Since childhood we are taught this phrase. As a matter of fact I also use it frequently to tell my folks to keep them focussed on not wasting time. But within this phrase is a fundamental flaw of a linear relationship. If you will spend so much time …….you will get so much money.
But there is a very large leverage that is available to us which can multiply the value of time and make its value with money non-linear. The fractal nature of 80:20 can make, some “time” worth more in money than others.
This typically happens with mentors, coaches and customers who are willing to help you. To some ,like coaches, you can pay to learn something, to others you first give and then get.
I distinctly remember that when I was in my first year engineering in university, I was just not able to pick up a subject called Engineering Drawing. Maybe the professor’s wavelength and mine didn’t match and I flunked badly. Then my brother identified another professor and I took coaching from him and he taught me so well that not only did I excel in engineering drawing, for years after and till now I can explain the the structure of a mechanical system so clearly.
The amount of time that I spent in coaching was much less than the time I spent in taking the classes in college. But the impact was far more dramatic.
In our company, while we have a team which does scouting for accounts, our fastest and more profitable business happens because of referrals that we get because of our relationships. This is true for any company. If you manage relationships well, you can get massive dividends. The time spent on managing the relationships can give you returns far far higher than what you would spend in scouting for business linearly.
But to build relationships, you need to always be willing to give first, to help people first rather than go wit an entitlement attitude. Not all people you help will reciprocate, but those who do will more than compensate for the others. So go out and build relationships.
Till next time then.
I write quite often about leverage, using the 80/20 principle or its other fractal dimensions 64/4 etc. I am regularly trying to figure out more points of leverage so that I can become more effective and see how it plays out even in my practice of marketing.
I consume a lot of content through podcasts and I subscribe to a considerable number of them. Today while seeing my pattern of consumption of content from these podcasts, I realized that I predominantly end up with only 3-4 of them and within those also the primary ones are the Ilovemarketing.com podcast with Dean Jackson and Joe Polish and the Morecheeselesswhiskers.com podcast with Dean Jackson.
This is the true fractal nature of 80/20 where just these two podcasts are utilized by me for a major portion of my listening even though I subscribe to 15 or 16 of them.
If I look at at my consumption of digital entertainment platforms – Netflix, Amazon Prime, Disney etc. I have a subscription for maybe 10-12 of these platforms but I end up primarily on just Netflix or Prime.
Again concentration on consuming through a few platforms for a majority of the portion of my time.
The internet has created a level playing field in a lot of areas and the “long tail” impact exists where even small players get a chance to play.
On the other hand from a marketer’s perspective for you to be able to dominate a market therefore you have to be able to choose a very fine niche so that, for that category you can become the top player so that by default people have to use you.
There’s massive leverage in choosing a very small niche and then moving into other adjacent categories. As a product manager if you operate in the digital consumption category, you should be leveraging on this instead of trying to be everything to everyone.
Till next time then
In one of my A-ha moments recently, I learnt a very useful lesson. I keep talking about using leverage (not debt – for those of you who are exposed to financial markets). There are various kinds of leverage – with say automatic machines weaving cloth versus people weaving cloth. Suddenly you have one machine producing more than a 100 weavers could do in a day.
Your wordprocessor and spreadsheets are all examples of leverage. One of the best examples is 80/20 and its fractal derivatives.
But each of these things have their own constraints. What once started by increasing leverage, then becomes standard operations and then you find the constraints in that.
So what was the A-ha moment. Time is limited and is the same for everyone. However leverage is infinite. The more you keep using leverage the more you can get more out of the time you have.
No wonder Aristotle had said – you give me a lever long enough and a fulcrum and I can move the earth.
All the highly productive people are very highly leveraged and if they constantly keep looking for finding leverage points then there’s an infinite amount of productivity they can achieve. Isn’t that amazing.
So a couple of weeks back I spoke about how I am trying to identify points where my brain gives me resistance and try to work my way through those to improve my outcomes.
Now in addition to that I am also looking at how I can find leverage points and see how far I can go.
Will keep you posted on my progress.
Meanwhile if you know of ways to improve leverage, please share in the comments section below.
Till next time.
This is the latest brain wave which I have had. I had written a post on ferocity which was a word I learned from Steven Kotler in his book “The Art of Impossible…”. His thesis is that if you go out at problems with a ferocity, take affirmative action and the more problems you solve, the better you become at solving problems which helps you become even better to achieve your impossible dreams.
I have been working on the 80/20 principle as suggested by Richard Koch on prioritising my day and then also use the Prioritisation Matrix to work further and plan my day based on impact of what I do and where I want to go.
Now comes the brain wave portion. 80/20 and the prioritisation matrix are all about doing less work but more focussed work. While the ferocity logic is about gaining proficiency by solving more. So there’s a slight dichotomy in my opinion.
Except if you can create enough focussed problems and then try to solve them at a go. so instead of planning a prioritisation matrix for a day everyday, we were to build it for a week in advance. Then we try to achieve the most critical parts of these in a day rather than a week.
I don’t know how practical this would be, how much time will I have and whether I will be able to delegate enough, but I will figure out and let you know how effective it was.
Till next time then.