Hey Guys, as promised here is your book summary of “The 4-Hour Workweek by Tim Ferris”. You can either read it online or download the PDF from here.
We all desire to get rid of our 9 to 5 boring job, we all wish to have effortless income that can cover all of our expenses and we all desire to do that we love to do. But life is never easy on us and most of us never get any of these things in our life. If you are relating yourself to the situation that I just mentioned above, then you are not alone in this boat. Many people live their life with same wishes and desires, but very few get a solution for these problems, and Tim Ferris was one of those few individuals who got a definite solution for same.
Tim Ferris not only removed himself from the boring job, but he also did what he desired to do and that too without worrying about the income part. Are you wondering How Tim did that? He shared the secret in his book “The 4-Hour Work Week, ” and today I will share three key points of this book with you.
Be effective instead of being efficient
There is a rule called Pareto Rule. According to this rule you get 80% results with 20% of your efforts and rest 80% efforts gives you only 20% results. This happens because we waste most of our time on non-important or less important things. Tim suggests one should give value to only those things that gives the maximum result, and if something is not important or if it is less important, then you should avoid doing it. Maybe you won’t need to do that ever. Just by adopting this principle, you will be able to increase your effectiveness by 80%, and you will get huge benefits as well.
Always validate all of your business ideas
You may have an excellent business idea or plan in your mind, but you never know if that business idea will work well or not in real life scenario. So, if you are planning to get into a business, make sure you do some market research and enquire if this idea will excite your target audience or not.
For example, you want to create T-Shirts for the young audience with some funny or unique message then you can create an image with some T-shirt designs that you have in your mind. Now share it with your target audience on Facebook, Instagram or other places, and you can ask if they want to buy it. If you receive the positive reaction, you can transform this idea into a reality, and if you don’t get the positive response, you lost nothing but some of your time, and a may be a small amount for the design.
You can always find a way to validate your idea, and in most of the cases, you will get actual results as well with it.
Produce less, serve fewer clients and charge more money
In business, you can either serve more clients with less cost, and you can make more money, or you can do just opposite to this. You can keep the price higher, you can offer the best possible quality, and you can serve less number of clients. This way you will have to deal with fewer problems, yet you will get the maximum benefit.
iPhone is a great example of this strategy because Apple always makes the best product and keep the cost very high. Just by selling 1 million iPhone’s company get almost $1 billion in revenue. At the other hand, many other companies fail to reach $1 billion revenue even after selling several million phones.
Always remember people do not give you any money without resistance. So, if you want to get $1000 then don’t try to get $1 from 1000 people. Instead of that try to get $10 from 100 people and you will get success sooner. And if you will try to get it from 10 people then you can have even faster success. So, always make your approach accordingly.
Of course, The 4-Hour Work Week by Tim Ferris can teach you many other things as well such as tips to overcome your fears of achieving what you want, the truth about optimism, things that you should avoid while starting your day and much more. So, if you want to learn all those minor but helpful things or if you want to get the most from this book, then I would strongly recommend you to read this entire book. If you want to buy “The 4-Hour Work Week” book, you can buy that from here.