A part of my passion is reading and studying about business development and wealth building. There is so much good stuff out there, but I think I have found two of the best sources of relevant 21st century thinking on these subjects. They are David O. and Peter Diamandis. I can’t read everything, but I make it a point to read the latest posts from these guys. This post is a summary of their latest posts. The information is so valuable to rising multimillionaires until I felt I must share it. The theme of this article is found in this statement by David O.
‘It is not about how good your idea is, rather it is about how much of yourself is behind it.”
Small Golden Bits – Habits
“Your beliefs become your thoughts, Your thoughts become your words,
Your words become your actions, Your actions become your habits,
Your habits become your values, Your values become your destiny.”
Consistency is essential for any kind of success. Superior success cannot be achieved with a hit or miss process. We need to choose a Mission/Purpose that we really love and stick to it through all circumstances. There is no other way. We can acquire habits that will put our process toward our ultimate goal on autopilot. David O. offers five easy habits that anyone can acquire.
- Check all of your financial accounts daily. Don’t think this is trivial. It makes a lot of sense. No matter how big or how small your accounts are, knowing the exact amount of money you have everyday will help you get to your ultimate goal. Know what you have everyday, right down to the penny. You will be amazed!
- Create some kind of visual representation of your goal. You probably already know about creating visual charts and other types of process visuals. This is a great thing to do because visualization is motivating. If you see yourself in that major business as CEO of a multimillion dollar enterprise, you will be motivated to keep working toward it. Be creative. Take pictures from magazines or the internet and name the pictures as your successful enterprise. We hear about this procedure a lot. It keeps you focused on the end results.
- Create a specific and realistic amount of money to shoot for. Write this down to the penny also. For those of us aspiring to become multimillionaires it could be something like $2, 689, 225.90 . Remember, “We’ve got to think high to rise”. We must watch our accounts everyday until we get there.
- Create an environment that motivates you to focus completely on your work, then keep it specifically for your millionaire building process if possible. Create a place where you can be very productive. Warren Buffett helps us understand the power of being in a place of concentration and focus when he reveals…
“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
― Warren Buffett
5.Reward all progress you make toward your goals. This will keep you on track better than anything else you might do. It’s so easy to focus on what is not done and how far we have to go. But if we put most of our focus on our accomplishments to date, we will be surprised and motivated. Celebrate all your successes (even tiny ones) with rewards that please you.
Large Golden Bits – Mindsets and Strategies
Peter Diamandis has known Elon Musk for many years. He shared some of Musks’ tactics and strategies for success that he has observed through the years. The first thing Diamandis observed was a “Deep-rooted Passion”. Elon is deeply passionate and convinced that he can make a difference in the human experience.
“I didn’t go into the rocket business, the car business, or the solar business thinking, ‘This is a great opportunity.’ I just thought, in order to make a difference, something needed to be done. I wanted create something substantially better than what came before”.
Diamandis also says that Musk has a “Massively Transformative Purpose”. It’s a huge Purpose that benefits mankind. Elon has two grand Purposes. One is to ”accelerate the world’s transition to sustainable energy.” The second is to “backup the biosphere by making humanity a multi-planet species.” You’ll have to admit, these are grand and seemingly outrageous Purposes. However, these are what motivates Musk and fuels his passion. You see this in his many inventions.
Diamandis points to a third mindset called “Singular, Unwavering Focus.” Focus is critical if you really want to build anything. Relentless focus is the only way we can become multimillionaires. Always question why you are doing what you are doing. Is this the best use of your time or does it really lead you to your “Future Self”or not? Musk would spend hours and hours on a project, even sleeping at the shop, until he achieved what he was looking for. Tesla is evidence of that laser like focus on one project. Our culture and environment is full of all kinds of distractions. Extreme passion and a strongly ingrained Purpose are needed to keep us on the path. It’s not easy but it’s worth it. Another strategy Diamandis points out is called “First Principles Thinking.”
This is simply getting to the basic or fundamental element of a problem or process. You ask, where is the starting point? or what are the basic materials involved? In other words, rather than starting from what is, you break it down and define what could be. Don’t work from surface knowledge only. Testing assumptions is also a part of this process. Find out, “What are we sure is true’…and them reason up from there,” Diamandis.
“Thinking in Probabilities” is another strategy used by Musk.
Anything we do has a probable chance of being successful. Nothing is certain, so thinking in probabilities is the wisest way to proceed.
“The future is not certain. It’s really a set of branching probabilities. Even if the probability of success is fairly low, if the objective is really important, it’s still worth doing….How I decide which projects to take on depends on probability multiplied by the importance to the objective.”
If we say it another way, Purpose (his objective) is the driving force in all his actions even with a low probability of success.
Finally, Diamandis says “Not Settling for ‘No’, Not Giving Up” is a key. Elon Musk goes after what he wants. Mistakes and loss of money don’t stop him, he keeps going. Just look at the history of some of his inventions and you will see how Purpose and Passion keeps driving Elon to higher and higher heights…just don’t forget, he sticks to his grand Purposes.
Believe me, these really are Golden Bits of Information for Rising Multimillionaires. Learning from the best is an efficient and effective method to help you quickly get to your goals. Don’t waste this gold!