Soundview Executive Book Summaries
Master Strategies of Super Achievers
Entrepreneur extraordinaire Steven Scott was once a low earner who failed in nine jobs before he discovered the power of a mentor in his life. Once he teamed up with his mentor, he writes that he was able to gain the skills that allowed him to launch more than a dozen multimillion-dollar companies from scratch and become a millionaire. In Mentored by a Millionaire, Scott presents the strategies that many millionaires before him were able to put into practice to achieve extraordinary success.
According to Scott, those who achieve this kind of success do so by using a set of master strategies that are consistently used by extraordinarily successful people, regardless of their level of wealth or education. These successful people, he explains, learn these master strategies from mentors.
A Dismal Failure
In Mentored by a Millionaire, Scott describes his many failures during his first years out of college. The one factor in his life that made a difference, he writes, was finding a mentor who had achieved many of his impossible goals. Not to be confused with a teacher, who merely imparts information and relies on the learner to determine the correct way to use the information, an ideal mentor is someone who has achieved extraordinary success in a similar goal by using the information and processes in which he or she is coaching the learner.
After describing 10 tips for identifying and recruiting a mentor, Scott shows readers how they can reprogram their brains to succeed. This reprogramming, he writes, takes these three steps:
- Realize that you have everything you need to achieve extraordinary success right now - except the strategies, skills and techniques that are included in Scott's book.
- Make the personal commitment to use those strategies and techniques on a daily basis.
- Utilize a specific master strategy to reprogram your mind for extraordinary success.
Scott's mentoring begins by first helping readers diagnose their personality type to get them to envision who they are and what their strengths and weaknesses are. Then he provides Ray Kroc and Frank Phillips as two examples of entrepreneurs who had no previous know-how in the fields that would eventually make them very wealthy men - Kroc was a milkshake machine salesman who went on to create the McDonald's franchise system, and Frank Phillips was the barber and bank teller whose lack of time, talent, know-how and money did not hold him back from becoming the founder of Phillips Petroleum.
Limited resources? No problem, writes Scott. If limited resources are your biggest obstacle for becoming successful, then Scott explains how recruiting the financial resources of others is the most preferred path of "superachievers," and offers steps that can help you on your way to realizing your dream.
Failure Is an Opportunity
Scott provides ways readers can turn failures into opportunities for success. As an example, he points out that even Henry Ford's first venture into automobile manufacturing was a total failure when he was fired after only two years by the board of directors of the Detroit Automobile Co. Ford said, "Failure is only the opportunity to more intelligently begin again."
One empowering lesson Scott imparts to those working to become more successful is how not to avoid criticism. Instead of avoiding critics at all cost, Scott writes, "Bring on the critics ... and beat them!" Even though criticism "can irritate us to a degree that nothing else can, when we know how to receive it, it can produce benefits beyond measure," he writes. To convert criticism from a dreaded foe to a valued friend and teacher, he adds, one must do these three things:
- Consider the source of the criticism. Think about the critic's qualifications, the basis of the criticism, and the motive for giving the criticism.
- Consider the accuracy of the criticism. A few criticisms are extremely accurate, some are partially accurate, and many are totally inaccurate or gross exaggerations. The less accurate criticisms are, the more easily their sting is removed.
- Take responsibility for your response to the criticism and mine it for gold. You can either yield to your inclinations and react to the criticism or you can restrain your inclinations and respond to the criticism.
Why We Like This Book
Mentored by a Millionaire offers numerous words of wisdom that strike directly at the barriers that keep people from realizing their greatest dreams of success. By offering his own experiences, as well as those of others, as examples of ways difficulties can be transformed into opportunities, Scott presents a plan that can help anyone attain his or her goals. Copyright © 2004 Soundview Executive Book Summaries
Read an Excerpt
Mentored by a Millionaire Master Strategies of Super Achievers
By Steven K. Scott
John Wiley & Sons, Inc. Copyright © 2004 Steven K. Scott
All right reserved.
A New Software Package
Reprogramming Your Onboard Computer for Extraordinary Success
Your Porsche Is Equipped with the World's Most Advanced Computer. Unfortunately, factory technicians have mistakenly programmed it to limit its top speed to 15 miles per hour. Who wants to pursue their dreams at 15 miles per hour? In order to get the kind of performance you want, you must reprogram the onboard computer to remove the limit to your speed. The master strategy we are going to focus on in this session is the reprogramming of your onboard computer. Once you've reprogrammed it, get ready for the ride of your life.
For years, Michael L.'s mother had told him he would never amount to anything. By the time he graduated from high school, he was convinced she was right. He graduated number 299 out of a class of 301.
Bill L. didn't make it as far as Michael. He dropped out of school in the sixth grade.
Tom E.'s mom believed in him, but his schoolteachers didn't. He only made it through his first three months of first grade. The school headmaster thought he was mentally retarded.
George R.'s mom and dad dropped him off at an orphanage at the age of seven and never had anything to do with him again.
