Success Hacks on How to Strive in Business
Three Keys to Success in Business Hack- Randy Jackson
Randy Jackson, a past American Idol judge was asked what the keys to success were. He replied:
- Learn everything you can!
- Be in the right place at the right time!
- Persevere until you make it and once you do, keep persevering and stay humble!
For example, Randy knew a guy who was going to the music school at Berkeley. The guy would always say to him, “why am I learning this when all I want to do is play the Stones and that is like 4 cords.” Randy explained to him – “you never know what you’re going to learn because it’s high-level information and you’re never going to become to Stones because nothing ever repeats. However, with this new knowledge, you can become a new form of the Stones, which is going to be unique and then you can build your own brand!”
This is how you become unique and different. However, you need that information because you never know where that idea is going to come from. For example, a carpenter doesn’t come to the house with just one hammer and one nail. He comes with a bunch of tools! However, he may get to the house for this job and need a saw or something different than what he originally planned. What does this mean? It means to be an apprenticeship to life. This allows you to have the right tool at the right time and become the best the way you do it. Then persevere not only until you make it, but after you make it, be humble! That’s what allows you to stay at the top while you keep learning everything you can about everything.
Once you know the keys to success, next you need to know how to build and sustain that success.
Building and Sustaining Business
Listening to Your Inner Voice Hack – Alex Dee
It’s funny! I grew up in a house with a big family between brothers and cousins and we always entertained! That was one of the biggest belief systems my parents ingrained in me. Always be happy and even when you’re not, go ahead and pretend to be happy! The idea was no one likes to see someone who’s miserable or sad and prefers to be around those that are the life of the party. Then people will always like you. That had served me with regards to business and being social and with building businesses but not keeping and sustaining that success. The primary reason is I never really took the time to look deep inside to find out what it is that I want and who am I? I use all the strategies from Tony Robbins and mindset and built businesses. However, once it got to a part where it was really big, I would always find a way to fail. The primary reason is that inside, I hadn’t taken the time to find out who I was so I wasn’t grounded enough to keep that business thriving and even surviving. Being able to look back and find out who it is that you are and what it is that you want is probably the best thing you can do in your life. Strategies might serve you and might be able to temporarily give you the confidence or the mindset to succeed. However, once it gets big enough, if you haven’t dealt with the internal issues you might be holding or REALLY TRULY KNOWING WHO YOU ARE and WHAT YOU WANT, it will all come tumbling down! You need to have a foundation that’s grounded based on you knowing exactly who you are and what it is that you want!
Knowing what you want and listening to yourself will give you the right mindset to be able to succeed in business. Next, apply that concept into how to run your business in the right way.
How to Approach Business
Macro Patience and Micro Speed Hack – Gary Vaynerchuk
People today expect to be successful the very first time they come out of the gate. Not only that, but they want to be successful now. It’s not normal that you are dealing with a few failures to get to a win, but even then, your business cycles a few times, which means you may do three or four successes and failures in your life during the process. Very few today are fortunate enough to do one thing throughout the span of their careers. That’s the part to keep in mind. People already know that it takes a few failures to get one success. The other thing you need to remember is if you are not successful, develop the skill set and resources for the next time. Generally, your first success is the hardest because you had to build up the relationships and the skillset from the start! It gets easier and easier because you’re proving to yourself that you can be successful at something and acquire the skill set. You are also developing resources, which most of the time are relationships that give you some momentum at the beginning. Remember, it’s not about hitting it out of the park one time for the rest of your life, but doing separate cycles for each time you succeed. This way, you develop a skillset and more resources to move onto the next success.
Learning how to succeed through patience and expectation gives you the endurance to make it through the tough times. From there, you can learn how to create a business that has the same endurance that you do.
Building Businesses That Last
Infinite Games Hack – Simon Sinek
Businesses are really interesting! They’re running their current numbers and objections based on a finite result in a final competition where they want to be number one. Yet they’re judging themselves based on a lot of different companies, with different criteria where it’s almost impossible to determine who number one is, based on numbers. The challenge of business is that it’s not finite and never runs out at a certain time. It’s infinite, which means it continues to go and if a business is going to be good enough, it must not just last for now, but it’s something that you can actually pass on and it will live on beyond you. So, when you consider this, one of the biggest hacks to making sure businesses succeed in the long term is to balance out between will and resources. What this means is your will is your people, your employees, and resources as money and profits for you. So, there has to be a balance where the will of the people and taking care of your employees is 51%, and the money, the resources, and profits is 49%. The primary reason is as soon as the will of the people disappears, your profits will disappear. So, while yes money and profits are important, most companies put profits and shareholder experiences first, and then customers and employees are number four on the list. Others have cut employees even when they’re profitable, and they cut them off because they want their profits to be higher. The challenge is that this will not work long-term because your employees will feel the difference. Once you break the will of your employees, your companies’ profits will start to tank as well. Think of it this way… It’s like a coach who wants to build a better team, but he listens to the fans versus getting feedback from his own players. So yes, profits are important, they’re just not as important as your people and their will to want to do something to help continue to have the company thrive and survive. By placing them as the number one priority with-profits right below, you will be able to stagger profits for the long-term and be able to play an infinite game versus a finite one, which is impossible. Yet the irony is that the finite one is what most businesses are playing today! So, play an infinite versus finite game. Put will ahead of resources or people ahead of profits!
The infinite game mentality makes your company sustainable because it makes your company a place that employees are striving to make better. Having these goals are vital to making your company grow, but what are the goals you should have?
Your #1 Goal When Building a Business
Mastery Hack – Tony Robbins
Whenever we’re building a business it’s easy to go from one opportunity to the next! And here’s why: because it’s newer and it’s exciting! So, if your business is a viable business then the challenge is to master your current business before looking at another opportunity! Tony states – “I’ve been doing the same event for 40 years, but at the same time, it’s not the same event because I’ve been constantly tweaking it and making it more excellent”. So, your focus should be mastering that business! If it gets Mundane, dig deeper! It’s not focusing on just your own goals but others as well! The truth is if you don’t master the current business it will turn into a pattern and you’ll move onto the next opportunity, and if you don’t master that you move onto the next one and so forth and so on! The master of the current one and the next hack for business Focus! You could spend an entire lifetime just mastering the skill set required to make your business a success!
Mastery takes time, but it also takes the right mindset. One way to think about it is working ON your business instead of working IN your business.
Working ON Your Business vs. IN Your Business Hack – Tony Robbins
Two major hacks when you’re thinking about either starting a business or scaling it. The first is owner versus operator. You want to get to the point where you are working on your business vs. in your business as soon as possible! If you’re currently an Operator in your business, you want to get to Owner as soon as possible! Second, what kind of business are you going to build? Are you going to build a lifestyle business where you have quality and flexibility, or are you going to build $100 million business where you’re going to have a huge impact and go for a change in the world? Make sure you know ahead of time. if you’re having a lifestyle business, you are going to want to focus on making sure your other priorities are instilled in your life, and make the business just one of your priorities, not the main one as it might be for someone who’s looking to build $100 million!
One of the ways you can make sure you’re working on your business and not in your business is to set up a talented team around you. How do you get those people? One way is by setting up ESOPs (Employee profit share)! This is where your top talent employees actually get equity, and everyone in your company is now highly incentivized to make sure that it’s profitable and as owners, they’ll be more prone to operate it profitably and give up your time to be the person who is working on his business verses in it!