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Earlier this year my good friend and I were marvelling at our mutual friend's success.
This particular gentleman was a top ranked online poker professional. Years ago, he made the decision to drop out of his university engineering program and pursue online poker full time. He's now semi-retired at the age of 26.
We picked his brain for days and he even shared some insight into the fundamentals of his system.
My good friend and I were very much slowlane. We decided to take action. We took a risk and borrowed 20k at 25% interest over 8 months from my friend's mentor. We signed the deal at the lawyer's office his mentor's and went for it!
A few months later, we couldn't replicate our poker's friend success and had to quit the venture. We lost over 50% of the original stake.
Distraught, I took some time off and my copy of The Millionaire Fastlane fell into my hands. Slowly I began to piece together the lessons.
Firstly, I did not respect the process.
After reading MJ's book it became clear to me that I perceived my poker's friend's success as an easy event that could be replicated with a few simple pointers directly from the man himself. How wrong I was. What I failed to see was the process it took for him to become that top winning player. The 16-18 hour days. The weeks spent alone in his condo, grinding. The masterminding with other top players. The study and action taking in his craft. The success barriers he had to overcome. The relentless diciplined action. The paradigm shifts he had to live through. The control of his state. The lesssons he learnt throughout the process. He lived, breathed, ate, slept poker for over 3 years to become a millionaire. That's all he did. He did not have a single date in that entire time. I failed to recognize that he went through that process. Therefore I failed. I skipped the process and that was the result.
Secondly, There was outcome dependence, pressure and no control to meet the contract deadlines.
Foolishly anticipating a windfall of success, my partner and I rushed towards this endeavour with extreme excitement. We overinvested and signed a staking agreement that in hindsight was not a very good deal at all. 20k for 25% interest over 8 months with 15% of the profits to the staker.
We created outcome dependence from the very start. Once again, we overlooked the process.
We also gave up control to your staker. Control = happiness in business.
These are the lessons I learnt through this endeavour. Thankfully after reading MJ's book. I now understand the commandments of CENTS.
My partner and I have learnt the lesson and adjusted to a new fastlane process.
This particular gentleman was a top ranked online poker professional. Years ago, he made the decision to drop out of his university engineering program and pursue online poker full time. He's now semi-retired at the age of 26.
We picked his brain for days and he even shared some insight into the fundamentals of his system.
My good friend and I were very much slowlane. We decided to take action. We took a risk and borrowed 20k at 25% interest over 8 months from my friend's mentor. We signed the deal at the lawyer's office his mentor's and went for it!
A few months later, we couldn't replicate our poker's friend success and had to quit the venture. We lost over 50% of the original stake.
Distraught, I took some time off and my copy of The Millionaire Fastlane fell into my hands. Slowly I began to piece together the lessons.
Firstly, I did not respect the process.
After reading MJ's book it became clear to me that I perceived my poker's friend's success as an easy event that could be replicated with a few simple pointers directly from the man himself. How wrong I was. What I failed to see was the process it took for him to become that top winning player. The 16-18 hour days. The weeks spent alone in his condo, grinding. The masterminding with other top players. The study and action taking in his craft. The success barriers he had to overcome. The relentless diciplined action. The paradigm shifts he had to live through. The control of his state. The lesssons he learnt throughout the process. He lived, breathed, ate, slept poker for over 3 years to become a millionaire. That's all he did. He did not have a single date in that entire time. I failed to recognize that he went through that process. Therefore I failed. I skipped the process and that was the result.
Secondly, There was outcome dependence, pressure and no control to meet the contract deadlines.
Foolishly anticipating a windfall of success, my partner and I rushed towards this endeavour with extreme excitement. We overinvested and signed a staking agreement that in hindsight was not a very good deal at all. 20k for 25% interest over 8 months with 15% of the profits to the staker.
We created outcome dependence from the very start. Once again, we overlooked the process.
We also gave up control to your staker. Control = happiness in business.
These are the lessons I learnt through this endeavour. Thankfully after reading MJ's book. I now understand the commandments of CENTS.
My partner and I have learnt the lesson and adjusted to a new fastlane process.
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