May

7

How the New Rich Define Success

Filed Under Goal Setting, Time Management, Change & Growth, Creating Wealth, Identity, Life Balance | Leave a Comment


I just finished reading Tim Ferriss’ book The Four Hour Work Week, and I am totally overwhelmed.

This book came at a crucial point in my development as an entrepreneur - a point when the most important question has been, “What do I really want to achieve?”

For most internet entrepreneurs, money is the ultimate end (or at least we behave that way). And, hey… there’s certainly nothing wrong with money. We all want to be rich, right?

What I appreciate most about The Four Hour Work Week is just how seriously Tim Ferriss takes this question. His answer: “Yes, we do want to be rich, but the concept has no absolute value.”

Instead of appealing to the typical business-building mantras of “work hard,” “save it all,” and “invest in the future,” Tim offers the rest of us a quick glimpse into his own life and the lives of others like him.

He calls this group The New Rich.

(I love how cleverly Mr. Ferriss alludes to that antiquated and rather negative term, nouveau riche.)

Just how does “The New Rich” define success? It’s all about lifestyle, baby!

First, I want to strongly recommend that you stop whatever you’re doing today and get the book. Read it today and then spend tomorrow totally revamping your business plans and goals to reflect your own version of Tim Ferriss’ four-hour week.

Start with baby steps - that’s my goal! Then, let me know how it goes.

(Oh- and pay special attention to Ferriss’ insistence upon an “information diet.” I believe this is particularly important for the internet entrepreneur!)

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Apr

23

How to Guarantee Your Success in Internet Business

Filed Under Goal Setting, Change & Growth, Identity, Life Balance | 4 Comments


I got into Harvard Law School two months ago, and I know that my success is guaranteed!

Well, that’s not exactly true, at least not the first part. But it does prove an important point about the mindset of success. Allow me to explain:

First, let’s look at why getting into Harvard equates with guaranteed success.

Until I made the decision to become completely committed to information marketing and internet entrepreneurship, I was going to become a lawyer. That seemed like a logical route for me: I’m good with words, ideas, and logic. I’m also a savvy writer and quick on my feet. (Not to mention that I’m a total “ham” on stage.)

But there was only one reason I was interested in going to law school: fear of failure.

Becoming an attorney is what Robert Frost would have called “a well worn path.” Entrepreneurship is definitely one “less traveled by.” And at a point in my life when I arrived at a fork in the road, I’ll be honest: the well worn path looked very enticing.

Needless to say, I turned away from that route almost as soon as I started down it. Then, I returned to the fork in the road, got a little coaching, and thought long & hard about the kind of life I wanted to live. The answer was easy. I knew where I would find happiness. But there was still that burning fear of failure.

You see, internet entrepreneurship just doesn’t have the same “guarantee of success” that the life of an attorney seems to have. Or at least that’s how it *seemed* at the time - until I had a dream…

One night after I had already made a final decision to fully invest my time and energy in entrepreneurship, I had a dream that changed my life forever. In that dream, you guessed it, I got into Harvard Law School.

In all of my research about law school, I consistently found Harvard at the top of nearly every list of best schools. We know what kind of cachet the very word “Harvard” has in our culture. But I wanted to know *why* it was so great. So I did a little investigating…

Here’s the thing: I discovered that everyone who gets into HLS becomes successful. Everyone. The drop-out rate at Harvard is basically zero. If I recall correctly, something like one person every decade drops out of the school. With those kinds of numbers, you know that just getting into the school GUARANTEES your success.

During my dream, I was TOTALLY ecstatic about my acceptance. I had never felt so happy in my life (or at least so it seemed in the dream). Even after I came to my senses and realized it was all just a dream, I still felt ecstatic.

Here’s why:

I suddenly realized that the dream revealed the key to success. This is nothing new, and I’m sure you’ve heard it all before. So had I. But this dream illustrated the point in a way that still resonates with me today:

The key to success is to guarantee your success.

