this book’s about discover the secrets of success in bussiness and life as you delve into the words of chess prodigy Magnus Carlsen and visionary Elon Musk. Unveil the power of strategic thinking, foresight, and effective decision making.
Norwegian chess prodigy Magnus Carlsen became a grandmaster when he was just 13 years old, and he’s been the world chess champion since 2013.What makes Carlsen stand out in the world of chess is his impressive work ethic and his ability to think 15 moves ahead. Before a game takes place, Carlsen would have played it in his mind repeatedly. And so when D-Day comes, he can withstand the heat of the battle, predict his opponent’s next move, and attack them fiercely
as far as being a visionary is concerned, all you need to be successful in bussiness is the ability to think five moves ahead. A mere five well-defined and succinct steps will enable you to foresee upcoming results.
To execute a strategy effectively in life and business, you must be able to:
- Think well beyond your first move.
- Anticipate other people’s reactions.
- Deploy a series of other moves that are difficult to counteract.
1/ your first move is to master knowing yourself
As long as you’re guided by the truth of your future vision, everything will align accordingly. You won’t have any problem getting the right people to believe in you. If you know what you want for yourself and speak with 100% conviction, you’ll easily get people fired up
This step assists in pinpointing your primary concerns, forming the cornerstone of a strategy that resonates with your dedication and foresight
2/ the right playing field
The final element of your first move is to choose your path to wealth creation. Now that you’re clear on what you want and who you want to be, it’s time to pinpoint what exactly you want to do
At the onset of your entrepreneurial journey, you must choose a path that puts you in the best position to win
One way to be sure if you have a chance in any market is to educate yourself about the competition: Can you do well in this field, given who you’re up against? Do you possess the necessary resources to contend? Must you ensure the availability of certain resources before competing? If your competitor holds unbeatable advantages, regardless of your efforts, you have yet to find the appropriate niche
3/ responsibility instead of complaints
As an entrepreneur, there will be moments, personally and career-wise, when you feel like the world is ending. New challenges will arise every day. Despite all the difficulties you face along the way, you must maintain your composure and never panic. Like a grandmaster, you must process what’s happening and never let emotions cloud your judgment. Your second move is to know how to process issues. The mastery of this move is what distinguishes outstanding leaders and successful entrepreneurs
Many entrepreneurs fail because they lack the proper business model or because investors don’t believe in them; they fail because they rigidly hold on to their assumptions about work and life. Rather than solve problems as they arise and learn from them, these entrepreneurs look for who to blame.
Great business minds take responsibility — an essential trait in effective decision-making. They employ the pronoun “I” and acknowledge their involvement in events. Rather than blame others, they find out how they contributed to the problem and channel their frustration to get better and prevent the recurrence of such issues
You must be able to make effective decisions based on the information you have, with the highest odds in your favor
4/ the game- changing formula
Your mindset has a tremendous impact on your achievements in life. Perceiving crises as opportunities signifies that you are succeeding in the game.
You can apply Patrick Bet-David’s ITR (Investment Time Return) formula to make better decisions and stretch your resources:
- Investment — How much will it cost or save you?
- Time — How much time will it take or save?
- Return — Assess the value gained in terms of money and time.
Before you make a decision, create three different proposals for dealing with an issue.
- Attach a different price tag to each proposal to enable you to maximize the value of whatever action you eventually take.
- Assess the time allocation. For example, investing $150,000 allows you to finish a project in four months, whereas spending $300,000 can expedite completion to two months. This strategy helps decide whether the additional expense is justified for halving the project timeline.
- Evaluate the benefits. Take, for instance, a project costing $300,000 with a one-year completion time frame, which can decrease the likelihood of losing customers by 8%. Suppose you handle 30,000 orders annually. Multiplying 30,000 by 8% gives 2,400 orders. At $300 per order, the total benefit amounts to $720,000.
5/ Master the art of building the right team
Before you hire, ask yourself: “Why should someone work with me? If people get closer to me, will they win? Will they do better in life?” Put simply, consider the benefits program you’re offering prospective employees.
You’ll know you’re winning in life when others are succeeding just by their association with you, which could be due to your coaching, knowledge, examples you set, contacts, or tough love. Attracting top-tier talent to your team becomes much simpler once you’ve established a history of positively impacting the lives of those you’ve worked with.
Therefore, before hiring someone for a crucial role, invest time in getting to know them. Engage them in conversation, inquire about them from others, and observe their behavior. While this approach doesn’t guarantee you’ll ascertain their trustworthiness completely, it can provide insights into their characte
In conlusion,
The truth is, as an entrepreneur, you are a problem solver, and the world needs you. Challenges in the health, economic, environmental, and educational sectors will be solved by entrepreneurs. But to impact the world with your ideas, you must have a strategy in place and execute it effectively.
having an effective strategy means you can make a move and then make a series of other moves based on the market and your competition’s reaction to your first strike. And that’s how you win in business
- Create a detailed business plan that includes risk assessments and contingency plans for various scenarios. It could involve setting aside emergency funds, having backup suppliers, or alternative marketing strategies.
- Stay informed about your industry’s latest trends and challenges and the broader market. Attend workshops, follow industry news, and engage with other entrepreneurs to enhance your problem-solving skills.
- After making an initial business decision, monitor its impact closely. Use customer feedback, market trends, and competitor activities to assess the effectiveness of your strategy.”
good quotes :
- To strategize effectively, start with a decisive move, then adapt while monitoring the market. ~ Patrick Bet-David
- don’t complain that the game is rigged. Instead, find a game in which you have a differntial advantage
- life is always happening; the way you respond is based on how you process issues
- do not shy away from challenges-embrace thema and treat them like a game
- rather than focusing solely on what you could take from others, learn to focus on what you could give them
