Here’s an idea, which although somewhat vague, is very important to understand and measure your ideas/work with. It is a concept that should be remembered and applied to both self-growth and any new ventures/startups/investments to strengthen the probability of success.
The 10x rule was an idea first presented in Grant Cardone’s 10x Rule novel, and to summarize what Grant spends 256 pages explaining, the 10x rule says that you must lay out 10x the amount of effort compared to “normal people” in order to succeed. Your additional effort will offer a huge advantage over competition and will allow for far superior results. Additionally, you should set goals for yourself that are 10x higher than you might assume possible, as one of the biggest mistakes people make in life is not setting goals high enough. In order for the 10x rule to work, you need to be self-aware of your abilities and use your strengths/time to your advantage.
The idea can be applied to startups – spend 10x the amount of time and give 10x the amount of effort compared to competitors and your startup should have no problem getting on its way to success.
It can also be applied to investing – spend 10x the amount of time/energy analyzing and observing the world around you/the companies you’re interested in; the extra time and effort will allow for a deeper understanding and less mistakes.
My spin on the idea: When introducing a new product or idea to market, aim for it to be 10x better than what already exists (best opportunity for success). Email was 10x better than postal, cars were 10x better than horses, cell phones were 10x better than landlines, etc. Although your objective shouldn’t be to strain over revolutionizing the entire world (as seen in the examples), it should be to take something that exists but isn’t quite as good as it should be, your job being to make it better (10x).
In order for anything you do to REALLY succeed, you need to understand your multiples.