The world's greatest get rich bible

Chapter 94 Creating wealth with the power of the team 3
Volume 4 Chapter 3 Create wealth with the power of the team [-]
Don't let yourself be an island

Harmoniously discussing a given issue among three people, this way of stimulating wisdom is the simplest and most practical example of the application of a think tank.

——Think and Grow Rich

You are not alone in this world, there are many people who can help and support you.Success will come faster and more assured if you know how to use other people's knowledge, experience, ability and influence.

The greatest personal asset of successful people is the ability to make others happy to let me use their brains.

If I exchange a dollar with you for a dollar, the result will not be better than the original.But if I come up with an idea and exchange it with you, it will have twice the effect.Teamwork can accumulate spiritual wealth infinitely.

Remember, two people who work closely together, support each other, complement each other's strengths and weaknesses, will definitely achieve more than one person alone.

The biggest feature of the free economic system is the combination of the power of groups.However, if you want to get help from others, you must pay equally, and you cannot sit back and enjoy the benefits.The reason why Edison became a great inventor should be attributed to his organizational ability. He can unite a group of talents with different strengths and work hard for a common goal.

Let's use a simple example to illustrate why hiring others is of high value.Suppose, by virtue of the 80/20 rule, you are 5 times more efficient than your peers; and suppose, you start your own business and get all the value.So your best case outcome is 500% of the average, 400 units more "surplus" than the average case.

But suppose you can find 10 other professionals, each of whom can immediately (or train) produce 3x the average output.They are not as capable as you, but still create value well above the cost of hiring them.Assume further that you hire them at 50% above market salary in order to attract or retain them. Their personal output is 300 units and their cost is 150 units.Therefore, your "profit" or "surplus" from each employee is 150 units.Hire 10 people and you gain 400 units in addition to the 1500 units you created yourself.So your total profit is 1900 units, almost 5 times what you made before you hired the helper.

Of course, you can't just hire 10 employees. How many employees you hire depends on how many employees you can find that can add residual value, and whether you have the ability to attract customers.Usually, as long as you find employees who can add residual value, you are not afraid of not being able to attract customers.Because if you find professionals who can create value, you will find a market.

Obviously, you should only hire people who create positive value, that is, people whose value far exceeds the cost of hiring, but that doesn't mean you should only hire people who create the best, greatest residual value.Hire as many people as you can who will create extra value, 2x or 5x will do.There may still be an 80/20 or 70/30 split among your staff.The highest absolute surplus value may co-exist with a rather uneven distribution of capabilities—you just have to make sure that the worst performer among these people can produce output value higher than the cost of employing him.

Lloyds Wick of Illinois, a mechanical engineer, had a unique way of building fuel tanks, but lacked the funds.His partner was a successful dentist who didn't have Wick's engineering skills but had a sizeable savings.The two men, each doing their part, worked together on a cause that netted thousands of dollars in profit every month.

It is very important that every member who works together shares benefits fairly.Otherwise, the team falls apart.One evening when Henry Ford was touring the factory, he stopped to chat with an employee who was sweeping the floors.

"Are you enjoying your work?" Ford asked.

"It's fine," said the employee, "but I'd be happier if you sold the filings and gave me some of the money instead of throwing them away."

Ford took his idea right away and started executing it the next day, saving the company a lot of money and getting the employee a promotion.

What do you need to be successful?Who owns this resource?What can you offer in return?Maybe that's what the other party lacked.If so, you can make the most of all your resources and make each other's struggles easier.

(End of this chapter)