15 Principles of Success: From Broke Teenager to $100 Million Empire

From Struggling Teen to $100 Million Empire: 15 Principles of Success

Success doesn't happen by accident. It's the result of applying proven principles consistently over time. In this article, we'll explore 15 key principles that can transform your life and business, just as they did for one entrepreneur who went from a broke, struggling teenager to building a $100 million empire.

Principle 1: Use Fear as a Compass

Many people think that working hard means grinding for long hours. But true hard work is about doing the things that scare you. As Joseph Campbell famously said, "The cave you fear to enter holds the treasure you seek."

When you feel fear or anxiety about a decision or action, it's often a sign that you're on the right track. This is where real growth happens. Courage isn't about being fearless; it's about taking action despite your fears.

Imposter syndrome is common when you're stretching your identity and entering new territory. If you find yourself feeling like the least experienced person in the room, congratulations - you're in the right place for growth.

Remember, fear often stands for "False Evidence Appearing Real." The obstacle is the way, and facing your fears head-on is the path to success.

Principle 2: Play to Win, Don't Play Not to Lose

Too many people focus on avoiding losses rather than pursuing gains. This defensive mindset can hold you back from achieving true success.

Instead of obsessing over minimizing taxes or avoiding risks, focus on creating more value and pursuing bigger opportunities. The world rewards those who make courageous decisions and take calculated risks.

Moving towards your goals with positive energy creates momentum that propels you forward faster than playing it safe ever could. Embrace the fact that you will sometimes lose - it's an inevitable part of the journey. The key is to lose small and learn quickly so you can find the big wins.

Principle 3: Make Your Old High Your New Low

As you achieve success, it's crucial to continually raise your standards. What was once your peak performance should become your new baseline.

Many people have an internal "thermostat" that regulates their level of success. If things get too good, they subconsciously sabotage themselves to return to their comfort zone. Conversely, if things get too bad, they'll work hard to get back to their baseline.

The key is to consciously reset this thermostat. When you reach a new level of success, act as if that's your new normal. Don't let yourself slide back to old habits or mindsets.

This principle applies to all areas of life - finances, health, relationships, and more. Continuously raising your standards is how you achieve lasting, exponential growth.

Principle 4: Permission is Taken, Not Given

Too often, people wait for someone else's approval before pursuing their dreams. They think they need to "make it" before they can start sharing their knowledge or building their platform.

The truth is, you don't need anyone's permission to start making a difference. Your dreams don't require anyone else's signature of approval.

Even established businesses are constantly figuring things out as they go. The difference is they take action without waiting for permission.

Instead of seeking permission, seek forgiveness. Take initiative, make bold moves, and apologize later if needed. Leadership isn't about titles; it's about having followers. You become a leader by taking action and inspiring others, not by waiting for someone to bestow authority upon you.

Principle 5: Measure What Matters

Precise measurement is key to achieving results. Whether your goal is fitness-related, financial, or business-oriented, tracking relevant metrics is crucial.

Start by clearly defining your vision. Vague goals like "I want a better life" or "I want to make more money" are difficult to measure and achieve. Get specific about what you want to accomplish.

Once you have a clear goal, identify the key metrics that will indicate progress. Track these numbers religiously. Review them frequently to ensure you're moving in the right direction.

By measuring what matters, you create a feedback loop that makes your goals inevitable. When you follow a process and track the right numbers, success becomes a natural byproduct of your actions.

Principle 6: Your Network is Your Net Worth

Building strong relationships is crucial for success in any field. The fastest way to create value for others is to connect them with each other. Make introductions between people who can benefit from knowing one another.

When networking, focus on remembering names and understanding what people truly want or need. Ask questions to uncover their challenges and aspirations. Then, look for ways you can add value - whether through your skills, knowledge, or connections.

Your reputation and reach are key assets. Who knows you, and what do they think of you? By consistently adding value to others' lives, you build a powerful network that can open doors and create opportunities.

Principle 7: Spend Money to Save Time, Not Time to Save Money

Many people, even successful entrepreneurs, fall into the trap of wasting valuable time to save relatively small amounts of money. This is often a mistake.

Calculate your "buyback rate" by dividing your annual income by 2,000 (roughly the number of working hours in a year). This gives you an hourly rate. Any task you can outsource for less than 25% of this rate is worth delegating.

For example, if you make $200,000 a year, your buyback rate is $100 per hour. You should look to outsource any task you can for $25 per hour or less. This frees up your time to focus on high-value activities that only you can do.

Remember, the goal of hiring should be to buy back your time, not just to add capacity. This allows you to focus on the most important aspects of growing your business or pursuing your goals.

Principle 8: Default to Action

Too many aspiring entrepreneurs get caught up in planning and strategizing without ever taking concrete action. The most successful people are those who quickly move from idea to implementation.

Instead of writing lengthy business plans or endlessly refining your strategy, focus on making your first sale. Get your product or service in front of real customers as quickly as possible.

Your first move matters less than simply making a move. It's better to make a decision and then work to make it right, rather than endlessly seeking the perfect first step.

Think of your initial actions as "bullets" - small, low-risk tests to see if you're on target. Once you've validated your idea with these small tests, you can fire the "cannonball" of major investment or expansion.

