Summary:
What does a super successful person in their field do when they discover their career has stagnated or completely stopped? The successes they immensely enjoyed for the last 10 to 30 years have disintegrated.
Article:
This potential should fill you with hope and optimism for the future. Success may only be possible with significant modifications to one's thought processes, actions, habits, and willingness to accept new risks. Doing the same thing repeatedly may not work. As Albert Einstein famously said, 'The definition of insanity is doing the same thing over and over again, but expecting different results.' This should motivate you to embrace change and take action.
The definition is different.
Emerging technologies, novel or revitalized techniques, and discoveries can open doors to new ways of engaging with others, colleagues, prospects, friends, and customers. Exploring and embracing a new paradigm shift could be a game-changer. A fresh wave of results might be just around the corner.
One of my all-time favorite rock groups was Traveling Wilburys; their song, End of The Line, has a verse with a great message:
You can sit around and wait for the phone to ring (end of the line). Waiting for someone to tell you everything (end of the line)
Sit around and wonder what tomorrow will bring (end of the line)
Maybe a diamond ring.
The Traveling Wilburys, a group of British-American iconic genius musicians, delivered some of the most profound music. Bob Dylan, George Harrison of the Beatles era, Jeff Lynne of Electric Light Orchestra, Roy Orbison, Tom Petty, and Jim Keltner, the leading session drummer in America. Another of their classics was Handle with Care.
The message in EndofTheLine is compelling. Thelyricsrelate to
allowing outside forces to dictate life plans and actions, hoping these forces
bring unearned benefits. Thissimpleversedefinesmostunsuccessfulpeople. They frolic through life's forest, believing they are entitled, privileged, and somehow important to society but without effort, plans, or strategy. In most cases, they are parasites living in the host's blood, meaning the taxpayers.
Superficial and dependent lifestyles, entitlement, television, procrastination, and procreation dictate their lives. They undoubtedly sit in front of the TV eight to ten hours a day, consumed by the media and advertising garbage while waiting for the phone to ring; of course, they are hoping for the least. That is why the government has propaganda about how easy it is to obtain free stuff and sponsor lotteries. Wishing and hoping are not strategies, but they make an excellent name for a classic 60s rock band, Wishin and Hopin, by Dusty Springfield.
I have found on multiple occasions that my strategies have failed me. The need for reinvention, instead of self-destruction into a renewed enterprise, is a regular cycle of personal growth. But the choice of which is best is straightforward.
Internal forces are those associated with personal relationships that may cause us to get off purpose and deviate from our successful strategy. For example, a strained relationship with a colleague could affect your performance. Needed changes may also be due to external forces, such as an unexpected war, interest rate increases, economic headwinds going in the wrong direction, regulatory intervention, or internalized pressures. These external forces could result in severe self-induced cash-flow constraints, family financial pressure, an unexpected illness, divorce, emotional problems, substance abuse, the death of a loved one, partnership dissolution, age bias, or staffing problems. The list is never-ending.
You do not need to be a victim of worry. Reduced to its simplest form,
What do you think is worry? It is simply an unhealthy and destructive mental state.
The Power of Positive ThinkingbyNorman Vincent Peale,
Once you have acknowledged that you need a reset or reinvention, the first decision is whether to stay in your chosen field or select an entirely new one in a different profession.
Agreatstartisgoingonlineto download thebookAcresofDiamondsby
Russell H. Conwell, written in 1925. His simple quote defines the message!
The book is about pursuing success through what you already know in your chosen field instead of starting a new profession in an entirely new area.
You can journey to the ends of the earth in search of success, but if
you're lucky; you will discover happiness in your backyard.
Suppose we have decided to remain in our chosen field!
Take a moment to Reflect on the successful elements of your past strategy. Equally, consider those that are currently failing or have become obsolete. This exercise in self-reflection is a powerful tool for self-awareness, helping you understand your strengths and areas for improvement. It puts you in the driver's seat of your career reinvention, fostering a sense of introspection and control. This self-reflection should empower you to take control of your career.
Could you list daily action habits you practiced that yielded great or limited results? Choose internal (you) vs. external (the market, economy, or government).
Some people must acknowledge how they contributed to their lack of success. Many (many, many, many) refuse to recognize or rationalize how their actions contribute to their failures. Sorry for the blunt statement, but I have watched this reoccurring process for over 50 years.
Seek out one or more mentors or multiple successful friends who have positive attitudes and possess the characteristics you aspire to emulate. These mentors and genuine friends can serve as invaluable guides, providing the support and guidance you need to reinvent your career. Their presence can make you feel supported and guided in your journey, knowing you're not alone.
The hard-core or brutal love truth is that many people create barriers to success. (For example, they may find themselves both broke and having to buy beers while complaining about not getting results, which is a revolting development.) This 'hard-core truth' reminds us that our attitudes and actions can often be the biggest obstacles to our success and that we must be willing to take a hard look at ourselves and make necessary changes.
The reasons for failure may include the following:
A lack of motivation without a go-get-um attitude. We must be willing to be ever-present and to go the mile and a few more if necessary. Outwork everyone around you. Be results-oriented, show tenacity, and do not give up.
