The 10X Summary

I just finished re-reading the 10X Rule by Grant Cardone. Below are my notes & highlights (Hint – If you are running short on time, Chapter 22 is a great place to start). As background, Grant Cardone is 62 (born 1958) & is known for being a top sales trainer, speaker & real estate investor. To read my summary series of The Intelligent Investor by Benjamin Graham Click Here

You can buy the book here (I receive a small commission!). But first check your library!

Chapter 1: 

  • 10x is about understanding how much effort (action) & how much thought (mindset) is needed to achieve your goals 
  • “Extraordinary,” success depends on who you surround yourself with and use as a benchmark
  • Success is unique to every individual. No one else can judge your success or know if you are living up to your full potential 
  • What must you do: 
    • Set goals 10x your desire (dream big! even if it seems unachievable)
    • Create actions 10x what you feel is needed to reach this new lofty goal
    • Success is about both mindset & action!
  • Mistakes when setting goals
    • Mis-targeting — Setting objectives that are too low. This mindset causes levels of action that are insufficient even for the low goal. 
    • Severely underestimating the action needed (10x will require enormous action and doing what others think is crazy!)
    • Spending too much time competing instead of dominating your sector (work smart not hard. You don’t always have to follow others)
    • Underestimating the amount of adversity you will face in your journey
  • Goal setting is a constantly adapting benchmark and a mindset NOT an end goal. It constantly evolves and your belief about what is possible will expand accordingly
  • As long as you live you will either be working towards your goals or helping someone else serve theirs

Chapter 2:

  • Most people do not pursue their own business because it will require a short term “haircut,” in terms of income (or at least more uncertainty). This period of rebuilding may take longer than you think but eventually can be done & far exceeded
  • It is easy to give up too soon. Human nature has an ingrained calculator to explain away our failures. Managers often respond to missed targets by lowering the goals… Don’t do this. It shows targets don’t mean anything
  • If you find yourself falling short of your expectations instead of lowering the goal or succumbing to the excuses (wrong timing, economy, clients don’t understand the product), increase your actions!
    • Market will respond to your efforts
    • Luck is directly proportional to effort

Chapter 3: 

  • Definition of Success depends on your current stage in life & what currently has your attention
  • Success can apply to any aspect of life: Financial, Spiritual, Physical, Familial, Philanthropic 
  • 3 Key beliefs to obtaining success:
    1. Success is important
    2. Success is your duty
    3. There is no shortage of success (not a zero sum game)
  • Success is about having an expansion mindset. Without expansion, groups & ideas wither away and cease to exist
  • Anyone who minimizes your attainment of success & the importance of success in your life + future has probably failed to attain their own definition of success. Don’t minimize the importance of success to justify your current situation
  • Too many belittling phrases exist around success
    • Success is a journey not a destination (although I would argue goal setting is a journey)
    • Success isn’t everything (of course it isn’t but why wouldn’t you want to obtain it?)

Chapter 4: 

  • Success is your duty. Stop casually seeking success. Instead approach as an ethical issue. You owe it to yourself, your family (treat success like parents treat their kids —they would do anything for them, get up in the middle of the night Etc), your community, your company to be successful. It is a responsibility and an obligation 
  • Ask yourself, “Am I living up to my full potential?” If you are not treating this question as an obligation the answer is likely no. 
  • Don’t get complacent when you start to achieve success. Success perpetuates success. Reaching goals allows and compels the setting (and reaching) of new loftier goals. This builds magical momentum
  • Taking the necessary actions over long periods of time creates desired success. There are no over night successes. The world only sees the final product (and therefore gives up too fast when they try) not the failures and effort that it took to get to the end result

Chapter 5: 

  • There exists no limit on success —Success is not a zero sum game. Not a product, commodity or resource.
  • Media loves to perpetuate shortages (as do politicians & businesses — manufactured shortages sell i.e diamonds)
    • Politicians play the game of, “I and not my competitor will make things easier for you and make you more successful.”
  • Success is created not acquired.
  • Think without limits. Do not be jealous of others successes. These achievements pave a path for you to win. A $40M CEO salary proves that its possible.
  • Others success does not mean you cannot also attain infinite levels of success. Your success does not mean others cannot be successful (in fact your success likely makes success for those around you more likely).

