We all know the feeling of defeat when you're on a team that's been struggling for years and never seems to get out of the last place. You might think it would be easier if your own business was in that position. But every entrepreneur knows there is no such thing as "failure" because we live in an age where innovation can give even the smallest company access to markets around the world.
Do you want to know what the winning formula is?
Of course, we all do. Well, here it is: duplicate their success. The most successful people in any industry are not satisfied with a single win. They want more and they will find ways to get it by studying what has made others successful and implementing those same processes into their own business strategy for ten-xing their own success!
The Law of Accumulation teaches that success is not just a one-time thing, it accumulates and multiplies with time because as long as you keep doing more of what works you are bound to get more of the same.
We have all heard that what doesn't kill you makes you stronger, right? Well, it's just as true for businesses and organizations as they go through the growth cycle in building their success. A company might start out small with one successful product or service but if they can keep duplicating this success and adding more products without sacrificing quality or customer satisfaction, the company will grow.
For example, Amazon started out as an online book retailer, but now they have grown to sell everything from high-end fashion and beauty products to groceries and electronics.
Why is it important to do this? The answer is simple, when you are an achiever with a long-term goal in mind and you're not afraid of risk or hard work then duplication will become your best friend.
The first step to duplicating their success is making sure that you have the right strategy for what you're doing. Choose to emulate someone or a company that is actively pursuing a strategy that you can duplicate.
Get the right tools for your business, implement an action plan and start working on duplicating their success in ten-xing yours!
In an interview with Hunter Thompson the author of the book "Raising Capital for Real Estate" we spoke about this point. In the interview, he mentioned that "Real estate investing is not a business of innovation, it is a business of modeling".
What he is saying here is that no one can be successful at real estate investing without first studying other people who are already doing it. This means looking for someone with similar goals as you, and then attempt to do everything they have done. The more detailed your understanding of a system or way of operating becomes, the better equipped you will be to duplicate their success in ten-xing yours!
The best part about this strategy? It's not just applicable to business ventures but also personal goals like losing weight or getting fit by following others' examples on how they did it themselves. This might sound crazy and impossible at first but if you start small and focus on incremental improvements over time, these changes will compound into dramatic results!
What are the things you can do to duplicate their success? Well, it's not easy but here are some suggestions: study why they have had success and what has led them to this point. What were the key decisions that made all of these things possible for them? How did they get started in a particular industry or business model? And how does your own company compare with theirs on an apples-to-apples basis by leveraging those same processes and strategies as in "Raising Capital"?
And finally, don't forget about yourself! Knowing who you are will fuel everything else and if you're able to identify your strengths then duplicating your successes should be much easier because there will be less stress involved when deciding which direction to take.
Conclusion: The success of one company does not guarantee the success of another. Study winners, implement their processes, and ten-x your own winning! Following in someone's footsteps is a great way to replicate their successes but always remember that there are no guarantees when it comes to business or personal goals. What you do today will result in what happens tomorrow; so choose carefully--every day counts!