"Essentialism by Greg Mckeown" Notes...
ASK: “Is this the very most important thing I should be doing with my time right now?”
Pursue less but BETTER
Determine where the highest point of contribution lies and then make an execution of those things almost effortless.
If you don’t prioritize your life, someone else will.
Focus on what is absolutely essential by eliminating everything else.
ASK: Will this effort or activity make the highest possible contribution towards my goals?
We can choose how to spend our energy and time
Almost everything is noise and a very few things are exceptionally valuable.
We can’t have it all or do it all.
The right thing AT the right time THE right way.
Choice is an action
Certain types of efforts yield higher rewards than others. LESS BUT BETTER
The Law Of The Vital Few - You can massively improve the quality of something by changing small key elements.
An "Essentialist" discerns more so he can do less.
ASK: What is the trade-off I want to make- What can I go big on?
Playing is key part of life. DO NOT ignore play.
Overachievers- The real challenge for those who thrive on challenges is NOT to work hard.
Rest is EXTREMELY important.
Do fewer things no so you can do more tomorrow. (long term mentality)
Pursuit of something should be a HELL YEAH! or its a No. Has to be a definite yes.
Give things a score from 0-100 if its less than 90 do not do it.
ASK: If we could truly be excellent at only one thing, what would it be?
Learn to say NO frequently and gracefully. ONLY say yes to the things that truly matter!
Avoid the “sunk cost bias” - not cutting something off because you’ve put too much in it.
ASK: If I wasn’t already invested in this, how much would I invest now?
ASK: What else could I do if I pulled the plug now?
Comfortable with cutting losses
Making things better means SUBTRACTING
Get rid of options or activities that get in the way!
Every additional moment we have gained can be spend on something better.
Pursue less efforts to get results.
Eliminate meaningless activities and replace them with meaningful activity.
Restrain for stepping into issues or things that will burn time and energy.
Create Buffers - things that keep us from coming into contact with things that harm us. Money can be buffer, time processes, etc.
Use extreme preparation - prepare FAR in advance.
Add 50% to your time estimates.
Make a one time investment in removing “slow hikers” or things that get in the way of your processes.
Start small and celebrate small progress.
Progress is the number one form of motivation
DESIGN A ROUTINE THAT MAXIMIZES ALL ABOUT YOU AND MINIMIZES THINKING, TIME AND ENERGY.
Every habit is made up of a “Cue, Routine and Reward”.
Enjoy the “Present”. Be present where you are.
There is no way to “Concentrate” on multiple things at once. NO WAY
Make existentialism something you are.
The more items you pursue, the harder it is to follow up on all of them.
"The Legend of the Monk and the Merchant by Terry Felber" Notes...
*Christians have a responsibility in business. Everything we do as believers can and should be done from a paradigm of ministry.*
Principal 1 - Work hard and God will prosper you.
Principal 2- Financial prosperity is often connected to soul prosperity.
Principal 3- Man must do whatever he can to provide for his family.
Principal 4- Trials develop your character, preparing you for increased blessings.
Principal 5- Take responsibility for problems that are the result of your own bad decisions. Don’t displace the blame.
Principal 6- See challenges as stepping stones, not as obstacles.
Principal 7- Be meek before God but bold before men.
Principal 8- Live debt-free and below your means.
Principal 9- Always keep to your budget.
Principal 10- Loaning money destroys relationships.
Principal 11-Set aside the first 10% to honor God.
Principal 12- Understand the power of partnership.
"Next Generation Leader- Five Essentials Fro Those Who Shape The Future by Andy Stanley" Notes...
Pg.11- Leadership Principals that are ESSENTIAL for Next Generation Leaders:
Pg.17- The less you do, the more you accomplish. The less you do, the more you enable other to accomplish.
Pg.19- Only do what you can do.
Pg.21-Identify the areas in which you are most likely to add unique value to your organization--something no one else can match- the leverage that to the max.
