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How to start a successful business
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Increasing your productivity through personal leverage
Financial leverage involves using other people's money to improve everyone's returns. The very rich had the confidence to take on some leverage to increase their upside if they succeeded.
We all have access to another form of leverage which can be the difference between increasing your salary by 10% per year and doubling it every year. It's called Personal Leverage and is a measure of your ability to extend your productivity beyond yourself.
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MORE IDEAS ON THIS
Two ways to increase your personal leverage
- Decrease the amount of time something takes you. You can get 10% more productive.
- Pay a machine or person for their time. You can get 10x more productive.
The best way to extend our work beyond ourselves and take advantage of personal lev...
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We all have the same amount of time
Some use their time to accomplish an impossible amount of work, while others waste their time repeating the same few tasks, perhaps gaining 10% improvements each year.
Even if you believe you're in the first camp of making heroic progress, if you're focused on finding the right productivi...
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Define exactly what goes into your daily process
It's easy to fall into the habit of doing something repeatedly without clarifying what the steps are. Explaining how to do things ensures tasks are done properly, and that no one has to spend time constantly re-teaching how to do something. Once the system is defined, it's possible to sta...
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Automation and delegation
- Look at each individual step of your refined process and ask if a machine could do this. But be careful not to skip straight to the automation step without defining and refining the system first. Skipping to automation might create unnecessary complexity.
- O...
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