our relationships are out there if we will restrain our egos, engage in conversations with people, and share a little about ourselves.

  • If your first inclination is to ignore someone, think a second time. Maybe the person has something valuable to say.
  • Just listen. Hear the person out uncritically.
  • Always keep a small notebook or stack of file cards and a pen with you, especially next to your bed.
  • When inspiration strikes, write it down IMMEDIATELY! If an idea escapes, you will probably never catch it again.

Being open to people who do not seem to have any importance or with whom we may disagree can be challenging, but often yields enormous rewards.

Question: What techniques do you use to overcome mental roadblocks?

Want Success? Fail More!

Thomas Edison is credited with inventing the light bulb, though in truth he improved an invention that had been around for 50 years. Perhaps he gets the glory because he failed almost 10,000 times before he found a way that worked. When asked if he felt like a failure, supposedly Edison responded that he had never failed, rather he found 9,000 ways that did not work. True or not, this story has a vital message for anyone striving to succeed.

Want Success? Fail More!

When I started my real estate company in 1986 I thought success would be a breeze. Two years later, I had found lots of ways not to make money. In one case, I negotiated an agreement so poorly that I lost out on over $20,000 of income I badly needed. So I came up with a philosophy for any time I lost a significant deal: I figured I had bought myself a class or semester at the Wharton School of Business. By learning from my failures I never had to spend what a degree from Wharton would have cost.

Fear of failure means we are losing out on:

  • Discovering ways to be more successful in the future
  • Knowing when and how to be flexible
  • More chances to expand our businesses

If someone tells you he never loses a sale he has found the fountain of youth (very unlikely), he makes few or no sales (you cannot lose something you never try to have), or he never takes a chance on a less than perfect, pre-sold prospect. Which would you rather have: 10% of 1000 prospects buying from you or 100% of 50? Is not the first option twice as good?

Here are five steps to turn failure into success:

  1. Find out why the person said no
  2. If the no is valid, move on
  3. If there is a credible response to the objection, give it
  4. Use the information on the lost sale to improve your skills
  5. Ask for referrals from the prospects who turned you down

We do not need to be a genius like Edison to know transforming failure into success is in our hands

How have you used a failure to move you forward?

Please comment below ↓

 

Five Steps to Discovering Your Potential

Remember when you were a child? Did your parents, a teacher, or someone else in your life tell you about all the great things you could be: an astronaut, doctor, or Olympic athlete? We may not have understood it then, but this person was helping us unlock our potential. For too many of us, the reason we do not fly is that we persist in seeing ourselves as earthworms, not just tied to the ground, but destined to eat dirt for the rest of our lives.

candlelight

About eighteen months into my chaplain career, I was given the dubious honor of being made supply officer. Soon after I found that no one in the command had any idea of what or how much supplies we had on hand. Ever the practical one, I took an inventory at all the chapels and offices under our control. Among the many things I uncovered were over 40,000 candles. This may not seem so surprising but consider that we used only about 1000 to 1500 per year. We had at least a 26-year supply. Meanwhile, I kept getting requisitions for more candles.

Thinking about it earlier today, I was struck by how much light was lost through having these tens of thousands of candles sit idle. The intensity of light is measured in something called a footcandle, "the illuminance cast on a surface by a one-candela source one foot away." In a way, our ability to shine can be measured in footcandles, or maybe legcandles. How much legwork are we willing to devote to finding the things at which we are brilliant?

Here is a five-step plan for discovering your potential:

  1. Talk to friends and family. Ask them to tell you about the traits and skills they admire about you.
  2. Examine the lives of people you respect. What talents do you share in common? Which ones would you like to develop?
  3. Read several biographies of great people. The Penguin Lives series is a great set of short books. Highlight or list the abilities you share with them. Are there others that you can cultivate in yourself?
  4. Perform a skills assessment or meet with a vocational counselor who can do one. Be honest but not overly critical. List your accomplishments that support your evaluation.
  5. Take the lists and lay them side-by-side or make a spreadsheet with them. Which ones do people agree on? Which ones surprise you? These especially help you unlock latent talent.

Each of us has an internal luminance. Are we going to bury it in some unexamined storeroom? Or are we going to take inventory, uncover out hidden stock, and one by one light these candles until our brilliance shines through for all to see?

What did you uncover when you searched for your potential? How much still lays concealed? What is holding you back from taking stock?

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