Comments on: 5 Essential Principles of Risk-Free Success

By: 8 Tips to Expand Your Personal Capacity

8 Tips to Expand Your Personal Capacity — Sat, 07 Aug 2010 03:58:24 +0000

[...] more you know about something, the less the risks involved. But in the beginning, when you are working on something new, risks are inevitable. [...]

By: Donald Latumahina

Donald Latumahina — Sat, 05 Jun 2010 17:04:09 +0000

Joe,

It’s not just enough to spend some time with a skill…you have to consciously and intentionally work at it.

Exactly. By the way, if you are interested in deliberate practice, a good book you might want to read is Talent Is Overrated by Geoff Colvin.

By: Joe Adams

Joe Adams — Fri, 04 Jun 2010 20:26:32 +0000

Thanks for the reply, that is great companion information. 10,000 hours, eah? I sure do need to figure out what I want to decide to be a world class expert in.

But really, the first part of your answer was just as important as the 10,000 hours benchmark…deliberate practice. It’s not just enough to spend some time with a skill…you have to conciously and intentionally work at it. That is definitely an area I can work on, niche or not.

You rock buddy.

-Joey

By: Donald Latumahina

Donald Latumahina — Fri, 04 Jun 2010 17:19:47 +0000

Joe,
Interesting question. To be competent at something, studies show that you need to do deliberate practice for about 10 years or 10,000 hours. Of course, you need to choose the field first. This article has some tips on that: http://www.lifeoptimizer.org/2009/03/31/finding-niche-10000-hours-practice/

By: Joe Adams

Joe Adams — Thu, 03 Jun 2010 15:55:55 +0000

This is extremely useful info. One question I’m particularly curious about is how to establish your area of competence. Many of us don’t really have a specific area of expertise and it’s hard to stay in your area of competence when you’re mediocre in most everything.

Any suggestions on how to develope that competence?

By: Donald Latumahina

Donald Latumahina — Thu, 03 Jun 2010 15:10:01 +0000

Roman,
Glad you like it!

Joe,
That’s a nice quote.

Steve,
Thanks for the recommendation.

Craig,
That’s an interesting point to discuss. It seems that Warren Buffett has great – not medium – success with this approach.

By: Craig Thomas

Craig Thomas — Thu, 03 Jun 2010 07:57:42 +0000

Nice post with good references to Warren Buffet. Personally I’d say it’s best to venture outside your competence circle and get the best of other areas. Mainly because what you’re competent in may not be the most competent way. But, to create risk-free medium success staying inside would probably work. :)

By: Steve-Prospering With Aspergers

Steve-Prospering With Aspergers — Wed, 02 Jun 2010 20:10:01 +0000

I like the point of emotional mastery. To learn from our emotions, identify and be able to label them, and learn to problem solve what they may be trying to tell us. Tony Robbins, in his book, Awaken the Giant Within, has a great chapter on emotional mastery that I highly recommend.

By: Joe

Joe — Wed, 02 Jun 2010 08:07:42 +0000

“Obey the law of enforced efficiency”

i.e the fastest way to success is to do only what you are very good at doing.

By: Roman Soluk

Roman Soluk — Wed, 02 Jun 2010 07:38:53 +0000

I like the 5th point. I also think this way. Very nice and helpful post I think!

Thanks a lot for this, Donald!