Tom M. was only four when his father died. His mother handed him and his brother over to an orphanage.
Knowing their beginnings, the oddsmakers in Vegas would have gladly bet against any of these boys ever achieving anything significant with their lives. And yet, even though all five had rough starts in life, their names or their achievements have become known to all of us.
After graduating from high school at the bottom of his class, Michael L. did even worse in college. However, because he could throw a javelin farther than any other high school student in America, he landed a track scholarship to the University of Southern California. Unfortunately, he flunked out his freshman year and ended up sleeping on park benches in Santa Monica. Even though Mike failed to achieve any success whatsoever in high school or college, he went on to become the most successful television actor, writer, and director in Hollywood history Every single television series that he wrote, directed, or starred in became a huge prime time hit. No other actor, writer, or director has ever batted a thousand in television. How could someone who had failed so miserably become so extraordinarily successful? And yet, that is exactly what Michael Landon did.
During the 1980s, Mike became one of my best friends in Hollywood. As we got to know each other, I discovered that the same strategies that had been responsible for Steven Spielberg's success and mine had also worked miracles in Mike's life. Although each of us had plenty of evidence to justify our early beliefs that we would never succeed, all three of us made an awesome discovery-one that changed the course of our futures from unrelenting failure to unimaginable success. Interestingly, none of us made this discovery on our own. Instead, it was revealed to each of us by our mentors. They were the first to see it in us, the first to point it out to us, and the first to make us true believers. As one of your mentors, it is now my privilege to lead you into this same discovery. Before I do, let me tell you the rest of the stories about the other would-be losers. Like Steven Spielberg, Michael Landon, and myself these boys seemed destined to failure by their early beginnings. And yet their destinies began to change as they discovered and became believers in this same truth.
Had Bill Lear not dropped out of school in the sixth grade, he would have read in the high school physics books of his day that it was impossible to make a radio small enough to fit into an automobile. Fortunately, he never read those books and went on to invent the first car radio. You could say that this was a fluke had he not also invented the autopilot, which radically' changed the course of aviation. And later in his life, when the world's leading aviation companies said that there was no corporate market for small jets, and that building a prototype of such a jet would cost more than $100 million, Bill created his prototype business jet for under $10 million and provided corporate aviation with affordable, practical, and reliable Lear Jets years before the aviation giants followed his lead.
And who would have given Tom E. even a prayer for success? After being pulled out of the first grade by his mother and being judged mentally retarded by the school's headmaster, Tom's business life didn't seem any more promising. Working for the railroad at the age of 12, he was fired after only a few months on the job. And yet, this grade-school dropout not only invented the process of recording sound and making motion pictures, he gave us the first electric light bulb and over 1,000 other patented inventions. Even though he created more breakthrough inventions than any man in history, Thomas Edison would be the first to tell you that he was not a genius. Instead, he made the same discovery that you are about to make, and built his future on the exact same strategies that you are going to learn and begin to implement in our remaining sessions.
And then there are the orphans. George Ruth became known as the greatest baseball player of all time (and gained the nickname of "The Babe"), while Tom Monoghan and his brother started a pizza store that Tom turned into a chain with dominoes as its logo.
While each of these men achieved their impossible dreams by implementing these life-changing strategies, the foundation for doing so was securely laid when they discovered one truth that is just as true of you as it was of them. Although you may believe it about them, you may find it hard to believe about yourself, but I will give you all the proof you will need. First, let me clue you in on a secret. In our last session I told you that I was putting a brand-new Porsche Turbo Carrera in your garage. Guess what? You're not only the driver, you are the Porsche! Each strategy' we will be discussing is part of your new design and is just waiting to be utilized.
The first component of your Porsche that we're going to look at is your onboard computer. It's not only the most advanced computer ever put into an automobile, it's the most advanced computer ever created! And since you are the Porsche, this awesome computer is already in you! Now before you dismiss this truth as hogwash and tell me there's no way you've got such a powerful onboard computer, let me tell you that in our early years, Steven Spielberg, Mike Landon, Bill Lear, Thomas Edison, Babe Ruth, Tom Monoghan, and I would have told you we didn't have it either. (And our teachers would have agreed.) But we did have it, right from the very beginning. We came straight from the factory with it built in! We just didn't know we had it. It took our mentors to reveal its true power to us and make us believers.
The most powerful computer ever created isn't a mainframe, it's a micro and it's housed within the few cubic inches of your head.
