Monday, July 6, 2009

The 4-Hour Work Week, A Staple For Any Entrepreneur

I recently finished reading the popular book by Tim Ferriss, The Four Hour Work Week, and I must say I was very impressed. Tim is a serial entrepreneur and veritable renaissance man. Included in his About Me section of his blog are these accomplishments:

  • Graduate of Princeton university in Neuroscience and East Asian studies

  • First American in history to hold a tango record

  • National Chinese kickboxing champion

  • Acclaimed bestselling author whose book has been #1 on the New York Times and Wall Street Journal bestseller lists

If that doesn't grab your attention I don't know what will. He has written about his experiences traveling the world, learning and mastering 6 languages at breathtaking paces. On top of being a wildly successful entrepreneur he has also had extraordinary success in the non-profit sector, spearheading campaigns like LitLiberation and advising

This is a man worth listening to. His book breaks down the step by step process to liberating yourself from the drone like mentality that all too often comes with being an employee. You can see why we at Thrive Learning Institute would recommend this book to our clients. It is a great resource for successful and productive entrepreneurship but more importantly lifestyle design after you've achieved the success you want.

One of the basic and most important concepts Tim explains in his book is the difficulty and process of filling the void created by having all the time in the world and enough money to utilize it. Too many of us are addicted to work for works sake and we feel guilty when we aren't busying ourselves. What would you do if you had $20,000 coming in every month? Would you just sit around and accumulate stuff? Would you go out and buy that fancy car you've always wanted or buy a disgustingly gilded house in the wealthiest part of your neighborhood? What happens when you have all the stuff anyone could dream of? Eventually you'll get bored and go nuts.

That's why its important to have a plan in place to fill the void of not having to work 40 hours or more per week with something productive and interesting. What have you always wanted to learn? Where have you always wanted to travel? What can you do to improve the world? What causes or charitable organizations could you start that would make a dramatic, powerful impact on the world?

If you don't have the right the motivation you'll never make it as an entrepreneur. You may achieve the riches we all dream of but you'll fail at being happy.

Tim takes us through 4 basic steps to reaching a place in our lives where we are in control of our lifestyle.

1. Definition

2. Elimination

3. Automation

4. Liberation

1.Define your dreams and goals. Define what you will do and what you wont do when you have the freedom and resources to control your own life.

2. Eliminate the 80% of your efforts that are only producing 20% of your results. Tim is a huge advocate of The Pareto Principle or the 80/20 principle which defines your output in such a way that you can consistently find that 20% of your efforts produce 80% of your results and vice versa. Analyze your life and take out the unproductive parts. Limit yourself to only the necessary and important.

3. Automate your business. This is the part where Thrive Learning Institute comes in. When you start any business you must start with the goal to create a system independent of you. Do not make yourself a bottleneck for information. You'll only build a prison around yourself and defeat the purpose of building a business in the first place. You want to be able to walk away from your business and still have confidence that it will generate as much income or more than last month. Tim explain in detail exactly how to do this, flowcharts and outsourcing companies included.

4. Liberty is the most basic of all human desires. To do what we want when we want and with who we want is ultimate freedom. Most of us don't have never had that level of freedom before so Tim helps to get us in the right frame of mind to cope with such limitless possibilities.

The Four Hour Work Week is a staple for any aspiring entrepreneur. Not only will it motivate you to succeed but it will show you how to succeed both before and after the achievement of wealth. At Thrive Learning Institute we strongly encourage you to check out this book. Click the link to pick up the Four Hour Work Week today.

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