Imagine trying to unlock a safe without the right combination. Then imagine discovering the right combination and uncovering a vault of business wisdom. By reading this book, Ben’s goal for you is to create a series of Aha! moments and teach you solve problems at all levels while growing your personal and business brand.
Move #1 Master Knowing Yourself
Who do you want to be?
That’s the ultimate question we start with. And that’s the one we’ll end with. The answer to it is by becoming crystal clear about the life we want to live. In doing so, we’ll immediately embody that person and act as if we’re already there. Answering “Who do I want to be” is hardly a one-off act. It’s a lifelong practice.
Study the most important product: Yourself
Knowing yourself and understanding who you are is what makes you tick, how much risk you can handle and what type of family you want to create. “Honesty” is the key element behind this exercise. Looking in the mirror is painful at times but that pain is worth it.
Once you know your product inside out, your decisions flow naturally and lead you to accomplish your goals.
Your path to creating wealth: Intrapreneur or Entrepreneur
Find the path that allows you to use your unique talents with the best odds for highest possible return, and that also fires you up. Be strategic about how you’re going to build your wealth. Identify the abilities and values that give you the edge and allow you to find your blue ocean.
Move #2 Master the Ability to Reason
Embrace Investment Time Return (ITR)
Best decisions in your life come from proper analysis and thinning several moves ahead. Here’s ITR formula you can apply:
Investment = How much will it cost or save you?
Time = How much time will it take you and save you?
Return = Calculate the return on money and time involved in the decision.
- Create 3 different proposals for dealing with an issue, each with a different price tag.
- Figure out your time frame. Fore example, if you spend $100K, you can get something done in 6 months. But if you spend $200K, you can get it done in 3 months. In this case ask yourself: Is it worth spending twice the money to reap the benefits in half the time?
- Figure out the return. It’s not a rocket science to find an investment is worth it. Remember to see the downside and make a list of blind spots or things that could go wrong.
The incredible power of processing issues
Take full ownership for anything that doesn’t work out. See yourself as the one who created the issue and has the power to solve it. Apply ITR (Investment Time Return) formula to make better decisions and stretch your resources. Reflect on any possible mistakes or weaknesses and make your next move(s) accordingly.
Use a Problem-Solving Methodology
Share the methodology with your leadership team and use it to process three pressing problems you’re facing. Make sure you identify their true causes and the reasons they happened.
|Urgency (1 – 5)||Who’s needed?||Whose buy-in needed?|
|List of solutions||Assigned responsibilities|
|Real cause of issue(s)||Potential negative consequence(s)||New protocols|
Move #3 Master Building the Right Team
The myth of the solopreneur
No one builds a billion-dollar company on his or her own. A company of one will always leave a limited impact.
Hire slowly. Fire quickly. Take your time to be sure you bring the right people in but when you’re convinced someone is in the wrong seats, don’t let the individual linger and hurt your team’s morale.
Create a principles-based culture
Establish your values, principles and be relentless in communicating them. Know your non-negotiables or let it be known that they’re more than words on a piece of paper.
The power of reliability: Trust = Speed
Inspect every skill needed in each function and make it transferable to any new hire in order to develop new leaders. Inspect the leadership language you use. Is it one that creates trust or doubt? Ask questions to understand people you care about most, and speak the language that moves them.
Move #4 Master Strategy to Scale
Scaling for exponential growth
Decide how you’re going to capitalize your business. Execute strategies for both exponential and linear growth. Lead people by demanding their best and holding them accountable.
Make momentum your friend
Find ways to increase the rate of your growth without bringing chaos into your business. Look for ways to compress time frames. Keep your ego in check to avoid being your own worst enemy.
Design systems to track your business, and stay paranoid
Decide what are the most important formulas of your business and track the religiously. As your company gets bigger, it becomes more vulnerable. Know where you’re exposed and where people can attack you. Stay on guard.
Constantly see through your enemies’ eyes. Ask how would you put yourself out of business if you were them. Don’t take it personally when they try to do just that.
Move #5 Master Power Plays
Identify the Goliath and control the narrative
Find the next Goliath you and your company to go after. Minimize distractions and anything that stands in your way to beat the Goliath.
Study Mobsters on how to sell, negotiate and influence
Instead of thinking only about what’s in it for you, think about finding wins for both you and your partners. Be aware of the party who has leverage. Don’t over negotiate when you’re lacking and don’t bully when you have it, especially when the other party can be a long-term strategic partnership.
Cultivate your power and stay battle-tested
Be always on the look out for leverage. Watch every interaction between people, countries and organizations to see if you can determine who has the leverage and if that person or entity is using that leverage.
Also, shift your mindset to help others rather than using a shotgun approach. Value people so deeply that you’re constantly looking for what drives them and how you can help steer them to get what they want.
If you enjoyed this summary, I highly recommend you to grab the hardcover here.