When I first heard Michael Gerber (the guy who wrote “The E-Myth”) 5 years ago, I didn’t think too much of him. I read some of his stuff, nodded my head and moved on to the next guy. Didn’t seem too revolutionary.
That’s changing. Recently, I’ve been watching everything I can find about Michael on YouTube. I’ve listened to one of his seminars on Audible 5-10 times. I’m devouring his stuff.
Why?
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”
~Colin Powell
Here’s some advice; as you build your business, put an equal focus on investing the proceeds of your business with the concept of ‘planting flags.’
Most people who come into their first fortune from their own business, soon lose it all.
Just because you’re great at generating cash through your business, it doesn’t mean you’re any good at protecting it, and making it work for you in the long term.
Here’s just 6 things most newly-wealthy people do which causes them to lose all their money (avoid these at all costs).
At the end of the day, the main thing which separates you from the super wealthy is knowledge and the application of that knowledge.
Everything they do and have done to get where they are, can be learned.
Which biographies about successful entrepreneurs and business people are you reading right now?
If there’s one common “secret” I see over and over again in these biographies, it’s the willingness to put in hard, focused work. Everyone wants shortcuts, and there are some systems that can simplify and automate the selling process. However hard work is the real secret to success.
Look at people like Ray Kroc, who started with very little at the age of 52 when he built McDonald’s, a tremendous global corporation that’s still thriving years after his death.
Ray Kroc’s Biography – Grinding It Out: The Making of McDonalds
And there’s Bill Gates. On the day he dropped out of college, he told his father that he wasn’t going back. His father said, “Son, you’ve just thrown your whole life away.” Of course, we all know the Bill Gates story didn’t turn out that way.
Biography – Bill Gates: The Life and Business Lessons of Bill Gates
He worked his tail off, and you know the rest of the Microsoft story.
He was so focused at one point in 1981 that he called and told his mom that he wasn’t going to call or come over for his usual Sunday lunch for the next six months. Weeks would go by when he would barely leave his office and he wouldn’t even go home to shower for days.
There’s a book called The Secret by Rhonda Byrne that made the rounds in the self-help circle over 10 years ago. It’s main message is that you can affirm your way to success. But the truth is, success really isn’t a secret at all.
When you read books about people who have actually turned small sums of money into huge fortunes, you’ll find out they didn’t use The Secret to make themselves the successes they are today.
They didn’t just sit around and affirm their success, chant positive things, and get their minds right. All that has its place – attitude definitely plays a big role in success, there’s no question about that – but it’s hardly the major component in business success.
The most successful people all worked hard, focused constantly on what they wanted, and practiced dramatic self-discipline and sacrifice to get where they are today.
I encourage you to read the stories of other successful people, the ones that are mostly told in biographies (don’t just read autobiographies – they’re too unreliable), and you’ll find that it took a lot of work for that success to happen. They serve as models for the rest of us.
If you want to be successful at anything… business, sports, music… you do have to devote the time, energy, and effort to what you’ve chosen. One expert said it takes 10,000 hours of dedication to master something.
But here’s the thing. If you’re going to spend that much time and energy giving yourself to an endeavor, it better be something you love. Because there’s a price that has to be paid for success in anything.
That’s reality. And that’s the real secret.
If you get into it, and it’s the right thing, what you thought was work really isn’t work after all. You end up devoting a lot of hours to it, and the payoff both in financial terms and in what you become and achieve is well worth the effort that’s involved to get there.
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Talk Soon,
Nicky
