This is a step by step guide that will make you a millionaire before 30. If you want to learn how to become a millionaire by 30 then you are in the right place. This is a fool proof plan that can be achieved by anyone wanting to become a millionaire. You do not have to be under 30 to do this, you can do it at any age and achieve great success.
1. Discover What You Love
Studies have shown that the best way to earn money is to do what you love. When you are passionate about something you will naturally want to do your best in that area. This natural drive is what causes people who work doing what they love to be more successful
Action point: Write down 10-20 things that you love to do. Spend about 15 minutes doing this. Then choose the 1-3 things that you love the most
2. Find a Need In That Area
In order to become a millionaire you need to find a need in the area you love. Personally I love making money online and there is a need to teach people how to do this. Maybe you love soccer and there is a need to create a training program. Maybe you love reading and writing and there is a need to teach deaf children how to read. I don't know, but think of a variety of needs.
Action point: Write down 10-20 needs for the area that you love. Then choose the 1-3 needs that you believe you can answer
3. Ask If People Are Desperate To Fill That Need
For the needs you have chosen that you believe you can fill ask the question whether or not people are desperate to have this need met. You want people to be desperate to have this need met because then you have hungry buyers and you can become a million before 30.
Action Point: Rate how desperate people are for this need to be met on a scale of 1-10 with 1 being not at all and 10 being extremely desperate. The higher the number the better
4. Ask How Many People Are Desperate To Fill That Need In Their Lives
If you have discovered something that you believe you can create that people will be desperate to fulfill the need of then you need to ask how many people are desperate to fill this need in their lives. The more people the better. You can still make a lot of money in a niche market, but too few customers equals not enough money
Action Point: Write down the percentage of people with this need would be desperate to fill this need. Estimate a figure of people in your nation who are desperate to fulfill this need.
5. Create Something To Fill That Need
Now is where the real action begins. Now that you know your target market (the people with a need that are desperate to have that need met) you are going to create your product for these people. You should never create a product and then look for the market, always look for the market first, then create a product. Now work out how you can create your product so it can fulfill the need
Action point: Write down the product you want to create and something you can do today to work towards getting that product created.
6. Get Others To Sell Your Product For You
You can easily become a millionaire by selling your own products, but you will fail to have a life because you will be working 12-16 hours per day. The important thing is to find other people to sell your product for you. Offer them a good commission on the sale of your product and they will work their asses off to make you money. This is where you sit back and watch the money come in.
Action point: Contact people in shops, or people with websites about them marketing your product for you. Offer them a great deal.
7. Trim The Fat
There is a rule that says 20% of your effort will bring in 80% of your results. This means you need to distinguish the 80% of effort that is only bringing in 20% of the results and you need to cut that 80% out of your life. This might mean a slight pay cut in the immediate, but you will earn more in the long run as you are freed up to pursue more opportunities that are in the 20% effort 80% return category.
Action point: Look at where you are spending your time and what is producing your results. Being busy is not the same as being productive. Only do those things that are productive and cut the rest out of your life
8. Continually Learn More
It is important that you continually learn about different ways to make money so that you can have multiple streams of income.
You live in a time where getting rich has never been easier. We live in the information age and the ability for anyone to join the ranks of the rich and mega rich has gotten easier and easier. You just need to know how you can become rich. One of the best ways to learn how to become rich is to join a training program. There are loads of scammy training programs that will charge you thousands of dollars for useless information. But I have found a great FREE training program at http://www.richacademy.com. Better yet if you sign up today you will receive a free audio teaching worth $27. So hurry and sign up today and start learning how you can become rich.
Article Source: http://EzineArticles.com/?expert=Ryan_Mclean
Showing posts with label 80-20 rule. Show all posts
Showing posts with label 80-20 rule. Show all posts
Tuesday, November 3, 2009
Wednesday, April 16, 2008
The Pareto Principle, by Dale King
According to Wikipedia, "The Pareto Principle" (also known as the "80-20 Rule," the law of the vital few and the principle of factor sparsity) states that for many phenomena, 80% of the consequences stem from 20% of the causes. The idea has rule-of-thumb application in many places, but it is commonly misused. For example, it is a misuse to state that a solution to a problem "fits the 80-20 rule" just because it fits 80% of the cases; it must be implied that this solution requires only 20% of the resources needed to solve all cases.
In layman's terms, the 80/20 Rule simply means that the relationship between input and output is rarely, if ever, balanced. When applied to activities, it means that approximately 20% of your efforts produce 80% of the results.
Learning to recognize and then focus on that 20 percent is the key to success and also the key to effective time management.
The Pareto Principle was suggested by management thinker Joseph M. Juran. It was named after the Italian economist Vilfredo Pareto, who observed that 80% of income in Italy was received by 20% of the Italian population. The assumption is that most of the results in any situation are determined by a small number of causes. This idea is often applied to data such as sales figures: "20% of clients are responsible for 80% of sales volume." Such a statement is testable, is likely to be approximately correct, and may be helpful in decision making.
