Friday 9 January 2015

Think and Grow Rich Summary - Chapter 7

Chapter 7: Organized Planning – The Crystallization of Desire into Action

1.       You will be instructed on how to built plans:
a.      Ally yourself with a group of as many people as you may need for the creation, and carrying out of your plan, or plans for the accumulation of money – making use of the Master Mind principles.
b.      Decide what advantages and benefits you may offer the individual members of your group, in return for their cooperation.
c.       Arrange to meet the members of your “Master Mind” group at least twice a week, and more often if possible, until you have jointly perfected the necessary plans for the accumulation of money.
d.      Maintain perfect harmony between yourself and every member of your “Master Mind” group.
2.      Reminder #1: To be sure of success, you must have plans which are faultless.
3.      Reminder #2: You must have the advantage of the experience, education, native ability and imagination of other minds. This is in harmony with the methods followed by every person who has accumulated a great fortune.
4.      Plans must be practical and workable!
5.      Remember that when your plans fail, that temporary defeat is not permanent failure. It may only mean your plans have not been sound.
6.      Your achievement can be no greater than your plans are sound.
7.      No man is ever whipped, until he quits – in his own mind.
8.     A quitter never wins – and a winner never quits.
9.      When you begin to select members for your “Master Mind” group, endeavor to select those who do not take defeat seriously.
10.  Some people foolishly believe that only money can make money. This is not true.
11.   Money, on it self, is nothing but inert matter. It cannot move, think, or talk, but it can “hear” when a man who desires it, calls it to come!
12.  Practically all the great fortunes began in the form of compensation for personal services, of from the sale of ideas.
13.  There are two types of people in the world: (1) leaders, and (2) followers.
14.  The follower cannot reasonably expect the compensation to which a leader is entitled, although many followers make the mistake of expecting such pay.
15.   The important factors of leadership:
a.      Unwavering courage based upon knowledge of self and one’s occupation à no follower wishes to be dominated by a leader who lacks self-confidence and courage.
b.      Self-control à the man, who cannot control himself, can never control others.
c.       A keen sense of justice.
d.      Definiteness of decision à the man, who wavers in his decisions, shows that he is not sure of himself.
e.      Definiteness of plans à successful leader must plan his work, and work his plan.
f.        The habit of doing more than paid for.
g.      A pleasing personality à no slovenly, careless person can become a successful leader.
h.     Sympathy and understanding à the successful leader must be in sympathy with his followers.
i.        Mastery of detail à successful leadership calls for mastery of details of the leader’s position.
j.        Willingness to assume full responsibility à if one of his followers makes a mistake, and shows him incompetent, the leader must consider that it is he who failed.
k.      Cooperation à leadership calls for power, and power calls for cooperation.
16.  What not to do:
a.      Inability to organize details
b.      Not willing to render humble service
c.       Expectation to pay for what they know instead of what they do with what they know
d.      Fear of competition from followers
e.      Lack of imagination
f.        Selfishness
g.      Intemperance
h.     Disloyalty
i.        Emphasis of the “Authority” of leadership
j.        Emphasis of title
17.   The 31 major causes of failure (Check yourself point by point, for the purpose of discovering how many of these causes-of-failure stand between you and success):
a.      Unfavorable heredity background
                                                  i.      Little can be done for people who are born with a deficiency in brain power
b.      Lack of a well defined purpose in life
                                                  i.      There is no hope of success for the person (98%) who does not have a central purpose, or definite goal at which to aim.
c.       Lack of ambition to aim above mediocrity
d.      Insufficient education
                                                  i.      Experience has proven that the best-educated people are often those who are known as self-made, or self-educated.
                                               ii.      Education consists, not so much of knowledge, but of knowledge effectively and persistently applied.
                                             iii.      Men are paid, not merely for what they know, but more particularly for what they do with that which they know.
e.      Lack of self discipline
                                                  i.      Self mastery is the hardest job you will ever tackle
                                               ii.      If you never conquer self, you will be conquered by self
                                             iii.      You may see at one and the same time both your best friend and your greatest enemy, by stepping in front of a mirror
f.        Ill health
                                                  i.      Many of the causes of ill health are subject to mastery and control
1.       overeating
2.      wrong habits of thought
3.      indulgence in sex
4.      lack of proper physical exercise
5.      improper breathing