In 1976 my mentor invited me to quit job number nine and form a marketing company with him. He had acquired the marketing rights to a product that had never been marketed. He told me that he wanted me to negotiate a contract with a famous celebrity and then write and produce a two-minute commercial to sell this product on television. How could he ask me to do any of these things? I had never negotiated a contract; I had never written, directed, or produced a television commercial. And yet, he not only asked me to do all of this, he was going to bet his last $5,000 on my successfully accomplishing all of this. Although he really believed in me and believed that I could do it, I had no confidence whatsoever. And here's where his brilliant mentoring came in. He gave me two simple strategies and a few techniques, and like software downloaded them into my "onboard computer." The result? I negotiated the contract with one of the most famous celebrities in America; I wrote and produced the commercial, and it yielded sales of more than $1 million per week for 20 weeks. I had discovered that what my mentor had believed was indeed true: I possessed the world's most advanced computer. All it needed was to be reprogrammed with the right software to achieve extraordinary outcomes. (A $5,000 investment producing $20 million in sales is a pretty extraordinary outcome.)
"Just because Steve Scott, Steven Spielberg, Michael Landon, Thomas Edison, Babe Ruth, and Thomas Monoghan have the world's most advanced computer doesn't mean I have it. My brain may be a lot less powerful ... right?"
If this is your first reaction, welcome to my club, because it was mine as well. But the fact is, your brain is just as powerful as mine-it just hasn't been programmed with the same software. But you and I are going to change all of that.
Back in the mid-1970s a friend of mine was one of the engineers who built the world's most advanced scientific computer. His eyes lit up with pride as he told me it could receive over 1 billion bits of information per second. And yet, he looked somewhat puzzled when I asked how many of those bits it could process simultaneously. He answered, "Just one." Even though the computer could process 1 billion bits per second, it could only process them one at a time. I then asked him how many computers would he need to process 4 million bits simultaneously. He replied, "'Four million." I then asked him how much space would be needed to house that many computers. "Hundreds of acres," he replied, "but why are you asking such ridiculous questions?.... What would you say if I said that such a computer already exists?" I asked. "I'd say you're nuts!" he replied. He was even more incredulous when I told him that this supercomputer could be contained in a few cubic inches of space. Finally, the light went on with my engineering friend. Of course I was talking about the human brain.
Unlike man-made computers, your brain doesn't just process one bit of information at a time. For example, right now as you read this sentence your brain is processing 4 million bits of information simultaneously just from your two eyes! Amazingly, it converts the 4 million photoelectric binary signals it receives from your eves instantly into a vision of your surroundings, perceiving that picture in three dimensions with color, depth, and motion. And all of this is done in one tiny, little portion of your brain. At the same time, your brain is receiving and processing hundreds of millions of other bits of information from your other senses, organs, and living tissues and sending out millions of commands! It's doing all of this without any conscious thought or effort on your part. And as if that's not enough, there are all of the other aspects of this supercomputer-the reasoning, communication, and emotional functions it performs. If you're still not in awe, realize that it does nearly all of this 24 hours a day, seven days a week for 70, 80, even 100 years, without any mechanical breakdown or outside maintenance. Can you think of any machine ever made that has worked around the clock for decades with no mechanical maintenance, replacement parts, or breakdowns?
So why am I telling you all of this? Because I want to show you that you were given this unbelievably awesome computer for a reason. It didn't just happen, and it wasn't placed inside your cranial cavity simply to support a mundane, mediocre, or unfulfilling life. To the contrary, you were equipped with the world's most advanced computer in order that you might achieve extraordinary outcomes from your efforts, both for your benefit and the benefit of others. If you are having a hard time believing that this is really true, let me ask you a question. Do you think any team of brilliant engineers would create the world's most advanced computer just to perform simple single-digit addition and subtraction? Of course not; that would be lunacy. The same is true about your Creator. He did not give you the world's most advanced computer so you could simply exist in mediocrity from day to day. That would be like giving your kids a million-dollar super-computer so they could play tic-tac-toe.
So here's the first revelation that changed my destiny and is foundational to changing yours. Because you've been equipped with the world's most advanced computer, you have everything it takes to achieve extraordinary success at work and at home. However, if your personal and professional life doesn't reflect this truth, don't panic. It does not mean that you were given an inferior computer. It simply means that you have not yet reprogrammed your computer for extraordinary achievement.
Like most people's, your computer was programmed for mediocrity by the time you graduated from high school. Going back to our analogy of your Porsche, even though it came from the factory equipped with the world's most advanced computer, that computer was preprogrammed to allow the car to be driven at a top speed of only 15 miles per hour. Until it's reprogrammed, the car will never perform anywhere near its intended capability. Once it's been reprogrammed and its speed cap has been eliminated, you'll be able to drive to any of your dreams at 180 miles per hour. However, if you don't take the time and make the effort to reprogram it, it will always be governed by its original program, and mediocrity and failure are likely to characterize both your personal and professional existence for the rest of your life. The good news is, reprogramming it for extraordinary success is easy-and I'm going to lead you through this process step by step.
The Third Law of Extraordinary Success
Regardless of past programming for mediocrity, anyone can reprogram their brain for extraordinary outcomes. All they need is the right software and the commitment to use it.]
Excerpted from Mentored by a Millionaire by Steven K. Scott Copyright © 2004 by Steven K. Scott . Excerpted by permission.
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