Wednesday 27 July 2016

The Only 3 Ways to be More Productive.


The Only 3 Ways to be More Productive
Image credit: Shutterstock


After reading thousands of articles and dozens of books, I've discovered there are only three real ways to be more productive.

People always equate productivity with working harder. Some of us eventually wise up and think about how we can work smarter. But we almost never think about the third way: how to be more courageous.

Ironically, the path to maximum productivity is organized in the opposite order. Courage is at the top and wisdom is just below it. Labor comes in last.

We all have roughly the same amount of time to work harder, and many of us have access to the same tools to work smarter. What separates the most productive among us from the rest is courage.

Working harder has its limits.

Most people looking to boost their results start by working harder because it's the most visible form of productivity. We assume the solution is to simply put in more hours -- and that’s true, to a point. However, this approach has few key problems.

First, we have only two to four hours of high-level energy per day. Studies that examine the habits of dozens of creatives and entrepreneurs from Darwin to Tchaikovsky reveal that our "peak" energy maxes out at a consistent mark. Those two to four hours a day translate to 10 to 20 hours per week. Beyond that, we cross a threshold. We still have the energy to complete managerial and administrative tasks, but we're incapable of high-level creative work. 

Second, pushing through to try to do more actually can make us negatively productive. I fell into that mistake while writing my first book. I took the attitude that I would simply write more every day. But after a certain point (usually two hours of writing for the day), the words I put down weren't only not good, they were actively hurting the overall quality.

Putting in an extra hour was not just an extra hour of work that day. It created another hour of work the next day, when I had to remove all the sections I'd ruined trying to do high-level work in a suboptimal state.

Research from Stanford corroborates my personal experience and research. We pass into negative productivity somewhere between 30 and 60 hours for the week. The magic number for each person depends on genetic makeup and lifestyle factors such as exercise, diet and sleep.

Books and hacks help us work smarter.

Once we top out our hours to work harder, we must learn to work smarter. There are two primary ways to accomplish this.

First, we can learn from others who have come before us. It took a century for people to learn how to market products effectively. Today, though, we can spend a month reading the five most important books in the field and understand 80 percent of what those pioneers gained through 100 years of experience.

Books are just the beginning. Reading gives us explicit knowledge, which can be readily articulated and verbalized. It does not, however, give us tacit knowledge -- basically, everything else that counts.

Here's an example: You can gain explicit knowledge about playing the guitar from musical instruction books. But you’ll never be a “productive” guitar player until you develop tacit knowledge through hands-on practice. The guitarist who combines the two knowledge types will be better than those who only read about playing and those who practice without studying the greats.

Second, we can build a toolbox of productivity hacks, tips and tricks. Approximately 104 percent of everything ever written about productivity falls into this category. Hacks usually require very little time to implement and yield immediate rewards. In short, they're exactly what consumers love to buy.

This isn't to say these tactics aren’t useful -- they are. But if you start from the premise "I want to be more productive and successful," hacks are a relatively small piece of pie. So the question remains: Is the best solution simply to become more efficient at each task?

Management guru Peter Drucker said, “Efficiency is doing the thing right. Effectiveness is doing the right thing.” I know and have studied many people who work hard and work smart but nevertheless seem to accomplish far less than they're capable of doing.
How, then, do we make sure we “do the right thing” before figuring how to do do the thing right?

Courage is the ultimate productivity hack.

As I’ve continued to study successful people and meet individuals I respect and admire, I've learned that courage is undeniably the biggest differentiator.

Most people lack courage because they fail to make the distinction between real and perceived risk. If we perceive a high cost of failure, we say, "It might not work." That scares us, and we hedge. Instead of focusing, we split our attention among different projects, not giving any one the attention it needs to succeed.

There's a well-known evolutionary reason behind this behavior. Picking the wrong project -- the one that might not work -- used to be a devastating proposition. Imagine you're part of a hunter-gatherer tribe and you decide to try a new way of hunting. There's an 80 percent chance your method will make it easier and faster to hunt large animals for the rest of your life. The impact would be huge. But the downside is fatal. If it doesn’t work and you miss the herds that season, you'll starve.
Our ancestors did only what they knew would work, and they survived. People who tried projects that weren’t guaranteed to work, died. That’s no longer our world. If your side hustle doesn’t take off, it’s not fatal (except maybe to your ego).