Richard Koch has written extensively on how to apply the principle in all walks of life.
Koch, a former management consultant and entrepreneur took the 80/20 Rule, adapted it to his personal and professional life and wrote a series of books on the topic beginning with 1998's "The 80/20 Principle: The Secret to Success by Achieving More with Less."
Koch has also used his concepts to make a fortune from several private equity investments made personally.
In his second book on the phenomenon, The Power Laws, he discusses the 80/20 principle as a basic principle for how the universe works, and sees the process of evolution, as described by Charles Darwin, as a special case of the 80/20 principle at work.
He also emphasizes that the 80/20 principle should not only be seen as method for making decisions or selections, but it should be combined with W. Brian Arthur's concepts of positive feedback and increasing returns.
In business, the 80/20 Rule can be applied in many different areas. For example:
* SUPPLIES - 80% of your supplies comes from 20% of your vendors.
* Inventory - 80% of your product comes from 20% of your inventory.
* Sales Productivity - 80% of your sales come in from 20% of your sales force.
* Employees - 80% of the work will be done by 20% of the employees.
* Customers - 80% of sales will come from 20% of your customers.
* Complaints - 80% of complaints come from 20% of your customers.
* Advertising - 80% of business from advertising will come from 20% of the advertising.
It's important to keep in mind that the 80/20 rule is a ratio. This means, if the total selection is less, then the total sales will also be less. The 80/20 Rule can also be applied to websites as well. For example, 80% of your traffic only visits 20% of the pages on your site. And publishers of "How To" information have known for ages that 80% of those who purchase their products will never utilize the information. Likewise, 80% of those who attend seminars to improve their lives will never utilize the information they learned at the seminar.
In closing, Pareto's Principle, the 80/20 Rule, should serve as a daily reminder to focus 80 percent of your time and energy on the 20 percent of those activities that are really important. It's not enough to just "work smart", you also need to work smart on the right things.
Dale King is the owner of GuruKnowledge.org The Ultimate Internet Marketing Resource!
If you're tired of all the money-making hype, lies and scams...read this! http://guruknowledge.org/pages/The-Super-Affiliate-Handbook
Article Source: http://EzineArticles.com/?expert=Dale_King
In layman's terms, the 80/20 Rule simply means that the relationship between input and output is rarely, if ever, balanced. When applied to activities, it means that approximately 20% of your efforts produce 80% of the results.
Learning to recognize and then focus on that 20 percent is the key to success and also the key to effective time management.
The Pareto Principle was suggested by management thinker Joseph M. Juran. It was named after the Italian economist Vilfredo Pareto, who observed that 80% of income in Italy was received by 20% of the Italian population. The assumption is that most of the results in any situation are determined by a small number of causes. This idea is often applied to data such as sales figures: "20% of clients are responsible for 80% of sales volume." Such a statement is testable, is likely to be approximately correct, and may be helpful in decision making.
Richard Koch has written extensively on how to apply the principle in all walks of life.
Koch, a former management consultant and entrepreneur took the 80/20 Rule, adapted it to his personal and professional life and wrote a series of books on the topic beginning with 1998's "The 80/20 Principle: The Secret to Success by Achieving More with Less."
Koch has also used his concepts to make a fortune from several private equity investments made personally.
In his second book on the phenomenon, The Power Laws, he discusses the 80/20 principle as a basic principle for how the universe works, and sees the process of evolution, as described by Charles Darwin, as a special case of the 80/20 principle at work.
He also emphasizes that the 80/20 principle should not only be seen as method for making decisions or selections, but it should be combined with W. Brian Arthur's concepts of positive feedback and increasing returns.
In business, the 80/20 Rule can be applied in many different areas. For example:
* SUPPLIES - 80% of your supplies comes from 20% of your vendors.
* Inventory - 80% of your product comes from 20% of your inventory.
* Sales Productivity - 80% of your sales come in from 20% of your sales force.
* Employees - 80% of the work will be done by 20% of the employees.
* Customers - 80% of sales will come from 20% of your customers.
* Complaints - 80% of complaints come from 20% of your customers.
* Advertising - 80% of business from advertising will come from 20% of the advertising.
It's important to keep in mind that the 80/20 rule is a ratio. This means, if the total selection is less, then the total sales will also be less. The 80/20 Rule can also be applied to websites as well. For example, 80% of your traffic only visits 20% of the pages on your site. And publishers of "How To" information have known for ages that 80% of those who purchase their products will never utilize the information. Likewise, 80% of those who attend seminars to improve their lives will never utilize the information they learned at the seminar.
In closing, Pareto's Principle, the 80/20 Rule, should serve as a daily reminder to focus 80 percent of your time and energy on the 20 percent of those activities that are really important. It's not enough to just "work smart", you also need to work smart on the right things.
Dale King is the owner of GuruKnowledge.org The Ultimate Internet Marketing Resource!
If you're tired of all the money-making hype, lies and scams...read this! http://guruknowledge.org/pages/The-Super-Affiliate-Handbook
Article Source: http://EzineArticles.com/?expert=Dale_King
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