posted by Philip Harman on Mar 2
Today I’d like to help you focus on the key basic success principles and ways you can practice them throughout your own life and ultimately towards extreme work from home business success.
I’m going to try and build on your current understanding of risk-taking and risk-reduction so that you will be better equipped the next time you have to make a decision.
I’ll also help you to understand further beliefs that will benefit your decision making skills and therefore minimize those common risks linked with work from home business success.
How to Evaluate a Decision
Whenever you are next pondering over a work from home business decision, ask yourself the following questions: What is the worst case scenario? What would be the most ill-fated outcome that could occur if I decided to go ahead with this?
For some work from home entrepreneurs they may straight away say “generate zero leads” for others it could be to “run out of cash before I’ve built up enough marketing momentum.” Whatever it is, make sure that you are absolutely clear about it and then make this your primary aim to avoid. Focus everything you have into making sure your worst case scenario doesn’t affect your work from home business success.
By asking yourself these kind of questions before you get involved in anything considered risky such as a new home based business or investment will give you the plan of attack, direction and focus that you need.
Turn this plan of attack into a list, next to each corresponding worst case scenario. So for example in your work from home business you may be using PPC (pay-per-click) marketing and you may find that your average CPC (cost-per-click) rates are beyond your budget. Your plan of attack therefore could be to research less competitive keywords with much lower average CPC’s.
This thinking ahead is purely anticipation. You are visualizing the future. You are mentally and physically preparing yourself for every possible catastrophe.
The Billionaire Mindset
Some people may believe some of these beliefs to be that of negative thinking but they are simply realistic. There is an old saying, ‘plan for the best, expect the worst.’ This is absolutely critical to the understanding of success. ‘The road to success travels over rocky ground’ or ‘of all things that can go wrong, the most expensive thing will go wrong at the worst possible time’
My point is if you have the right measures in place in order to counter attack the worst case scenarios you are protected against such enemies of success.
Success takes time. Quite often a little longer that what you originally thought and had planned for. A sensible rule of thumb would be to triple your milestones that you originally come up with for a far more realistic figure.
You could also use this new figure as a source of inspiration, making it one of your primary goals; to go past a deadline or to go over budget is not an option, don’t let this happen.
A Strategy In Case of Emergencies
When you are creating your business plan and covering expenditures or what initial capital investment will be required, add 20% onto whatever figure you come up with. It’s going to be almost impossible to estimate to 100% accuracy what you’re going to spend, therefore use this 20% as your ‘emergency fund.’
Try and keep to your original budget but should business not work out so simple at least you have options, just make sure you only use it unless you absolutely have to, hence the name ‘emergency fund.’
Remain in Touch with the Real World
If you were to speak with any successful entrepreneur you would find them to be profoundly realistic. To rely on luck is pure nonsense; you create your own success through utilizing the laws of success, some of which you are learning today.
To rely on luck is like relying on somebody to knock on your door and offer you $1 Million! Luck is often a word used by those who are ignorant of success to explain why those less ignorant of success are experiencing success in their lives. They may say, “Not everybody can be as lucky as she is.”
Risk evaluation needs to be at the core of your and every successful entrepreneur’s planning stages. Plans of attack need to be thoughtfully implemented should problems arise.
Your alternative plan of attack is your protection on the day anything happens – you will have those days. Lower all possible variables, outcomes and events into careful analysis.
Face Your Fears Head On
To intentionally and wilfully embark on the things you fear, step-by-step, is one of the best methods to advance your capability to take intelligent risks.
By creating definite, written and quantifiable goals for yourself, that you reassess regularly, you will steadily conquer the fear of taking risks.
By having these definite goals and aims in the words of Napoleon Hill, “…will teach you how to save the wasted effort the majority of people expend in trying to find their life’s work. These will show you how to do away forever with aimlessness and fix your heart and hand on a definite, well-conceived purpose as a life’s work.”
You will ultimately become more efficient at what you do. This will raise your levels of flair, capacity and you will feel heightened levels of confidence about yourself. Your levels of unselfishness will go up; you become more rational and much more consenting to bigger future tasks. You will be the one who is in control of your own destiny. This is a definite way to enhance your chances of success.
Ways You Can Take Action
1. What are you currently concerned about? What negative thought, if any, is occupying unwelcomingly your thought space? Take note and then think what you believe to be the worst case scenario from this thought. Once you have that in your mind and you recognise it, that’s enough – blank it out – get it out of your mind at all possible costs.
Instead flood you mind with preventative counter measures. And then take action. Make sure the worst case scenario NEVER happens.
2. Similarly, what is the worst case scenario of your future – become homeless – become bankrupt, etc. Set up preventative measures to reduce the chances of these ever from occurring – an emergency fund works tremendously – it takes your mind off these worst cases.
3. Have definite clear and quantifiable goals that you assess often, twice daily (morning & evening). Study the laws of success always to enhance your chances of work from home business success tremendously.
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