Lack of tenacity to carry out a plan. Tenacity is the number one crucial trait of a successful person.
Inadequate training or rejection of the concept of change may be a barrier. Our lives are defined by constant change.
If we fail to respond, we will become one of those characters who sit at the bar and brag about the successes we used to have and how much money we had. The conversation is nauseating when it deals with people who live in the past.
How to accept rejection- Inability to get or understand the process.
Lack of a written action plan with daily action habits.
Poor allocation of daily time usage with appropriate action habits is a barrier.
Failure to focus on the most critical tasks may be a barrier. Use the 80/20 rule: 20% of your focused daily actions result in 80% of your positive results, and 80% of your daily activities result in 20% of arbitrary results.
Rationalization leads to failure. Rationalization is a defense mechanism (ego) in which apparent logical reasons are expressed as opinions to justify one's behavior or thoughts. A person may use the reasonableness of their viewpoint to cover up unacceptable behavior and blame others for their failures.
Projection. Some people try to redirect or deflect their emotions, flaws, and other quirks onto another and shift blame or ignore problems. These people usually compensate for their inadequacy by boasting about successes, purchasing things, displaying items suggesting success, and expressing unwarranted opinions as a defense mechanism for weakness and insecurity. These simple folks boast the title of success but cancel their failures.
Research the top 10 most successful people in your field. Study the group and find the characteristics that result in their success. List the defining characteristics or attributes that led to their accomplishments. Emulate their actions. The list will become a blueprint for creating a new daily action habit plan that will lead to success.
Your action plan should focus on elevating yourself to the top 20% of productive and successful people. There is no apology for the lack of success when the strategy to obtain it is so clear.
Construct a Plan to Assist in the Process of Reinvention:
With a properly written action plan, an implementation strategy, tenacity,
With confidence in oneself and positive motivation, you could be dropped off in Cheyenne, Wyoming, start a new business in the same field, and be successful within 24 months.
Friends do business with friends!
Most businesspeople know that their success corresponds to the number of business relationships they create. Successful relationships become friendships and are two-way streets. You'll need help developing successful opportunities for your business friendships. Nurture their successes as if they were your own. You can make referrals regularly without requiring any compensation. Your network will be able to reciprocate ten times over.
Communicating with business associates is necessary to meet goals and determine if lead prospects are progressing, stalled, or becoming dead frogs. Please respond to others ' requests as a common courtesy if you want to develop lasting relationships. A return phone call, email, or text with a short status update is a beautiful event. Fast is excellent and gets the job done.
Those who regularly communicate with others show mutual respect and dignity and will be successful. Those who do not will fail because they view themselves as the center of the sales process rather than the customer. Non-communicators eventually eliminate themselves from the playing field and eliminate any possibility of developing lasting long-term relationships.
Regular texting, emailing, and online Zoom meetings are the primary sources of communication. I have never developed a lasting friendship with anyone based on texting or emailing. Most Zoom meetings are painful experiences that test one's patience. Twenty percent of the content has value, and 80 percent usually has none—I doubt one could ever enjoy long-term sustaining relationships without person-to-person conversations.
There are people in our business that we should avoid. Certain people bring nothing to the relationship but superficiality, wasted time, disappointment, and eventual disgust. The disgust may even be with yourself and why you put up with this person in the first place. Disgusting oneself is self-defeating.
Some people that we meet are self-centered, egotistical, and even sociopathic. Their world is only a reflection of their sphere. They may be parasitic, sycophantic, negative, defeatist, secretly hostile, pathological liars (of which there are many), or jealous of the success of others. Because of their self-admiration, they usually expect the phone to ring one way, inbound toward them. Could you identify these folks and remove them from your life, pronto?
Industry terminology and jargon may change, but success concepts will remain similar. My examples relate to the real estate lending business I have been in for 45 years and to operating a half dozen other companies with hundreds of employees.
Because of our recent experience with the COVID-19 shutdown, the importance of systems designed to create portability in active working stations has become paramount. Transferring one's workstation to a home office or other workplace and continuing daily activities to communicate with prospects and associates has taken on an entirely new meaning.
Could you review vendor support relationships? Vendor(s), usually independent contractors, are assigned delegated responsibilities, always reflecting your professionalism. Vendors may include service providers like loan processors, underwriters, and Insurance brokers. We need one or more third-party marketing specialists to connect, communicate, and solicit the outside world. Replace those who do not possess master-level competence.
Legal and regulatory compliance expert. With hundreds of thousands of pages of regulations and multiple government agencies, federal, state, and some overlapping, even redundant, an expert in your field, including labor relations, is required. Part of the reason for the complexity is the hope that you will make a mistake and the system will punish you with punitive measures. You are liable for the actions of your experts.
Accounting Support includes a top-rated CPA or Enrolled Agent Tax Expert, in-house accounting, trust accounting, outside auditors, retirement planners, trust fiduciaries for retirement plans, etc.