Chapter 6: 

  • Success is not something that happens to you. It is something that happens because of you
  • Successful people take high levels of responsibility for all aspects of their lives — Good & Bad
    • Even things that seem out of control. It is a mindset. For example; the electricity went out despite the fact that I paid the bill. Solution, I should have been more prepared and had a back up generator on hand. Car accident — I could have left earlier, later, closed the deal last week, made the client come to me. Instead I took the exact actions that led to the car accident
  • Have a solution mindset
  • Blaming doesn’t change anything. Don’t suffer from victim thinking

Chapter 7:

  • There are no shortcuts to success. The more action you take the more shots you get
  • There are 4 Levels of Action:
    1. Do nothing
    2. Retreat (avoiding failure)
    3. Normal levels (This is the silent killer & is middle class thinking. It is dangerous because it is widely accepted)
    4. Massive action. This is the level required for success & paradoxically is our natural state (think about how much energy and creativity kids have until they are told to calm down and focus)
  • Everybody focuses on something. For some it’s destructive instead of productive habits
  • Massive action isn’t about “hours,” or “number of calls”. It’s about a mindset and doing everything you can to further your goals. There is no routine day
  • You will know you are beginning to take massive action when people begin to comment, “Why are you calling on a Saturday. Why are you calling this late. I wish I had employees like you”
  • Focus each day as if your future depends on you taking massive action. Don’t focus on hours or money.
  • Obscurity is every entrepreneurs biggest challenge. If people don’t know you they can’t hire you. If they don’t know your product they can’t buy it
  • Successful people don’t see massive action as a problem
    • However unsuccessful people with criticize you and apply negative labels (workaholic etc). They will try to give you “warnings.” “Hey just a heads up your level of activity isn’t going to work. Its scaring off the clients” etc
  • Creating new problems is a good thing. It means you are taking massive action
  • Always say yes. It is better to suck & be seen than to not be seen
  • Money and power follow attention

Chapter 8:

  • The average worker reads less than 1 book per year. The average CEO reads 60 books per year
    • People love to comment that the CEO doesn’t work any harder than the employee and doesn’t deserve the pay gap they are receiving. However this ignores the hard work that went to rising into the position they now find themselves in. And the hard work that is not seen (such as constantly reading, seeking knowledge and staying on top of new trends)
  • It is common to be conservative on one’s sales projections but underestimate how much work is required to even get a sales presentation
    • Even the best product in the world may take 100 calls to set up 1 demo. Pushing through the resistance/noise takes massive action

Chapter 9:

  • Failing to set high enough goals is the main reason for failure
  • If you think small you will act small. It’s impossible to stay excited about average goals
  • Something worth doing at all is worth doing more than once per year. Don’t just set goals once per year. Do it every day and pick objectives that are constantly out of your reach. Word as though you’ve achieved them. Example:
    • I own 5,000 apartment units generating 12% return
    • I have no debt other than what is paid by others.
    • I love my wife more and more everyday and have a lively happy relationship.
  • If you say, “well I don’t need 10x the money. 10 million is enough for me I don’t need 100 million.” You’re probably right. No-one needs 100 million but if you bought lottery ticket would you want to win 10 million or 100 million. Think about how much more you can do in the world + give away with the later sum
  • Need productive goals beyond money
    • For example I want $100 million so I can be the biggest donor at my church. Or so I can eradicate a disease
  • Go both wide and deep with goals (touch all aspects of life)
  • The value of the situation you are in depends on the person & their goals. A McDonald’s worker making minimum wage could be in the perfect place for the long term if their goal is to to open a franchise and they are learning the business
  • You can have a realistic life without setting goals. Strive for more, set huge unreasonable goals (if you fall short you will still be happy where you ended up)
  • Don’t base goals on what others have done before you. But if you insist on doing so, look at the giants of your industry.
  • Main Takeaway:
    1. Set 10x goals
    2. Align goals with secondary targets (what are you going to do with money when you get it)
    3. Write these down everyday
  • Questions to consider:
    • What goals would you set if you knew they would come true?
    • How has your upbringing influenced your goal setting?

