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19 - Reputation and Tenure

When people think about making lots of money or being ultra successful, they generally forget the one thing that makes it happen. It's reputation and tenure that make it possible to earn a high income. Let me breakdown each of these words so you can see exactly how they play a role in someone being successful and earning a high income.

Reputation is the most important thing when it comes to earning a high income. For example, in order for Ray Dalio's firm to manage 180 billion dollars, they would need people to know about them and trust them with their money. In order for people to know about your firm, it would take years of doing business successfully. This idea of doing business successfully derives from your reputation being on point. For people to know about you, it takes years of referrals and recommendations.

The referrals and recommendations are beyond valuable. This is how the best business is done because people only refer other people to businesses that treat their employees and customers right. By building a business based on referrals, you don't need to do product ratings because if someone is referring your business and helping you get more customers, that is all you need to know your product is solid. If your customers aren't referring you new business, it's a sign you need to improve you product until people start referring others. When your reputation is having a product people love, then you know you are on to something special.

Tenure is also very important. It's not as important as reputation but it is equally important. When we think of tenure we usually think of college professors. Once they work for the college in a certain position for a certain amount of time, they get tenure which solidifies them as the professor for the classes they teach. When we think of tenure in the business sense, it's more like thinking about which companies produces the best products for their market. One example is Apple, they make the highest quality computer products. Apple not only has a reputation, but they have tenure for computers and cell phones. Will they always have tenure, only time will tell. But for now they do, and that is why everyone buys Apples' new products year after year.

Moving past business we can look at tenure for a position. For example, Tim Cook has been the CEO for Apple since 2011. He has tenure meaning he has worked for Apple for multiple years in that position. For most people to be successful in a position, they generally have to do something for 3 or more years. If you have a company, that company generally has to be around for 3 or more years until you are able to break away from the pack to find your unique path. By getting more years under your belt, you are able to become more specialized, unique, and skilled at your craft. People will begin to trust you more and more as they see you doing something for longer and longer. Combine reputation with tenure and you have 2 of the many principles that lead to success.

Remember, nothing great is created overnight. It takes time for people to trust you. You shouldn't want it any other way. Earning people's trust doesn't come easy, but when you put in the time, it will make you feel proud, happy, and deserving. Let tenure work for you. Rather than focusing on the money, focus on the quality of your products. Going deeper than anyone else has gone no matter what your field is. By focusing on your products and reputation you will be rewarded handsomely someday.

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