Modern Money-Making Tip 101: Speed of Implementation
Today we live in a world of information overload. Thanks to the internet, you have access to the ...
Today we live in a world of information overload. Thanks to the internet, you have access to the same gigantic amount of information as me – and it’s only a few keystrokes away from both of us.
You simply type into Google whatever it is that you want to learn more about, hit enter and you’ll be flooded with more information than you know what to do with.
Knowledge has become a cheap commodity. It’s relatively easy to come by, it’s in abundance and it’s practically free.
The Old Industrial Age Mindset:Knowledge however, in the Industrial Age, knowledge was scarce. It was time-consuming and expensive to acquire.
With no internet, entrepreneurs actually had to invest a lot of time to acquire the knowledge that they needed and it wasn’t easy. They would have to read lots of heavy books and pay smart and influential people to share their secrets with them to obtain the knowledge they needed to succeed.
For them, it was all about knowledge.
The New Information Age Mindset: Speed of ImplementationToday it’s different. All the “secrets” are available to anyone over the internet.
Everybody has access to the same kind of information. In fact, it’s safe to assume that whatever it is that you know, your competition knows it, too. Information alone won’t put money in your pockets. We live in the Information Age where information is abundant and it’s available to virtually anyone. So knowledge alone isn’t going to set you apart anymore.
But if you and your competitor both know the same thing, then what is it that will give you the cutting edge that you need to succeed?
Well, it’s speed of implementation. That’s 90% of what will make you successful. You have to be nimble and quick. Agility is the name of the game in the Information Age.
The Science behind Speed and SuccessIn a recent study of sales professionals that earned a quarter of a million dollars a year, scientists looked for a common trait that all of these sales people shared. And the one trait they had in common was...
It wasn’t knowledge.
It wasn’t skills.
And it wasn’t age.
It wasn’t even personal connections.
It was their ability to implement swiftly. Speed is what made all of them wildly successful.
The Kodak Case StudyLet me share with you a quick story to demonstrate the power of speed in the Information Age on a grander scale.
You might have heard about Kodak, the famous company that ruled the photography world for many, many years. It looked like they were the undisputed rulers of the market when in 2012 all of a sudden they filed for bankruptcy.
Why? Because they weren’t able to keep up with the Information Age. They failed to realize that the photography world was rapidly moving towards digital photos that were shareable over the internet.
And you know what the funniest thing is? They had the technology to make digital photographs sooner than their competition! It’s just that they were holding on to it, carefully guarding their new-found knowledge.
And while Kodak was hogging their technology to themselves, their competition (Instagram) developed the same technology and quickly launched it...
What Kodak failed to notice is that knowledge is no use without application. It all comes down to applying what you know as quickly as possible. That’s the only way you can beat your competition in the Information Age.
The Entrepreneur MindsetIf you want to be successful as an entrepreneur, you have to understand that knowledge alone is not going to cut it anymore. And that’s because knowledge is just a tool – and what good is a tool that you’re not using?
If you don’t want to be left behind by your competition, you have to apply that knowledge as fast as you can. What’s really scary is never trying. Especially when you already know what you want to do but you just procrastinate like always. So go do it, take action now!