Leaving Money on the Table
I signed up for my first hosting on 17th June 2006. This means my first year is coming to an end. My plan and strategy is to do it year by year. Most people over-estimate what they can do in one year but under- estimate what they can do in five years.What Alex Mandossian said could not be less true. First year you are a ‘student‘, second year ‘affiliate‘, third year ‘partner’, fourth year ‘your guess!’.
As a private medical practitioner and business practitioner of more than twenty years , I nurture the habit of leaving lots of money on the table for the simple reason that I would like to see a few more patients benefit from my service and my expertise. However, almost all my business friends and partners said that doctors including myself are bad businessmen. And I think they are right. I just laughed it off as my dark side!
Here is how I play my game. I play at my level of expertise. I suggest that you do the same. The initial level of expertise that you set is all guesswork. You have to test it. One good method to discover this initial level was brilliantly explained by Alex Mandossian. This is the recipe worth repeating:
"On your first list write down 30 areas that you think you are good at. On the second list ask others (seven of your closest people) to write down 30 areas that they think you are good at. Then compare the first and second list and select 10 areas that overlap. Out of this ten areas, choose three areas that you are passionate about. Then the final step, create a workable strategy to monetise from your game."
Be realistic. How much can I make? How much do I want to make? This is the recipe I use.
The most important starting point here is to be aware of your level of expertise in your chosen game. Do not play the game beyond your level of expertise. You will be thrashed by the market forces. Take baby steps.
There is a limit on the amount you can make on your chosen level.
If you want to make more you have to play at a higher level. Again make sure that you play within your level of expertise.
If you are a team or an organization make sure you play within the level of expertise of the team or the organization.
A lot of people became wealthy through going beyond the amount of money they can make on the chosen level. They bully the weak, take advantage of the ignorant and leave absolutely no money on the table. They leave behind high social costs, injustice and cruelty. Surprisingly they usually get away from the long arms of law.
I do not do that. Every decision that I make is based on my principle of private victory (health, education) and public victory (money, relationship, power)
DR SOON
posted by DR SOON @ 3:10 AM
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