The Master Key to Riches Ch 5

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Questions and Answers

What does the principle of 'going the extra mile' emphasize?

Rendering more and better service than one is paid for. (correct)

Receiving compensation before completing any work.

Avoiding collaboration to ensure personal success.

Providing the minimum effort required for success.

How does the farmer illustrate the principle of 'going the extra mile'?

By planting seeds without any labor involved.

By clearing land and preparing it for planting without pay in advance. (correct)

By waiting for the crops to grow without any effort.

By earning profit before starting any cultivation.

What is a significant outcome of applying the principle of 'going the extra mile' as seen in Nature?

It results in a surplus for emergencies and waste. (correct)

It decreases the chance of species survival.

It leads to fewer resources being produced overall.

It ensures that effort goes unrewarded.

Why can individuals not achieve enduring success without 'going the extra mile'?

Disregarding this principle contradicts the essence of true success. Signup and view all the answers

What is a significant benefit of adopting the habit of Going the Extra Mile?

It enables opportunities for self-advancement. Signup and view all the answers

What misconception do some people hold regarding animals and their labor?

Animals do not need to work for their food. Signup and view all the answers

Which of the following does NOT result from going the extra mile?

Reduction in physical and mental capacity. Signup and view all the answers

How does going the extra mile affect one's earning capacity?

It allows one to demand more due to distinct performance. Signup and view all the answers

What principle did Andrew Carnegie apply when testing employees for promotion?

Their willingness to go above and beyond expectations. Signup and view all the answers

What does going the extra mile cultivate in terms of personal initiative?

A proactive approach to service enhancement. Signup and view all the answers

What is a primary benefit of adopting the habit of going the extra mile?

Development of a positive mental attitude Signup and view all the answers

How might one be compensated for the habit of going the extra mile?

By gaining skills and experiences Signup and view all the answers

What does Ralph Waldo Emerson suggest about serving an ungrateful master?

Serve him more to gain greater rewards over time Signup and view all the answers

What does the concept of 'compound interest on compound interest' relate to in the context of work?

The accumulation of skills and experiences through work Signup and view all the answers

Which philosophy is closely aligned with the habit of going the extra mile?

An emphasis on serving and supporting others Signup and view all the answers

Study Notes

The Habit of Going the Extra Mile

Core Principle: A willingness to go the extra mile—performing more and better service than expected—is crucial for success in all aspects of life.
Universal Application: This principle applies to all living things, not just humans. Evidence is found in nature's processes, from agriculture to biological survival.
Success Correlation: Enduring success is often directly tied to the application of this principle. No successful endeavor has been achieved without it.
Nature's Example: Nature demonstrates this principle by providing abundant resources—more than needed for basic survival. It also ensures the perpetuation of species, even with inevitable emergencies.
Work and Reward: Every living creature must work to be rewarded, and Nature discourages freeloading.

Advantages of Going the Extra Mile

Opportunity Creation: Attracts attention and opportunities for advancement.
Indispensability: Makes individuals crucial to numerous relationships and commands better compensation.
Skill Development: Leads to mental growth and improvements in various abilities, increasing earning potential.
Job Security: Protects against job loss during periods of scarcity, allowing access to better jobs.
Contrast Advantage: Benefits from the fact that most people do not follow this principle.
Positive Mindset: Fosters a positive and appealing mindset, crucial for continued success.
Imagination & Initiative: Encourages innovation, seeking better ways to serve, and personal initiative.
Self-Reliance & Courage: Builds confidence, self-reliance and boldness.
Integrity & Focus: Fosters a strong character, builds trust in others, and helps manage procrastination and aimlessness.
Compensation Justification: The principle provides a valid reason for seeking higher pay or better positions.
Economic Security: Achieving economic security and luxuries are associated with the practice of this principle.

Carnegie's Example

Schwab's Elevation: Andrew Carnegie valued the extra effort and promoted Charles M. Schwab, eventually becoming President of U.S. Steel.
Bonus Compensation: Schwab received a bonus significantly larger than his salary as a reward for his dedication and positive attitude.
Value Proposition: Applying this principle allows individuals to earn more than originally expected.
Internal Motivation: The act of service itself fosters positive intrinsic reward and builds character.
Long Term Benefits: The benefits of going the extra mile compound over time, building value and resources far superior to financial compensation achieved initially.

Deeper Implications

Ethical Dimension: The principle of going the extra mile is not merely economic but also ethical, promoting harmony and sympathy for others.
Relationship Building: Embracing this habit strengthens interpersonal relationships at work and builds trust and goodwill.
Skill Acquisition & Advancement: The principle recognizes that work is an opportunity for learning and skill development - leading to higher compensation and promotions.
Compound Interest: Going the extra mile earns returns in various forms, including financial rewards, skill improvement, and favorable relations, representing an overall accumulation of benefit (like compound interest).
Systemic Support: The American System of Free Enterprise encourages the going the extra mile philosophy.
Universal Applicability: The principle applies broadly to all fields of work and professions and in all aspects of modern life.

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Description

Explore the crucial principle of going the extra mile and its universal application in achieving success. This quiz delves into how this mindset benefits not only humans but all living beings. Understand the relationship between effort, opportunity, and reward in both nature and life.