Tech support. Most business owners and salespersons need hardware, desktops, monitors, multiple servers, backup systems, Wi-Fi connections, phones, and phone/computer interfaces connected to the outside world by high-speed cabling. We need tech support who can be an on-call diagnostic expert who can remotely connect to your system or portable computer when you'd like to fix any problems.
Marketing and software support. A customer relationship software package (CRM) is a must. Many are available as software packages installed in your system or online. You also need an office support system like Microsoft 365, which has Outlook, a word processor, and a spreadsheet. Many practitioners use loan processing, trust accounting, servicing, and accounting programs. You may enhance your efficiency by installing three multiple monitors and using your software packages to maximize efficiency. If someone sends you an email, you may want to transfer it to that person, forward it to another, or use the loan processing system for data storage. It is helpful to have a commercial-quality server and workstation security software package to protect against unwanted solicitations and viruses. Also, remote desktop connection software is now a necessity. Go to My PC and Team Viewer is an example. Lastly, some need a cloud-based backup system for server and desktop data.
Connections with others for meetings and presentations have now become more accessible with software such as Zoom and GoToMeeting when not used too frequently. We expect this creative software design segment to improve over the next 24 months.
Some folks rely too much on social media. Social media giants like Facebook, GETTR, Instagram, LinkedIn, Parlor, Telegram, TikTok, Twitter, YouTube, and many others are corporations that rely on advertising to make a profit. The more you are bombarded with advertising and buying things, the more profits they make. Most of the platforms are also ideologically driven. Experts in that field must explore whether one can derive viable business contacts from social media.
You must realize that your data and correspondence are not private. Instead, your data determines how they can monetize your connection to their platform algorithmically. Computer algorithms can determine where your interest lies and what you may be willing to purchase. Profits and having you become dependent on them is always the motive.
In most cases, social media is a misnomer. A more appropriate name would be social disinformation media. Many attempts to provide natural information are biased propaganda designed to sway public opinion. Social media news bias, political polarization, geopolitical preferences, and cancel-culture actions boil down to how they can manipulate you to make a profit for them. In most cases, these platforms are interested in controlling your narrative about
everything. They want to sway your opinion. They also want you to develop more reliance and spend time on their platform.
In all cases, our relationships. The more connections that become friendships, the more business a person will develop. I shared this earlier in this article.
Social media linking for relationship-building: When you request to connect on social media such as LinkedIn and get a sales pitch, a good friend sells five minutes later. Disregard the pitch. The salesperson either does not care about building a relationship or is ignorant.
Organizational size. Some people want to build a company with brick-and-mortar square footage and a substantial fixed-cost base every month, including rent or ownership expenses, hiring, equipment, insurance, and liability for others. The stress of dealing with staff and calculating fixed and variable costs that will expand and contract as needed is difficult.
Judging the elasticity of demand for your product or service may take time and effort. Elasticity refers to a business's ability to adapt to rapid up-and-down fluctuations in business volume. For example, loan volume production in the real estate lending business can expand and contract overnight, as we are currently witnessing.
The government can raise interest rates, pick winners and losers, shut down all private enterprise businesses using a fraudulent scheme, and instill fear, insecurity, and anxiety. During the COVID fiasco, the government protected large corporations while systematically destroying small and medium-sized businesses across the country.
Major news stories may make people skittish, whether actual or the usual propaganda lies and deceptions. Buyers, borrowers, manufacturers, distribution outlets, and end-use consumers may need time to readjust or decide to abandon any decisions altogether. Supply chains may be constricted or locked up.
We must also be concerned with your operation's scalability, which means the ability to adjust to taking on much higher volumes when needed. Flexible scalability requires that your infrastructure be large enough to quickly increase staff, equipment, and support systems that move in tandem or reduce staffing and expenses when necessary.
Another option is outsourcing all or part of your support systems necessary to drive your business forward. Excellent independent individuals and companies provide professional support services for a fee, and costs are generally reasonable. Examples of real estate lending are transactional coordinators, loan processors, loan servicing, escrow officers, and legal documentation providers.
Working from a home office is great, and using independent contractor support staff has many merits.
Outside services contractors generally stress you less, assuming they are highly competent and professional. However, they are hard to find and keep busy. Also, elasticity and scalability become problematic when you try to be your company's do-all, catch-all.
We will have ups and downs, and getting back up can sometimes be challenging. The willingness to bounce back and fight is a learned talent. Repeated attempts will reward you with the ability never to give up, snap back into a prosperous new energy plan, and charge forward to success.
Part I- Is an overview of how outside forces beyond our control can cause or contribute to our failures.
Outside forces are destructive at work because the U.S. has 106,000,000 people not in the workforce. There are the official unemployed (6.1 million working-age Americans) reported by the Bureau of Labor Statistics (BLS), and the other 25% (26.5 million) who have searched high and low who want a job but cannot find one and have dropped off the rolls. Then there is the subset that is not in the workforce, not looking for a job, but otherwise employable. The social safety net benefits from the COVID-19 free lunch hangover have remained too high to entice people to seek gainful employment. Part I explores why forces beyond our control are causing havoc in people's lives.