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Exploring the world of entrepreneurship and self development through the eyes of Andy Rodie

Archive for the month “September, 2010”

T. Harv Eker: The Three Keys to a Thriving Personal Economy


We’re in the midst of the worst global economic downturn in decades. Do you see a problem or an opportunity? If you had a millionaire mind, you’d say, “Neither! I see a million opportunities!”

Contrary to popular belief, there are still tons of opportunities to be found, so long as you’re looking in the right places. Business opportunities abound, but you may have to change your mindset in order to achieve success. The key to prosperity is how you choose to approach and react to the current environment.

Even for the most optimistic among us, it’s hard not to lose hope when the media tells us that we’re in a depression. Where is the motivation to succeed, much less to excel? Why, all of a sudden, does the target of becoming wealthy seem to be completely out of reach for the average person?

The truth is, it’s not. In any economy, good or bad, there are people who make money and people who lose money. This dynamic doesn’t just disappear when things get a little tough. The real question is, which economy is struggling—the general economy or your personal economy?

Think about it: You have your own views on life, your own belief systems, standards and results. You look at things differently than anyone else—why wouldn’t you have an equally unique economy? Everyone has his or her own economy.

There are three elements to be aware of to ensure that your personal economy does well, regardless of how the majority fares: mindset, cash flow and streamlined business.

Set yourself up for success by creating a mindset that focuses on opportunities instead of problems. What you focus on expands, so if you want to have more opportunities, focus on opportunities. Don’t get hung up on obstacles, barriers or all the bad news you see in the media.

Change your thinking and look at things from the other side: As stock prices decline and property values plummet, everything is on sale. If you bought stocks or real estate two or three years ago, you almost certainly paid a premium. Today, everything, from real estate to the stock market, is on sale, and these are sales you don’t want to miss.

When this current economic meltdown began, Warren Buffett, one of the richest men in the world, said, “This is the day I’ve been waiting for the last 10 years.”

“There are three elements to be aware of to ensure that your personal economy does well, regardless of how the majority fares: mindset, cash flow and streamlined business”
The law of duality states that what goes up must come down. Eventually, what is on sale now will rise and prices will go back up, which makes today’s climate a great place to invest for the future. A lot of people are losing money right now because everything they sell is at a loss. But look at the flipside: If a seller is taking a loss, the buyer is getting a discount.

Warren Buffett has also been quoted saying that when everyone is greedy, you should be fearful, and when everyone is fearful, you should be greedy. True to his word, while so many others are frozen with fear, he’s taken $10 billion and put it into just two companies: Goldman Sachs and General Electric. I’m not telling you to rush out and do the same, but I will tell you that that’s how someone with a millionaire mind operates.

Now let’s look at cash fl ow. If you are looking at investing, you fi rst need to arm yourself with a sound understanding of investment principles and strategies. Avoid going strictly for asset appreciation, and look instead at creating positive cash flow. Interested in stocks? Find ones offering the prospect of excellent dividends. Considering real estate? Look at commercial options, such as buying part of a plaza or small retail mall with strong tenants who serve necessities.

When investing in real estate for cash fl ow, whether the value of the real estate goes up or down has little effect, because the goal isn’t to sell it, at least not in the short term. It doesn’t matter if the property appreciates $1 or $5 million or if it goes down $3 million. If the tenants pay their rent, that all-important revenue comes in every month.

We’ve looked at mindset and investments—now let’s talk streamlined business. It’s never a bad idea to start your own business—as long as you do your homework, follow your heart and commit yourself 100 percent to the challenge. Be mindful of the kind of business you’re operating. If your market includes high net worth individuals and you have an expensive product, you’ll probably be OK. Most of the people I know who have a high net worth aren’t overly affected by this downturn; in fact, they’re the ones buying what everyone else is selling.

Another relatively safe type of business is one that caters to people’s needs. Remember that your business is competing with people’s disposable income. As people have less disposable income and lose confidence, they quite naturally focus on necessities, not luxuries. For example, people still need to eat, but they might not go out to restaurants as often as they did a couple of years ago.

Take this as an opportunity to set your business up to be failproof. Be flexible—trim the fat off your business and make it run in a way that will allow you not only to survive, but to perform well even if revenue decreases.

The most important thing is to stay positive—focus on increasing your sales, and, if worse comes to worst, you will have set yourself up to survive. If, for example, your revenue decreases by 40 percent, then you will need to cut your expenses by 40 percent or more, if possible. The result is that your business will become more efficient, more viable and more sustainable in the long run.

Success is all about attitude, knowledge and the willingness to learn and grow. Set yourself up to prosper by taking an objective look at your business, your investments and your mindset, and make the changes that are necessary for you. Look for opportunities, and get involved with people who are doing well; model these people and make it a point to study their thought processes and habits. Think rich! If you change your mindset and build one that supports your success, your personal economy won’t have a choice: It will have to thrive.

T. Harv Eker is an author, success trainer, and founder and president of Peak Potentials Training. His books include the No. 1 New York Times Best-Seller Secrets of the Millionaire Mind, and his international bestseller, SpeedWealth. Eker also offers the Millionaire Mind Intensive, a three-day seminar that helps people take control of their minds and nurture self-empowering thoughts.