Pg.22- Don’t strive to be a well- rounded leader. Instead, discover your zone and stay there. Then delegate everything else.
Pg.22- There is no need to become an expert in, or even to understand, every component of your organization.
Pg.23- There are things you are responsible for that you should keep your nose out of.
Pg.27- Great leaders work through other leaders who work through others.
Pg.28- Delegation means growth, both for individuals and for organizations.
Pg.35- 80% of productivity comes from 20% of time spent.
Core Competency Questions:
What do you do that is most effortless from your perspective but may seem like a daunting task to others?
In what arenas do people consider you the “go to” person?
What do you enjoy most about your current job?
What do you wish you could delegate?
What do you do that elicits the most praise and recognition from others?
What environments do you look forward to working in?
What environments do you avoid?
What kind of advice do people seek from you?
If you could focus more of your time and attention on one or two aspects of your job, what would it be?
Pg.44- Delegating is perhaps the single most powerful high-leveraging activity there is. There are people who love what you hate.
Early on in 2006/2007 I found myself in the middle of the economic boom. Literally in the right place at the right time with the right set of skills. Money came quick and easy and for a 24 year old who grew up in a lower middle class Pastor's family - I had no clue how to handle it. Everyone was so focused on themselves - buying stuff and having a good time. ( I cringe looking back at what a waste of life that chapter was).
I decided to build my own business in the same niche I was doing well in. So I Invested a ton of money on credit, but I ignored basic business principles and went at it completely over leveraged. As they say, I "bet the farm". I also had an untouchable ego to boot.
Then the economy tanked and the recession hit.
From there everything just got worse and worse. Business died, payments mounted up, debt collectors started calling, had 2 cars repossessed. On top of that I had no income coming as I wouldn't even consider getting a job because I couldn't make what I was making before (stupid). The IRS audited me and I owed a grip of cash with interest that was compounding daily. I was a rock bottom and it felt like when it couldn't get worse, it did. That year I had married the love of my life and I felt guilty as she was a part of all this struggle even though they were my bad decisions. It was a painful, hopeless and dark season of my life but looking back it was the most valuable thing that has ever happened to me.
Here are the 4 life lessons I learned through all this:
Going from having everything you want to not having what you need is a very humbling experience. It makes you realize that everyone is an inch away from losing it all. I had gone from what I felt was the top of the mountain to the bottom of the valley- very fast. It completely put my character and ego in check. In fact, my first job after I finally humbled myself to go find any work I could find ( we were so desperate) was making $7 an hour doing construction and I drove 80 miles roundtrip to get to the jobsite each way in a new car with expired registration that was behind on payments.
I love this quote - "From humble beginnings come great things."
When you truly have nothing you are thankful for anything. There was a night my wife and I didn't even have food and no money to buy any. I felt so trapped with no options. As we sat there with no idea what we were going to do, there was a knock on the door. A lady from where my wife was working had just randomly decided to bring us a bag of canned goods and food. This was such a miracle for us. I've never been so thankful for a can of salmon in my life! If you are thankful for the little things, your life will be rewarded with constant positive perspective and joy.
It Gave Me A Heart For Those Who Are Struggling
Those who have gone through something identify with those going through that same thing. You can feel the same emotions and understand the same thoughts and struggles. My heart now just breaks for those who are struggling and I'm committed to making a difference. That was not the case before all this happened.
It Taught Me More Than Any Measure Of Success Could
Pain is a great teacher. When we touch a hot stove and get burned, we learn not to not do it again. Successfulness unchecked can falsely prop up our expectations, egos and blind our perspective. The lessons I learned from losing everything has made me a better person, husband, father, businessman, friend and more. Still it took me 8 years to correct all that happened in this season and it was painful for a long time.
In the end I wouldn't change anything. I'm better today because of it AND I won't make those mistakes again:)
There have been a lot of smart men in history. One of them, an economist named Vilfredo Pareto, was smarter than most. He understood a principle in business that has stuck, and continues getting repeated year, after year. That rule is, of course, Pareto's rule, or Pareto's Principle.
