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With respect to time, we are all on equal footing. We all have just 24 hours in a day.
In my five year study of the daily habits of the rich, I found that successful people figure out how to leverage time better than the rest of us. They get others to help them pull their cart, in order to move forward in achieving their goals and realizing their dreams.
Ten people working together for one purpose equals 240 hours each day, one hundred equals 2,400 hours each day and so on.
It’s not just time self-made millionaires leverage. They also leverage their limited knowledge and skills through their teams and their relationships. They understand that they cannot possibly know everything or be good at everything, so successful people leverage the knowledge and skills of their teams and their network of relationships. They tap into the collective knowledge and skills of everyone in their inner circle to help them with their goals and dreams.
Leveraging what you have means being aware of all of the assets, knowledge, skills, time, and relationships at your fingertips in order to get what you want and need so that you can achieve all of your goals and realize all of your dreams.
“But I am only one person,” you might object. “I have no employees. It’s just me.”
All is not lost. There are still ways to take advantage of leverage. Here are a few ideas that I picked up from my study:
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Seventy-two percent of the rich in my study volunteered five hours or more per month. Why is this important? Volunteering helps you build valuable relationships. It allows you to showcase your skill-sets in a safe environment.
It also introduces you to the knowledge and skills of others who might be able to help you with their knowledge and skills.
Plus, the people you meet volunteering bring with them their own relationships, and those relationships could help you with your goals and dreams.
Be part of mastermind groups.
Some of the self-made millionaires in my study were part of a mastermind group. These groups were exclusive groups, typically comprised of no more than six individuals who met regularly (weekly, monthly, or quarterly). The mastermind groups that were the most successful were the ones in which everyone in the group was pursuing virtually identical goals and dreams.
For example, if the self-made millionaire was an automobile dealer, their mastermind group was comprised of other automobile dealers who sold the same product, albeit in a different regional market (i.e. Hyundai car dealers).
At these mastermind group meetings, the participants share ideas on what works, what doesn’t work – their successes, failures and mistakes. They also use these meetings to brainstorm new ideas, new processes, or better ways of doing things.
Anyone, even sole proprietors, can organize or find a mastermind group. Meetup.com is a social networking portal that facilitates group meetings of individuals who are pursuing something in common. Trade organizations often have numerous meetings every year and some have specialized sub-groups who meet frequently.
For example, the New Jersey Society of CPAs has various committees that members can join. Facebook has groups you can join that are specific to your interests. Mastermind group meetings do not require that you physically meet with each other. Freeconferencecall.com, Skype, Google Talk, and many other tools make it possible for individuals in different countries and different time zones to easily get together.
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Participate in business incubators.
Business incubators are often sponsored by private companies or municipal entities and public institutions, such as colleges and universities. Their goal is to help create and grow young businesses by providing them with necessary support and financial and technical services.
There are approximately 900 business incubators nationwide, according to the National Business Incubation Association. Incubators share rental space, supplies, equipment, and the much-needed expertise of on-site staff. Many incubators specialize in particular niches.