Do you have an Exponential Mindset? What the heck is an Exponential Mindset?
That’s our conversation today…
We’ll discuss the advantages of having an Exponential Mindset, and how it can benefit both your business and your life.
Our brains, the 100 billion neurons and 100 trillion synaptic connections that shape everything we think and do, evolved for a world 100,000+ years ago that was “local and linear.”
As such, we think in a local and linear fashion. We are linear thinkers.
So, here’s an experiment you can try with your kids or grandkids.
Choose between the following:
Option #1: I give you $1 per day for the next 30 days;
Option #2: I give you a penny on the first day, two cents on the second day, four cents on the third day, eight cents on the fourth day, and so on for 30 days.
Obviously, option #1 nets you $30… easy to predict, the definition of linear.
But option #2, where we are doubling (i.e., growing exponentially), goes from deceptive to disruptive.
The first 5 days (1, 2, 4, 8, 16 cents) net you just 31 cents -- it’s deceptively dismal.
But after 30 doublings, the situation gets disruptive… now we’ve increased the payout 1-billion fold…
So if your kid or grandkid choses option #2, they would end up with a payout of $10,737,418.24.
That’s the promise and power of exponential growth!
One of our biggest challenges as entrepreneurs is to train our brains to think exponentially.
This isn’t easy to do. But it’s necessary if we want to accomplish big and bold things, and empower ourselves with the tools necessary to have a massive impact on the world.
Let’s dive in…
I believe that an Exponential Mindset is 1 of the 6 critical Mindsets for a leader and entrepreneur to actively develop and firmly command.
Exploring and coaching leaders and entrepreneurs on these Mindsets is a key area of focus during my Abundance 360 Mastermind that I hold every January.
So, what are the benefits of an Exponential Mindset? And how do you develop one?
Here is a summary of WHY you should desire and develop an Exponential Mindset:
5 Benefits of an Exponential Mindset…
(1) You understand the power of exponential growth. While our brains are linear, you understand that the power of our technology is doubling every 18 months. You know the power of exponential doublings:
- 10 doublings = ~1,000x growth…
- 20 doublings = ~1,000,000x growth…
- 30 doublings = ~1,000,000,000x growth…
(2) You use the “6 Ds” as a “roadmap” to predict the future of your business. You seek to digitize your products & services:
- Digitized: You digitize your product & services… make them into “1s and 0s.”
- Deceptive: You understand that in the beginning the impact is deceptive… the doubling of small numbers (0.01, 0.02, 0.04, 0.08…) doesn’t look impressive.
- Disruptive: But 30 doublings can deliver a disruptive billion-fold increase!
- Dematerialized: Exponential tech dematerializes physical “things” into digital apps (GPS, film, books, albums, etc. all become digital apps on our smartphones).
- Demonetized: The cost of duplicating or transmitting a digital product or service demonetizes to effectively zero.
- Democratized: Once products and services are digital, they go global and can become ubiquitous.
(3) You seek to reinvent your business model by leveraging exponential technologies such as Artificial Intelligence, Virtual Reality, 3D Printing, and Robotics. You understand that these technologies are converging, disrupting, and transforming business models and industries. Your small team can now compete effectively with large corporations.
(4) You understand the power of the crowd. Increasing connectivity allows you to crowdsource nearly everything you need as an entrepreneur to grow your company -- capital, design, ideas, software, and so on. Your job is to know exactly what you want, your Massively Transformative Purpose (MTP). Once you know that, in many cases, the crowd will do the rest.
(5) You seek to become a data-driven, experimentalist company: You understand the importance of collecting data, rapid experimentation, and machine learning to rapidly iterate and create an exponential organization.
How would your life change if you had an Exponential Mindset?
What would crafting, mastering, and implementing an Exponential Mindset mean for your business?
More next week when I show you what some see as shocking “Proof of Exponentials”… what I call a refreshing breath of *data-driven optimism.*
JOIN ME AT ABUNDANCE 360 this January!
If an Exponential Mindset is important to you... If understanding how to use exponential technologies to transform your business and create more positive impact in the world is something you desire, then consider joining my Abundance 360 Mastermind.
Every year, my team and I select a group of 360 entrepreneurs and CEOs to coach over the course of a year-long program. A360 starts each January with a live event and continues every two months with Implementation Workshops, in which I personally coach members in small groups over Zoom. (In 2021, you have a choice of live “in-person” or “virtual” participation. See the A360 website for more info.)
My mission is to help A360 members identify their massively transformative purpose, select their moonshot, and hone an Abundance, Exponential, and Longevity Mindset. Together we will actively select and reinforce your preferred mindsets.
To learn more and apply to A360, visit abundance360.com.
Know someone who would benefit from getting Abundance Insider? Send them to this link to sign up.
P.S. I've just released a podcast with my dear friend Dan Sullivan called Exponential Wisdom. Our conversations focus on the exponential technologies creating abundance, the human-technology collaboration, and entrepreneurship. Head here to listen and subscribe.