Full potential show ep. 9 three levers for creating greater wealth
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Full potential show ep. 9 three levers for creating greater wealth

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The Full Potential philosophy is meant to help people operate at the best perspective in any given situation. It is about options. It is about empowerment. Empowerment feels good. So does investing life resources in what we truly value. If everyone was living at this level - life would be bliss.

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Full potential show ep. 9 three levers for creating greater wealth Full potential show ep. 9 three levers for creating greater wealth Document Transcript

  • Full Potential Show Episode 9:Three Levers for Greater WealthHello everybody, and welcome to the Full Potential Show. I’m James Rick and this is yournumber one, non-boring source for personal development. Over the last few episodes, we’vetalked about ways for you to create greater wealth in your life. There were two keys lessons forcreating this wealth. Can you remember what they are? Number one – living a frugal lifestyle,and number two was creating greater leverage. If you live a frugal lifestyle, you will preserveyour capital so that you can invest it in greater leverage.Now, let’s define wealth, frugality and leverage for those of you who missed the earlierepisodes. Wealth is not money or riches. Wealth is the freedom to “be” and “do” and “create”with your life resources. It’s the freedom. Number two: frugality is not being a cheap ass.Frugality is about hating waste. To make it fun, you can preserve your capital, but splurge oncein a while in smart way. We talked about how to do that in the last episode. Finally, leverage is not what American Wall Street did over the last few months that drove the economy down with all it’s derivatives, and all this crazy leverage - debt out the ying-yang type of stuff. Leverage is the mechanical advantage or power gained by using a lever. That’s the definition in the dictionary. Now, what does that mean? A lever is something that you can use thatwill actually cause you to need less effort for greater return or greater power. Now in this show,we’re going to talk about three levers that you can use to create greater returns in your life andthat ‘s what we mean when we say leverage. Are you ready to learn what those three leversare? Let’s begin. Full Potential Show Episode 9 Transcript Three Levers for Creating Greater Wealth www.fullpotential.com
  • Number one: people. Number two: technology Number three: systems.Now let’s break down each one of these levers and come up with a strategy so that you can usethem in your life. Are you ready? Alright, let’s begin.Number one: people. How can you leverage people so that you can put a little effort in and geta lot of return from your efforts? Well, it requires a team. It requires an organization, and that’sultimately what a corporation or business is. It’s a team of people. At the top, you have theowner, or the investors that actually make up the primary, you know, the founders of the team.When they employ or they use capital to hire people, they’re leveraging the time, energy,knowledge and connections of people to create greater returns for themselves.Now, it’s not necessarily a selfish proposition, because they’re also helping all of those peoplewithin the organization as long as they stay in business. They manage their resources well. Theycontinue to grow and create more people even beneath them in the structure, because anymanager is also leveraged, as they have the subordinates beneath them also doing the work.So, there’s a team and a hierarchy- a delegation that makes leveraging people, an importantlever for creating wealth. At the highest levels, the owner, the founder, the investors, and atthe lowest level, you have the employees. But in any organization, obviously, the value is all thesame. Everyone makes up the team. Everybody is an important part of that business. And forthis show, we’re just going to talk about this in a technical definition as a lever. When you havelots of people that are properly employed and properly working with you, then you have alever, a tool that is going to create an advantage or power in lifevs. if you’re just trying to do it on your own. Does that makesense? That’s number one, if you can leverage people, and theyare going to love you in return. It’s not something that you’rejust gaining from everybody. Everybody gains from it, but if youproperly know how to leverage people, then you’re going to bewealthy. So, that’s number one.If you can find ways to preserve capital so that you can employ people in a proper business, abusiness that has the potential of making money then ultimately you’re going to start toleverage yourself. Now, in my personal life, I started out with myself and eventually I startedout with a couple of staff. Now, I’m up to almost 200 staff that I am currently leveraging in a Full Potential Show Episode 9 Transcript Three Levers for Creating Greater Wealth www.fullpotential.com
