How to get rich
(part of the “do this” directives)
1. Live where luck strikes.
Live where everything is happening,
where the money is flowing,
where careers are being made,
where your role models live.
Once there, be as in the game as anyone can be.
Be right in the middle of everything.
2. Say yes to everything.
Meet everyone.
Pursue every opportunity.
Nothing is too small. Do it all.
Like lottery tickets, you never know which one will win. So the more, the better.
Follow-up and keep in touch with everyone.
3. Learn the multiplying skills.
Speaking, writing, psychology, design, conversation, 2nd language, persuasion, programming, meditation/focus.
Not pursued on their own, they’re skills that multiply the success of your main pursuit.
(A pilot who’s also a great writer and public speaker.)
(A chef with a mastery of psychology, persuasion, and design.)
These skills multiply the results of your efforts, and give you an edge over others in your field.
4. Pursue market value not personal value.
Do what pays well.
Do not be the starving artist, working on things that have great personal value to you, but little market value.
Follow the money. It tells you where you’re most valuable.
Don’t try to make a career out of everything you love. For example, sex.
5. Shamelessly imitate success.
Imitate the best strategies of your competitors.
The market doesn’t care about your personal need to be unique.
It’s selfless and humble to use the best ideas regardless of source, to create the best service or product for your clients.
Get great at executing other people’s ideas as well as your own.
6. Be the owner, not just inventor.
It’s tempting to try to be the ideas person, having someone else do the dirty work of making those ideas happen.
Ideas don’t make you rich. Great execution of ideas does.
A rule of capitalism: whoever takes the most financial risk gets the rewards.
The biggest rewards will always go to those that fund it and own it.
To get rich, be the owner. Own as close to 100% as possible.
7. Benefit from human nature.
Instead of complaining about the downside of human nature, find ways to benefit from it.
Instead of complaining about the rules, just learn the game, then play it.
As soon as I start to feel a little comfortable, it's time to take another huge risk. But gosh I think it gets scarier everytime rather than the opposite!
Interesting points that i'll share with someone i know. It's true...ideas are important but the execution wins every time. The road to hell is paved with good intentions...
#2 is solid - "follow up". I think so many people miss out by not following up. I learned it from my time spent in real estate, but a lot of entrepreneurs who are starting in this social media world don't have it ingrained in their head that the person you tweeted or snapchatted to today should be a developing relationship. You don't just go dropping twitter breadcrumbs all over the place, but actually have a system of staying in touch with the people you're talking to, and building relationships (as opposed to just asking people to buy stuff every month).
I've had so many scenarios where people weren't responding to me, and I could've said "eh, they're not interested anymore", and got uncomfortable about it; instead I'd follow up again (and again) and find out that "hey, sorry, I've been traveling/busy/sick" and if I'd given up, that relationship would've disappeared.
I am a DJ at WAWL for 18 yrs. We met once in Nashville. I helped a local Chattanooga label produce 15 top quality recordings. I put 2 of them in the top 20 ZMR chartings about 10 yrs ago. What is the cheapest, fastest and most profitable means to get them back out to the public, and private companies, where we will see the best results? It is mostly ambient music, but we have a lot of instrumentals, also.
You're not recommending people purchase lottery tickets are you? Ha Ha
really enjoyed this one!
Nice!!!
This was great loved the concepts and definitely a refresher for my captivated mind. Thanks for the post! It hit home hard for some questions I needed answers on.
Keep up the awesome post Mr Sivers. You've always been a genuine person. I'd love to meet for a coffee with you one day. I bet it would be one insightful meet!
Send me an email of what Area of the States or World you live in so that if I'm ever near by you can take me up on the offer.
Coffee is on me!
Cheers from Daniël-James van den Berg
How do incorporate 'say yes to everything' and your other advice of "no or hell yes'? That would seem to be at odds but I assume there is some context that I hope you could explain to me, please.