Yes, it’s that simple. Just do it.

When I realized that the dream about Harvard was just a dream, I made a conscious decision to transfer that same feeling of definite success into my work as an internet entrepreneur.

Every day, I remind myself that my success is guaranteed. All I have to do is show up.

And the best part is, I don’t have to go to law school!

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Apr

19

Time Management for Internet Entrepreneurs 2.0

Filed Under Goal Setting, Time Management, Life Balance | 5 Comments


The most popular article to date on this website is my classic discussion on Time Management for Internet Entrepreneurs.

In tribute to that piece – and to better reflect some time-management changes that have occurred for me since that original writing – I am offering you a sequel to that article – Time Management for Internet Entrepreneurs 2.0 today!

As with the original article, I have arranged the following discussion around a handful of key time management problem-areas. Each area includes the problem many of us have and a solution that has worked well for me and likely will for you too…

I still spend too much time checking income stats and traffic numbers!
Checking stats compulsively is easily the #1 time management problem most Internet entrepreneurs face. (I know that’s the case for me…)

I still recommend devoting specific chunks of time to checking email, stats, and general web surfing. That said, we all know this is not a perfect world. If devoting specific time slots to these activities does not always work for you, consider implementing these time management tricks that have worked well for me:

  • Get away from the Web for at least one hour every day.

Try this out: next time you need to log time on your latest info product or other projects that don’t require immediate access to the web – grab your laptop and head out to a local coffeehouse (sans wireless) and sip a latte while you work.

Aside from using that trick, I still insist you resist the temptation to let email demand your attention all day long. Turn off your email program NOW! (You don’t have to be a slave to Outlook.)

Everything changes so much from day-to-day, and I just can’t keep up!
True. The web is growing at a rapid rate, and it’s nearly impossible not to feel completely overwhelmed every day.

But it’s not necessary to stay abreast of every piece of news, hot ebook releases, or seminars on the horizon.

Entrepreneurs are suckers for new, BIG ideas. That’s what we’re all about – getting ideas, making them work, counting the profits, and measuring our success.

Still, not every idea deserves your attention – no matter how great it might be.

I’m a big fan of David Allen’s GTD recommendation on this point: create a list of “Someday/Maybe” items running at all times. That way you can release yourself of the memory-burden and focus on the things happening right now.

New projects are our pets. But unfinished projects are pests!

I lose track of my progress, goals, and plans for my various projects.
Two recommendations for handling this trouble spot:

First, I would suggest keeping better track of your time. Create an Excel spreadsheet for logging hours. Just keeping track of how much you ARE doing can be a great way to boost your positive-outlook on a project or area of your business.

Often, the perfectionist within can take hold and start insisting you’re not working enough when you’re actually putting in a significant amount of time.

Second, I would suggest keeping running lists of all projects (again, hats off to David Allen here). I know from my experience that every project I have “cooking” will require many varied steps between start and finish.

The key with both of these is releasing mental burden. As the Getting Things Done system advises, you’ve got to free up that mental RAM for optimum in-the-moment performance.

(Part-Timers Only) I am so ready to quit my day job! I just don’t have enough time.
The last area I want to cover is pointed specifically at the part-timers among us.

What separates the part-time entrepreneur from the full-time entrepreneur in terms of success is almost always TIME. Part-timers just don’t have enough and often identify failure where slow progress appears.

If you are in a good position to quit your day job, do it now. But if you are not quite ready for that move, I strongly suggest sticking to the basics for just a bit longer. After all, if you can’t learn to manage your time now, how do you think you’ll likely perform when you have more than enough. It’s feast or famine in the time management category, and you have to learn to deal with both effectively.

Here’s my suggestion: Before giving up your day job – or before walking away from entrepreneurship – spend the equivalent of one working day (6-8 hours is ideal) getting organized and optimizing your time management system.

