1. lever number one other people’s.
work think about this let’s say that my friend tom here is starting his own restaurant business so he greets people he takes the order he makes the food he delivers the food and he cleans up after the customers leave but he encounters a problem there are other customers who have been waiting for a while getting patient and leave my other friend jerry also starts his own restaurant business but he hires a couple of waiters a couple of cooks and a manager to make sure everything runs smoothly he is able to serve all of their customers in a timely manner which generates him more revenue see Tom and the first scenario is the bottleneck of the business there is only so much he can do by himself so his customers leave Jerry on the other hand used other people’s work to become more efficient and effective jerry is able to produce more results due to the fact that he is not the bottleneck of the business now this is just a quick scenario think about real companies who grew to massive levels that would have not been possible without other people’s work think about Amazon Amazon will not be the massive trillion dollar company that it is today without their 640 thousand employees
2. other people’s knowledge
As human beings we don’t know everything each person has a different set of skills and talents that can be used to build a powerful business as Robert Kiyosaki once said an intelligent person hires people who are smarter than he is but using other people’s skills knowledge and experiences you are tapping into a resource that you didn’t previously have this knowledge can come from skilled employees consultants as well as mentors and coaches there is no reason to spend seven years learning by trial and error when someone can show you the same knowledge in just a few hours something that many people don’t realize that successful people gather to exchange ideas knowledge and strategies most of them surround themselves with other like-minded people to learn and use each other’s knowledge this is what is typically called a mastermind this is where you have access to other people’s knowledge and use it for your own business.
3. Other People’s Money
there’s different ways people use other people’s money for example when it comes to buying a new car most people use a car loan the bank uses money that other people have deposited to give out a loan to the person looking to buy a car in this instance the buyers are using other people’s money to buy the car the rich however use other people’s money a little differently while most people use credit to indulge in consumerism the rich use other people’s money to create wealth that otherwise they wouldn’t be able to this is the difference between good debt and bad debts bag debt is typically used for consumer goods that we cannot afford good debt is used to leverage a large assets that we cannot afford a loan but it’s used to generate more money back for example let’s say that this investor wants to buy this little apartment complex that costs three million dollars even if he has a fairly high income after taxes he still wouldn’t be able to afford to buy this three million dollar building but let’s say that he can put down six hundred thousand dollars in finance the other 2.4 million now he’s used other people’s money to control this 3 million dollar asset now what if he doesn’t have the six hundred thousand he can still use other people’s money this is where investment funds come in let’s say that he gets three investors who invest $200,000 each this makes up the $600,000 he needs for the down payment of the property each of them will own 25 percent of the deal which is seven hundred and fifty thousand dollars each of the total value of the property without any money the original investor is able to take advantage of 3/4 of a million dollars worth of real estate now this is a very simplified example and it is used for illustration only it is not recommended for someone without experience to race investor money now the same idea can be used in regular business many businesses have used that to buy or expand their businesses Amazon for example use debt to create their many fulfillment centers which gave them an edge over their competitors by providing faster shipping they were able to dominate the market money is a resource that can be used to create more money as long as the cash produced outweighs the debt and the interest then it can be used to create wealth that otherwise wouldn’t be possible.
4. Other People’s Time
Time is a very limited resource we only have 24 hours in a day and something that many successful people do is use other people’s time in order to leverage their own everyone has those little tasks that don’t produce much value back but still need to be done most highly successful entrepreneurs delegate these tasks to others to make time for those high-value tasks for example if in their business one hour of their time can produce $5,000 in value for the company it doesn’t make sense to use that one hour to watch their car when they can paid someone fifty dollars to do it if you look at highly successful individuals many of them don’t do things like clean their house wash their cars or even cook their own meals in many cases they leverage other people’s time to be able to leverage their own.
5. their network and other people’s resources.
something that many people don’t talk about is leveraging your network you know what they say your network is your net worth having strong relationships can allow you to tap into resources that could be hard to get on your own for example let’s say that you want to write and publish a New York Times best-selling book quite the challenge now you happen to personally know a prestigious publisher that has released many bestsellers so you go to him or her for tips and information and even help to publish and promote your book to hit the bestseller status or what if you have a great new business that can impact many people’s lives but no one knows about it yet and you happen to personally know a few influencers with big audiences with similar values that would love to work with you and bring exposure to your business by having a strong Network many successful people are able to take advantage of resources that other would be difficult to access now being friends with someone does not entitle you to their resources but if you ever need someone else’s resources you must create a win-win proposal that can benefit you and the other person.
6. other people’s ideas
Researchers say that the average person has sixty to eighty thousand thoughts and ideas per day this means that anyone can have a great idea that can make massive impact this how the story of Richard Montana’s who went from being a janitor making four dollars an hour to creating a product that would make billions of dollars in sales this product is the flaming hot cheetos as we mentioned before montana’s was a janitor at frito-lay where he thought about putting chili pepper into cheetos so he took some cheetos that hadn’t been dusted yet from the production line and made his own at home he presented his idea to the CEO in hot cheetos became one of the biggest product releases in frito-lay history making billions of dollars ever since we don’t have all the answers and all the ideas sometimes combining someone else’s ideas with your resources or your idea with someone else’s idea might produce something unique and special.
7. automation systems
we live in an amazing world where technology can be a huge point of leverage for anyone willing to use it just about anyone can use the internet to reach millions of people with social media targeted advertising online sales pages an automated follow-up has made it easier than ever for anyone to create massive reach and impact than ever before you can take a weekend and create a Facebook ad that brings exposure to your business and set up a sales page that sells the product for you and even create an automated follow-up that will reach out to those who haven’t buy your product yet see the internet has created one of the most powerful leverage points for both businesses and individuals think about this this Website was created with a laptop in one person yet we have reached millions of people using this powerful thing called the Internet so in the comments below let me know which of these love which tools you will be using first and why.