Let me show you today the concept of how to use and leverage other people’s resources.
The simple way to understand it is to think about other people’s resources such as…
“righteous exchange of products or services between two parties.”
In other words, you trade your resources for someone else’s resources.
The bottom line is, if you commit to building wealth, three challenges emerge.
- First, how to increase income;
- Second, the value of time because you are limited by time;
- Third, how to master leverage.
In short, it means becoming an expert in wealth creation strategies.
And I realize that at first, it may seem daunting.
Because it takes time to learn and develop the skills of using leverage.
In fact, what you are watching now is the fourth part of the series called The Doer Leverage Strategy. And this series is about utilizing powerful wealth creation strategies.
So even if you just get started or you are an experienced veteran, the key point in this blog post is to give you seven general yet important and accessible resources to develop your growth mindset and expand your personal brand or business.
7. Leveraging Other People’s Resources Such As Products To Create Asset
This first resource is around us and everywhere.
The only thing is, how you look at it from your own perspective.
Let’s say you buy a new MacBook Pro.
How will you use it?
You could just use it for daily wasting activities, such as consuming countlessly social media content or just watching movies.
In this example, it is a liability.
On the other hand,
For example, your digital products, your freelance work, and so on.
Oh, I hear what you say now.
But I need to pay a price for a MacBook Pro.
- First, you don’t have to pay the full 100% price, because you can split the payments into installments.
- Second, you don’t even have to pay anything while using a computer in the libraries, hotels or internet cafés.
You see, you can literally leverage other people’s resources such as products to build your assets.
So tell me, how do you use your device?
Leave a comment below 😉
6. Using Other People’s Resources Such As Bartering Products Or Services
If you look at history how money works, you find that people, for example, exchanged cows for cereals.
Even though it was complicated, they already knew how to use and leverage other people’s resources.
What I mean by that is,
This way, you create a reciprocal win-win situation with benefits for both parties.
For example, I helped one of my partners put together an SEO content marketing plan for his blog.
And his reciprocal bartering was to help me understand the direction of building a business plain framework.
Remember, it has to lead always to a win-win situation.
Because when you look at the word reciprocal, the dictionary has two explanations:
- Given, felt, or done in return.
- Binding each of two parties equally.
So think about it, because…
The more you give, the more you get in your personal and professional life.
5. Leveraging Other People’s Resources Such As Financing
It may sound trivial because everyone knows this conventional belief of using other people’s money.
However, the context of accessing other people’s financing is broad.
A simple scenario could be when you want to buy a home or residential investment property.
You can save a down payment of 10-20% and the rest will be leveraged by a bank.
Although the other story could be if you run a business and dry up a cash reserve.
Then you need to access other people’s resources of financing.
For example, make dozens of pitches to angel investors, venture capitalists (VCs) or set up a campaign on crowdfunding platforms.
As you can see, it’s useful to use other people’s funds.
Also remember, you can’t control 100% and make your wealth huge.
You need to give up something and leverage other people’s resources such as skills, or knowledge.
And it leads me to another resource, which is…
4. Using Other People’s Knowledge And Skills
One of my mentor’s key lessons was this.
If you want to become wealthy, you have to learn and master two things.
- Use of leverage.
Unfortunately, I’ve always been advocating the fact I should do everything on my own.
However, as our Pat VC channel, website, and investment activities grow, my time has become limited.
Luckily, I realized what he meant by that.
So how is it applicable to you?
You simply leverage other people’s knowledge and skills.
Therefore, using other people’s skills and knowledge is vital to growing your business in any area.
But it doesn’t have to be purely in the financial area, also it can be in your:
- or familial area.
Use it wisely, because it takes time to learn how to leverage and delegate other people’s skills and knowledge when you just get started.
And it leads me to another resource…
3. Leveraging Other People’s Resources Such As Names and Brands
Look, when you just get started, no one knows about you.
I want you to remember what Mahatma Gandhi said:
“First, they ignore you. Then they laugh at you. Then they fight you. Then you win.”
Just pause here a while and let’s break that quote down.
It’s a powerful quote that you must print and read daily to be prepared.
Because when you try to promote your business, you must think outside the box.
It means to leverage other people’s names, brands, and even track records.
Get their testimonials as social proof you are worthy of what you do.
Imagine, when trusted brands leverage just one of your quotes or products on their platform, you can be damn sure it will bring a tide of traffic.
As you can see,
growing your business or asset portfolio almost always leads to collaboration with other people’s resources.
2. Using Other People’s Mastermind Groups
When I began exploring free online ways to be surrounded by like-minded people, I found many groups were useless.
Another unsuccessful finding was when I moved to Hong Kong, I poured so much energy into local meetup groups.
After some time, I found out that these casual meetings were not meant to learn skills or meet the right people.
So I had to discover something deeper. And once a friend of mine told me about his mastermind group.
As a result, I visited their lunch, and I found out to be surrounded only by like-minded peers that had the same interest. And they became like a family to me.
I can’t stress enough how important this is for you. And you must apply the same or similar approach.
Now, the last and probably most powerful other people’s resource is…
1. Joint Venture (JV)
When I was working at a start-up company, we did a few reciprocal campaigns with larger wholesalers.
With that experience and after some time, I found out that this strategy by leveraging other people’s resources is called a Joint Venture.
The concept is quite simple yet powerful.
Imagine, when you have a proven product or service that helps people.
Now you think in terms of scaling and expansion.
So you joint venture with someone who has resources such as a giant email list.
But you can also joint venture with someone to develop a minimal viable product (MVP) and split the share.
As you can see, Joint Venture is primarily focused on partnering with people, so it’s about networking who knows who.
Are You Ready To Leverage Other People’s Resources?
Let me just quickly say this:
The magnitude of leveraging other people’s resources is only limited by your own imagination.
And here is something very important to remember.
Do you agree?
For that reason, the “Learn To Leverage Other Skills” stage scales your personal brand or business.
But most importantly, it frees up your time and you can focus on your core elite-income skills.
Now, to direct you to the series called The Doer Leverage Strategy, watch or read the previous parts:
- Other People’s Experience – The 1st Doer Leverage Strategy
- Respect Other People’s Time – The 2nd Doer Leverage Strategy
- Other People’s Problems – The 3rd Doer Leverage Strategy
- Other People’s Resources – The 4th Doer Leverage Strategy
- How To Leverage Other People’s Stories & Your Storytelling – The 5th Doer Leverage Strategy
- Leverage Other People’s Framework For Success – The 6th Doer Leverage Strategy
- Understand Three Core People’s Desires – The 7th Doer Leverage Strategy
Now, I’d like to hear from you.
What kind of resources do you leverage?
Have you found at least one thing in this video you will use?
Maybe you struggle to find the starting or scaling point toward prosperity, wealth, and success.
If so, leave us a comment below.
Because we can help you grow toward prosperity and holistic wealth within the 7 Wealth Stages.
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