Many people say they can’t commit to a single project because they have lots of interests or too many ideas. But how does that truly affect our unwillingness to focus? We all like lots of different foods, yet we always manage to pick something on the menu for dinner. The perceived risk of picking the wrong entrĂ©e is low, so we make the best decision we can at the time. The most productive people don’t do this only with dinner -- they do it with everything.

By attempting to do too many things at once, we guarantee none will get the time and energy it needs to succeed. We must realize that committing to many things commits us to failure. Our very search for the sure thing actually sabotages our chances.

Our choice is clear: Dedicate our attention to one thing and make success more likely, or commit to many things and make success less likely. If we seek to be more productive, we must accept the proper order in which to organize our resources: courage first, then wisdom and finally labor. 
Committing to a single focus and being willing to fail will pay off more than adding another 20 hours to our week or learning another productivity hack.

From Broke to Millionaire: 4 Lessons a Serial Entrepreneur Can Teach Us.

 
From Broke to Millionaire: 4 Lessons a Serial Entrepreneur Can Teach Us
Image credit: Nextiva
"If you want to be a successful entrepreneur, don't chase the money," says Tomas Gorny, a serial entrepreneur who promotes the idea that the creation of great things is more important than the accumulation of wealth.

Gorny came to that realization the hard way, after growing up in poverty in Poland, immigrating to the United States in his late teens, joining a startup, making millions and then losing it all and starting over again.
Gorny’s rags-to-riches story repeated itself twice until he co-founded his current company, Nextiva, a cloud-based communications provider based in Scottsdale, Arizona, where he now oversees more than 500 employees. I had the pleasure of speaking with him by email about the four business lessons he said he'd learned over a lifetime as an entrepreneur:

1. Don’t underestimate people based on their appearance or speech.

Early in his career, Gorny said, he experienced a lack of respect in business because of his Eastern European accent. “I was perceived as this stupid and young Polish guy,” Gorny told Sramana Mitra in an interview with the One Million by One Million Blog. Rather than let prejudicial comments stop him, he worked harder and gained the favor of vendors and business partners.
Before long, he was respected throughout his industry. “I was able to land some of the best deals of my life,” he said.
Gorny says he learned from those experiences to never underestimate anybody in life because of looks, demeanor, accent or dress. Today when he thinks about hiring someone, he looks at the character of the person, his or her attitude, skill level and potential cultural fit.

2. Don’t be afraid to fail.

One of Gorny’s first companies was a PC distribution business he launched in Germany as a 17-year-old. He sold it in 1996 to earn the money to immigrate to the United States but had enough money to survive for only six to eight months. He joined a startup, lived on just $3 per day and scraped together money for his business by taking odd jobs like catering and valet parking. With long hours and hard work, he saw his business became successful, and he sold it in 1998.
With that infusion of cash, Gorny invested in a variety of real estate ventures but lost nearly all of his fortune when the tech bubble burst. Five years after arriving in this country., he was right back where he'd started. Yet this setback didn’t discourage him; he only worked harder to succeed. With roughly $6,000 left in his life savings, he launched a web-hosting company and built it into the second-largest business in its industry.

3. Approach everything from the customer’s perspective.

Customers are an entrepreneur’s best teacher. A business that can deliver quality products that solve a customer’s problems will become invaluable, and referrals will result. As a business owner, you'll be smart to adopt your customers' mindset: What problems are they struggling with, and how can you make their lives easier? Gorny recommends soliciting customer feedback rather than assuming your solution is the right one.
Gorny learned the value of trusting the needs of customers in his early business days when he first visited the United States. He needed a new pair of shoes, so he walked into a store and saw a two-for-one sale. Even though he didn’t need two pairs, the marketing and product-packaging concept stuck with him as something that attracted customers in America. This experience shaped his approach to business moving forward.

