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8 Success Hacks from 7 Billionaires + 1 Concept That Will Change Your Life: The Fayol Principle
Invest in yourself.
Jason Feltman
May 30, 2023
Today’s Top Pick Topics 👇
☑️ 8 Success Hacks from 7 Billionaires
☑️ 1 Concept That Will Change Your Life: The Fayol Principle
☑️ Financial Freedom Facts and Stats + Wisdom from Eric Freeze
8 Success Hacks from 7 Billionaires
By: Kalyca Zarich
We compiled 8 high-impact quotes from 7 high-impact billionaires.
The crazy part about this compilation is, all the people on this list never set out to make themselves billionaires. They started as change makers. Idea enthusiasts. The work was never solely about the money. It was driven by passion, innovation, impact, and maybe a sprinkle of obsession.
We found these quotes to be inspiring… and we hope you do too.
"Risk comes from not knowing what you are doing."
Practical Application: To minimize risks in business, you need to educate yourself on every aspect of your industry and stay up-to-date on the latest trends and developments. This means conducting extensive research, analyzing data, and seeking advice from experts. By having a thorough understanding of your business and the market, you can make informed decisions that reduce the likelihood of costly mistakes. So, invest in your knowledge and skills to mitigate risks and maximize your success… just ask Warren
"Given a 10% chance of a 100 times payoff, you should take that bet every time."
“If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunities on the table.”
Practical Application: In business, nothing worth doing is 100% guaranteed. Often, the biggest payouts don’t come from the “safe choice” and your investments today may take time to really pay off. Sometimes you gotta risk it for the biscuit… just ask Jeff.
"My philosophy is that if I have any money, I invest it in new ventures and not have it sitting around."
Practical Application: If you seek true freedom, look for opportunities that allow you to reinvest into additional revenue streams, or purpose-driven ventures. Diversify your investments and multiply your success… just ask Richard.
"Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don't do it."
Practical Application: As an entrepreneur, your time and energy are your most valuable assets. Invest them wisely by constantly improving your knowledge of your business and industry. Put in the hard work and passion necessary to succeed, or step back and reevaluate if it's truly what you want… just ask Mark.
“Success today requires the agility and drive to constantly rethink, reinvigorate, react, and reinvent.”
Practical Application: The landscape of the way businesses operate is rapidly changing. You have to continuously evaluate your business and industry, adopting tools and tech whenever it becomes relevant to your success and leveraging experts to aid in implementation when necessary. Agility is key to not only surviving, but thriving in the long run… just ask Bill.
“If the people around you are giving you advice to slow down or to take it easy – you are surrounded by the wrong people.”
Practical Application: To succeed in business (and life), you need to surround yourself with individuals who push you to be your best self. Invest in your personal growth and development, whether that means attending conferences, taking classes, or hiring a coach. If you're not constantly challenging yourself, you're not moving forward. And if the people around you are telling you to slow down, you need to find a new circle that is willing to match your drive and hustle... just ask Grant.
"You are responsible for your life. If you're sitting around waiting on somebody to save you, to fix you, to even help you, you are wasting your time. Only you have the power to move your life forward."
Practical Application: The power to change your life lies within you. Take responsibility for your own success by setting clear goals, creating a plan, and executing on it every day. Don't wait for someone else to take the reins and make things happen for you. Instead, invest in and empower yourself to take the necessary actions to move your life forward and achieve your dreams... just ask Oprah.
1 Concept That Will Change Your Life: The Fayol Principle
By: Kalyca Zarich
Who is Henri Fayol?...
Fayol developed a theory of management in the early 20th century that provides a comprehensive framework for effective leading people. It encompasses the following key principles:
Planning: Setting clear objectives and determining the course of action.
Organizing: Arranging resources and establishing a productive structure.
Commanding: Providing strong leadership and guiding employees.
Coordinating: Promoting collaboration and ensuring smooth workflow.
Controlling: Monitoring performance and taking corrective actions.
Manager’s, entrepreneurs, and leaders have been using the Fayol theory for ages. But, what we think is pretty epic is that the Fayol Principle can actually be applied to managing YOURSELF.
Based on all the great wisdom from our through-leader billionaires, one of the key takeaways is INITIATIVE. You are the driver of your own success!
What principle aligns with initiative theory? The Fayol Principle.
Now, look at this list again and apply it to managing yourself…
Planning: Setting clear objectives and determining the course of action (for yourself).
Organizing: Arranging resources and establishing a productive structure (for yourself).
Commanding: Providing strong leadership and guiding (yourself).
Coordinating: Promoting collaboration and ensuring smooth workflow (for yourself).
Controlling: Monitoring performance and taking corrective actions (with yourself).
Something that has been utilized in leadership theory for so long, turns out to be equally valuable when applied to self-coaching. We are strong believers in the idea that to succeed as an entrepreneur, one of your biggest challenges will always be to stay out of your own way!
How can you ensure that you don’t doom your own success? By investing the time, energy, funds, and whatever is required to become your own biggest asset - rather than liability. At the end of the day, the message is clear - Invest in Yourself!
How can you start using the Fayol Principle as a guide for your own success?
Drop us a reply!
Freedom. Sweet Freedom.
Here’s some staggering data on the position most Americans find themself in terms of financial freedom…
34% of all Americans have $0 in savings.
66% of millennials have zero retirement savings.
72% of households do not have a written financial plan.
Nearly 20% of people over 65 are still working and that number is expected to grow!
But, fear not…
83% of people that set financial goals feel better about their finances after just one year.
The truth is, just like with many other things, finances shouldn’t be your sole focus - but, they should have some of your attention. This is another area where creating MARGIN for yourself can pay dividends on your overall happiness, stress levels, and decision-making ability.
If you aren’t paving the way to make financial freedom for yourself, yet, that’s okay. But, we recommend working with a financial planner or coach to help get you on the right path to creating more margin for your life and business.
If you don’t know who to turn to for advice - we highly recommend following our friend Eric from Stage3Finance:
Being rich and wealthy does not mean:
- exotic cars
- big houses
- luxury goodsUltimate wealth is:
Time freedom
— Eric | Stage3Finance (@Stage3Finance)
3:22 PM • Apr 14, 2023
Always feel free to drop us a reply with anything you LOVED, or would LOVE to see covered in any of our sections.
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