The 16x Entrepreneur
In 1938, My granddad left his family’s poor farm in northern Virginia at the ripe old age of 15 so he could make his way in the world. He was lucky enough to find work as an electrician’s apprentice and earn enough to keep himself fed and clothed as the Great Depression lingered.
Two short years later, World War II broke out.
Granddad lied about his age and volunteered to join the army. After basic training, he was shipped off to Europe to fight. It was there that his life was changed forever.
As he was lying in a fox hole, bombs and bullets whistling over his head, he decided he didn’t want to be an electrician. He wanted to be a business owner. In that moment, Granddad promised himself he was going to live through the war, return home, and start his new life.
Granddad made good on his promise to himself. He returned to the US, he settled in southern Maryland with his new bride, my grandma, and he started his first business.
He went on to own three successful businesses in his short life.
In fact, he was successful enough to put the next two generations of his family through college and take care of his wife for the rest of her long life. I didn’t get to spend very long with my granddad. Sadly, he died when I was just seven years old.
But he left behind a valuable business lesson that I’ve never forgotten.
Granddad showed me that there are two types of entrepreneurs and they generate vastly different amounts of revenue and profit from their work – the top 20% and the bottom 80%.
Granddad knew how to leverage the 80/20 rule, otherwise known as the Pareto Principle, to grow his companies.
The 80/20 Rule states that the top 20% of the people own 80% of the wealth. That means that the other 20% of the wealth is spread over the bottom 80%.
But what does that really mean in dollars and cents?
Let’s say we have $10,000,000 profit generated in the economy and we have 100 entrepreneurs who create that profit.
The top 20 %, that is the top 20 entrepreneurs, share in $8,000,000 of the profit. That means each one of them earns about $400,000.
The bottom 80 of entrepreneurs get 20% of that money, that is, they share $2,000,000. That means each one earns just $25,000.
This is what it looks like in another graphic.
The top 20% earn 16x more than the bottom 80%!
This is the concept my grandfather drilled into me. Always look for ways to use the 80/20 rule to 16x your results.
So, why do some entrepreneurs make it into the top 20%, earning 16x the profit, while others struggle at the bottom, scraping to get by?
The top 20% know how to plan.
Seriously, it is that simple.
- Create a vision of exactly the company you want to build
- Write a Success Plan that lays out the steps for achieving that vision
- Translate that Success Plan into daily action and implement it
Sound too simple?
It isn’t. It’s just that most entrepreneurs never take the time to plan.
You see, most entrepreneurs like to “wing it”. They get up every day and assume that, if they just work very, very hard, their dreams will come true.
What they don’t realize is that it isn’t the hard work that gets them to success but rather the smart work.
And smart work takes planning. It takes thinking through the right way to grow before you put in the time to execute.
It takes aligning all of your actions in one direction so you generate massive momentum. Smart work doesn’t take massive effort, it takes concentrated thinking.
That’s exactly what The Simple Success Plan Online course shows you how to do. It puts your entire plan on one sheet of paper and takes about an hour to complete.
To learn more, visit http://bit.ly/2rF0Rb4