The seventh form of leverage is Other People’s Contacts or Other People’s Credibility. Each person you know knows many other people, many of whom can be helpful to you. Who do you know who could open doors for you or introduce you to the right people? One introduction to one key person can change the entire direction of your life. Becoming skilled in these seven forms of leverage will have an enormously positive impact as you relentlessly work to become more productive. Study them. Learn them. And, most importantly, apply them. Then enjoy the remarkable results in your life and your business.
A sixth form of leverage is Other People’s Ideas. One good idea is all you need to birth a fortune. The more you read, learn, discuss and experiment, the more likely it is that you will come across an idea that, combined with your own abilities and resources, will make you a great success in your field. Of course, ideas in and of themselves are not all it takes. The world is full of people who will eagerly share with you their “if only” tales. How often have you heard, “I had this great idea but before I could get around to doing something with it, someone else came out with it and made millions. If only I’d done something with it!”? It is the person who acts on an idea who reaps the benefits. If it’s your own original idea, good for you. But some research can open your eyes to a never ending stream of Other People’s Ideas that, when wrapped up in a sound plan and put into action, can form the basis of a highly profitable venture.
The fifth form of leverage is Other People’s Failures. Benjamin Franklin once said, “Man can either buy his wisdom or borrow it. By buying it, he pays full price in personal time and treasure. But by borrowing it, he capitalises on the lessons learned from the failures of others.”
Many of the greatest successes of history came about as the result of carefully studying the failures of other people in the same or similar fields and then learning from them. What or who has failed in your field. How can you learn from these invaluable lessons?
You will discover that truly successful people who genuinely wish to support you will share not only their successes but their failures as well. Pay close attention to their stories. This is often where the true gold lies.
The fourth form of leverage is Other People’s Successes. You can dramatically improve the quality of your results by studying the successes enjoyed by other people and other businesses. Successful people have usually paid a high price in money, effort, emotions, difficulties and disappointment to achieve a particular goal. By studying their successes, and learning from their experiences, you can often save yourself an enormous amount of time and trouble.
Read biographies of successful people. Study the careers of those who have achieved great success in your field. Seek them out and ask their counsel. You will find that many successful people take great pleasure in helping younger individuals who are sincere about making something of their lives. Their advice can prove priceless. As you become successful yourself, remember the gifts received from those who have blazed the trail before you. Make an effort to give back to those who follow. This will bring you its own store of riches.
The third form of leverage is Other People’s Money. Your ability to borrow money, and to otherwise tap into the financial resources of other people, can enable you to accomplish extraordinary things that would not be possible if you had to pay for them out of your own resources. You should continually be looking for opportunities to borrow and invest money and achieve returns well in excess of the cost of that money. There are numerous sources to explore, including Chartered Banks, Savings and Loan Associations, Venture Capitalists and both Public and Private offerings of shares to name a few. The wise entrepreneur develops a solid relationship with a bank from the beginning. The best time to borrow money is when you don’t need it. This may sound trite, but it is true.
Borrow a small sum, place it a safe security such as a security of deposit or treasury bill, and in a few months, pay it back. Repeat this process several times. In this way, you will establish a strong credit rating and a positive track record with your bank. This strategy of consciously building a strong credit rating will pay big dividends on that day when you do need a loan. And rest assured, that day will come!
The second form of leverage is Other People’s Knowledge. One key piece of knowledge applied to your situation can make an extraordinary difference in your results. It can save you an enormous amount of money and many hours – even weeks or months – of hard work. For this reason, successful people are like radar screens, constantly sweeping the horizons of their lives, seeking continually in books, magazines, tapes, articles and conferences for ideas and insights they can use to help them to achieve their goals faster.
The Internet now makes the job of researching Other People’s Knowledge easier and faster than ever before.
Greek philosopher Archimedes once said, “Give me a lever long enough and a place to stand and I can move the world.” This principle applies to you as well. In order to get the very most out of yourself, you must leverage your strengths and abilities. Leverage is the key to achieving vastly more than you could on your own. Essentially, there are seven ways to leverage yourself.
Other People’s Energy
The first form of leverage is Other People’s Energy. Highly effective people are always looking for ways to delegate and outsource lower value activities so that they have more time to do the few things that give them the highest payoff.