When it comes to getting rich, most people pour their time, energy, and money into the wrong areas. Instead of focusing on the actions that will lead them down the path to becoming wealthy, unfortunately, they end up wasting their time and energy. If you haven’t been successful in what you want in life yet, chances are, you have done this, too.
Become Wealthy By Following The 80/20 Principle
Maybe you’ve heard of the 80/20 rule before.
It’s the principle that states that 80 percent of your success is determined by only 20 percent of your actions. If you think about most areas of your life, this is probably true and some things just have more impact than others. True or true?
Whether you like it or not, it’s the part of your work that has the biggest impact on both your business and your life.
Would you like to know what it is?
If so, watch the video below — a sneak peek of my free web class — to find out. You’ll also learn:
00:20 — How I used to believe all parts of my business were equal and that each part deserved equal amounts of time, money, and effort
00:41 — Why that belief left me constantly broke and struggling to make ends meet
00:53 — How there are only three major parts to any business and what they are
01:18 — The real secret to business success and how it will have the single biggest impact on your financial life
02:17 — Why you should focus 80% of your business time, energy, money, and learning in this one particular area
Again what I covered in this video is counterintuitive. It’s not common knowledge nor is it common sense — but it works in the real world and that’s all that matters. True or true?
The fact is, if you don’t put your time and focus on marketing, you will always be working too hard AND earning too little.
So whether you like it or not, marketing will always have the single biggest impact on your business’ success, mediocrity or failure.
Which is a big, big problem…Why? Because unfortunately, most people are bad marketers.
But there is good news! You don’t need to know everything in marketing to succeed. You only need to know the right things. So to help you in this arena I created a FREE web class, called:
The most common AND deadly mistake that underachieving businesses make and how you can avoid it
How to get 10X more sales and make 10X more income from one slight change to your business model
The 10-letter word that will practically hypnotize your prospects and customers and make them fall in love with you
How to instantly eliminate all fear, doubt, and non-supportive beliefs around the word “selling”
And much, much MORE.
Friends, I can’t emphasize how important this free training will be for you and your business. Allow me to teach how you to approach marketing in a whole new way so you can reach the level of success where you’re finally working LESS and earning MORE!
Click hereto register for my free class and select a date and time that works best for you.
Where do you put the majority of your focus on in your business or career? Leave a comment below.
If you want to make money, you have to know your value so that you can deliver your true value fully. Keep reading for 4 income factors that will help you know your value and deliver it.
Follow These 4 Income Factors To Deliver Your True Value
Who wants to make more money? Better question: who doesn’t?
We’ve heard the phrase, “Money isn’t everything.” Of course it’s true, but … like it or not, money is a huge part of our lives. And a lot of people know it. Heck, they might think about it all the time, but they still don’t really understand it.
Quick: if I were to ask you to give me a definition of money, what would it be? “You buy stuff with it, Harv.” That’d be a fair enough answer.
Technically, money measures the value of goods and services exchanged between people; the key word being value.
Value is what determines how much money you’ll make. You will be paid in direct proportion to the value you deliver according to the marketplace. And let’s be honest, folks: there are a lot of broke people out there because they don’t deliver a lot of value in the eyes of the current marketplace. That brings us to the other keyword here; deliver.
There are so many good ideas out there, and so many “reasons” why we’ve never heard of them. It’s simple . . . if you don’t deliver your true value, you won’t get paid a lot. Before we get to the science part of making money, we have to deal with simple and basic understandings.
These 4 income factors determine how much you’ll earn:
DEMAND: Offer a hot product or service that a lot of people want.
SUPPLY: To increase your value in business, you must provide something few others have, or do something in a way that no one else does.
QUALITY: How good your products and services are — and just as important — how good you are at your business. The higher the quality, in relation to the price, the higher the value.
QUANTITY: how much of your product or service you deliver.
Of all four factors, most people have the greatest difficulty with this last one. You can have an excellent product or service, and you may even deliver it to the market, but you could also not do it in enough quantities to create wealth. If you want to get paid, you have to deliver your true value to people. If you want to get rich, you must deliver your true value to a lot of people!
Here’s the thing; no matter what business you’re in, you have to sell a product, or better yet, products. A product increases your ability to deliver huge quantities. When you have a product to sell, there are no limits on how much you can produce and deliver, therefore, no limit to how much money you can make!