4. Focus on building your business -- forget about money and an exit strategy.

The process of succeeding and failing and succeeding again has taught Gorny not to focus on money. “When I lost my money [during the dotcom bust], I recognized that to succeed, I needed to focus on providing value to customers, not on how much money we could bring in,” he says. “I now live by that principle, and it has served my companies and me well.”
Similarly, Gorny believes that taking outside capital to build a business can be shortsighted because it forces entrepreneurs to focus on their exit strategy rather than on business growth. “While I feel that some businesses need venture capital, my personal preference is to not have investors,” he says. “I believe that business owners and entrepreneurs should focus on building their businesses an exit strategy."
However, he cautions, "If you are solely focused on your exit strategy, you may forget to build your business. If you focus on building your business, the outcome is often much better than you could have envisioned it.”

Bottom line: It can be easy for entrepreneurs to get caught up in the game of raising capital, perfecting an exit strategy and selling a company to the highest bidder, but this approach is shortsighted. As Gorny’s personal story proves, it is better to focus on the product and the service than the money. Creation is greater than accumulation.

10 Uncomfortable Deeds That Will Make You More Successful


10 Uncomfortable Deeds That Will Make You More Successful
Image credit: Yuri_Arcurs | Getty Images
T.S. Eliot was clearly onto something when he asked, “If you aren’t in over your head, how do you know how tall you are?” The very act of stepping outside of your comfort zone is critical to your success and well-being.
Our brains are wired such that it’s difficult to take action until we feel at least some stress and discomfort. In fact, performance peaks when we’re well out of our comfort zone. If you’re too comfortable your performance suffers from inaction, and if you move too far outside of your comfort zone you melt down from stress.

Peak performance and discomfort go hand in hand. Stepping outside of your comfort zone makes you better, and it doesn’t have to be something as extreme as climbing Mount Everest. It’s the everyday challenges that push your boundaries the most, none of which require a flight to Nepal. Step out of your comfort zone and embrace these challenges.


1. Get up early. Unless you’re a morning person, getting up earlier than usual can take you way out of your comfort zone. However, if you get up well before you have to start getting ready for work, it’s worth it. It gives you an opportunity to collect your thoughts and mentally prepare yourself for the day ahead, rather than just dashing from one activity to another. It also gives you the opportunity to eat a good breakfast and exercise, both of which have well-known health benefits.

2. Accomplish an “impossible” goal. Few things compare to the exhilaration of accomplishing something that you didn’t think you were capable of. These achievements fall so far outside of your comfort zone that they seem impossible. Maybe it’s running a marathon or giving a keynote speech at a convention. These accomplishments are worth every bit of suffering you endure to achieve them because once you finally do it, you feel invincible and carry that triumph with you forever.

3. Meditate. It’s easy to get stuck in your comfort zone when you’re so busy that you don’t slow down enough to really think about what you’re doing and why you’re doing it. Meditation is a great way to break this cycle and also happens to be very good for your brain. Harvard neuroscientist Sara Lazar found that meditation creates important physical changes in your brain. It increases brain density in areas responsible for self-control, focus, problem-solving, flexibility and resilience. Best of all, these changes are lasting.

4. Focus on one thing at a time. Focusing completely on a single task is a big risk -- the risk of failing at something to which you’ve given your all. That’s why it’s so uncomfortable. The alternative -- multitasking -- is a real productivity killer. Research conducted at Stanford confirms that multitasking is less productive than doing a single thing at a time. The researchers found that people who are regularly bombarded with several streams of electronic information cannot pay attention, recall information or switch from one job to another as well as those who complete one task at a time. When you try to do two things at once, your brain lacks the capacity to perform both tasks successfully. When you spread yourself too thin and chase after every bright, shiny thing that catches your eye, you’re missing out on an important opportunity for personal growth.


5. Volunteer. It would be great if everyone volunteered for purely altruistic reasons, but we all have demands on our time and have to set priorities. The problem is that after a long workday, volunteering can get pushed down somewhere below watching “epic fail” videos on YouTube. Volunteering is a powerful experience that feels good and expands your network at the same time. Have you ever met anyone who made volunteering a priority and wasn’t changed for the better by the experience? Neither have I.

