The power of constraints
Welcome to Issue 02 of the weekly Own Your Cow newsletter. With Coronavirus cases nowhere near peaking, and most school online this fall, we are in this new world for many moons to come. Or at least until there's a viable vaccine widely available. We all need to find ways to adapt.
Each week I'm covering three key areas to help you minimize the wild swings in your income and find long term financial security. At some point money doesn't buy happiness, but the peace of mind in not having to worry about funding your life today and in the future is not trivial. You need enough. Your idea of how much is enough is yours.
Let's get into it.
The power of constraints and idea generation
In winter 2018 I took Seth Godin's altMBA. Not only did I meet some incredible people I can now call friends, it changed my thinking on what's possible when you commit. Most of us are capable of far more than we believe is possible. To illustrate, one of the first assignments, with three - four others is to generate 99 business ideas AND write a micro business plan for each one in an evening. A tall order, no? 99 ideas sounds hard enough, but to write a plan for how you'd make money with each means you change how you develop ideas and how you think about business plans. We did this in about two hours.
The process prevents you from overthinking or overanalyzing because you don't have the time. You must be agile. It strengthens your brain like going to the gym strengthens your muscles. Do this often and you start seeing possibility where none existed before. The best entrepreneurs are idea machines. Many of the ideas we came up with wouldn't become viable businesses but there is some gold within the list. Become an idea machine. James Altucher, a writer and entrepreneur, forces himself to write 10 new ideas every day. He also talks about idea sex where you combine a couple ideas to form a new one.
The second concept I want to share from the altMBA is from an assigned book, called The Beautiful Constraint.
It is asking can-if questions. For example how can I achieve x given situation y. In your case such one such question might be how can I develop extra income streams while working full time? Like the 99 ideas exercise, A Beautiful Constraint opens your mind up to different ways of looking at business and your life. Since the class, it's been one of my most referenced books.
We all face constraints of one sort or another. Even people like Robert DeNiro are finding themselves financially constrained due to Coronavirus. Apparently he over extended even his means. Diversifying your income is not going to happen overnight. Time along with sustained motivation will be two key constraints. To avoid burnout, you'll have to find ways to squeeze the extra work in while also having a life. It's doable. But may not be obvious at first.
While you're thinking of how you might diversify, it's never too soon to start looking at how you spend your time. Spend the next three weeks keeping a daily log of your time. Include sleep. Key to this is to note your screen time, both for productive and non productive pursuits. In three weeks I'll follow up with what to do with that log. Why three weeks? It's long enough to see patterns and account for unique weeks.
Mindset Matters
Carol Dweck wrote a great book on motivation entitled Mindset. In it she talks about the difference between a growth mindset and a fixed mindset. People with a fixed mindset believe they can't do something because their abilities are static. That some people have more abilities than others. People with a growth mindset believe they can do new things. Sounds obvious, right?
The brain is elastic. It's a muscle that develops capability through practice, use and effort. The concept isn't black and white though. There are areas in which we have fixed mindsets whether caused by fears or threats. One such area for me is downhill skiing. I tried it 20 years ago, didn't do well and stuck with cross country. I'm convinced I'll be terrible and run into a tree. The truth is, if I wanted to ski bad enough, I would invest the time to practice and learn. With that I would likely become competent.
Our confidence with something new increases with competence. That starts with believing in yourself. In believing that you can do this new thing. Belief, too, comes with a desire to do it. Lacking that, you'll be quick to give up.
If you find yourself stuck, and don't believe you can change, then you won't. Change is hard. It causes physical pain in the brain. You must reinforce the change over and over for it to stick. Remember when you first learned to drive how much effort it took? Judging distances, turning corners, parallel parking were all high intensity tasks. Now it's automatic. You don't think about it. That is because it through repetition it moves from your prefrontal cortex, your working memory, to the basal ganglia, the habit part of the brain. Tony Robbins talks about how people don't change until they find that the pain of NOT changing is greater than the pain of changing.
Getting the right mindset is the most important step you can take towards rethinking work. And any area of your life you'd like to change. They'll be days you'll see opportunity knocking, and others where the world seems to conspire against you. Don't be deterred.
Seattle Seahawks psychologist Dr. Michael Gervais tells us that there is nothing more important to work on right now than mindfulness. To navigate the now, we need mental toughness and that comes through an optimistic bias. The brain is designed to constantly scan the world for danger. It takes a disciplined mind to be present under stress. Or else your brain will run amok. Downward spiral anyone? Optimism gives you the strength to persevere in tough times. That things will work out. He also says that there are only three things you can train for:
- You can train your body.
- You can train your mind.
- You can train your craft.
Top performers focus on all three as they leave nothing to chance. You can too.
Dr. Gervais has a side business entitled Compete to Create and is offering first responders and health care providers free access to his 8-week course for the rest of the year.
Finally, years ago a creative consultant I worked with said, "focusing on what's working will speed your process." Take note of what IS working for you now. You'll get farther if you focus on being successful over avoiding failure.
On Communication and Writing - Universally valuable skills
Recession proof yourself through good writing and communication. This may sound like rehashing what you heard over and over in elementary school. But the basics matter. In the speed of sending a text or email we can get sloppy. We then wonder why no one reads our email or gets our ideas.
No matter your industry or job, sharing and selling ideas and yourself effectively are paramount. Good writing never goes out of style and makes you stand out more in a soundbite culture. Paying attention to how you write and how you speak contribute to your personal brand. Your words will either enhance or detract from how you're perceived. There are many books and resources on copywriting but the only way to get good is to do it. And care about doing it. I've read several and they teach good grammar, structure and flow. Writing teaches you how to think and plan ideas. The act of writing sharpens the mind and the connections it makes.
Here's a classic example of the power of good writing:
"1,000 Songs in your Pocket" vs. "The World's First Digital Media Player" Which would resonate with you more? Granted this is advertising. Back when the iPod was introduced, 1,000 songs would need roughly 100 CDs assuming 10 songs per album. Having the equal of 100 CDs in your pocket was an amazing feat. Your brain connects with that. Compare that to a Digital Media Player. Your brain thinks, okay, new gadget but why do I need it? What's the benefit to me? It takes much explanation. And now you've lost your audience except for the earliest of early adopters.
Writing to communicate takes time and effort. You have to think. You have to seek clarity of thought to produce clarity in writing. Writing forces clarity. What words do you choose to describe who you are and what you are about? Putting that down gets you focused and moves you forward. It helps you solve problems. Writing helps you find your purpose and personal philosophy. You actually have one even if you haven't yet articulated it. Spend time this week writing down your purpose. Don't worry about getting it perfect. Just get it down and let it marinate. Just start writing. Worry about the destination later.