Learning from my situation
In order to understand this let us look at the following situation:
The solar lantern is available in the market at the selling price of Rs. 800 per piece. I also decided to design the same solar lantern to offer my clients. I learned that in order to design it one has to undergo the following processes:
Finding & resolving negatives is easier than the adding new positives
The scientific explanation behind this as follows:
The existing process comes under your comfort zone because you are doing it for so long though ineffectively. You only need to make little efforts to identify the negatives in the process, resolve them and finally make the process more effective. While, in the case of adding new positives, you need to get out of your comfort zone through the addition of the knowledge, investing extra time, or the implementation of the new technology. For example, it is a fact that acquiring new clients is almost 5 – 20 times costlier than retaining the existing one.
Working on the negatives protects you from going down
We all are so focused on adding positives that we forget that not eliminating the negatives could cause serious consequences. I am going to take a classic example of investing in the stock market but before going further let us understand the negatives and the positives of the investing process:
Now, let us start with an example, Mr. X has Rs. 1,00,000 with and wants to invest in the good stock and for that he researched a lot and found a growing stock with healthy financials. He is expecting a 25% annual return out of this stock. The next thought came in his mind that if he would invest Rs. 10,00,000 (taking Rs. 9,00,000 loan @ 10% per year) then he can earn Rs. 2,50,000 (25% of Rs. 10,00,000/-). Finally he went ahead with this thought and invested Rs. 10,00,000 in that stock. There was a huge difference in his expected and the actual earnings:
You can see that how his investment turned into a nightmare when he made investment without eliminating the negatives of the investing:
Similarly, if you want to raise your income level then either of the two of adopting both of the following strategies will help you in this:
It increases your average speed
The strategy of killing negatives results increasing the overall working speed which can be shown as follows:
It is important to maintain the balance between the two growth strategies. One can go first by eliminating the negatives from the existing task, maintaining it for a period of time and then gradually getting out of the comfort zone and take a new step of creating a new product or the next service. It is same as keeping & maintaining balance client acquisition and client retention.
If you are not able to come up with the new idea, at least maintain your present situation by eliminating the negatives like if you are in office:
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