Entrepreneur Voices on the Science of Success

The Staff of Entrepreneur Media, Inc., Jonathan Small

• Publisher: Entrepreneur Press
• Year: 2018
• Print ISBN: 9781599186184
• eBook ISBN: 9781613083932
• Topic: Desarrollo personal
• Subtopic: Emprendimiento

With contributions and insights from entrepreneurs and small business owners including Tim Ferris, Brian Tracy, and Reid Hoffman, this book offers data and research-backed tools and tactics for both business and personal achievement.

Readers will learn how to implement habits that increase productivity, apply researched-backed strategies that close deals and increase profits, and developing a mindset that creates balance in their daily lives.

PART

I

HABITS THAT INCREASE PRODUCTIVITY

Warren Buffett starts every morning poring over 500 pages of magazines, newspapers, and books. The first thing Tim Ferriss does when he wakes up is make his bed. Sheryl Sandberg makes sure to get to work at Facebook every day at 7 A.M. sharp. Like many highly successful entrepreneurs, all these business leaders have developed habits that they believe increase their focus and productivity.

And these are not just the eccentric quirks of multimillionaires. Increasingly, scientific studies show that by dropping bad habits and developing and bolstering good ones, you can set yourself up to achieve your goals and dreams.

Let’s face it: The word “habit” gets a bad rap. From the time we’re children, we’re told to break habits, not build them. And as we become adults, most of us associate habits with negative routines, like constantly checking our smartphones, biting our nails, or drinking too much coffee. Those are not the habits we’re talking about (although some studies have found that coffee is actually good for you). The habits of successful entrepreneurs broaden your mind, increase your energy and enthusiasm, and actually rewire your brain to think in a whole new way.

So which habits should you develop and which should you drop? Like breakfast cereal, habits come in all sorts of varieties and options. There are the habits we think are beneficial but are actually impeding our progress. Multitasking is a prime example. While most of us brag about our ability to juggle answering email, talking on the phone, and conducting a meeting at the same time, scientists are not impressed. In fact, studies show that interweaving two or more tasks is the least effective way to gain comprehension.

Then there are the habits that we think are detrimental, but are actually helpful. It is commonly believed that being a workaholic is a recipe for stress and anti-social behavior. And that’s largely true for workaholics who hate their jobs. But studies have shown that people who put in long hours on the job, but who are engaged and enthusiastic about their work, tend to be happier and more productive than the stereotypical workaholic, who can suffer from health problems, sleep disorders, and depression.

Lastly, there are the habits that we might not have thought of, but that have been adopted by some of the most successful and fulfilled people in business. These are the behavioral modifications that, when practiced on a daily basis, can transform our performance from good to great.

From brain hacks to breaking bad habits, from small behavioral changes, like meditating 10 minutes every day, to larger commitments, such as spending 80 percent of your day reading like Warren Buffett, the following chapters lay out a science-backed road map to success.

CHAPTER

1

NINE SCIENCE-BACKED INSIGHTS ON FINDING SUCCESS IN BUSINESS AND LIFE

Entrepreneur Staff

Whether at work or at home, success is something we strive for in all aspects of our lives. And while there are a number of obvious things you should be doing to achieve your goals, there are also some not-so-obvious ones. For example, we’re often told that working too much can be detrimental to our health and wellness; however, a study found that high engagement actually protects from health risks associated with working too much. And being too happy around co-workers might make you seem naive, rather than simply optimistic.

From office jokes to sales leads to patience, check out these nine science-backed insights to help you achieve success.

1. Workaholism Has an Upside

Those who work more than 11 hours a day have been shown to have a higher risk of heart disease, high blood pressure, obesity, and high cholesterol. But there’s better news for happy workaholics: High engagement may protect you from these risks. According to the Harvard Business Review, companies see a spike in productivity and a dip in turnover when workaholics are focused and content in their jobs.

2. Office Jokes Are Risky

According to a study by the Wharton School, humor can increase your status at work, make you appear more competent, and make you more likely to be elected as a group leader. But that’s only if your jokes are appropriate. An off-color or bad joke can backfire and diminish your status, leaving co-workers thinking you’re incompetent.

3. Dial Down the Happy

Employees who are too outwardly upbeat are seen as naive and unsophisticated. Why? Research finds that overly happy employees are perceived as more vulnerable to deception or exploitation. While it’s good to be positive, it is not always motivating, inspiring, or even attractive to your co-workers. Instead, try to focus on being thoughtful and wise about the people and the world around you.

4. Experiment with Different Sales Techniques

When it comes to generating sales, you should be open to all sorts of different approaches. One size does not fit all. For example, to generate leads for its online course-building services, PLR.me tried using a chatbot—and found that 78 percent of people who engaged with it stayed through to the end.