Be patient with results but impatient with action. The sooner you start, the sooner you'll learn what works and what doesn't.

Principle 9: Simple Scales, Complex Fails

Complexity is the enemy of growth and scalability. The most successful businesses and systems are often the simplest.

Steve Jobs famously simplified Apple's product line when he returned to the company, cutting it down from dozens of models to just a few core products. This focus allowed Apple to innovate more effectively and ultimately dominate the market.

When building a business or pursuing a goal, resist the urge to add complexity. Instead, look for ways to simplify and streamline. Ask yourself: "What could I remove without breaking the system?"

Focus is everything in business. Follow one course until successful, rather than trying to do everything at once. Simplicity allows for faster growth and easier management as you scale.

Principle 10: Make People Rich

One of the most powerful strategies for success is to focus on making others wealthy. This applies to both your team members and your customers or clients.

When structuring compensation for key employees, avoid arbitrary caps on earnings. Instead, create systems where top performers can earn unlimited upside based on the value they create. This aligns incentives and motivates people to give their best effort.

Similarly, focus on creating massive value for your customers or clients. The more value you provide, the more successful you'll become.

Get obsessed with understanding people's goals and problems. Figure out how you can help them achieve their dreams while solving your business challenges. When you align your success with others' success, everyone wins.

Principle 11: Change Your Words and You'll Change Your World

The language you use has a profound impact on your mindset and results. Pay close attention to the words you choose when describing your situation and goals.

Avoid weak, uncertain language like "should," "could," or "would." Instead, use confident, decisive language that reflects your commitment to success.

Your words aren't just for communicating with others - they're signals to yourself about what you believe is possible. Speak with certainty about the future you want to create, even if you don't yet know exactly how you'll get there.

Consider recording yourself talking about your goals and plans, then listen back critically. Do you sound like someone who's confident and certain of success? If not, work on adjusting your language to reflect the mindset of a winner.

Remember, today's energy shapes tomorrow's reality. Choose words that empower you and inspire confidence in others.

Principle 12: Actions Prove Your Priorities

There's often a significant gap between what people say they want and what they actually do. Your true priorities are revealed by your actions, not your words.

If someone claims that health is a top priority but never exercises and eats poorly, their actions tell a different story. Similarly, if an entrepreneur says they want to grow their business but spends no time on marketing or sales, their priorities are misaligned.

To assess your real priorities, look at how you spend your time and money. Your calendar and bank statements are more honest indicators of what's truly important to you than your stated goals.

Remember that setting priorities often means saying no to good things so you can say yes to great things. Be willing to make tough choices to focus on what really matters.

Principle 13: Ask Better Questions

The quality of your questions determines the quality of your life. Asking the right questions can shift your perspective and unlock new possibilities.

When facing a challenge, ask yourself: "If someone bought my business tomorrow, what's the first thing they would change?" Then follow up with: "Why haven't I made that change yet?"

Another powerful question is: "What am I pretending not to know how to do?" This can help you identify areas where you're holding yourself back due to fear or self-doubt.

Great leaders often coach through questions rather than direct feedback. They help others see what's right in front of them by asking thought-provoking questions.

Develop a set of empowering questions you can ask yourself regularly to stay focused and motivated. For example: "How can I appreciate even more God's grace and guidance in this moment?"

Principle 14: Learn, Do, Teach

True mastery comes from not just learning something, but applying it and then teaching it to others. This principle, borrowed from nursing education, is a powerful way to integrate knowledge and skills.

When you learn something new, immediately look for ways to apply it in your life or business. Then, find opportunities to teach that knowledge to others. This process cements your understanding and allows you to make a positive impact on others.

Remember that if you've overcome challenges or achieved success, you have a responsibility to "send the elevator back down" and help others who are still struggling. Your experiences and insights could be exactly what someone else needs to hear.

By becoming an example and sharing your knowledge, you inspire others and create a ripple effect of positive change.

Principle 15: Define Your Why

Having a strong sense of purpose is crucial for long-term success and fulfillment. Your "why" should be powerful enough to drive you through challenges and keep you motivated when things get tough.

Often, your deepest purpose is connected to overcoming past struggles or hardships. For example, someone who struggled with addiction might find purpose in helping others achieve sobriety.

Your "why" doesn't have to involve changing the entire world - start with your immediate community or sphere of influence. Look for ways to make a positive impact in your own backyard.

When your purpose is clear and compelling, it makes the "how" seem less daunting. You'll find yourself naturally overcoming obstacles and pushing through fears to achieve your goals.

Regularly reconnect with your why, especially during challenging times. Let it be the fuel that drives you forward and gives meaning to your work.

Conclusion

These 15 principles of success offer a roadmap for anyone looking to transform their life and achieve extraordinary results. From using fear as a compass to defining your deeper purpose, each principle builds upon the others to create a powerful framework for personal and professional growth.

Remember, success is not about luck or innate talent. It's about consistently applying proven principles and taking decisive action towards your goals. By integrating these principles into your daily life and business practices, you too can create remarkable transformations and build your own empire of success.

Start today by choosing one or two principles that resonate most strongly with you. Commit to applying them consistently, and watch as your life begins to change. Your journey from where you are now to where you want to be starts with a single step - take that step today.

Article created from: https://www.youtube.com/watch?v=UrGO9wNP1kE