In the end, these things are broken down into 7 Success Skills.
The Main Lesson:
Failure is mandatory, plan accordingly. To learn in the real world, you must fail. You must test your hypothesis and often find that it was wrong (and something else was right). So give yourself the ability to learn (and fail) continuously without getting distracted by things like running out of food. This will lead to a successful hypothesis which can then lead to money through passion.
“Experimentation takes time. It takes money. And it takes room to fall and to fail.”
“Read about it, study it, and frankly, just do it. A lot of it is trail and error. All my experience comes from mistakes. Either making them yourself, or learning form someone else who has. It all counts…Mastery comes from doing. Either do it yourself, or learn it from someone who did.” Victor Cheng
The Main Lesson:
GIVE. Give, give, give; enjoy helping people improve their lives and the world. Give without expectation of getting anything back. Give to your mentors and your tribe, and your tribe will grow.
“You are the average of the five people you spend the most time with. And, on a bigger picture, you are the a reflection of the 20-30 people who give you the best advice” – Jim Rohn & Michael Ellsberg
“This turned out to be the most significant decision in my business career – to find someone who is massively successful and to go work for him.” – Eben Pagan
“Leadership is like a fountain. Imagine the leaders are the water near the top, ready to burst out of the fountain. The water about to burst out is being pushed up by water below it. If you want to succeed, find leaders who are doing amazing things in the world, and push them up. Find powerful people and help them reach their goals. If you’re of service to them, they will be of service back.” – Eben Pagan
“You can have anything you want in life, if you will just help other people get what they want.” – Zig Ziglar
The Main Lesson:
Marketing & sales are the core of any big change in the world. It’s the only way to make a difference or make money. It’s how you make things people want, and it’s how people see that they want what you’ve made. Every great figure throughout history, was a great marketer.
“if you’re serious about financial results in your life – whatever business you’re in, however large or small, and whether you’re an employee or an entrepreneur – you need to become lifelong student of marketing. Period.” – Michael Ellsberg
“Understand that no matter what you’re doing… nothing happens until something gets sold. Ever… The key to making money, and therefore living a life of less stress, is to cause someone to joyfully give you money in exchange for something that they perceive to be of greater value than the money they gave you. The key there is ‘joyfully’.” – Frank Kern
“success is it’s own skill. There’s the skill of the craft. Then there’s the skill of success. It’s an independent education… It takes about the same amount of effort to learn the skill of success as it does to learn the skill of the craft itself. ” – Michael Ellsberg
“In my experience, the skill of success breaks down into three things. The skill of marketing, the skill of sales, and the skill of leadership.” – Michael Ellsberg
“If you can get people who don’t know about you to know about you (marketing), and you can convert them into customers (sales), and once they’re customers, you can lead them from point A to point B, you can accomplish anything on the planet” – Michael Ellsberg
For the ‘How to Learn Them’ check out the how to in success skills 3 & 4.
The Main Lesson:
A key to success is to always learn useful knowledge.Bootstrapping is learning useful knowledge and increasing your cash flow without sacrificing huge amounts of time and money. It’s giving little to learn and make a lot.
“In a world of business, [bootstrapping] is a strategy that involves getting to the point of profitability as quickly as possible – even if the profits are small- and then continually reinvesting profits to fuel growth.”
“The essence of bootstrapping is keeping expenses low, generating income right away, and continually reinvesting as much of that income as effectively as possible into expanding your future income.”
Bootstrapping your knowledge is andragogy. Self teaching.
The Main Lesson:
If people know your name before you meet them, you’re set for success. Decide what you want people to think when they hear your name, and then make it so.
“Great brand, no resume – no problem. Great resume, no brand? Welcome to position #347 of the stack of five hundred equally great resumes” – Michael Ellsberg
“The essence of building your own brand. People having heard of you – and having a positive impression – before you’ve even met them. If you can create that effect, doors open for you. A close second, if that’s not possible, is people getting a good impression of o very quickly when they Google you” – Michael Ellsberg
“If people think ‘trustworthy, confident, intelligent, funny, hip, savvy, and up-and-coming’ when they hear your name, then that is your brand.
If people think ‘wannabe loser’ when they hear your name, then that is your brand.
And if people think absolutely nothing when they hear your name, then you have no brand.” – Michael Ellsberg
The Main Lesson:
Be the author of your own life; steer your own ship.Know what you want & how to get there, focus on what value you can give, make big decisions often, learn from every loss (and gain), find others who have achieved your goal and learn from them, never give into fear.