5. Be Patient

In his TED Talk “What I Learned from 2,000 Obituaries,” Lux Narayan, CEO of Unmetric, says, “We looked at the data: 2,000 editorial, nonpaid obituaries over a 20-month period between 2015 and 2016. What did these 2,000 deaths—rather, lives—teach us? The average age at which they achieved things is 37. What that means is, you’ve got to wait 37 years before your first significant achievement that you’re remembered for, on average, 44 years later, when you die at the age of 81. Talk about having to be patient.”

6. Go for Face Time

Despite the ease of digital communication, sometimes good, old-fashioned face time is the most effective communication technique. A study found face-to-face requests are 34 times more successful than emails.

7. Get Psyched Up

In his book Psyched Up: How the Science of Mental Preparation Can Help You Succeed, Daniel McGinn writes, “For people who suffer from extreme nerves . . . don’t obsess over calming down. Instead, tell yourself that the sweaty palms and the racing heart are a positive sign, because they signify excitement: You’re lucky to be here and to have this opportunity to prove how good you are.”

8. More Is Better

“On average, creative geniuses [aren’t] qualitatively better in their fields than their peers. They simply produced a greater volume of work, which gave them more variation and a higher chance of originality,” writes Adam Grant in his book Originals: How Non-Conformists Move the World. “To generate a handful of masterworks, Mozart composed more than 600 pieces before his death at 35, Beethoven produced 650 in his lifetime . . . Einstein wrote papers on general and special relativity that transformed physics, but many of his 248 publications had minimal impact.”

9. Get to Work

According to David Autor, professor of economics at MIT, “Many of the great inventions of the last 200 years were designed to replace human labor. Assembly lines were engineered to replace inconsistent human handiwork with machine perfection. Computers were programmed to swap out error-prone, inconsistent human calculation with digital perfection . . . And yet, the fraction of U.S. adults employed in the labor market is higher now in 2016 than it was 125 years ago.” Machines may be able to do many of our jobs, but they haven’t replaced us completely. So get started!

CHAPTER

2

SCIENCE-BACKED BRAIN HACKS TO CRUSH YOUR GOALS

Kate Rockwood

Often, the hardest part of achieving success is when you transition your goals into habits. Goals tell you where you want to go, but habits give you the discipline you need to get there. It may seem daunting, but the process will get easier with time. All it takes now is persistence, passion, and a little science-backed knowledge to get you over the hump.

Here are seven tips that will help you keep pushing.

1. Get Bold

Want to push your performance to the max? Make a stretch goal, rather than one that’s easily attainable. Stretch goals push you beyond your usual limits. Penn State psychology professors found in a study that big, lofty goals are correlated more strongly with improved performance than small, incremental goals. The higher the bar, the harder we push.

2. Narrow Your Focus

So you want to pitch 20 new clients, build out the product line, and scout a second location? Time to pare down that to-do list. In a study in the Journal of Marketing Research, participants who picked just one goal achieved success at nearly double the rate of those who chased two or three at a time.

3. Grab a Pen

Got a goal? Write it down. In a study at Dominican University, people who wrote down their objectives achieved roughly 50 percent more than people who merely thought about them.

4. Think in Ranges

A study published in the Journal of Consumer Research shows that setting a goal within a range (say, raising revenue 8 to 10 percent) makes you more likely to stick with it than if you aim for a flat number. Even better: “You’ll be more likely to try to set a goal again in the future,” says lead researcher Maura Scott, a professor at Florida State University.

5. Map It Out

A goal is great; a game plan is even better. In a study in the Journal of Applied Psychology, participants who spent two hours mapping out how they planned to achieve specific goals were more likely to find success. The researchers wrote: “Goal clarity increases persistence, making individuals less susceptible to the undermining effects of anxiety, disappointment, and frustration.”

6. Enlist a Friend

An accountability buddy can work just as well in the boardroom as at the gym. Research shows that when people share weekly progress reports with a friend, their likelihood of success at reaching a goal climbs to 76 percent.

7. Cue the Immediate Gratification

Our brains naturally want to put off daunting tasks and let our future selves deal with them (the psych term for this is “present bias”). But a 2016 study in the Chicago Booth Review offers a way around your inner procrastinator: Give yourself small rewards in the near future to spur greater achievement of long-term goals. A slice of cake every time you cold-call an investor? A Friday-night Netflix binge every week you advance the ball on your big goal? Whatever keeps you inching toward the finish line!

8. Get Unmoti...

Table of contents

• Cover
• Title Page
• Copyright
• Contents
• Foreword
• Preface: Achieve Your Goals with Science
• Part I: Habits That Increase Productivity
• Part II: Impressions That Close Deals
• Part III: Strategies to Mobilize and Motivate Your Customers
• Part IV: Mindsets That Create Balance
• Resources