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Nov 15, 2009

The Power of Leverage

Studying and practicing the principles of effective delegation have given you the foundation necessary to exploit the power of leverage. We will now examine other forms of this key tool of professional and business success. Each of the seven forms of leverage can help you expand the reach of your own talents and strengths. Each involves building on the work, talents, experiences, and contacts of other people.

Leveraging Other People's Energy
The most productive people make sure they have time for the few things that give them the highest payoff by routinely seeking to delegate or outsource their lower-value activities.

Leveraging Other People's Knowledge
Applying one simple piece of key knowledge to your situation can make a world of difference in the result you achieve. Finding and applying knowledge from another source can spare you tremendous amounts of money and labor. Follow the lead of successful people and scan books, magazines, tapes, articles, and conferences for ideas and insights you can use to help you achieve your goals faster.

Leveraging Other People's Money
Knowing how and when to take advantage of other people's money—by borrowing or otherwise tapping into other people's financial resources—empowers you to achieve things that would be beyond your reach if you relied solely on your own resources. Seek out opportunities to borrow and invest, achieving returns in excess of the cost of the borrowed funds. Among the many sources for funds, consider, for example, chartered banks, savings and loan associations, venture capitalists, and public and private offerings of securities.

Leveraging Other People's Successes
Study the successes that other people and companies have achieved to gain insights into their challenges and solutions. Most successful people have paid their dues in terms of money, energy, commitment, and even failure to arrive at the top of their fields. Learn from their experiences.

Leveraging Other People's Failures
As Benjamin Franklin said, "Man can either buy his wisdom or borrow it. By buying it, he pays full price in personal time and treasure. By borrowing it, he capitalizes on the lessons learned from the failures of others." Listen carefully to the stories of truly successful people. Those who genuinely wish to support you will share with you their failures as well as their successes.

Leveraging Other People's Ideas
A single good idea, developed with passion and commitment, can give birth to a fortune. The greater your exposure to a range of ideas—gained through reading, studying, interaction, and experimentation—the greater the chance you will come across one that will lead you to enduring success.

Leveraging Other People's Contacts of Other People's Credibility
Everyone you know has friends, acquaintances, and professional contacts. Many of these people can make a positive impact on your career or business. Among all the people you know or are connected to in some way, who might open doors for you?

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