Separate Yourself From The Herd Mentality

Frank Rumbauskas, author of Never Cold Call, writes “I learned an interesting statistic the other day that:”

  • 1% of people become wealthy in their lifetimes
  • 4% become financially independent
  • The other 95% accomplish neither

Rumbauskas went on to say: “That means 95% of people are generally wrong.”  In other words, if you want to be successful do the opposite of what everyone else is doing.  When you think about it, it makes sense.  I would bet that the people you know who are really financially successful typically think outside the box.  Read more.

Earl Nightingale, in his audio program The Strangest Secret, says “the reason people fail is conformity.”  As Rumbauskas puts it: “The problem is that everyone is trying to act like everyone else, and with 95% of people not achieving worthwhile success, conformity is a sure-fire way to fail.”  He calls it the Herd Mentality.  The statistics may be a little jaded, but the concept is right on the money.

Rumbauskas gives a great example of how he would separate himself from the herd.  As a car salesman, instead of standing around the lot waiting for “ups” which are potential customers, he started hanging around the service department.  He would look for major repair bills that would equal or exceed a down payment on a new vehicle.  His very first sale came when he approached a contractor who’s transmission blew in his truck.  He made his pitch on buying a new truck using the money he would spend on the repair as a down payment.  The contractor agreed and Frank made full price on the sale.  Pretty clever don’t you think?

After working in the Marine and Motorsport industry for 30 years, I see the same sense of conformity - “The Herd Mentality”.  You have heard it before and probably said it yourself – This is the way we have always done it.  The problem is the recession was a big wakeup call that told us that a lot of the old methods just don’t work anymore.

That’s what approaching your business through Financial Management is all about.  Analyzing, setting goals, planning, adjusting and executing is a different way to manage your business, and it works!

If you want to learn more about how you can avoid the Herd Mentality, contact me for a free consultation.  

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