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Creating Wealth in the Next Generation Economy

balance Last century, we saw wealth created by large companies using economies of scale to keeps costs low so they could dominate markets. In the next generation economy [pdf], new wealth will be created by entrepreneurs through a network of great relationships built on trust.

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Trusting relationships will save you time and make you money. The question is, “How do you build this trust so you can build relationships?”

There’s a concept called equal consideration of interests – you place your interest equal to the other party. That sounds so simple, but we believe it deserves emphasis.

Win / lose. “I win, you lose” doesn’t work because it doesn’t build the trust that is necessary to have good relationships in tomorrow’s business world. Yet there are a lot of people who place their interest above everybody else’s.

Lose / win. “I lose, you win” ultimately fails because fulfilling relationships can’t be one-sided. Eventually frustration leads to anger and the relationship (if that’s what you call it) dissolves. Yet there are a lot of people who place everybody else’s interest above their own.

Neither one is the best path to building fulfilling relationships. There is a better way …

Win / win.
This is the perfect combination in today’s business world. Win / win is equal consideration of interests. Even if it benefits me, I won’t do it if it hurts you. We’ll work together to find a better way that is mutually beneficial. That’s the key to innovation – another 21st century necessity. What works today won’t be good enough tomorrow. By working together, we can find a better way than either of us could find on our own.

Moving quickly on a new venture

We just launched a new offline venture. We had an idea for a product. We talked it over with people in our network. Based on their recommendation, we revised it … a lot! But it was much better. We reached out to potential strategic partners and got them in place. Last week, one of those strategic partners began selling our product across the nation.

It probably would have taken us six to twelve months to do this if we didn’t have the right relationships in place. Instead, this all happened in about two months. That’s another 21st century mindset – once you spot an opportunity, you have to move very quickly.

It’s hard to do that if you have to develop the concept from scratch. You need to reach out to people and firms who have the infrastructure in place to help you capitalize on it. If they aren’t already in your network, it will take longer. So building trusting relationships is essential. But there are (at least) two points to consider …

Relationship building is a long-term investment.

It takes time to build your network. We have years of goodwill built up with some of our strategic partners. This helps get revenue-generation going quickly once you have the right idea. Don’t wait to build your network until you need it. It will probably be too late then. Make relationship building an everyday thing.

Trusting people solve problems quickly.

When you trust your partner and your partner trusts you, problems can be solved much more easily. As we’ve had issues, we’ve been able to deal with them very quickly. We can hear our partners considering our interests along with their own; they can hear us doing the same thing.

The best way we know to capitalize on an opportunity quickly is when two or more people, with trust already in place, consider their interests equally and seek mutually beneficial solutions. It’s the way to create wealth in the 21st century!

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Join us next time as we celebrate our one year anniversary! Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00262-111108.mp3

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Failure to Do This Harms Relationships

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(Image by darktaco)

Plant the Seed This Spring for Your Bigg Success

spring_crops

It’s the first day of spring! Before long, farmers will be planting. That got us thinking – just like a farmer, we have to plant in order to harvest.

If we want an output, we need an input. To produce a result, we have to take action. We can’t control the result, but we can control our activity.

So focus on planting, not the plant!

3 steps to planting the seed
We’re going to work backwards from the final input to the initial activity.

#3 – Plant
Unless you actually plant the seed, you won’t have anything to harvest. You have to follow through on everything that led to this step. Focus on activities that will yield the best result.

#2 – Prepare to plant
To be ready to plant, gather the needed resources together. For the farmer, that means buying the seed, getting the fertilizer, and preparing the ground for planting.

For the rest of us, it depends on your situation. You may need to do some research, prepare collateral materials (e.g. resume, business plan), make a prospect list, find potential strategic partners, or design promotional material.

These are just a few of examples. Preparing takes time and effort, but you have to do it or you won’t be ready for Step 3.

#1 – Plan to plant
If a farmer waits until the first day of spring to start planning for the upcoming season, he’ll have an uphill battle. That’s the reason we counted backwards (in addition to showing you that we could)! 

Think who, what, when, and where. And make sure you know the “why” for each of those! And also think about “what if”.

So thinking like a farmer: Who’s going to plant what crop? Where and when will it be planted?

For those of us who don’t farm, think back to Step 2 for an example. We said you may have to do some research. Are you going to do it yourself? Could you pay to have it done? In either case, what research do you need? Where will you find it (or the person who will do it)? When will the research need to be done?

A Bigg Success story
We crank out five shows / blogs and a newsletter every week. That’s our end result. As long as we focused only on the result, we struggled. Then we put into practice what we’re preaching here!

First
, we plan our work. We now use a production schedule that maps out what needs to be accomplished every DAY, not every WEEK. That’s made a huge difference.

Second, we prepare every day. What will we talk / write about? Do we have the information or do we need to get it? Where will we get it? Then we gather the required materials. Now we’re ready for the final step.

Third, we do it. Otherwise, you wouldn’t be reading this blog!

The Bigg Goal-Getters Workbook is a great tool for implementing this process. It’s FREE when you subscribe to our FREE newsletter The Bigg Success Weekly!

Our bigg quote today is by William Arthur Ward:

“Faith sees a beautiful blossom in a bulb, a lovely garden in a seed, and a giant oak in an acorn.”

So remember, actions produce results. Belief produces actions.

Next time, we’ll discuss seven ways to tap into your creative side. Until then, here’s to your bigg success!

Subscribe to the Bigg Success feed.

Subscribe to The Bigg Success Show in iTunes.

Related posts 

How Do You Define Success?

Climbing The Stairway To Success

6 Easy Steps To Financial Freedom

How To Get Rich 

(Image by mrhappy, CC 2.0)