6. Practice public speaking. You’ve likely heard that the majority of people fear public speaking more than death. In fact, 74 percent of Americans have glossophobia (the fancy word for a fear of public speaking). So, yes, it’s a challenge. It’s also worth it. Whether you’re addressing five people around a table or an audience of five thousand, becoming a better public speaker can be a huge boon to your career.

7. Talk to someone you don’t know. Unless you’re an extreme extrovert -- or a politician -- talking to new people probably makes you at least somewhat uncomfortable. Do it anyway. Social interaction is good for your mood (even when you don’t like it), expands your network, exposes you to new ideas and boosts your self-confidence.

8. Bite your tongue. Sure, it can feel so good to unload on somebody and let them know what you really think, but that good feeling is temporary. What happens the next day, the next week or the next year? It’s human nature to want to prove that you’re right, but it’s rarely effective. In conflict, unchecked emotion makes you dig your heels in and fight the kind of battle that can leave you and the relationship severely damaged. When you read and respond to your emotions, you’re able to choose your battles wisely and only stand your ground when the time is right. The vast majority of the time, that means biting your tongue.

9. Say no. Research conducted at the University of California, San Francisco, showed that the more difficulty that you have saying no, the more likely you are to experience stress, burnout and even depression. Saying no is indeed a major challenge for many people. No is a powerful word that you should not be afraid to wield. When it’s time to say no, avoid phrases such as I don’t think I can or I’m not certain. Saying no to a new commitment honors your existing commitments and gives you the opportunity to successfully fulfill them. When you learn to say no, you free yourself from unnecessary constraints and free up your time and energy for the important things in life.

10. Quit putting things off. Change is hard. Self-improvement is hard. Scrounging up the guts to go for what you want is hard, and so is the work to make it happen. When things are hard, it’s always easier to decide to tackle them tomorrow. The problem is that tomorrow never comes. Saying you’ll do it tomorrow is just an excuse, and it means that either you don’t really want to do it or that you want the results without the hard work that comes along with it.

Bringing It All Together

Staying in your comfort zone means stagnation. Just as an oyster only makes a pearl when it’s irritated by a grain of sand, no one has ever accomplished anything remarkable when comfortable.

10 Ways You Can Model the Success of Millionaires

10 Ways You Can Model the Success of Millionaires
Image credit: Shutterstock
According to a Market Insights Report, there were 10.4 million U.S. households with a net worth of $1 million or more in 2015 (wealth not including their primary residence). This number is at an all-time high, up from 10.1 million in 2014.
Becoming a millionaire is no longer an unrealistic dream. Becoming a self-made millionaire has never been an easy feat, but it is certainly possible if you are willing to make the sacrifices and changes necessary to reach this financial goal.
Here is a compilation of 10 ways that will help you copy the success of millionaires.

1. Hard work trumps talent.

"Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work." -- Stephen King.
There is no way around it. You cannot be a self-made millionaire if you are not willing to work hard. Even luck needs hard work thrown in, at the very least so that you can keep your wealth.  (About 44 percent of lottery winners spend all their winnings within five years because they don’t realize that keeping their winnings intact requires hard work.)
There’s a common misconception that successful business owners are people “born” to be entrepreneurs. That couldn’t be further from the truth. The most successful millionaire entrepreneurs are the ones that consistently outwork their competition.

2. Become motivated by passion.

“A person can succeed at almost anything for which they have unlimited enthusiasm.” -- Charles M. Schwab
Millionaires tend to know what they are passionate about and are not afraid to pursue it. Because they choose paths that are related to their passions, they are often self-motivated. Of course, some millionaires are only motivated by financial success, but they have found a way to get through the difficulties and challenges that inevitably show up at the worst times.

3. Diversify income streams.

Although millionaires tend to work in accordance with their passions, they also know better than to have all their eggs in one basket. Millionaires tend to have multiple sources of income to keep themselves diversified. Although they may focus on one area such as real estate, they will have several strategies to create income for them through that avenue, such as residential property investments, private equity investments, consulting and property management.
For example, in addition to trading Bitcoin, I set aside about 10 percent of my wealth for early stage startup investments. I look to combine the short-term income of trading with the long-term potential of a big return on my investment if a company goes public or gets bought out by a bigger competitor.

