Goal Setting, Michael Jordan, & The Compounding Effect

 

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Hey there! Kim Roach here and welcome to another episode of the 10-Minute Marketing Show. Where we help entrepreneurs build a life and business they love in just 10 minutes per day.

Every episode will be rapid-fire. 10-minutes of actionable strategies that you can use to grow your business.

So without further ado, let’s dive into today’s 10-minutes of marketing…

And today’s episode is all about goal setting. One of my favorite topics.

But don’t worry. I promise not to rehash all the other dribble that you’ve probably already heard. Instead, I’m going to share the ONE simple key to reaching any goal you set for yourself.

This one simple key has been used by every successful person to date. It’s the one key behind the achievements of Steve Jobs, Michael Jordan, Larry Bird, Jerry Seinfeld, and Stephen King.

There is no pill. No magic in a bottle. No cream in a jar.

In fact, the key to success is so simple that most people will probably dismiss it and continue on living sub par lives, searching for the next shiny object.

But for those who grasp its significance. For those who take action instead of making excuses. This strategy will propel you to any goal you want to achieve.

It’s called The Compounding Effect.

Darren Hardy of Success Magazine defines this as “the principle of reaping huge rewards from a series of small, smart choices.”

Einstein said that “Compounding is the eighth wonder of the world.

The Compound Effect is the simple answer to success.

Simple… but NOT easy.

You see, success is more about creating daily habits than anything else. And most importantly, it’s about consistency.

What do you need to do EVERY day to achieve your #1 goal? What habits do you need to create to ignite the compounding effect?

If you blog just two times per week, in just one year you’ll have over 100 blog posts.

If you write just 300 words per day, you’ll have a book written at the end of that year.

The power is in the consistency. The unbroken chain.

Starting is easy. Creating a habit is hard.

Doing it day after day is what creates compounding effects.

 

Larry Bird Got Up Early in the Morning to Shoot 500 Free Throws EVERY Day…

Lary Bird (NBA Hall of Famer) was obsessed with practice. So much so that he would get up early in the morning to shoot 500 free throws. Every single day. Day after day. And because of that daily consistency, he has one of the highest free throw averages of 88.6%.

Because of that consistency, he’s now in the NBA Hall of Fame.

Small, doable steps taken on a DAILY basis.

Michael Jordan was once asked who he would pick to take a shot with the game on the line. Before they even finished the question, Jordan quickly responded with “Larry Bird”.

Their results were not conjured from some magical talent. It was the compounding effect at work. Hours of practice each and every day compounded year after year.

 

Jerry Seinfeld’s Secret…

Another prime example of the compound effect in action is Jerry Seinfeld, one of the most successful comedians of all time.

According to Forbes magazine, his work earned him $267 million dollars in 1998.

In 2008, Seinfeld was still earning $85 million per year.

But what made the difference? How did Seinfeld become one of the most successful comedians and actors of his generation while hundreds of other comedians struggle.

His secret is the compounding effect.

Let me explain…

A young comedian once asked Seinfeld for some advice.

He responded with some very simple advice.

* Write Every Day *

He told the comedian to hang up a big wall calendar to track his progress. With an entire year on one page. For every day that he completed his writing task, he would put a big red X over that day.

After a few days you create a chain of X’s. Growing longer and longer. Your ONLY job is to not break the chain.

It doesn’t matter if you’re motivated that day.

It doesn’t matter if you’re tired that day.

It doesn’t matter how many potential excuses you have.

Seinfeld’s secret was consistency. Writing every day. Practicing his craft EVERY day.

For years, the only thing Jerry Seinfeld focused on was NOT breaking the chain.

There’s no hidden secret. No hidden formula. In fact, at first glance it looks surprisingly easy.

But it’s also easy NOT to do. It’s also easy to miss a day. It’s easy to skip a practice. To break momentum. That’s why so many people fall off the wagon. That’s why so many people don’t see the results that they’re trying to achieve.

But momentum and DAILY consistency are the key. That magical ingredient in the compounding effect.

So choose a task that you can do everyday. One that is simple enough to be sustainable. Something you can do every day. But something that will also challenge you enough to create meaningful results over the long haul.

An example could be writing 1,000 words per day. This daily habit will have a HUGE impact on the amount of traffic that you’re able to attract. The audience you’re able to grow.

Excellence follows consistency. It’s how any great artist or achiever becomes the best at what they do.

Apps You Can Use to Implement Jerry Seinfeld’s Strategy:

Chains.cc for iPhone
MyChain for Android

 

Stephen King & Seth Godin Have Something in Common…

This is also how Stephen King has become one of the most successful, well-known authors to date. He writes 500 words a day (Monday – Friday). That’s 2,500 words a week. 10,000 words per month.

With that level of consistency and discipline, he’s able to put out a best seller every 5-6 months (year after year). Being prolific is one of the best ways to become well-known within your industry.

In fact, Seth Godin has done the exact same thing. He’s published a new blog post (every single day) for years now. I think it’s almost 10 years at this point. Publishing a new blog post every single day (Monday through Sunday).

So do you think it’s any coincidence that Seth Godin is now one of the most well-known authors? Of course not. It’s the compounding effect in action. Daily, but doable tasks, compounded over time.

Focus on the critical few.

When Steve Jobs returned to Apple the second time, he cut the product line down from 350 products to just 10. Just a handful of products that would be great. Instead of hundreds of mediocre products.

When he worked at Pixar, they focused on creating one GREAT movie each year. Toy Story (one of the most successful films of all time) was created while he was there.

Focus on the critical few.

And so my challenge to you is to make one BIG goal and then work backwards…

Begin with the End in Mind.

What are the daily habits that you need to create to achieve that ONE big goal?

And on the next episode we’re going to dive into a real-live example. Where we talk about that habits that you would need to develop to grow a blog to 100,000 visitors per month. How to use the compounding effect to create a blog from 0 to 100,000 visitors per month in just 1 year.

So that is our next episode and I hope you’ll tune in!

I hope you enjoyed today’s episode of the 10-Minute Marketing Show.

If you’re enjoying this content I would love it if you were able to leave a rating and review inside of iTunes. You know let me know how we’re doing AND any sort of topics YOU would like to hear in upcoming episodes.

So go ahead… leave us your comments, questions, and feedback and let me know what we can do to make this podcast even better.

 


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