Think and Grow Rich Ch 6

Organized Planning: Crystallizing Desire into Action

• Desire's Journey: All worthwhile achievements and acquisitions begin with desire, translated into concrete form through imagination and planning.
• Initial Steps: The first step involves six practical actions to translate desire for money into monetary reality, including creating precise plans.
• Master Mind Principle: Collaborate with a Master Mind group (described in Chapter 9) for plan creation and execution. This is crucial for success.
• Compensation: Offer tangible and/or intangible benefits to members to secure their sustained cooperation.
• Group Meetings: Meet frequently with Master Mind group members to refine plans for accumulating money.
• Harmony is Essential: Maintaining perfect harmony within the group is imperative for success. Lack of harmony will lead to failure.
• Importance of Planning: Successful endeavors require faultless plans. Leverage others’ experience, education, and imagination through the Master Mind.
• Plan Iteration: If a plan fails, replace it with new ones, demonstrating persistence. This iterative approach is key.
• Edison and Ford as Examples: Thomas Edison's 10,000 attempts and Henry Ford's methodical planning highlight the importance of persistence in creating viable plans.
• Temporary Setbacks: Temporary failures are not permanent setbacks; they indicate the need to adjust plans until success is achieved.
• Action Over Knowledge: The focus is on implementing sound plans, not just possessing knowledge.

Planning the Sale of Services

• Two Types of People: Leaders offer significantly more compensation than followers. Being a follower isn't inherently negative; rather the advantage lies in how well the follower can learn from a leader.
• Leadership Attributes: Key qualities for effective leadership include unwavering courage, self-control, a keen sense of justice, definite decisions and plans, the habit of doing more than paid for, a pleasing personality, sympathy and understanding, mastery of detail, and willingness to assume responsibility.
• Cooperative Leadership: Leadership by consent, built on the trust and respect of followers, is superior and sustainable to forcibly implemented leadership. This is the new brand of leadership.
• Causes of Leadership Failure: Significant factors contributing to leadership failure include the inability to organize details, unwillingness to perform humble service, expecting payment for knowledge instead of actions, fearing competition from followers, lacking imagination, acting selfishly, being intemperate, and demonstrating disloyalty.
• Opportunity for New Leaders: Significant opportunities for leaders arise in various fields including politics, banking, industry, religion, law, medicine, education, and journalism.

Marketing Personal Services

• Marketing Methods: Effective methods for presenting personal services include utilizing employment agencies, advertising in print mediums, writing personal letters of application, approaching employers with existing contacts, and presenting services in person.
• Effective Resumes: Critical elements of a resume include education, experience, professional references, an up-to-date photograph, specification of desired position, tailored qualifications to the specific position, and a willingness to work on probation without initial pay.

How to Get the Exact Position

• Defined Goals: Begin by precisely defining the desired job and the specific person or company to work for.
• Detailed Research: Analyze the prospective employer, their policies, personnel, and advancement opportunities.
• Tailored Offer: Identify the unique value you can provide, developing a plan that specifically benefits the prospective employer.
• Presentation: Present the tailored plan in a detailed proposal to the appropriate authority.

The New Way to Market Services: Partnerships

• Servant Leadership: The emphasis has shifted from a buyer-seller model to a partnership model, focusing on serving the public effectively.
• The "Golden Rule": The prevailing approach involves the employer, employee, and the public being treated as collaborators, working toward the interests of the public.

The QQS Formula

• Quality, Quantity, Spirit: Effective service requires quality work, a high quantity of effort, and a cooperative spirit.
• Continued Improvement: Consistently strive for enhancements to quality and quantity, and cultivate a harmonious and cooperative demeanor to maintain a valuable market for one's services.
• Carnegie's Emphasis, Andrew Carnegie emphasized harmonious conduct as essential for successful service marketing.

Capital Value of Your Services

• Service as Capital: Value is determined not only by income but is evaluated based on the income generated from the sale of services.
• Income Calculation: Capital value is approximately 16 times the annual income from services.

30 Major Causes of Failure

• Hereditary Limitations: Inherent brainpower deficiencies are often difficult to correct individually; Master Mind collaboration might bridge this.
• Lack of Purpose: Establishing a central life purpose is necessary for success.
• Lack of Ambition: A desire to excel and work for it is crucial.
• Insufficient Education: Education encompasses more than knowledge; applying gained knowledge is key for success.
• Self-Discipline: Controlling personal shortcomings is crucial for success.
• Ill Health: Good health is essential, resulting in improved quality of life and work.
• Unfavorable Environmental Factors: A positive environment is helpful through upbringing.
• Procrastination: Avoid delaying action.
• Lack of Persistence: Persistence outweighs temporary setbacks in success.
• Negative Personality: Maintain a positive and approachable personality to facilitate cooperation.
• Uncontrolled Desires: Control impulsiveness, particularly regarding desires for unfair gain.
• Lack of Decision-Making: Make prompt and considered decisions.
• Fear and Concerns: Address and overcome the six basic fears as part of development for effective service.
• Poor Mate/Associate Selection: Wise choices in relationships have the potential to impact success in many ways.
• Over-Caution: Strike a balance between thoughtful consideration and risk-taking. Both extremes may be harmful.
• Associate Selection: Carefully seek inspiring employers who are reliable and dependable to enhance your own traits.
• Superstition and Prejudice: Keep an open mind to new experiences.
• Incorrect Vocation: Select a suitable occupation for your skills and interests.
• Lack of Focus: Avoid distractions by concentrating on one primary goal.
• Indiscriminate Spending: Cultivate appropriate and responsible habits of saving money.
• Lack of Enthusiasm: Enthusiasm is powerful and contagious.
• Intolerance: Be open-minded and tolerant to gain cooperation.
• Intemperance: Prevent excess in eating, drinking, drug use, and sexual activities to maintain stamina.
• Lack of Cooperation: Foster cooperation and teamwork for greater results.
• Inheriting Power: Power attained through inheritance can be risky, especially as it has not been earned (earned power leads to more sustainable success)
• Dishonesty: Honesty is crucial, as dishonesty, even temporary under duress, can lead to reputational damage or penalties.
• Egotism and Vanity: Maintain humility to cultivate the respect of associates.
• Guesswork and Impulsivity: Base decisions on facts and analytical thought and avoid hasty actions.
• Lack of Capital: Maintaining some financial reserve is crucial for mitigating the shock of future mistakes and building a reputation.
• Additional Causes of Failure: Add causes that are unique to your personal experience if needed.

Taking Inventory of Yourself: 28 Questions

• Yearly Self-Analysis: Conduct a yearly assessment of progress toward your goals.
• Questions for Self-Analysis: 28 questions focused on service quality, quantity, conduct, and improvement.

Finding Opportunities

• American Freedoms: The US provides unparalleled freedoms for the pursuit of wealth.
• Economic Advantages: America provides affordable and abundant necessities like food, clothing, shelter, and transportation.
• Organized Capital: The effectiveness of capital and collaboration is emphasized with consideration for its role in facilitating daily life from basic needs to more complex tasks.
• The Law of Economics: The Law of Economics, a natural principle, demands that service be provided for compensation to sustain a thriving economy.

Summary

• The provided notes encompass strategies for wealth attainment from meticulous planning, selecting the right group, developing leadership skills, and marketing your services in a dynamic marketplace. A crucial message is that success is a journey requiring relentless planning, persistent action, and adaptation in the face of adversity.

This quiz explores the principles of transforming desires into actionable plans, focusing on effective planning and collaboration through a Master Mind group. Learn the importance of harmony and practical steps in achieving financial goals through joint efforts and structured meetings.