Even if you have to take time away from pending projects, you’ll reap enormous long-term rewards from this simple process. (And you’ll likely sleep much better tonight!)

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Mar

25

Are You 100% Committed?

Filed Under Goal Setting, Personal Development, Time Management, Change & Growth, Life Balance | 2 Comments


I am implementing a new time management tool in my business and personal life that is working like magic: I am committing 100% to a handful of key areas & tasks.

This might sound simple enough, but the concept is quite profound. Most of us have a tendency to commit to many different things and then give 80% here, 60% there, and maybe 90% or 95% somewhere else.

But with a 100% commitment, there’s far more at stake. Of course, the upside of that is there’s far more to gain!

How to Commit 100% - Three Simple Steps
1. Set your most important goals.

Over the past month or two, I have been prioritizing my goals every day. In my daily “workshop” (a term I borrow from the Abraham-Hicks writings on The Law of Attraction) I devote 10-15 minutes to writing about goals. My goals for the day. My goals for the next 12 months. My goals for the next 5 years. You get the idea!

Setting goals is a tremendously useful process – especially if done every day – and I highly recommend the daily exercise. But the absolute best part of doing it lies in the quick identification of what goals matters most in the short-run that will greatly contribute to success in the long run.

For me, several things came rising to the surface as “key goals.” Even as I set forth clear intentions to perform specific tasks that would lead me towards goal-achievement, I found it difficult to follow through on some days. I knew what I needed to do next…

2. Commit 100% every day.

I spent some time thinking and writing about these things that mattered most. (By the way, this could include many different things for you, but examples might be exercising, starting a business, improving a relationship, meditating, getting organized, etc.)

Then, I looked for a way to commit 100% to each area every day. One example for me is personal organization with the Getting Things Done system. To commit 100% to GTD, I decided to spend 10 minutes every day reviewing my action lists, project lists, and personal calendar. I came up with about 10 things I would do each day and then created the final step…

3. Track progress on daily checklists.

This last part is simple. I typed up my list and added bulleted check boxes for each goal. I made sure each listed 100% goal was measurable and not too general. For example, “Exercise for 30 minutes” is much easier to quantify than simply “Exercise.” I carry this checklist around with me in an organizer and review it periodically throughout the day.

Implementing the system will take some work, but don’t let initial difficulties discourage you. In my case, it took several days before I had a realistic but challenging list of quantifiable tasks. You might give yourself a week to experiment with the list. After that testing period, it is essential that you put the list into action, make it permanent (at least for several months), and not allow yourself any easy-outs.

Prepare for potential setbacks and make a plan for dealing with them. If you want to work on your business every day for at least one hour, then make sure you can do it – even on the weekends, even if you’re on vacation, even if you’re sick!

100% commitment means sticking it out even when you don’t want to, following through even when it seems too hard. But 100% commitment also means reaping great rewards, building your self-belief, and moving faster every day towards your most important goals!

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Oct

31

How to Integrate Personal & Business Development

Filed Under Goal Setting, Personal Development, Time Management, Change & Growth, Creating Wealth, The Law of Attraction, Intention-Manifestation, Life Balance | 5 Comments


Entrepreneurship is no walk in the park. Long days (especially during transitional periods). Countless obstacles. Unfulfilled objectives. Unexpected challenges. The list goes on…

The typical entrepreneur begins alone. Everything is riding on you. That’s why we often see lists of desirable “entrepreneurial traits.” You know – dedicated, intelligent, hard-working, creative, effective, efficient, tireless, resourceful, etc. The list goes on.

But how are these folks made? Or, can they be made at all? In other words, what does it take to become an entrepreneur and how do you get there?

Entrepreneurship – Do You Qualify?
Personally, I’m split on this question: who does qualify? While I do think some individuals are “natural” entrepreneurs, I also believe that these traits and skills can be developed. In fact, I don’t think there is a single entrepreneur who couldn’t benefit from personal development.

