Think & Grow Rich-A Concept Every Entrepreneur Should Know

There is a book written by Napoleon Hill called Think & Grow Rich, which I highly recommend to any entrepreneur who is thinking about or has started a new business. The book is jammed with the concepts used by America’s greatest business people and is loaded with step-by-step information to help you see what is required of you to become successful. I decided to summarize the eight main points of the book because I believe in them so much and if you have never been exposed to the concepts, even a summary will stimulate your thinking and they are:

The Eight Requirements for Success

1. All you need is one sound idea. 2. A burning desire for its achievement. 3. Belief in your product or service. 4. Faith in yourself & your associates. 5. Specialized knowledge. 6. An organized plan of action. 7. A decision to act with persistence. 8. Organized financial capital.

Let’s briefly cover them one at a time:

SOUND IDEA-If you have a sound idea you can be successful. Everything ever created by mankind came from a single thought or idea. Thoughts are electrical activity that can energize you and others and a sound idea will draw people to you. The key: Your idea MUST be sound to succeed and if it is sound, investors and investment money will flow to you. If it is not sound, it will fail.

BURNING DESIRE-This is not normal desire. This is a red-hot fire of desire for your business idea, product or service… for success. You must have a desire that is extraordinary, one that is greater then 95% of society because only about 5% of society is truly financially successful. The other 95% of the population simply follow the followers, get jobs and do the normal things. People who have burning desire do extraordinary things. The key: You must live, dream and burn for success.

BELIEF-You must believe, and truly believe in your product or service so much that your are willing to do whatever it takes to turn it into reality. You must be willing to make a commitment to that belief. Key: If you do not truly believe in your product or service you will not get others to believe in you or your idea either. If your idea is not sound, you will not truly believe in it.

FAITH-You must have faith in yourself, your associates and a higher power. If you do not have faith in yourself you will not succeed. If you do not have faith in your associates, your business will not succeed. If you do not have faith in a higher power to help guide you it will be extremely difficult, if not impossible, to succeed. Key: You must have faith in self.

SPECIALIZED KNOWLEDGE-You must have special knowledge or skill related to your idea in order to succeed. If you are a jack of all trades and a master of none, you won’t achieve great success. You can acquire specialized knowledge by learning and most information is available at your public library. In order to succeed in business you must also have information, which allows you to have a deep perspective in business. You must generally understand business management, marketing, advertising, sales, accounting and law so that you can make intelligent decisions about surrounding yourself with the right people with the specialized knowledge you don’t have to overcome and bridge your areas of weakness. You must form a mastermind group who’s collective thinking and performance capacity is extraordinary.

DECISION & PERSISTENCE-You must make a decision to act and go forward at any cost and back that decision with persistence that will not recognize defeat. Quitters never win and winners never quit. Wishing and hoping while important will not make you successful.

ORGANIZED PLAN-You cannot succeed without an organized business plan any more than you could get to the moon without a plan. You must have a business plan that conveys your thoughts and ideas to investors in a way that is acceptable to the business world or you will not get investment capital from investors (.) Your business plan is the road map from where you are now to where you are going. It is your vision for the future.

ORGANIZED FINANCIAL CAPITAL-You must have access to organized financial capital backing your idea to achieve success. You will not recruit investors to invest into your idea or business unless you have and organized business plan. Without financial capital, your idea will never get to market and will end up in the stockpile of broken dreams. ..

On a personal note:

Success has rules. If you try and circumvent those rules or play the game your own way you will most probably fail. If you are lazy and not willing to do the things required for success then success will have no part of you. Why? Because success requires an extraordinary price to be paid by those that want it. Success will break the spine of the weak that are not willing to implement the steps required to achieve it. Now is the time you should carefully reflect on the exact price that you are willing to pay for success and the question is simple: Do you have what it takes? If the answer is no, go get a job.

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Copyright © 2006 James W. Hart, IV All Rights reserved