The Power of 1%

Power of 1 PercentOne of the biggest differentiators between a remarkable person or an average one is that the remarkable one keep improving. 

If you look at the day-to-day operations of a successful person, you’ll probably think “that doesn’t look much different from what I do.” Here lies the secret to their surprising greatness – a remarkable person keeps improving things each day or week by as little as 1%.

They take what work and they ‘plus it’ over and over, improving by 1% time and time again. 

And when it’s all said and done YOU can be 10-20% better than the competition just by improving a little EACH DAY. 

But because of the compound effect, a 10-20% improvement is more than you get.

Another surprise is that because most improvements work synergistically with other improvements, your improvement actually is compounded, not just added.

You probably know that if you divide the interest rate of a bank account by 72, that’s how long it takes to double your money.

It’s this magic of compound interest that makes improving by 1% each day or week the secret to compounding your results.

Rule of 72Consider how a 20% increase compounds over time:

10 X 10 x 10 x 10 x 10 x 10 x 10 x 10 x 10 x 10 = 10,000,000,000

12 x 12 x 12 x 12 x 12 x 12 x 12 x 12 x 12 x 12 = 61,917,364,224

12 is only 20% more than 10, but if it’s compounded over time, the difference is significant!

So how can you put this into action?

  1. Research something that by making it more simplified, you can help a lot of people get what they want.
  2. Borrow from successful people and model their success to get similar results.
  3. Focus on improving your focus and results by 1% each day or week

We all see dozens of good ideas and probably say “I wish I had thought of that”.

Sometimes just simple things become great achievements and money makers.

Kevin Ryan, founder of Business Insider, says in order to succeed, you only need to be 10% better.

Great ideas are typically not groundbreaking. Most of us think we need to create the next big thing to succeed, and get frustrated when a single idea seems so inadequate.

Consider these examples:

  • Microsoft: There were 6 operating systems already available. Bill Gates just made his better.
  • Starbucks: Coffee shops were everywhere. Howard Schultz made his store a little more comfortable.
  • Google: It was just a search engine and there were already 7 search engines on-line. Google made it a little bit better.
  • Facebook: Remember Friendster or MySpace? Mark Zuckerberg just made social networks better.
  • Even Apple: BlackBerry was already making a pretty good phone. Steve Jobs made his iPhone better.

imgresWhat’s the take-away here: Of all the things people say they’re going to implement – the successful people actually test and deploy their ideas.

Stop looking for the big idea and focus on improving the small things, and you’ll probably have a better chance for success. 

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