— Pocket 10 Percent (@Pocket10Percent) June 7, 2017
This is where I challenge would-be entrepreneurs, businessmen and women, dreamers, and anybody with a great idea. Stand up! Take actionable steps to at least find out if your idea could be viable. Research usually doesn’t cost much, if anything at all. Ask yourself:
What kind of demand is out there for your idea?
Is there any competition?
What further research do you need to do to make sure it’s a great product?
Are there someone else’s great products you could sell while negotiating a cut on that?
Demand, supply, quality and quantity are the cornerstones of value, and delivering massive value means being well on the way to wealth creation.
Exercise: Know Your Value and Deliver Your True Value
1. Have you had great success with an idea you turned into a product? If so, share your success here so others can learn from your actions.
2. If you don’t have a product, why not? What is stopping you from taking action and delivering your value? Share it here and someone else just might have great feedback for you to help you move forward.
This article has been updated for relevancy and accuracy. It’s original publish date was 02/19/10.
Effective business systems are key to making your company a success. Stop yourself from becoming too bogged down and overwhelmed with these three strategies.
Establish Effective Business Systems With These 3 Categories
What’s the point of starting a business? To make more money, yes or yes? And what’s the point of that? So you can do more of whatever you want, whenever you want.
If you haven’t experienced this for yourself, though, then you might have heard: that’s often not what happens, at least not at first. People get caught up in their business. A lot of the time, they work harder. They do so out of necessity to make sure that it’s running, thriving and growing. Other times, they do so out of fear or over-reacting panic that without their presence, the business will collapse.
In other words, the business—for one reason or another—takes them over. And that’s not unusual especially at the beginning stages. However, if you find yourself in that same “supervisory” position after years and years, then I’d say you made things harder on yourself than you had to. That’s because the freedom of accumulating wealth through business is directly related to how well you structure your business’ foundation.
— Management 4 Design (@M4D_Australia) May 30, 2017
What happens if you try to build a house on a weak foundation? It eventually cracks, caves in, or turns into the leaning Tower of Pisa. The business equivalent of building a solid foundation is creating a system. You need repeatable methods and procedures that produce profit. The idea is to systematize your business so that you can effectively and efficiently sell and support your product or service in bigger numbers as you grow.
So how do you create an effective business system?
Keep it simple. When it comes down to it, an effective business system should consist of only 3 categories:
Marketing: getting people to know about what you have to offer
Production: getting the products and/or services made, distributed, or performed
Administration: accounts payable/receivable, human resources, finance, assistants, etc.
Each part requires specific processes so they run smoothly. Aim for flawlessness, but be prepared to settle for “almost automatically”. The idea is to create a well-oiled machine—a money machine. And what do machines do best? They repeat the same functions over and over. Your system must be a repeatable process that can work without you!
Why does your business need effective systems?
If you want to gain wealth, you can’t have a ceiling on your income. Your earnings must be unlimited. If you have to be physically present for your business to work, it can only grow to the extent that you can personally handle. It doesn’t matter how brilliant and energetic you are, you still only have but so much time in a day! You have to eat, sleep, relax, talk, think, meditate, spend time with family and friends …
In other words, all the things you’d rather be doing instead of stressing.
What good is creating wealth if you’re killing yourself in the process?
Work on the business, not in the business. Creating a system is what gives you freedom to do just that. With a strong system in place, you’ll two have options:
You’ll have the flexibility to hand it over to competent managers and have an excellent source of passive income
You can sell the business and become an instant millionaire.
The more solid your business foundation, the quicker it can happen. In both cases, because you created a system, you win. An effective system that works, instead of you working, is an absolute must in order to enjoy the ride.
Exercise: Share Your Effective Business Systems
1. Have you had successes with growing your business in ways it can thrive even when you are not around? If so, share your tips and strategies here.
2. If you have not gotten to this point (yet!) share your struggles and challenges—you might be surprised with the support and feedback from the others in our community.
Make sure to leave a comment below and share your insights on effective business systems with all of us.
This article has been updated for relevancy and accuracy. It’s original publish date was 02/25/10.
When it comes to wealth and success, there are only a few rules and principles that you need to follow consistently in order to succeed.
However, if you don’t get good guidance and end up taking incorrect actions, you’ll find yourself struggling to reach the level of wealth and success that you desire.
So T. Harv Eker wanted to do something special for you and share his best tips that he’s learned over the course of 30+ years in business, bringing in over 500 million dollars in revenue.
Watch the video below to learn T. Harv Eker’s top 10 tips for wealth and success. They worked for him and if you follow them closely, they can work for you too.
Enjoy!