  • form of a business. That makes me an entrepreneur. I have an organization through which Ileverage my resources in the form of people.Now what was the second lever? The second lever was technology. Now what does it mean toleverage technology. For example, I have a website for my business and it operates 24 hours aday, 7 days a week. If I want to create more money from the website, I simply have to do more marketing and the website will also do more selling. I can do more marketing through pay-per-click and various other marketing methods of using technology, like Google and everything else to drive traffic to the website, to create leads, and then ultimately then it goes back to people. I have somebody that will sell the leads, and will generate sales. Then I have an operations team. The people in the technology sort of fittogether, but technology is sort of a separate lever all in itself. That lever all by itself could alsomake you a wealthy person if you know how to use technology and you know how to leverageyour time, energy and knowledge through technology.There are some very, very smart people who just simply know how to use technology. Theydon’t even want to work with anybody else. They say< “You know what? Leave me to mytechnology and I will make a living for myself, or I will be very, very successful.” Just ask BillGates.Now the third lever is systems. Systems can apply to both people and technology as well as, ingeneral, the way you use your time. Now, clever ways that I’ve heard of “systems” is in theform of an acronym: Saving You s Time Energy Money – that’s a way to think about a system. Asystem is a lever that’s going to create a mechanical advantage, or more power, in your life.Let’s talk specifics. How can you create a system in your life that’s going to save you time,energy and money so that you’re going to have more power in your life? I use a simple, simplesystem for doing this. Here’s how: Start with your repetitive problems or tasks. Think ofanything that you have to do more than once. Any repetitive problem or task anything thatrecurs more than once. Think about that for a minute. Now we’re going to come up with asimple system for that so that you can understand how a system works. Are you ready? Herewe go. If ______ (whatever it is that is the recurring problem), then ___(why) solution.Here’s what I mean. If _______…let’s just say the phone rings, common problem, right? It’s notreally a problem, it’s a challenge. So, if the phone rings, then we will pick up the phone and saythis … This is our script, for 20 seconds or whatever. Now, it may seem really, really simplisticwhat I’m saying here, but basically imagine if a company did not have a system for answering Full Potential Show Episode 9 Transcript Three Levers for Creating Greater Wealth www.fullpotential.com
  • the phone. If the phone rings, then we wander around and do a million different things everytime the phone rings. No. To create consistency, a company has to build a system. Once theyhave a system, they can then look at it and continue to tweak it and refine it. Ultimately they’llcome up with the best system. They’ll come up with the best way to answer the phone. They’llcome up with the best way to come up with a new client that comes on board. They’ll come upwith the best way to handle a recurring client problem or customer problem.So, they’ll come up with the best way to handle the situation every time andthey’ll be able to share that with other people in the organization. If somebodyleaves the organization, they’ll have a system around that role that they’ll beable to put somebody else into so that they’ll just plug right in and they’ll knowexactly what they need to do. So the “if ___, then___” is really the mostfundamental and simplest way to define a system.You can also use people and technology for running the system, like I just described. You havean “if___, then___” procedure. Depending on how complex a task is, whatever it is that you’redoing in your life. It might be recurring, no matter how complex it is. You may just have a bunchof “if___, then___”, “if this, then this”. “If this, then this.” Let’s say you’ve got 100 differentproblems that come up, or could come up, or 1,000 just come up. Follow the 80-20 principle,which is 20% of the tasks or problems are going to make up 80% of the use of your resources,time, energy and money. If you could just focus on the top 20% and come up with the 80% thatyou’re going to be able to save because you’ve come up with an “if___, then___” scenario forthe top 20% of the recurring tasks or problems that you have in your life, imagine how muchyou’re going to save in time energy and money.Those are the three levers: people, technology and systems. This is the Full Potential Show,your number one, non-boring source for personal development. I want you to think about waysthat you can leverage people and technology. And just for now, because it’s not going to costany money for you to do this, think of areas in your own life, right now, whether you’re self-employed or even if you’re working a job currently. What are some “if__, then___” scenariosthat you can come up with that is going to save you, or your company, time, energy andmoney? Ultimately, the goal should be to get to a point where you are putting in a little amountof effort for a lot of return. Then if you choose, you can continue to put more effort in or moreresources in for even greater returns and that is going to create greater wealth in your life.Again this is the Full Potential Show. I’m James Rick. This is your number one, non-boring sourcefor personal development. We’ll see you on the next episode - where I’m not sure what we’re Full Potential Show Episode 9 Transcript Three Levers for Creating Greater Wealth www.fullpotential.com
  • going to do. I think we have some interviews on how to live your full potential. So stay tuned.Stick with us. Subscribe to the show and I’ll see you next time. Here at Full Potential.About Full Potential: The Full Potential philosophy is meant to help people operate at the best perspective in any givensituation. It is about options. It is about empowerment. Empowerment feels good. So does investing liferesources in what we truly value. If everyone was living at this level – life would be bliss. To find outmore, visit: www.fullpotential.com.About James Rick: James Rick, also known as “Mr. Full Potential,” is host of the Full Potential Show, Founder of FullPotential Academy, and author of “Unleash Your Full Potential”. James Rick started his first business atthe age of 17, currently employs more than 150 staff around the world, and his businesses havegenerated more than $5 million in revenues over the last 36 months. Full Potential Show Episode 9 Transcript Three Levers for Creating Greater Wealth www.fullpotential.com