In my view of entrepreneurship, I put personal growth first. Since you the individual are the backbone of your business, you must have your ducks all in a row. Or… you must be in the process of getting those ducks lined up.

Here’s my vision of the ideal personal-business development plan:

Begin with Self Improvement
Start with you. This should be obvious enough. If you can’t get up in the morning because of depression, anxiety, or illness, you’re not going to be ready to build a business. And you’re definitely not going to be successful.

I identify five key areas for personal growth for entrepreneurs. Look this list over carefully and identify your weakest area. Be honest. Then, get to work!

  • Self Worth

No one is going to be an advocate for you. You’ve got to be your own cheerleader! It’s not uncommon for other people to criticize your efforts. There are tons of reasons for their negative outlook on your plan for success. But with a strong sense of self worth, purpose, and direction, the way other people see things will matter very little. I put this area first because it fuels the remaining four.

  • Health & Fitness

The mind-body connection is a reality. Go to the gym. Start a diet. Spend less time sitting at the desk and more time walking around and meeting people. Health and fitness is a strong second here since you would be useless without it!

  • Time Management

Time is your most precious resource. Entrepreneurs succeed or fail by their use of time. If you’re still working a day job, you’ll need to be especially efficient. Learning about and applying time management strategies in your personal life will also impact your business in these early stages.

  • Stress & Emotions

There are tons of tools out there for handling inevitable stress and emotional turbulence. Meditation. Progressive relaxation. Entrepreneurs who are often hard-working and tireless by nature often push the envelope well beyond even their limits. But, of course, we all have limits. Some of my closest friends do a great job of reminding me to have fun and enjoy life now regardless of how much I accomplish in a day.

  • Positive Frame-of-Mind

Stay focused on the best things happening. Businesses – especially new ones – have a way of creating consistent problems or challenges. Use The Law of Attraction, Intention-Manifestation, and Creative Visualization to maintain a positive, uplifted attitude regardless of what’s going on. Keep your eyes on the prize and smile through the rough spots.

Watch Your Business Grow
If you setup a plan for personal development success that focuses on even one of these key areas, you will see much greater results in your business efforts. Your purpose will become clear. Customers will come flocking. Profits will soar.

I firmly believe the number one key to success for entrepreneurs is sense of purpose. Usually, when entrepreneurs get started their highest motivator is something abstract – financial freedom, time freedom, greater happiness, independence, etc. These are excellent goals to have but too vague to bring results.

Begin with personal growth, and you’ll find greater clarity about what it is you want to do. Once you achieve clarity, it is easy to apply the necessary steps to take action and make things happen!

Entrepreneurship itself is a form of personal development. Your current day job could be a major obstacle to your future growth. The typical workplace environment can be unfulfilling, negative, and demoralizing for many of us. If the average employee spends 8 hours or more at work every weekday, he or she will be drained and dejected by the weekend with little enthusiasm left for enjoying life.

Get Started Today
If you’re already an entrepreneur, set a personal development goal. Choose one of the areas listed above and start reading books, listening to audio, and attending seminars.

If you’re considering starting a business, take time out to examine how prepared you are for the challenge. You might want to take a week – or even a month – to focus exclusively on the personal development work before moving forward. Again, this will help clarify your sense of purpose. It may seem like a loss of time upfront, but the investment will reap huge rewards later!

If you’ve never even considered entrepreneurship, consider it now. I don’t mean to suggest that owning your own business is necessary for personal growth. You can pursue self improvement outside of entrepreneurship. But owning a business could be a great carrot to motivate your personal development. Set a time-specific goal and think in terms of financial reward for improving your self. For example: I will spend one month enhancing my sense of self worth and life purpose. At the end of the month, I will begin developing my business, which will bring great financial reward.

Whatever your path, start working at this today. Set your goal and begin with something simple. I guarantee the effort will pay off!

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