1. Take Ownership Of Your Life — You Create Your Success, Mediocrity or Financial Failure
So many of us spend our lives waiting for our “big break.” We think that if we just put our heads down, work hard, and do the right things, eventually someone will hand over the keys to our success.
If you want to create real success in your life, you need to believe that you are the one creating your own life. And on the flip side, that you are the one who creates any mediocrity or financial struggle.
It may sound harsh — but if you look at it the right way, it’s actually empowering. Because if you’re the one responsible for your own failure…
Thenyou’re also capable of changing your life for the better.
This is how wealthy people see the world, and it’s one of the reasons for their success. Most middle class and broke people see things very differently Instead of consciously creating their lives — they see life as something that “happens” to them, instead of “for” them.
So before you try to do anything else, it’s time to take control.
When you believe that you can create the life that you desire, rather than waiting for good things to happen to you, you’ll be putting yourself on the fast track to wealth and success.
2. If You Want To Change The Fruits, First Change The Roots
This may not make a lot of sense at first, but picture a tree in an orchard. Any kind of fruit will do. This tree you’re imagining represents your life.
In life, all of our actions will eventually have some kind of result – in other words, your tree will someday bear fruit. But what kind of fruit? Will it be juicy, crispy, and sweet? Or will the fruits of your labor be disappointing and bitter?
Most of us would like the juicy, sweet fruit – the successful results. So, if you want a tree to produce more and better fruit, what do you do?
You go back to the roots.
You can’t change the fruit that’s already been produced, but you can make tomorrow’s fruit sweeter. You nurture the parts hidden under the ground, knowing that eventually your efforts will affect the entire system of the plant.
Life is the same way. If you aren’t getting the results you want, it’s important to make sure you’re focusing on the real problem, not the end result. Focus on the invisible in order to change the visible.
3. Be Willing To Be Uncomfortable
The truth is, most people have trouble stepping outside their comfort zone. When we hit a roadblock or an obstacle, we assume that we’re doing something wrong.
But nothing could be further from the truth.
Instead of retreating back to old, familiar territory, try taking a different approach:
If you’re feeling uncomfortable, challenged, or discouraged – that means you’re growing.
Even if it doesn’t feel like you’re making progress, the fact that you’re moving outside your comfort zone means you’re moving forward.
Many of us envision success as a straight line, a road from point ‘a’ to point ‘b’. But in reality, the road to success is filled with unexpected twists and turns. Being able to accept and adapt to them is one of the major factors in actually achieving any big goal in life.
So the next time you feel lost, or confused, or just a little out of your depth, remember: it’s actually a good thing to try things that make you uncomfortable.
4. What You Focus On Expands
Have you ever met the kind of person who can’t seem to stop complaining about everything that’s wrong with their life?
You probably have. Did that person seem happy — or did they seem absolutely miserable?
It’s an unconscious trap we all fall into sometimes, but it’s a habit you must break if you want to reach your goals in life. And here’s why:
When you are complaining or negative, what are you focusing on — what’s right in your life or what’s wrong in your life?
What’s wrong in your life.
So if what you focuses on expands then what are you going to get more of in your life?
What’s wrong in your life.
So instead of looking for reasons why everything is wrong, commit to looking at what’s right.
By really focusing on your goals in a new and more dedicated way, you’ll find new roads opening up that you never would have noticed before.
5. Your Word Must Become Law
It’s time to be honest, and the answer to this question may make you cringe. But how often do you start projects and never finish them?
So often, we hear from people who start new programs, who set goals for themselves, and then never follow through.
Finishing what you start is more important than you might think, and it comes down to one word: integrity.
And that doesn’t just mean in terms of being honest with yourself (although that’s important).
It also means being whole and complete as a person.
When you don’t keep your word to yourself, it feels bad. When you don’t complete what you set out to do, it can shake your confidence and make you feel like there’s no real path to your goals.
It’s easy to get stuck in a loop of bad habits and turn this into a self-reinforcing cycle if you’re not careful.
On the other hand, when you do whatever it takes to keep your word to yourself, that confidence will spill over into every area of your life.
It’s a simple matter of self-discipline. It will take some practice and hard work, but in the end, it’s the only way to reach the goals you set for yourself. This is one of the major ways you can own your life and take control of your own success.
6. Be A Great Money Manager
Do you have a system for managing your money?
If you aren’t making as much as you’d like yet, it may seem easy to write the idea off. To tell yourself you’ll think about it later when you have extra money to budget.