“There’s other people having success in business, and I’m not, they know something that I don’t. So I actually have to learn what it is other people know.” – Joe Polish before becoming a multi-deca-millionaire
“There are two decisions you need to come to in order to be free, and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else. If you adopt those two views, you will go far.” – Dan Sullivan
“They’ve [the millionaires in this book] chosen to do whatever it takes to create the lives that they want, including exercising the effort and initiative to figure out what “whatever it takes” is. What they didn’t do is sit around, waiting for someone else to feed them the answer, give them the right opportunity, make things safe or easy for them.” – Michael Ellsberg
“A man’s real education begins after he has left school. True education is gained through the discipline of life… A man may be very learned and useless… Merely gathering knowledge may be the most useless work a man can do. What can you do to help and heal the world? That is the educational test. If a man can hold up his own end, he counts for one. If he could help ten or a hundred or a thousand other men hold up their ends, he counts for more… When a man is a master of his own sphere, whatever it may be, he has won his degree –he has entered the ream of wisdom” – Henry Ford
Here’s the condensed 19 pages of juicy entrepreneurial knowledge: grab it up, and use it well
Very useful post... thanks. Going to read your full notes later.
Thanks for the post - a nice big hit of millionaire thinking. Funny I've been wanting one of these 'what exact modes of thinking make people successful' posts in the back of my mind for a while now - guess it finally came true - yay!
Anyway I really think #5 'bootstrapping' should be put into law for all businesses. I find it absurd how people just go hmm I need to put down a capital outlay of my life savings but these projected sales figures show my market is good and demographics shows good stuff and my bank and backer says its good and blah blah blah just to open and fail in a few months leaving them with hundreds of thousands of dollars in debt. If only they bootstrapped they could get a taste of the market for their products and fail with a much lower outlay of cash. Our business infrastructure needs to accommodate bootstrapping. Franchises are the worst - not to pick out one company but read the Coldstone 'horror stories' if you dare to illustrate the point I'm trying to make. https://sites.google.com/site/coldstonefacts/horror-stories/content-list
You know how you go to a mall food court and there's ALWAYS one or two venues in the entire place which get absolutely no business and only last about a year or two before folding up to give it to another business which gets no customers and likewise flops? Bootstrapping would have stopped that from happening.
I used to dislike to work. I saw how most people lived their lives, slogging through work that they hated, and I was determined not to fall into that trap. I made the mistake of generalizing, lumping all work together in the same bucket.
Since then, things have changed. In terms of monumental personal life changes, becoming a hard worker is the most recent one I've undergone. About a year ago, for reasons I touched on in this post, I decided that it was imperative for me to become a hard worker. I didn't do it because I had suddenly fallen in love with work, but rather because I had began to feel as though I was behind. And believe me, it wasn't love at first sight.
To fall in love with hard work, you must understand why it's necessary. When I was young I was told that sugar was bad, but I never understood exactly why it was bad, so I kept eating it. Only when I learned how it chemically affected my body did I finally give it up. The same is true of work-- if you don't know why you have to work hard and love it, you'll probably never actually do it.
Work is your gift to the world. That sounds corny, but it's true. And believe me, you owe the world a gift or two. Think of all of the various things that millions of people around the world have done for you to enjoy the life you have. They made up languages, invented stuff, procreated at the exact right times to create your ancestry, and managed to not kill each other in the process. We're lucky to be here, and the high standard of living we all enjoy now is only because of those who came before us. Some, like Einstein, had huge impact, but even people you don't notice, like the janitors, are making your life better.
## Warning: This is a long post with some longer-than-usual paragraphs, and less headings than normally. This is to keep unserious people from reading. I know it looks like an intimidating read if you just glance down (DON'T!!) - but just start reading and you'll get there in a few minutes... Uh, so, anyway... If you really want to create an income online, you might find this interesting. After 5 (almost 6) years in the game, this is my perspective, and some thoughts on what I'd do if I were to start all over again.) ##
Out of all the people who want to make money doing what they love, they generally fall into two categories, and should strategize accordingly. No one-size-fits-all “follow your passion” biz plan.
The problem with the first category is that you need an entirely different skillset to make money than to perform in your existing field of expertise.
Being able to write a book or paint a portrait or sing a song, is not the same skillset as being able to sell a book, get someone to pay for a portrait or sell out a concert.
It’s an entirely different skillset. Business skills. Marketing skills.