Tracy has studied, researched, written and spoken for 30 years in the fields of economics, history, business, philosophy and psychology and a top selling author of 65 books that have been translated into 42 languages/CFM
Tracy has studied, researched, written and spoken for 30 years in the fields of economics, history, business, philosophy and psychology and a top selling author of 65 books that have been translated into 42 languages.
Among his publications include How Best Leaders Lead, Eat That Frog, and Maximum Achievement goal planner among others.
“Being a trainer and author emerged over time, I would learn and practice these ideas in my own businesses, I have build 22 businesses and made many millions of dollars and people would ask me how did you do that? and so I began to develop seminars to explain step-by-step of how you achieve success and people would be amazed by getting more results in a month than they got in a year,” Tracy say in an interview with Capital FM Business.
He speaks to corporate and public audiences on leadership, sales, self esteem, goals strategy creativity, success and psychology, pointing out that they bring about immediate changes and long term results.
“I teach the most important principles used by the most important companies in the world and people get up from these seminars and go back and change their businesses sometimes overnight, “he says.
So what is that one mistakes that entrepreneurs make?
“Entrepreneurs try do too many things of low value at the same time, one of the things I teach is the law of three and it says that if you make a list of everything that you do in your work, it will be 20 or 30 different items, however only three of those items account for 90 percent of your value, and everything else is of low value or no value, excellent entrepreneurs need to discipline themselves to focus on those,” he explained.
He urged entrepreneurs to first ask the question, what are your big three things that if you do them well can make a real difference? Pointing out that people should focus on what they are good at.
He also said that entrepreneurs need to be clear about what they want to accomplish.
“Write it down and then make plans on how to achieve it, clarity is very important, why are you doing what you are doing? What do you want to achieve? When do you want to achieve it? Let it be clear, “he said.
He also explained that entrepreneurs should also focus all their energy attention on those areas where more success is possible.
“The 80/20 rule explains that 20 percent of your activities generate 80 percent of your sales and 80 percent of your profit, you must be disciplined to focus on the 20 percent of the areas were most success is possible,” he revealed.
Concentration is also key for entrepreneurs as he explains that all successful people should concentrate on one thing at a time, and concentrate on the most important thing and work on that until it’s complete.
He said it takes five to seven years to build a successful business.
“Not all businesses succeed so there is neither overnight success nor easy money, you have to work very hard to be successful for a very long time, it’s actually boring, because it’s doing those things that bring you much success over and over and over again all the time,” he advised.
He said capital should never be an excuse for starting a business.
“There is no money for first time entrepreneurs, because 99 percent of all new businesses fail, no one has any capital , no one starts with money, because it’s too dangerous, your chances of winning in a casino are higher than giving money to an entrepreneur with a new idea, much higher, this is basically an excuse, what you do is start with a small amount of money, your own money, or friends/family money and build your business slowly, and as make profits, invest your profits, and grow your business,” he said.