An Entrepreneurs Guide to Leverage

September 17, 2009 by  
Filed under Featured Articles, Wright Ideas

This article will explain the concept of leverage for business owners and give good guidelines on how to use it for themselves.

When I talk about leverage in this article, I am talking about leverage as to gain advantage through the use of a tool. There are specific financial terms of leverage that we could address, however this not part of this article. As business owners there are 7 different kinds of leverage you can use to make your business more profitable.

You can leverage other people’s energy. By delegation and outsourcing tasks that do not bring in money, you can focus on the tasks that do result in money. You do not have to hire an employee. You can go online and virtual assistants and technical people that you can hire online.

You can leverage someone’s success. Biography’s can be a great place to learn about other people’s lives. You will begin to see their pattern of success.  You can learn from their difficulties. This is a great way to learn to save yourself time on your journey to success.  You can avoid their mistakes. This is why many entrepreneurs love biographies of great people.

You can leverage other people’s contacts. You can ask your current contacts for specific introductions to other people. Keep a running list of who you want to meet; you will be surprised at who knows them. Remember the six degrees of separation is real and easily working in our digital domains.

You can leverage other people’s credibility. By having a thought leader introduce you to a particular group, you get to use some of their credibility. The group already respects this person, so since you are also    respected by this person, they are more apt to accept you. Your status as an expert is greatly enhances by this strategy.

You can leverage other people’ ideas. It only takes one good idea to be super successful. It only takes one good idea, put to work to create a multi-million dollar business. One idea sparks another idea and so on. Some business ideas are like ugly babies. If you wait a while, they will grow into lovely children that pay off. If you throw them out because they are ugly at the beginning.

You can leverage other people’s knowledge, especially in a mentoring or coaching situation. What you are doing is getting accelerated learning courses for the topics you need help. With access to one on one coaching or even group coaching, you can use this knowledge that you did not have to spend formal time in a class or seminar to get.

Action items:

Get a coach or mentor

Buy a biography of a successful person and read it or listen to the audio book

Connect with someone who can lend you their credibility

Ask a colleague or mentor for an introduction to someone you need to connect with.

Get a virtual assistant or add someone to the team at least part tim

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