But if you don’t take control of managing your income now, what will you do when you achieve the success you want?
If you have a poor habit of managing your money then there is a good chance you’ll still have a bad habit no matter how rich and successful you get.
The answer is to first build the habit no matter how much money you earn because money management is one of the biggest differences between rich people and most middle class and broke people.
7. Stop Focusing On The Money, Focus On Solving Problems
A big problem I see with struggling business owners, entrepreneurs, professionals and people transitioning from a job to owning their own business is that they are fixated only on themselves.
Do I know enough? Will it work? Will I make enough money? Will they like me? And it goes on and on.
However, this is the wrong approach. Stop focusing on yourself and start focusing on others.
Making money isn’t complicated. People will pay for something that solves a problem for them. It’s that simple.
So you need to shift your focus to being what Harv calls a “problem solver.”
How can you best help people?
Money is a result of helping others and providing value to their life.
Think about your life right now. What are you paying for that is helping you solve problems in your life?
How many of us grew up with millionaires in our lives we could use as role models for success? Not too many, right?
The sad fact is that most of us just haven’t seen what it takes to be rich and successful in life. We can’t go to mom and dad and ask them for advice on how to become a millionaire because most of our parents aren’t millionaires… so how would they know?
Instead, it’s imperative to find people who are rich and successful – and study them to learn how they got there.
You don’t have to meet these role models face-to-face to use this strategy.
You just need to do your homework. Read their books and watch interviews they’ve done. Find out what you can about their past through biographies and news stories. Learn what their lives were like when they were at the same point in their journey that you are now.
And then… do what they did. Model their approach.
9. Have No limits On Your Income
If you have a job, you have a limit on your income. You automatically have a ceiling on what you can earn.
If you want to get rich, you must get rid of all limits on your income.
In most cases that means starting a business.
However, a big mistake people make is when they start a business, they are the business. They are the ones who are solely responsible for the business succeeding or failing. Most small businesses and professionals are setup in a way that gives the owner such a vital role that without them present, the business is unable to function.
That kind of setup is a mistake. And that’s the reason why so many small businesses remain small or unfortunately fail.
To be truly successful, your business needs to be able to run without you having a hand in every little thing. If you can step back and allow the systems you develop to run your business for you, even better!
Once you step back and allow your business to run without you, there are no limits to the income you can earn.
Think about it – most jobs are based on an hourly rate, a salary, or a commission. That means you can only earn as much as you’re able to work.
But when you step back and let your systems do the work for you, suddenly the number of hours in the day will no longer hold you back.
10. Never Stop Learning — If You’re Not Learning, You’re Automatically Dying
Finally, don’t make the mistake of thinking that once you’ve achieved a goal, you know everything there is to know! The most successful people in the world are committed to continuing to learn and grow.
Set aside time in your life (and money in your budget) to invest in programs that will teach you something new each day. You’ve probably heard the saying that “knowledge is power” – take it to heart!
So, now that you’ve read Harv’s top tips for wealth and success, what comes next?
Well, that depends… are you ready to learn some more advanced strategies and principles that will make you rich.
If so, then we want to invite you to join us for Harv’s 500 Million Dollar Secret FREEweb class to learn how you can take control of your life, create extreme wealth for yourself, and reach the level success you’ve always dreamed of.
Go ahead and click here to register for a class time that works for you.
As an entrepreneur, I often get asked this question:
How exactly do you transition from being an employee to being in business?
My answer is always simple. There are two types of people in the world: there are waders and there are divers. You’ll see how important this distinction is as we go on.
I’m going to outline my top three tips for starting a business before you leave your current job. After being in business myself for decades (and struggling for 12 long years), this advice comes from my firsthand experience — and could save you a LOT of valuable time and money in the long run.
Here we go…
1. Find Out How You Work
First, you need to decide what kind of person you are. Do you like to just dive into things, take a big risk, just go for it and put all your attention on it at once, or do you like to just wade in slowly?
Simply asking this of yourself will come into play when choosing whether to start a business (or not).
Regardless of who you are, one of the things that really bothers me is when people drop their current income to zero in order to start something new. I’m not just talking about a job here — I mean income.
When you’re starting out in business, it’s crucial that you take care of cash flow. There is no point in jumping in and running hard only to find out you’ve run out of cash two months in. Instead, it’s super important to make sure you have money coming in, so you can give your business the chance it deserves.
I don’t care if you’re a diver — suck it up for a little bit. Don’t lose your income. You can lower it, yes, but don’t lose it.