4. Never stop learning.

Millionaires never stop learning. According to "Rich Habits: The Daily Success Habits of Wealthy Individuals" by Tom Corley, 85 percent of millionaires read two or more books every month. And not just any type of books but books that promote growth, such as psychology, business, science, leadership and inspirational biographies.
Mark Zuckerberg initiated an online reading book club in 2015 called “A Year of Books” where followers read 2 books a month and discuss them on the Facebook page.
On top of reading habits, Tom Corley identified that 63 percent of millionaires also keep their learning up by listening to audiobooks during their commute.
We have easy access to both free or cheap online education in the 21st century that a lack of knowledge is no longer an excuse. At Skill Incubator, we focus on teaching high-value skills that can help students build sustainable income streams.

5. Invest resources in successful people.

It obviously makes sense to invest money in income-producing assets, but even more importantly, it’s wise to invest your time, energy, and attention in successful people.
Offer to take a millionaire that you admire out to lunch, join a mastermind group where other successful people can keep you accountable, volunteer to help the causes of other successful people. Network in different circles and always be willing to help others achieve what’s important to them.
James Altucher, a popular millionaire blogger, suggests getting the attention of someone successful by sending them 10 ideas that could help or improve something they care about. For example, if you’re trying to get a popular blogger to publish your guest post, send him or her 10 blog post ideas for use on their website.

“It is literally true that you can succeed best and quickest by helping others to succeed.” -- Napoleon Hill

6. Find a mentor.

There are many types of mentors but, in a nutshell, a mentor is someone with more experience and knowledge who can guide you to achieve your goals and results. When you are starting out, it’s often the case that mistakes can cost you dearly. This is where a mentor becomes highly valuable. Not only can great mentors provide you with foresight, but they often provide encouragement and feedback. It’s not surprising that 93 percent of those in Tom Corley’s study give credit to mentors for their success.
I was lucky to find a successful mentor in high school. He taught me all about entrepreneurship, real estate, and finance. Thanks to my mentor, I was able to buy my first real estate investment before the age of 20, which led me to build a successful investing company.

7. Model physical and psychological traits.

Millionaires act differently than less financially successful people. They also think and feel differently. Observe their body language, listen to the way that they talk and consider what values they hold.
Compared to the average American who struggles with finance, millionaires tend to be more resilient. They don’t give up easily; they are able to delay gratification and they always keep their eyes open for more opportunities.
There are several ways to find out how a millionaire thinks, feels and acts. Direct access to the millionaire directly through face to face meetings, a telephone call or email, is always most effective. However, if you don’t have that sort of direct access, you can still learn a lot about a person through books they have written, interviews they have given, and their social media activities such as posts and tweets.

8. Create clear goals.

“If you don't know where you are going, you'll end up someplace else.” -- Yogi Berra
Millionaires tend to have very clear goals and priorities which helps them stay focused. They know what needs to be achieved and when it needs to be done. They are more willing than others to go the extra mile and do what is necessary to achieve their goals. They not only work hard, but they also work smart and spend considerable time thinking about whether their actions are helping them to get closer to or further away from their goals.

9. Reclaim ownership of your time.

You can’t be a millionaire if you have no control over your time. When it comes to the amount of time available, humans are born completely equal in this respect. Whether you are a millionaire or not, you will only have 24 hours in a day. What you do with your time will determine your level of success.

Millionaires tend to have a well-planned day as they often have much to get done. Some use daily to-do lists while others focus on priorities for the day. Choose a method that works for you and stick with it.
I like to do tasks in blocks. For example, I’ll record a month’s worth of podcast episodes back-to-back on the same day. This saves me hours of time every week. Another example is email -- I generally check my email just twice a day, before lunch and before I leave for the day.

10. Learn to accept failure and persevere.

“I have not failed. I’ve just found 10,000 ways that won’t work.” -- Thomas A. Edison
Millionaires tend to have great faith in their dreams which helps them to stay positive and not give up, even when others don’t believe in what they do.
Millionaires realize that failure is a part of growth; it is a great teacher and provides valuable feedback. They don’t fear failure the way some less financially successful people do and they are not afraid to ask questions and to ask for help when needed.