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Executive starting his own business. 9 steps to reinvent yourself
December 21, 2011 — FocalPoint Bus...
Brian Tracy and I were speaking the other day about the increasing trend of an executive or senior manager to leave corporate and start their own business.
As with most of my meetings with Brian, I was taking a lot of notes, fast!
I thought you’d appreciate this quick overview of our meeting.
Brian mentioned that he has written about this previously around the topic of his “Continuous Improvement Formula”.
- Put Your Career on the Fast Track
Brian Tracy: First be clear about your goals and be specific with what you want to achieve.
Dominic Rubno: If starting your own business is in the cards, what kind of business do you want? Will it leverage your past experience as an executive? Who will your clients be? Who will your staff be? What kind of hours will you work? How much travel do you really want to do ? How much money do you want ( need) to make?
- Ask For Greater Responsibility
Brian Tracy: accept 100% responsibility for everything you are and everything you become.
Dominic Rubino: He’s right. What will it feel like to you, to “make your own way” or “be your own boss” Are you truly ready for it?
- Utilize Your Inborn Talents
Brian tracy: Look at what you’re really good at. Do more of that.
Dominic Rubino: In all of your past corporate jobs, what were you actually good at?
What I mean is this – Were you the go to person to increase sales, or, in actual fact were you the person who showed the team how to increase sales.
Were you known for launching great marketing campaigns? Or , in truth is your skill that of building teams of people to carry out a great marketing plan?
Did you get put in positions in order to turn it around? Or, were you sent in to work with the team to analyze, assess, and implement new ways of doing business?
That skill is your talent. It’s not making more widgets. Its leading people!
- Master your time and master your life.
Brian Tracy: Work when you work and play whne you play. Just don’t mix them up.
Dominic Rubino: If you’re going to re-create your career to be your own boss and start your own business, be really smart with your time. To be blunt, we ( ahem,… me included) have less time now that we did on our 20’s, right? How can you leverage your time best? Is it starting a business from scratch? Buying a Business for sale? Buying a Franchise?
Which of these will give you the best work-life balance re:earnings?
- Dedicate Yourself to Continuous Improvement
- Brian Tracy: Focus on being one percent more productive each day
- Dominic Rubino: He’s right again. When you start or buy a business you will need to work on the inventory of your mind just as much as anything else. Ask yourself this…Where are you getting your new, best information to get 1% better every day? Who are you hanging out with? Who will your team be? How will you stay on top of everything you need to know to re invent yourself?
- Improve A Little At A Time
Brian Tracy: If you improve 1/10th of a percent a day, you’ll be 26% more productive each year
Dominic Rubino: for an executive to leverage their skillset into something new means being patient , diligent and persevering. How do you view learning? Is it tough, rewarding, fulfilling? Only you know if you’re ready!
- How to Double Your Productivity
Brain Tracy: If you become 26% more productive each year, with compounding, times 10 years, you will be 1004% more productive over the next decade. That is an increase of ten times over ten years.
Dominic Rubino: Its nice he did the math for me
- The Reason For All Great Successes
Brian Tracy: Look at the Law of Accumulation, or the Principle of Incremental Improvement. It is the primary reason for all great success stories. By the yard, it's hard. But inch by inch, anything's a cinch!
Dominic Rubino: As fast as everything seems to be going, have you considered that you are at the cusp of the Information Economy? What you know and what you teach is more valuable and leverageable than what you make/ fabricate.
- Become A 1000% Person
Brian Tracy: Commit yourself to continuous personal and professional development. Read, listen to audio programs and take additional courses. This process will completely transform your life.
Dominic Rubino: I think my takeaway from this is simple. Whatever you decide to be or do, aim to be world class at it.
Grab yourself a coffee and think hard about this one. Why do it of you’re not going to be the best at it? The top dollars go to the best in their field. How can you be that person, on that team or group? How can you leverage the 6 things we all have..Time, Money, Relationships, Knowledge, Systems, and Technology?
Then Brian, myself and Steve (Thompson) discussed how Executives and those leaving the corporate world could put this into action.
- Start Now
- Be Smart about it
- Be patient
Ok, those are my thoughts for the day! Happy Holidays!