The Billionaire's Strategy for Success
By: Brian Tracy
John Paul Getty became the richest man in the world by practicing a few basic
principles of risk-taking and reward throughout his life. In this newsletter, you
learn his key insight to risk reduction and success and how you can apply it to
any decision you have to make. You learn a series of additional ideas that can
help you to make better decisions and reduce the risks associated with success.
The Billionaire s Strategy for Success
Remember Murphy s Law: Whatever can go wrong will go wrong. There are
several secondary laws to Murphy s Law, such as Whatever can go wrong will
go wrong at the worst possible time and Of all the things that can go wrong, the
most expensive thing will go wrong at the worst possible time.
Another sub law is Everything takes longer than your best calculation. In
advising businesspeople, I suggest that they take their very best estimate of
break-even for any business venture and then triple it to arrive at a more realistic
number. Whenever businesspeople follow this advice, they are amazed to find
that, in spite of their best initial calculations, it indeed takes about three times
longer than they thought it would to start making money.
Always Add a Fudge Factor
Another sub law is Everything costs more than you can possibly anticipate in
advance. In minimizing risk in any venture, always add a fudge factor to
account for the degree of uncertainty. Whenever I do a business plan, I always
add 20 percent to the total of all costs that I can identify, to come up with the
probable cost. Anything less than this, whether in business or your personal life,
is likely to be an exercise in self-delusion and open you up for some unhappy
surprises.
Once you have identified the worst possible things that could go wrong, make a
list of everything that you could do to offset these negative factors. Engage in
what is called crisis anticipation. Look down the road, into the future, and
imagine every possible crisis that could arise as the result of changing external
circumstances.
Be Intensely Realistic
Men and women who have achieved a high level of success are intensely
realistic. They do not put their trust in luck. They carefully calculate every
possible risk, and then think about what they would do should it occur. They
always have a backup plan in case things do not go as they wish them to. They
have a Plan B and options to that plan that take all kinds of variables into
consideration.
Do the Things You Fear
One of the very best ways to develop your ability to take intelligent risks is to
consciously and deliberately do the things you fear, one step at a time.
A very good way to overcome the fear of risk taking is to set clear, written,
measurable goals for yourself, and then to review those goals regularly.
When you have clear goals and plans, and you continually work on them and
evaluate your progress each day, you will see what you re doing right and how
you could improve your performance. You ll feel more competent and capable
and better about yourself. You ll become more thoughtful and reflective and
willing to take on even greater challenges. You ll feel like the master of your fate
and the captain of your soul. And your likelihood of success will be very high.
Action Exercises
Here are three steps you can take immediately to put these ideas into action.
First, take any worry situation in your life today and ask, What is the worst
possible thing that could happen? Then go to work to make sure it doesn t
occur.
Second, look into the future in your life and determine the worst things that could
happen. Engage in crisis anticipation regularly and continually be taking steps
to guard against them.
Third, work from clear, written goals and detailed plans. Review them regularly.
Consider alternatives and always look for ways to increase the likelihood of your
success.
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