Best,

Andy Rodie

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Top 10 Reasons for Entrepreneurial Success


A great article by Jay Goltz

I really have only one indulgence. I bought an expensive convertible a few years ago. It is not a midlife crisis car; I would call it a midlife celebration car. It is not red. It was a prerecession purchase.

In any case, I was driving to work one recent morning, sitting at a stoplight when a car pulled up next to me and the young man behind the wheel rolled down his window. He shouted over, “How can I be successful like you?”

I sensed he was serious. I appreciated his moxie, and I wanted to give him a great answer. I also knew that I had between five and 10 seconds for the pearls of wisdom to be hatched and delivered. I didn’t panic. I went with my two favorite standbys: make sure your customers are happy and make sure your employees are with the program. The light changed. He seemed pleased with his stoplight counseling. He thanked me, and we both drove off.

But I started thinking: Is that the best I could do? Did I give him enough to get him on his way? Should I have mentioned the “work hard and follow your passion” mantra? No. He certainly has heard that before. Still, I wished I’d had another chance. I feared this would haunt me forever — or at least until lunch. And then, voila! We were at the next stoplight, and he was again next to me, again with his window and mind open. Rebound. I get another shot!

He told me he was graduating from DePaul University, and he wanted to know what else I had for him. By this point, I’d realized that I couldn’t give him the secret to business success in 10 seconds. That would take at least a minute, but I was not prepared. It is an excellent question that requires some thought. I told him I’d post an answer on this blog. So, to you DePaul graduate with moxie, here is what I believe are the most important success factors in business:

1. Look for opportunities to do something better than just about everyone else.
2. Accept risk as a necessary evil. It makes for much less competition.
3. Act responsibly to customers, employees and vendors.
4. Goals aren’t enough. You need a plan. You need to execute the plan.
5. You need to fix the plan as you go. Learn from your mistakes. Most people don’t.
6. Do not reinvent the wheel. Learn from others — join a business group.
7. Make sure the math works. I know plenty of people who work hard and follow their passion but the math doesn’t work. If the math doesn’t work, neither does the business.
8. Make sure that every employee understands and works toward the mission.
9. There are going to be difficult times and you need to be resilient; whining is a waste of time.
10. There will be sacrifices. Work to find a balance so that you don’t become a financially successful loser. It’s not about the income, it’s about the outcome.

That’s my Top 10 list. I’m sure there are more. What do you think is missing?

Jay Goltz owns five small businesses in Chicago.

Best,

Andy

The Compound Effect by Darren Hardy


Do you want success?

More success than you have now?

And even more success than you ever imagined possible?

That is what this book is about.
Achieving it.

No gimmicks. No hyperbole.
Finally, just the truth on what it takes to earn success.

As publisher of SUCCESS magazine, author Darren Hardy has heard it all, seen it all, and tried most of it. This book reveals the core principles that drive success. The Compound Effect contains the essence of what every superachiever needs to know, practice, and master to obtain extraordinary success. Inside you will find strategies on:

How to win—every time! The No. 1 strategy to achieve any goal and triumph over any competitor, even if they’re smarter, more talented or more experienced.
Eradicating your bad habits (some you might be unaware of!) that are derailing your progress.
Painlessly installing the few key disciplines required for major breakthroughs.
The real, lasting keys to motivation—how to get yourself to do things you don’t feel like doing.
Capturing the elusive, awesome force of momentum. Catch this, and you’ll be unstoppable.
The acceleration secrets of superachievers. Do they have an unfair advantage? Yes they do, and now you can too!
If you’re serious about living an extraordinary life, use the power of The Compound Effect to create the success you desire. Begin your journey today!

Audio clips from the compound effect by Darren Hardy.

Website:http://www.darrenhardy.com/
http://darrenhardy.success.com/
http://www.twitter.com/DARRENHARDY
http://www.linkedin.com/in/darrenhardy
http://www.success.com/bestyearever
http://video.success.com/category/media/

http://vimeo.com/moogaloop.swf?clip_id=14614001&server=vimeo.com&show_title=1&show_byline=1&show_portrait=1&color=00ADEF&fullscreen=1&autoplay=0&loop=0

TCE Audio Clip #4 from Darren Hardy on Vimeo.

http://vimeo.com/moogaloop.swf?clip_id=14203431&server=vimeo.com&show_title=1&show_byline=1&show_portrait=1&color=&fullscreen=1&autoplay=0&loop=0

TCE Audio Clip #1: Introduction from Darren Hardy on Vimeo.

http://vimeo.com/moogaloop.swf?clip_id=14203632&server=vimeo.com&show_title=1&show_byline=1&show_portrait=1&color=&fullscreen=1&autoplay=0&loop=0

TCE Audio Clip #2 from Darren Hardy on Vimeo.

http://vimeo.com/moogaloop.swf?clip_id=14413104&server=vimeo.com&show_title=1&show_byline=1&show_portrait=1&color=&fullscreen=1&autoplay=0&loop=0

TCE Audio Clip #3 from Darren Hardy on Vimeo.

Best,

Andy Rodie

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