TLDR;
Brian Tracy introduces the 1/10th of 1% formula for incremental improvement, drawing from the Kaizen principle. This formula involves daily, small enhancements in productivity, performance, and output. The core components include investing in oneself through daily reading, planning and prioritizing tasks, focusing on the most important task, utilizing commute time for educational audio programs, and continuous self-assessment through two key questions. The formula emphasizes consistent, incremental progress over time, leading to significant long-term gains.
- Incremental Improvement: Focus on small, daily improvements to achieve significant long-term growth.
- Personal Investment: Dedicate time to self-improvement through reading and continuous learning.
- Strategic Planning: Prioritize tasks and focus on the most important ones for maximum productivity.
- Continuous Assessment: Regularly evaluate performance to identify areas for improvement.
- Positive Relationships: Treat everyone with respect and importance to foster better relationships and opportunities.
Introduction to the 1/10th of 1% Formula [0:01]
Brian Tracy shares his personal experience of increasing his income a hundredfold in 12 years by using a formula based on the law of incremental improvement, also known as the Kaizen principle. He poses the question of whether one can improve productivity, performance, and output by one-tenth of one percent each day. The answer is affirmative, suggesting that even the smallest improvements, when consistently applied, can lead to substantial progress.
The Power of Daily Incremental Improvement [0:41]
Brian elaborates on the compounding effect of daily incremental improvements. Improving by one-tenth of one percent each day results in a 0.5% increase per week and a 2% increase per month. Over a year, this consistent daily improvement leads to significant growth. He shares an anecdote about a person who applied this formula and achieved a tenfold increase in income in just seven years, highlighting the real-world impact of this approach.
Components of the 1/10th of 1% Formula [3:27]
Brian outlines the key steps of the 1/10th of 1% formula. First, dedicate the first hour of the day, the "Golden Hour," to reading uplifting, educational, or motivational material. Second, create a list of all tasks for the day. Third, organize the list by priorities, identifying the most important tasks. Fourth, focus on the most important task until it is completed before moving on to the next. Fifth, listen to audio programs in the car, turning commute time into a learning opportunity.
The Golden Hour and Continuous Learning [3:38]
Brian emphasizes the importance of the "Golden Hour," dedicating the first hour of the day to reading educational and motivational material. He likens reading to exercise for the mind, preparing it for the day ahead. He also highlights the value of turning commute time into a mobile classroom by listening to educational audio programs, which can provide the equivalent of a full-time university education, tailored to one's specific needs and interests.
Planning, Prioritization, and Productivity [7:15]
Brian discusses the impact of planning and prioritizing tasks on productivity. Simply planning the day in advance can increase productivity by 25%, and focusing on the most important task can add another 50%. By combining reading, setting priorities, and concentrating on key tasks, individuals can potentially double their productivity in a year.
The Magic Questions for Self-Assessment [7:53]
Brian introduces two "magic questions" to ask after every call or event. The first question is, "What did I do right?" to identify and reinforce positive actions. The second question is, "What would I do differently?" to recognize areas for improvement. Writing down the answers helps in retaining and applying these lessons in future situations.
The Importance of Treating Everyone Well [9:28]
Brian underscores the significance of treating everyone with respect and kindness. Treating others as important not only makes them feel valued but also enhances one's own self-esteem and positivity. This positive attitude fosters better relationships and increases the likelihood of others wanting to work with and be around you.
Conclusion: Consistent Effort and Guaranteed Results [9:53]
Brian concludes by reiterating that success is achieved through consistent, incremental effort rather than quick gains. By working on oneself bit by bit, day by day, and week by week, results are virtually guaranteed. The 1/10th of 1% formula provides a structured approach to personal and professional growth, emphasizing the power of continuous improvement.