Tim Ferriss is a serial entrepreneur, author and public speaker with an estimated net worth of $20 million. He runs a multinational business from online locations worldwide. He is also a Kickboxing Chinese world record holder and an actor with hit cinema projects in Hong Kong.
Here are 10 Success lessons from Tim Ferriss – “The Indiana Jones of Digital Age” for entrepreneurs,
1. The customer isn’t always right
Many entrepreneurs subscribe to the customer is always right philosophy. However, Tim Ferriss believes that the customer is not always right –nor do they get to call the shots.
Ferriss taught us that some customers aren’t worth it, and you don’t need to take abuse to provide good service. Firing difficult customers gives you more time to nurture your relationships with the good ones, ultimately making more money in the long run.
2. Money is not the solution we need for our problems in life
Even if most people start making a lot of money, their level of happiness may stay the same. In fact, they’ll have much more work, worries and responsibilities.
That’s because they don’t know how to spend and enjoy this money once they’ve earned it.
In order to increase your wealth, you need to have a clear idea of what you want your lifestyle to be like before you actually have it.
3. We tend to choose misery over uncertainty
Almost a decade later that’s still true.
When something isn’t certain, we choose not to do it even if it’s what we’ve always been dreaming of.
But guess what? Life is uncertain, security is an illusion, tomorrow is unpredictable and the only way to live freely and thrive is to accept that and feel comfortable with it.
Lifestyle designers are okay with risks, new stuff, failing and not knowing how things will work out.
4. 80/20 your way to success
Otherwise known as Pareto’s Law, the 80/20 rule says that 80 percent of the results for any given activity come from just 20 percent of the inputs. This is the foundation for many of Ferriss’ guiding tenants. One example of the rule in action for entrepreneurs is 80 percent of your business’s revenue typically comes from just 20 percent of your client/customer base.
Ferriss argues that you should eliminate the 80 percent of things you’re doing that aren’t yielding significant results. And instead you should focus exclusively on the 20 percent of activities that are. In doing so, you free up A TON of your time to focus on duplicating those actions/clients/processes that yield high returns. The 80/20 rule works in the opposite way as well.
5. Quality matters
Quality matters in everything you do and honestly, (pun sort of intended) it rises to the top. The 4-Hour Workweek was tirelessly researched, refined, and written. Most of Tim’s blog posts are like little miniature pieces of art. Is any of it perfect? Not possible. Striving for perfection? Possibly futile. Creating the best possible piece of art of you can? That sounds like something to strive for.
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