Napoleon Hill principle 6 in action

Napoleon Hill principle 6 in action

Lesson Details:
March 03, 2020

Video Transcription: With this video let's begin talking about the actionable step for Napoleon Hills sixth principle which is planning and taking action yourself and we'll start with business planning it's a tricky topic it's a long topic and if you're a first-time entrepreneur I would strongly advise that you get some kind of coaching or mentorship because it's really easy to make mistakes because if you're a first-time entrepreneur starting a business can be quite complicated and it's hard to get everything right and when you're planning is sure everything sounds good because it's hard to get context because everything is the first time another thing that makes things complicated is we're looking for experts or advisors there's a lot of people out there who sell and who say I know I'm an expert but they really don't know so only work with people who have a proven track record of success especially if they have success in your industry accomplishing what you're trying to accomplish or something similar and I don't know how far you've made it in my approach to business planning but I generally start people with at least a three centons business plan and it can be that simple if you understand your business the core of your business is your product take just one sentence to explain you are most effective marketing strategies just takes one sentence to explain and what I categorize as finances which is how are you gonna make money or how will you get profitable and that's the beginning of your plan of course you want to have a longer plan eventually stronger more elaborate plans sure but the idea behind all of this is that you lean towards action because maybe the biggest problem is that a first-time entrepreneur is untested commodity both for yourself if you're a first-time entrepreneur and for anyone else who's looking at you and evaluating your business because even you if you're just planning your first business even you don't know how much work you're gonna put in of course you're gonna think I'm gonna put in a lot of work but to remember what Napoleon Hill found most people are good starters they get excited but they're poor finishers in most people chances are that if you're starting a business that might be the case for you.

I don't want to sound cynical but it's just statistically speaking so you have to test yourself first and foremost test yourself whether you are the type of entrepreneur who starts and persevered forces the one who starts and gets discouraged if you start and get discouraged there's other things we can do we can work on your motivation on your productivity skills on reversing your procrastination but we don't know that we have to do that and you don't know if you have to do that so that's how we find out is that we launch you into action earlier rather than later and we don't want to over plan in this case even though planning is fantastically valuable as well now I'm gonna give you a couple of theories to make your planning easier first is customer development by Steve Blank Steve Blank is a three-time successful business owner when I say successful business owners who sold his companies for billions of dollars and he's a Stanford Business School professor so he's one of the most successful businesspeople out there he has this customer development theory which basically says before you start a business talk to some of your customers before you write a single line of code before he created a website talk to potential customers get their take on it see what they said his students Eric Ries created this Lean Startup methodology which is kind of built on top of ideas of Steve Blank and that's the rapid prototyping when you do start start small Eric Ries calls that the MVP Minimum Viable Product launch it gather feedback improve the product launch it again get feedback and there's that cycle we already talked about it so you want to launch quickly and improve rapidly don't launch slowly don't wait too long you've got to test yourself first and foremost see how you are in action and with that let's wrap up this point by Napoleon Hill because his next couple of points will be a little bit similar so we'll be reinforcing some similar topics.

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