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8-16 Education Moment: The Five Hour Rule

Posted by on Aug 17, 2016 in Education

  • Bill Gates
  • Elon Musk
  • Warren Buffet
  • Mark Zuckerberg
  • Mark Cuban
  • Arthur Blank
  • Dan Gilbert

All of these people have at least two things in common.

The first: They’re all self-made billionaires.

The second: They all follow the five-hour rule.

The five-hour rule is the practice of setting aside at least 5 hours a week for deliberate practice or learning. These are incredibly busy people running gigantic business empires, and each and every one of them find at least 5 hours a week for deliberate education or practice of their craft.

Most professionals focus on productivity and efficiency and not improvement. So if you follow the five-hour rule, that investment in improvement can put you at a huge advantage compared to everyone else.
Conduct yourself like a self-made billionaire, and practice the five-hour rule.

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New Beginnings – 4/5/16

Posted by on Apr 13, 2016 in Education

“Coming together is a beginning; keeping together is progress; working together is success.” – Henry Ford.

Coming together is a beginning

This morning is a beginning. We have come together from chapter 18 and chapter 30 to begin as chapter 15. Beginnings can be challenging; new faces and names to remember, new stories to understand, and the anxiety that comes with trying to develop new relationships. There is another word for anxiety though: excitement.

Keeping together is progress

For us to progress, we must embrace that excitement. It is up to each of us to meet with each other, get to know the new faces, and put in the time and effort necessary to build new relationships. In order to keep us together, we must grow together, and new relationships don’t grow on their own; they require nurturing.

Working together is success.

And with the proper nurturing, these new relationships will flourish. Keeping together will no longer require effort, and we will begin to work together. There is an African proverb that says “Many hands make light work.” Let us join our hands, working together towards success.

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Boldness Has Genius, Power, and Magic in it – 3/22/16

Posted by on Mar 21, 2016 in Education

“Whatever you can do, or dream you can do, begin it. Boldness has genius, power, and magic in it.” ~Goethe

Boldness has genius, power, and magic in it.

John Paul DeJoria was born in 1944 to poor immigrant parents in Los Angeles. His parents divorced when he was two years old and by nine he was selling Christmas cards to help support the family.

When his single mother could no longer support her two sons, they were sent to foster care. In high school, he was a member of a street gang and was told by a math teacher that he would never succeed at anything in life.

After high school and spending two years in the Navy, he struggled to find direction in his life. He bounced from one job to the next struggling to make ends meet, often turning in bottles and cans to help support himself.

In 1966, his wife took all their money, and left him, alone, with their two-year-old son. He found himself homeless for the first time.

In 1980, he and a friend spent their last $700 to start a business. They found an investor willing to invest half a million dollars but on the day the money was supposed to arrive, it didn’t. The money never arrived. So John Paul found himself homeless once again and living out of his car.

The universe had dealt John Paul a terrible hand. Most people would give up. Curse the hand that fate had dealt. Not John Paul.

He went door-to-door selling his product while living out of his car. The company did well. Very well. And in 1989 he started a second company. And that company did well too. Very well.

John Paul DeJoria is not living out of his car anymore. Today, he is worth $2.8 billion dollars.

You may be familiar with John Paul Dejoria’s companies: Paul Mitchell Systems and Patron Tequila.

Whatever you can do, or dream you can do, begin it. Boldness has genius, power, and magic in it.

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3-8-16 Education Piece – Persistence Pays Off

Posted by on Mar 12, 2016 in Education

Everyone joins BNI for one reason: more business. We are all here for referrals and leads which will lead to new business. What if I told you that you could close a greater percentage of your prospects doing one simple trick?

The trick is persistence.

Only 2% of sales are closed on the first meeting. That means one out of every 50 first meetings you take will result in a sale.
Studies have shown that only 20% of sales leads are ever followed up on, but 80% of sales are closed after 5 or more follow-ups. 80%!
And even though 80% of sales occur after 5 or more follow-ups:

  • 44% of sales people give up after one no
  • 22% give up after two nos
  • 14% give up after three nos
  • 12% give up after four nos

Meaning only 8% of sales people keep following up past four nos where 80% of the sales are made. If you’re looking to close more deals, be persistent and keep following up.

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3-1-16 Education Piece – The Perfect is the Enemy of the Good

Posted by on Mar 12, 2016 in Education

“Better a diamond with a flaw than a pebble without.” Confucius

“The perfect is the enemy of the good.” Voltaire

“Real artists ship.” Steve Jobs

These three quotes from three separate eras all speak to the same thing: the paralyzing power of perfection. Perfection as an idea and thought experiment is… perfect and as high achievers, we often find ourselves drawn to the tantalizing concept of perfection.

But perfection, like an oasis in the desert, is a mirage.

Every person has allowed perfectionism to kill a project, opportunity, etc. Some of us are chronic perfectionists. (including myself)

I want everyone to think about a situation right now where perfection is preventing progress. (examples: A proposal that isn’t quite right. A design that’s 90% of the way there. A business plan that’s missing a few details. This very education piece I’m reading right now.)

Look at the situation and ask yourself, “Is it good enough?”

If the answer is yes, ship it because real artists ship.

The pain of delivering and failing is small but the pain of failing to deliver is enormous.

When you find yourself paralyzed by perfection, remember that the perfect is the enemy of the good and ship.

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2-2-16 Education Piece – The Eisenhower Principle

Posted by on Feb 5, 2016 in Education

In 1954, Dwight Eisenhower gave a speech to the Second World Council of Churches and said “I have two kinds of problems: the urgent and the important. The urgent are not important, and the important are never urgent.”

The Eisenhower Principle breaks down tasks into two categories: Important & Urgent. Important activities have an outcome that leads to us achieving our goals, whether these are professional or personal. Urgent activities demand immediate attention, and are usually associated with achieving someone else’s goals. They are often the ones we concentrate on and they demand attention because the consequences of not dealing with them are immediate. We have a natural tendency to focus on unimportant and urgent activities which doesn’t leave enough time for important activities essential for success.

Prioritize Tasks in order: Important & Urgent => Important & Not Urgent => Not Important but Urgent => Neither important nor urgent.

Important & Urgent: There are two distinct types of urgent and important activities: ones that you could not have foreseen, and others that you’ve left until the last minute. A lot of these is a sign of procrastination.

Important & Not Urgent: These are the activities that help you achieve your personal and professional goals, and complete important work. Leave enough time to do properly so they don’t become urgent.

Not Important but Urgent: Urgent but not important tasks are things that prevent you from achieving your goals. Ask yourself whether you can reschedule or delegate them. Other people are general source of urgent & not important. Try to politely decline or set aside time to deal with them all at once.

Not Important & Not Urgent: Try to avoid these tasks as much as possible. Ignore or cancel them. These are purely a distraction.

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