In short, he defines a phenomena that states only 20% of the effort you put into your business is going to produce 80% of the results. In other words, the 80/20 rule. The reason this principle has stayed so popular is because it can be applied to just about any area of your life, business, or relationships.
A company applies the rule to their business' product sales line. By doing so, the company knows that 80% of their sales are going to come from 20% of their customers.
The same company also knows that, in terms of human resource problems, 20% of the employees are going to present 80% of the problems.
Another example from our hypothetical company would be customer complaints. A business manager will know that 80% of the customer complaints are going to only be coming from a small 20% subset of their customer base. 80% of the company's production comes from 20% of the employees.
The rule has been used in business because it can easily be adapted to just about any situation. It also gives a fairly clear view of what needs to be focused on, and what requires the most attention inside of a company.
While it is a good way to evaluate yourself, your business, and your life, it's not always foolproof. That means you shouldn't necessarily rely on the Pareto principle for every aspect of your business, rather, you should be using it to determine the small subsets of your business where you're going to see the biggest returns.
So how can you apply this powerful, time-tested rule in your own business?
While the rule applies to just about every industry, when it comes to building an online business the rules are a little bit different. Look at different, hypothetical scenarios so you'll know what to expect, and be aware of the areas you need to focus your efforts.
20% of the marketing and promotion efforts you do for your business are going to bring in 80% of your visitors.
As you build out your blog, or website, you're going to start gathering natural, organic traffic. Once you start focusing more on marketing your business, you'll start to see patterns. If you create 10 different email proposals to reach out for guest posting, you'll notice that 2 of them tend to get a better response. Take those 2 proposals and turn them into templates that you can send out to other blog owners.
20% of your visitors are going to make up 80% of your total sales.
From your marketing efforts and build up your traffic, you'll begin to notice that 20% of your visitors will make up the sales that you produce. It may not happen the first time your visitor arrives, but, on average, you'll be able to convert 200 people out of 1,000 into a sale at some point in your sales funnel, if you've planned it out to efficiently produce for you.
20% of the pages on your website are going to be responsible for 80% of your traffic.
Whether you've designed the content to funnel traffic into certain parts of your site, or it happens naturally, 20% of the pages you create, or blog posts you write, are going to be responsible for 80% of the traffic you receive. Sometimes it happens because a post, or page gets shared across social media. Other times, it happens because you've designed the content as a sales funnel.
20% of your customers are going to make up 80% of your customer service issues.
Your customers are the lifeblood of your business. If you sell 1,000 products, you're going to end up receiving around 200 customer questions, concerns, or complaints. Of those 200, 20% of them -- or 40 -- customers are going to require more of your time than others.
It doesn't matter how you break it down, either. Pareto's Principle is endless, meaning that you can apply it infinitely to any area of your business. Mastering the principle is going to be crucial to being successful in anything you do.
What I mean by that is this. If you have 1,000 readers, 200 of them may purchase from you. Of those 200, applying the 80/20 rule again, 20% of them -- or 40 customers -- are going to make up the largest portion of sales.
You can go on, and on, with the different scenarios and figure out how to apply Pareto's rule to each. The point of this post is to make you aware of the principal, and show you how it relates to building an online business.
It's not a hard, fast rule, but it applies to brick and mortar businesses, online businesses, and can be applied to any aspect of your life -- helping you find a good balance.
I’m a husband to a wonderful wife ( totally married up :)), father to a 7 year old aspiring ninja and a 2 year old who is eating me out of house and home ( we call him “lunchbox”). I’m a serial web entrepreneur living in Orange, CA. I’ve been able to build a life independent of the 9-5 grind and completely financially viable where I am able to spend as much time as I can with my family. My goal is to encourage others to free themselves from the bondage of fear and failure and to step out courageously to achieve their dreams.