See Switch strategies — Derek
Dude. I love your energy and contribution to the rest of us really figuring out the world you live in and how we must pay admission to live there too...meaning, coming to grips with believing, planning, and acting on what fills us and others up.
☺ That's the nicest compliment I've heard in a long time. Thanks John! — Derek
In the right hands, power and wealth bring honor. Without Virtue it is not easy to manage these blessings in the proper way. -Aristotle
I always follow up and keep in touch, but find that so many do not, which can be disheartening. I cannot move to the center of things at present, but most of your other suggestions, I am either pursuing or can in the future... Thanks!
I love this. I am so happy right now . That I found this . I genuinely love this series is so great. It's clear and raw. Not covered in polite manner. Is just genuine
thank you very much
Great article! How do you keep the faith that your dreams will flourish? How do you dispel fear and doubt along the entrepreneur path?
am adding this blog to pocket :)
AWESOME!!! Thank you for directing me here with your reply tweet this morning, Derek!!
Thanks man, really appreciate the effort, this my first time on your site, and i've learnt something new. Skills to learn. Thanks, em greatful.
Thanks for the great tips!
Agree with you at least 100%.
Am trying to be more of a "yes" person.
Keep inspiring us!
Bernadette
Really cool, keep going ;)
This is my favourite sentence
I came to your site for some answers. These directives here give me all the answers I need. Thank you.
Hi Derek,
My name is Anna Diaz (we followed each other on Twitter for a bit before I deleted mine recently). Anyways, I’ve been an avid fan of you, your writing, and thoughts now for at least a couple of years since my former colleague in VC (whom is a hobbyist musician) recommended two of your blog posts to me. “Know your why” was one of them.
I’m currently also in the middle of your “Anything You Want” audiobook as I’m in the process of my own entrepreneurial projects. And I also wanted to share that you’re absolutely hilarious in your audiobook. Thank you for also narrating.
Anyways, thanks for being you. Somehow I happen to stumble upon your posts and content, intentionally or unintentionally.
Thanks again! And apologies for train of thought writing...I guess I’m just a fan and wanted to share that with you.
All the best,
Anna Diaz
On Rule #6: "Be the owner, not just inventor."
Although I very much agree with the advice of having ownership of the company. The part of the advice: "Own as close to 100% as possible." appears to be in misalignment with reality.
Let me explain why I believe such to be the case. One part of disagreement is based on advice from 'Zero To One' (rated 9/10 by Derek Sivers :D):
"People who understand the power law will hesitate more than others when it comes to founding a new venture: they know how tremendously successful they could become by joining the very best company while it's growing fast. The power law means that differences between companies will dwarf the differences in roles inside companies. You could have 100% of the equity if you fully fund your own venture, but if it fails you'll have 100% of nothing. Owning just 0.01% of Google, by contrast, is incredibly valuable (more than $35 million as of this writing)." [0.01% of Google=93million as of this comment]
The 2nd part of belief that "Own as close to 100% as possible." is misaligned, comes from looking at some of the richest men: Jeff Bezos, Bill Gates, Mark Zuckenburg etc... none of them own 100% or anywhere close to 100% of their company.
The 3rd part is more personal, you have written, "When you make a business, you get to make a little universe where you control all the laws. This is your utopia." and personally, in my utopia, I am not the only one that is obsessed about building the utopia up and out. There the belief is that if you want to attract the best to help you build the utopia your chances of such attraction are higher if you are willing to share a slice of the ownership pie, with the goal of removing the cushioning from success and failure for the top contributors, having them be invested in the companies success orders of magnitude more than just a salary.
Great article Derek.! Loved it especially the multiplying skills part.
I love this concept of "Just tell me what to do". Where can I read more such directives? Especially about starting a company.
- How to find a business idea?
- How to get more customers?
- How to build a great product?
I can already think of my answers to these questions based on Anything You Want but it would be valuable to get it from the definitive source instead of trying to guess the answers.
This idea turned into my book called HOW TO LIVE : sive.rs/h — Derek