Why is this? If you are starting out in business and cut yourself off financially, you won’t be happy. Let me tell you now, you’ll be stressed, in fear, and full of anxiety.
You’ll start coming from a place of scarcity, as opposed to abundance. There won’t be any joy in your new business, and it will feel like a burden… before it’s even started.
Do you know what that is called? That’s called diving with no water into a pool.
And what’s going to happen if you jump into a pool with no water? You’re going to crack your head right open. I have a million students, and I’ve heard thousands upon thousands of stories about this. It happens all the time — but the good news is that it’s easily preventable.
2. Start Your Business Part Time
Whether you’re in a business that you think is not doing well and you want to get out of that business and into a new one, or if you are in a job and you want to get into a business that you love… here is the route I highly recommend you take.
Keep your current situation and start your new situation part time.
Of course, this would mean working overtime, late at night, and on weekends.
Let me say right now that if this is unappealing to you, you shouldn’t start a business. Because if you want to be successful in business, you will have to work weekends and you will have to work at night. Boohoo!
The truth is, when you own your own business, at the beginning you will have to work your freaking buns off, with 1,000% attention and 1,000% focus. That’s how it works.
I didn’t make up the rules. It’s just the way it is.
If you’re not going to stay in your job, while working nights and weekends on a part-time basis and earning some income with your new business (until it’s stable enough for you to fully transition), then my humble advice to you is to forget about starting a business altogether.
3. Get Educated In Your Field
This is a big one so pay close attention.
If your new business situation is in your current field, and it’s very similar to what you’re already doing, then you’ve got a nice head start!
But if you want to jump into something new and different than you’re doing right now, what do you have to do? You need to get hands-on experience in the trenches.
Even if it seems like a downgrade at first, it’s really an investment in yourself, your knowledge, your skill — and the assurance that your business will succeed instead of thinking short-term.
If you get a job in the field you want to run your business in, then you learn the ropes… on someone else’s dime.
(You do this at the same time as building your business on nights and weekends.)
The truth is, people go to university for four, five or six years to get skilled in their chosen field, and they pay to go. But if you do it this way, instead of you paying them, they’re paying you a little something.
Think of it as an investment in your business – and your future success.
In my book Secrets of the Millionaire Mind, I tell a story about when I was 95% sure that I wanted to open a restaurant. I wanted to open a restaurant, so I took my own advice and I started working in different jobs in the restaurant industry.
I was a broiler cook, a sous-chef, a host, a busboy, a waiter and a manager at a pie store, because I thought I was going to have a dessert restaurant, so I wanted to meet bakers. I was going through the garbage every night to see the boxes they threw out, and who their suppliers were.
I had seven different restaurant jobs in four months. I would leave each one of them, sometimes even before I got paid fully, because I was simply there to learn.
I learned the most important thing about the restaurant business for me: that I would never be in the restaurant business.
Can you believe it? That’s honestly what I learned: that I don’t want to be in the restaurant business. This was the most valuable advice I could’ve ever received.
When you work before diving head first into a new business, you go to school on someone else’s dime. You learn what it’s like to be in the business, not to look at it from the outside.
You want to be inside the business. You look in the trash can. You learn the suppliers. You learn everything you can about being in that business: the pitfalls, the good stuff, where the money is made and where the opportunities are.
Here’s a statistic: 80% of all new businesses fail within the first five years.
You’ve heard that 100 times, and it’s true — except for one thing: 65% of all new businesses succeed if the person was already in that industry.
If they were just creating a new niche within the industry they were already in, then the chances of success skyrocket.
If you’re serious about having your own business, you need to know how you work, be prepared to do the work, and be humble enough to admit you don’t know everything.
By taking a step back and seeing your approach as a slow and steady investment in your future, you’ll be able to play the long game — and reap the rewards.
So there you have it. My top three tips for starting a business, before you leave your current job.
Again, like I mentioned, I have many years of firsthand experience with starting businesses. I started 14 different businesses throughout 12 years and out of the 14, almost every single one of them failed. If you follow my guidelines above, I assure you your chances of success in business will dramatically increase.
For Your Freedom,
Before starting a new business or leaving your current job or business, having an idea or vehicle that’s going to create wealth is absolutely critical.
Unfortunately, most people try and succeed with the wrong vehicle at the wrong time and wonder why they struggle.
So to help you with this, I’ve created a template that will give you a step-by-step blueprint for generating highly profitable ideas on demand.
