Dan J. Harkey

Educator & Private Money Lending Consultant

10 CONCEPTS FOR PERSONAL AND BUSINESS SUCCESS

Common assumptions about how personal lives operate and businesses function

by Dan J. Harkey

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Summary

Rereading and internalizing these concepts will change the way most people manage their lives and do business.

1) Principle of Balance:

  • Input and output correspond.
  • Cause and effect correspond.
  • Effort and results correspond.
  • Changes occur in a linear form, and correspondingly, there is an upward or downward trajectory.
  • Equilibrium of forces applies between effort and outcome.

2) Principle of Imbalance:

  • Input and output do not correspond.
  • Cause and effect do not correspond.
  • Effort and results do not correspond.
  • Personal and business results are non-linear.
  • The value of effort and output (results) varies in each minute, hour, or day.
  • The value differential can be dramatic.
  • Business is unbalanced. (Not in equilibrium).

3) Tools and techniques required to Operate In A World Of Imbalance:

  • Written planning, motivation,
  • Initiative, tenacity
  • Imagination/Vision
  • Action and action habits
  • Take risks
  • Willingness to accept failure
  • Time management: effective use of time
  • Leverage through processes, delegation, and technology
  • Technology applications, particularly all the new AI-driven platforms
  • All planning, actions, and habits should be characterized by how we can further leverage our output and results.
  • Positive and negative feedback, adjust, and move forward
  • Positive and negative actions can become a loop
  • Readjustments to the strategy, move forward
  • Try again, expecting a higher result
  • Remaining static without constant change, upgrades, and new actions will result in falling behind, as the world of success operates with assumed innovations, new strategies, and techniques, all aimed at achieving greater results.

4) Reassessing and reallocating our time into the most productive activities yielding the highest output; Leveraging time. This process empowers you to take control of your productivity and ensures that you’re investing your time where it matters most.

Through others, whether employees or independent contractors

Leveraging time through technology

5) Effective time utilization

Focus on the most essential elements at any given time that yield the most outstanding results every minute of each day. Self-starters understand that 20% of our activities generate 80% of their intended outcomes. Self-starters also understand that 20% of their customer base is responsible for 80% of their sales and, therefore, their income.

6) Leverage time through delegation

Certain activities maximize their value, while others are important but may be delegated to support staff or third-party independent vendors. Delegated job responsibilities may be integral to overall success, but knowledgeable and well-trained individuals can handle them. The Self-starter knows that each hour of delegated activities could double the productivity and value of their time.

7) Technology

The self-starter recognizes unlimited opportunities to utilize software packages to manage data, market, network, and streamline their jobs and daily activities.

Self-starters recognize that technology enhances their effectiveness and often multiplies their results.

8) Symmetrical vs. asymmetrical growth

Personal and business growth is not accomplished on a constant upward trajectory. There is a correspondence between effort and results. We do not automatically get improved results by X amount per minute, hour, month, or year. Variables that affect results change constantly. For example, the real estate loan salesperson may need to catch up around holidays, whereas the retail stores do their best during the same time. Socioeconomic or political upheavals may cause businesses to decline dramatically, while news that the economy is performing well may accelerate new business activity. Attitudes and actions may modify results.

Balance of symmetrical growth requires constant modification of activities, action habits, and growth patterns. A person's activities differ during high-production months compared to low-production months. A Self-starter recognizes that the high volume of inbound calls with potential new business may be followed by stagnant periods, during which outbound solicitations are necessary to bridge the gap.

9) Exponential growth

Growth or success will increase in quantity over time at an accelerating rate. If the plan is executed efficiently, success will double or triple. Focus, execution, constant readjusting of the plan, and tenacity are the keys.

Momentum is achieved by sticking to and modifying a plan as needed. The opposite of exponential growth is exponential decay, where success shrinks with time if the plan is not executed. Loyalties, referrals, momentum, and results quickly cease when the person stops executing their plan. Catching infectious diseases, such as poor attitudes, bad habits, or procrastination, can easily lead to a downward trajectory in success.

All plans and their execution must be constantly evaluated and modified. Stagnation will cause a downward trajectory.

10) Organizational bureaucracy: Operates as a drag on productivity

A bureaucracy is a work organization that refers to a body of personnel executing the organization’s directives and policies. The term bureaucracy means rule by desks. As staff members multiply, inefficiencies diminish intended results. Each staff member’s agenda may be different from the organizational intention. The more each staff member deviates, the more inefficiency sets in. Inefficiencies drag on goals and profits.

If a job is directed to particular staff members due in two weeks, misuse of time, procrastination, spending time on trivial matters, and delegating to subordinate support staff may be counterproductive and a drag on profits. Many staff only care if they go through the motions and get paid. This is an example of a process-driven approach rather than a results-driven one.

Many companies tolerate inefficiencies and hire additional staff, which hinders production and impacts bottom-line profits. Governments actively encourage the multiplication and duplication of personnel, regardless of how inefficient they become. Multiplying personnel and consuming public tax receipts become the primary goals rather than getting results. This is the underpinning of affirmative action. Entrenched bureaucracies are organizational cancer.

11) Time Off: Bonus to make the first 10 work as desired.

Time off is a period away from work that relieves work-related emotional stress and mental fatigue. It’s a chance to recharge your (mental, emotional, and physical) batteries, stepping away from the hustle and bustle to find peace, tranquility, and resolve.

Everyone needs to recharge their (mental, emotional, and physical) batteries. Avoid any semblance of work pressures, including turning off the phone and computer. Avoid burnout by scheduling focused blocks of time away from work-related activities. Hopefully, these will be full days, unencumbered, away from the business environment altogether.

Most people have developed a place to escape from their business life or activities that helps them transition from a frantic hustle and bustle into a peaceful, tranquil, serene, and resolved state. A personal tune-up comes to mind.

The escapee can take a break from work and, regardless of how temporary, figure out how to spend free time away from societal pressures. This could be a quiet corner in a park, a favorite coffee shop, or a relaxing spa. And there are many more options to explore.