Visualization Technique

Read Brian Tracy’s words of wisdom taken from his blog on May 09, 2008. Get the ins and outs for building both business and personal wealth.

Learn key insight to risk reduction and success and how you can
apply it to any decision you have to make.

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John Paul
Getty became the richest man in the world by practicing a few basic

principles of risk-taking and reward throughout his life. In this
newsletter, you learn a series of ideas that can help you to make
better decisions and reduce the risks associated with success.

The Billionaire’s Strategy for Success

Remember Murphy’s Law: “Whatever can go wrong will go wrong.” There
are several secondary laws to Murphy’s Law, such as “Whatever can go
wrong will go wrong at the worst possible time” and “Of all the
things that can go wrong, the most expensive thing will go wrong at
the worst possible time.”

Another sublaw is “Everything takes longer than your best
calculation.” In advising businesspeople, I suggest that they take
their very best estimate of break-even for any business venture and
then triple it to arrive at a more realistic number. Whenever
businesspeople follow this advice, they are amazed to find that, in
spite of their best initial calculations, it indeed takes about
three times longer than they thought it would to start making money.

Always Add a Fudge Factor

Another sublaw is “Everything costs more than you can possibly
anticipate in advance.” In minimizing risk in any venture, always
add a “fudge factor” to account for the degree of uncertainty.
Whenever I do a business plan, I always add 20 percent to the total
of all costs that I can identify, to come up with the probable cost.
Anything less than this, whether in business or your personal life,
is likely to be an exercise in self-delusion and open you up for
some unhappy surprises.

Once you have identified the worst possible things that could go
wrong, make a list of everything that you could do to offset these
negative factors. Engage in what is called “crisis anticipation.”
Look down the road, into the future, and imagine every possible
crisis that could arise as the result of changing external
circumstances.

Be Intensely Realistic

Men and women who have achieved a high level of success are
intensely realistic. They do not put their trust in luck. They
carefully calculate every possible risk, and then think about what
they would do should it occur. They always have a backup plan in
case things do not go as they wish them to. They have a “Plan B” and
options to that plan that take all kinds of variables into
consideration.

Do the Things You Fear

One of the very best ways to develop your ability to take
intelligent risks is to consciously and deliberately do the things
you fear, one step at a time.

A very good way to overcome the fear of risk taking is to set
clear, written, measurable goals for yourself, and then to review
those goals regularly.

When you have clear goals and plans, and you continually work on
them and evaluate your progress each day, you will see what you’re
doing right and how you could improve your performance. You’ll feel
more competent and capable and better about yourself. You’ll become
more thoughtful and reflective and willing to take on even greater
challenges. You’ll feel like the “master of your fate and the
captain of your soul.” And your likelihood of success will become
greater and greater.

Action Exercises

Here are three steps you can take immediately to put these ideas
into action.

First, take any worry situation in your life today and ask, “What
is the worst possible thing that could happen?” Then go to work to
make sure it doesn’t occur.

Second, look into the future in your life and determine the worst
things that could happen. Engage in “crisis anticipation” regularly
and continually be taking steps to guard against them.

Third, work from clear, written goals and detailed plans. Review
them regularly. Consider alternatives and always look for ways to
increase the likelihood of your success.

21 Great Ways Entrepreneurial/Finance Success Series

Billionaire Bill Bartmann continues to share his two secrets to all success. The second secret after having a high self esteem is the 9 steps to achieving any goals.

You must have both high self esteem and a system to achieving goals in order to be successful. Most people focus on having goals and start planning to achieve them, but without the self esteem, they will not follow their plans. They will have doubts along the way, and the slightest obstacle is enough to stop them. That is why Bill Bartmann said he can’t stress enough the importance of a high self esteem.

Assuming you did the previous exercise and start building your self esteem, the next thing you need is a system to achieve your goals. These are the 9 steps to achieving any goals that you have.

The first step is to make sure that the goals are yours. Too many people spent their life going after goals which are not theirs. For example, they are going after their parents’ goals. Or if they are rebellious, they are going the opposite of what their parents want them to be. Either way, they are not going after what they really wanted for themselves. So whatever goals that you have, make sure your goals are what you really want. Make sure they resonate with your heart. Make sure that when you achieve them, it will strengthen who you are as a person and achieving the goals make you grow.

The second step is NOT to call it a ‘Goal’. Call it a ‘Promise’. Words carry with them meanings and associations. Different choice of words produces different emotions and different understanding. People usually miss their ‘goals’ but they don’t break a promise. So instead of calling them goals, treat them as promises to yourself. The promises you give to yourself will give you more motivation you need to achieve them.

Step three is to clearly identify your promise. Your goals have to be precise and clear. If you want more money, specify how much money you want and by when. If you want to be healthier, specify your ideal weight, how many times you want to exercise, how far can you run, or how heavy you can lift. If your want to be more successful, specify what success mean. It is far easier to hit a target if you know precisely where they are.