An excellent example is the famous trader, Richard Dennis, who was so certain that he could train others to earn millions by following his proven business systems, that he put his money where his mouth was. He recruited several people, giving $1,000,000 to each of them. He taught his personal standard operating procedures to them, and after one year, many were able to double and even triple their money.
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The final thing I’ll just mention is this idea of systems. We know how valuable they are. I recognize when my two circles intersected that it was that sweet spot of understanding business and systems. Then I applied that in our own business and had that breakthrough opportunity.
Every time I think about systems now, a story comes to mind about a great trader called Richard Dennis. In the 1970s he was famous for turning $1600 into $200,000,000 over the course of ten years. Back then, that was an enormous amount of money and even today, $200,000,000 is an enormous amount.
He built up this reputation. He had a business partner and they had a constant disagreement or point of discussion. It was whether great traders were born or being a great trader was a learned skill. Richard Dennis, said, no, it’s taught. I can teach people my trading rules and they can get the same result.
His business partner Eckhardt said no. You’re a natural, you’re a savant. You’ve got the gift, that’s not something that can be taught. It’s rumoured that this story is what formed the basis for the film Trading Places. Did anyone see Trading Places with Eddie Murphy? It is the idea that yes, it can be taught.
They decided to run a little experiment. They ran some ads in the Wall Street Journal and Barnes and Noble. They started recruiting people with no trading experience. They said, right, we want you to have no experience with trading. We’re going to get you to come in and I’m going to teach you my trading rules. Richard Dennis taught them his trading rules.
Then to put his money where his mouth is, he gave them each $1,000,000. He said, you’ve got to follow my rules and my systems and my processes to trade this $1,000,000. We’ll run the experiment over twelve months.
They ran it and quite a few of the applicants doubled their money. Quite a few tripled their money and many of those traders have gone on to be some of the most successful traders and big hedge fund managers. It was all from the idea that they could learn about systems and then they could follow a process and procedure. It finally settled that debate about whether or not great traders were born or it is something they could be taught.
By having the right systems and processes and procedures, you can train up staff in business in the same way. You can train up team members behind you who follow your processes and procedures to execute parts of your business that starts to work without you. That is really the whole point of what we’re trying to do as business owners. It is to build a profitable business that works without us.
For the right person at the right time, that message will be hugely valuable. I hope it has a lasting impact to get you thinking about systems a little bit differently. That’s it.
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