g.      Unfavorable environmental influences during childhood
h.     Old man procrastination – if you are waiting for the time to be right to start doing something worthwhile
i.        Lack of persistence
j.        Negative personality
                                                  i.      There is no hope of success for the person who repels people through a negative personality
k.      Lack of controlled sexual urge
                                                  i.      Because it is the most powerful of the emotions, it must be controlled, through transmutation, and converted into other channels
l.        Uncontrolled desire for “something for nothing” à gambling
m.   Lack of well defined power of decision
n.     One or more of the 6 basic gears
o.      Wrong selection of mate in marriage
                                                  i.      Unless relationship of marriage is harmonious, failure is likely to follow
                                               ii.      It will be a form of failure that is marked by misery and unhappiness, destroying all signs of ambition
p.      Over-cautious
                                                  i.      As bad as under-cautious
                                               ii.      The person who takes no chances, generally has to take whatever is left when others are through choosing
q.      Wrong selection of associates in business
                                                  i.      Select an employer who will be an inspiration, and who is, himself, intelligent and successful.
r.       Superstition and prejudice
                                                  i.      Superstition is a form of fear and a sign of ignorance
s.       Wrong selection of vocation
                                                  i.      No man can succeed in a line of endeavor which he does not like
t.       Lack of concentration of effort
                                                  i.      The “Jack-of-all-trades” seldom is good at any
                                               ii.      Concentrate all of your efforts on one definite chief aim
u.     The habit of indiscriminate spending
                                                  i.      The spend-thrift cannot succeed, mainly because he stands eternally in fear of poverty
                                               ii.      Form the habit of systematic saving by putting aside a definite percentage of your income
                                             iii.      Money in the bank gives one a very safe foundation of courage when bargaining for the sale of personal services.
v.      Lack of enthusiasm
                                                  i.      Enthusiasm is contagious
                                               ii.      The person who has it, under control, is generally welcome in any group of people
w.    Intolerance
                                                  i.      Person with a closed mind on any subject seldom gets ahead
                                               ii.      The most damaging forms of intolerance are those connected with religious, racial and political differences of opinion
x.      Intemperance
                                                  i.      The most damaging forms of intemperance are connected with eating, strong drink, and sexual activities
                                               ii.      Over indulgence in any of these is fatal to success
y.      Inability to cooperate with others
                                                  i.      It is a fault which no well-informed business man, or leader will tolerate.
z.       Possession of power that was not acquired through self effort
                                                  i.      Quick riches are more dangerous than poverty
aa.  Intentional dishonesty
                                                  i.      There is no hope for the person who is dishonest by choice
                                               ii.      Sooner or later, his deeds will catch up with him, and he will pay by loss of reputation, and perhaps even loss of liberty
bb. Egotism and vanity
                                                  i.      These qualities serve as red lights which warn others to keep away
                                               ii.      They are fatal to success
cc.   Guessing instead of thinking
dd. Lack of capital
                                                  i.      Insufficient reserve of capital to absorb the shock of their mistakes, and to carry them over until they have established a reputation
ee.  Under this, name any particular cause of failure from which you have suffered that has not been included in the foregoing list.
18.  Annual self analysis is an essential in the effective marketing of personal services.
19.  The yearly analysis should disclose a decrease in faults, and an increase in virtues.
20. Your annual self-analysis should be mad eat the end of each year, so you can include in your New Year’s Resolutions any improvements which the analysis indicates should be made.
21.  Opportunity has spread its wares before you. Step up to the front, select what you want, create your plan, put the plan into action, and follow through with persistence.
22. The “capitalistic system” denies no one the right, but it does not promise something for nothing, because the system, itself, is irrevocably controlled by the law of economics which neither recognizes nor tolerates for long, getting without giving.

23. Success requires no explanations, failure permits no alibis.

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