13 Simple Rules of Business That Will Make You Rich

Summary

This video script outlines 13 essential business rules that have propelled the speaker from financial struggles to multi-millionaire status. Key principles include starting with a transaction, under-promising and over-delivering, simplifying business models, focusing on giving to get, being impeccable with one's word, learning from setbacks, managing energy over time, playing to win, investing in time-saving, delegating effectively, embracing incompetence to empower others, being patient with results but impatient with action, and protecting one's reputation. These rules are aimed at attracting success and wealth through value creation, trust, and personal development.

Takeaways

• 💳 Start a business by exchanging money for a product or service to validate demand.
• 📉 Under-promise and over-deliver to exceed customer expectations and stand out.
• 🔄 Keep business models simple to avoid unnecessary complexity and potential failure.
• 💸 Adopt an abundance mindset to attract wealth by giving value to others.
• 🗣️ Be impeccable with your word to build trust and reliability in your personal and business life.
• 🏆 View setbacks as learning opportunities to grow and improve.
• ⏳ Manage your energy, not just time, to maximize productivity during peak performance hours.
• 🚀 Focus on wealth creation rather than preservation to expand opportunities.
• 💰 Invest in saving time over money, as time is the most valuable resource.
• 👥 Delegate tasks effectively to scale your business and free up your time for higher-value activities.
• 🛠️ Embrace incompetence in certain areas to empower your team and build a sustainable business model.
• 🌱 Be patient with results but impatient with action, consistently working towards your goals.
• 🛡️ Protect your reputation as it is crucial for achieving long-term success and influence.

Q & A

What is the first rule of business mentioned in the script?

The first rule of business is to take the credit card or get paid, which signifies the start of a business when money exchanges hands for a product or service.

Why is it important to under promise and over deliver in business?

Under promising and over delivering is important because it sets realistic expectations and then exceeds them, which can set you apart from others and build strong customer relationships.

What does the speaker mean by 'simple scales and complex fails'?

The speaker suggests that simplicity in business practices and products is more likely to scale successfully, while complexity can lead to failure due to increased management and potential for errors.

How does the concept of 'give to get' apply in business according to the script?

The concept of 'give to get' implies that in order to gain more, such as wealth or success, one must be willing to give more, whether it's value, help, or resources, which in turn attracts more to oneself.

What is the significance of being impeccable with your word in business?

Being impeccable with your word means following through on commitments, which builds trust and a strong reputation, essential for attracting success and maintaining relationships in business.

Why does the speaker emphasize learning from setbacks and failures?

The speaker emphasizes learning from setbacks and failures because they provide valuable lessons and growth opportunities, leading to better decision-making and ultimately, success.

How does managing energy differ from managing time according to the script?

Managing energy involves aligning work schedules with one's natural energy rhythms to maximize productivity, whereas managing time is more about the quantity of hours worked without considering energy levels.

What mindset does the speaker suggest for business growth: playing to win or playing not to lose?

The speaker suggests adopting a 'playing to win' mindset, focusing on wealth creation and expansion rather than a 'playing not to lose' mindset, which is more about preservation and protection.

Why should one spend money to save time according to the script?

Spending money to save time is advocated because time is a more precious and limited resource. Investing money to buy back time allows for reinvestment in higher-value activities that can lead to greater returns.

What is the 80/10/10 rule mentioned in the script and how does it apply to business?

The 80/10/10 rule suggests focusing on the 10% of ideation and the 10% of integration while delegating the 80% of execution to others. This allows for leveraging the strengths of a team and regaining time for higher-value activities.

How does being incompetent in certain aspects empower business growth?

Being incompetent in certain aspects, such as not doing the work of employees, empowers business growth by forcing the delegation and development of a capable team, which can lead to a more scalable and efficient business operation.

What does the speaker mean by 'protect your reputation' and why is it important?

Protecting your reputation means maintaining a strong personal brand and trustworthiness, which is crucial for attracting opportunities, partners, and customers, and for achieving long-term business success.