38 Weeks to Get Rich
What follows is my summary & key takeaways to help you digest the 127 page document.
Week 19: Embrace Accountability to Get Leverage
Embrace accountability. Society will reward you with leverage.
You have to have accountability to get leverage.
Leverage comes from labor, capital, or tools. In order to get other people to work for you or to get people to loan you their money, you’ll need trust. Trust is built with accountability.
Use your own name.
Stamping your name on something lends credibility. Because whether it goes well or goes terribly, people know who to give the credit/blame. They know who to come after for payments, or who they want to do a deal with in the future. It’s a double edged sword, so wield it carefully.
Names can become brands.
Trump, Oprah, Ferrari, Bose, JCPenney, Warner Bros, Levi Strauss, and many more are examples of people that have attached their name to their work and because of their success it has transformed their personal name into a brand. Attaching the accountability of their identity to their product gave them credibility, and in turn created incredible leverage.
Accountability for founders and teams.
But it’s not enough to just slap your name on something and assume you’ll have success. It’s important that every member of the team has clear accountability for each position and role.
It’s important that if someone screws up you can identify where the ball dropped; or if things go really well you can celebrate the person that contributed to it.
Instead of trying to avoid accountability, embrace it. It will open doors, provide power, and build trust.
I look forward to sharing more next week as we take a look at chapter 20.