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The ONE Shocking Success Factor of the Super Rich
Benson Sung The one key behind the success of millionaires and billionaires. SUBSCRIBE: https://bit.ly/2tbiDWw
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0:30 The one success factor of millionaires and also billionaires, what is that one thing. This is going to be the thing I'm going to share with you that's going to make or break your business. It's all about their ability to consistently make the right decisions at the right time, that produce the right result, I'll say that again. The ability to consistently make the right decisions at the right timing that produce the right result. That is the secret, of success for millionaires and billionaires.
2:30 One of the core things, why I say decision making is one of the critical deciding factors of your success, is going to be understanding how you're going to make decisions. I had the opportunity, for example, to invest half a million dollars in a SAS business last year. I had to decide what was the decision I was going to make. I had to review all of these different options, I had to weight the ups and the downs, and all these different things because, I don't know about you, but $500,000 is a lot of money even to me, so for example, pulling that trigger you have to assess the business, you have to assess all these things, if you put in the money, what's gonna happen, if you don't put in the money what's going to happen.
4:00 All the small decisions that they had to make every single day whether they should work one hour, five hours, eight hours, or they put in 10, 15 hours a day every single day of their life. Or what specific ways to leverage your resources. How are they going to make the right decisions at the right time, that produce the right results? That's why it's so important for you to understand the decision-making thing, I'm going to give you three core questions that my mentor gave me, that is simple, it's clear, you don't have to overwhelm yourself because analysis by paralysis is one of the dangers of decision making.
4:30 So the three questions are, the first one, what is the upside? The first thing you want to always consider and we're good at this as human beings are what is the upside in our business. What are the advantages, what are the pros, what are the things that we're going to get if we make the decision actually to execute on that.
5:00 The second thing is what the downside is? What could you stand to lose, what could the alternatives be to that specific decision. What about the resources that you invest. You want to make sure that you cover your downside but you have to know what the downside is first. And the final one and the most important question of all can you live with the downside?
5:30 Doesn't matter if you're 20, or 30, or 40 or 50 at this age point in your life right now, I want you to look back and I want you actually to get a document and I want you to list out, what is the decisions that you've made in your life to get to where you are today? A, b, c, d. Any of the major or also the minor decisions that you make right now, and also in the past. I want you to analyze them, and I want you to understand, your decision-making mindset.
6:00 Even the small minor things like when to wake up when to eat breakfast, when to eat lunch, when to eat dinner, who should I meet today, who should I meet next week, why should I meet them? All these things are decisions that you're making and that compound and add up. The critical word here is compounding. So every single decision that you make, however, smalls, compounds into a big and massive result, always remember, cause equals effect, decision equals results.
6:10 So make sure to hit the subscribe button and also the bell icon, so you get future releases and updates on videos that I put out for you. Thanks for watching and I'll see you in the next one.
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