Chapter 10:

  • One of the greatest fallacies in business is that competition is good. This may be true for consumers but it is bad for businesses
  • Competing with others directly (that is trying to duplicate their actions and results ) prevents one from thinking creatively
  • Don’t just copy, do it your way. Dominate don’t compete. Set the pace for the sector
  • Set goals at domination levels that over shadow your competition. Make people think you were the creator or first to an industry/sector even if this isn’t the case
    • You don’t need to be first to market to be thought of first in the market
    • You want to be the first person or brand that comes to mind in your sector. Then it is your business to lose, not something you need to win
  • This is possible even if you have far less financial resources than your competitors. Use what you do have — Energy, time, effort, social media, persistence
  • For example Graham talks about how he decided to increase rather than decrease the frequency of social media posts when he started getting complaints & requests to unsubscribe
    • Complaints about effort mean you are in the right direction. Admiration will follow
    • 1-2 posts a day is not enough. Graham makes 2 posts per hour (on twitter for 48/day — 12 posts on FB/day)
  • You can’t dominate if you don’t penetrate a market. You need outrageous levels of action to get noticed, emerge from obscurity and get through the noise
  • Don’t compete with others based on “best practices” Create “only practices,” things only you and your company are willing to do (what are your competitors not doing. Focus there)
  • Never waste a good recession. The market is brutal. Someone is going to succeed and take advantage. It might as well be you

Chapter 11:

  • Middle class is the wrong goal (and has widely different definitions depending on who you ask and in what time period)
  • The lower middle class is often still struggling. Upper middle class may appear more stable and successful but the majority of their financial wealth is often tied up in home equity and dependent on credit markets 
    • In a down-turn they may lose this home equity & their higher level jobs may be at ask. In other words they are still susceptible
  • Middle class is really more of a mindset than about income or asset levels. It is an average level of thinking, goal setting and action taking. Going after only “what is necessary,” instead of going big!
  • “Just enough,” is the reward for middle class thinking. Don’t settle for this state of being sold by the media, politicians, & education system. Go for abundance in all areas of life

Chapter 12: 

  • Obsession is a gift not a disease
  • Most people only put out enough effort to feel like they are working. To succeed you need a passion for your dreams and goals. A fixation & obsession
  • Obsession is our natural state as kids. We are later trained out of this mindset
  • (From Freakanomics Podcast): Enthusiasm adds 25 IQ points. It makes others want to invite you back & work with you
  • Ironically, once the obsessed become successful they are no longer criticized & labeled as a workaholic or “crazy” but labeled “unique”, “exceptions to rule”, “geniuses”
  • What things do you need to be obsessed about in life?
  • Who are three people you know who were obsessed about something & later found success?

Chapter 13:

  • Going all in from an effort standpoint is not like poker. You don’t run out of action chips. You can continue to go all in with energy
  • Approach goals like the tortoise AND the hair. Ruthlessly and consistently
  • There is no limit to creativity
  • Go all in with every customer every opportunity every time. If you don’t ask for business you will fail to get it 100% of the time.  Don’t stop at getting customer on the phone. Make them a proposal
  • Be willing to have the lowest closing rate but highest production. Go all in with everyone
  • The mindset of under promising to over deliver is backwards. Who would show up for a band or movie advertised as average (the answer is no one)
  • Instead over commit AND over deliver. Promising higher levels of performance will win you more pitches and force you to deliver on a new level.  Don’t play it safe
  • If you’re not creating new problems for yourself you’re not taking enough action. Too many meetings set for your available time is a great problem to have
  • Why do you want new problems?

Chapter 14:

  • Seek persistent expansion regardless of the economy. Don’t follow the pack. Lead the pack
  • Cut your own salary before you let go of staff. Go after market share when others are retreating
  • When most people begin saving more money in a  recession they also instinctively go into a saving mentality in other categories of life and hold themselves back. Don’t backdown from your levels of action 
  • Only retreat when necessary to regroup & prepare to expand again
  • What are some ways you can expand that only require time and energy, not money?

Chapter 15:

  • The law of inertia — that objects in motion stay in motion —applies to actions as well. Build up positive momentum by taking consistent action and it will take you far
  • There is no such thing as too much press, action, or success
  • Overexposure theory is based on lack of new ideas & products — The fear of losing value. But for almost everyone it is obscurity NOT too much exposure that is the real problem

Chapter 16:

  • Fear is not inherently bad — It shows you are pushing your self to new levels. Seek it. Embrace it
  • If you aren’t experiencing fear it means you aren’t pushing yourself or growing and are unlikely to have above average levels of success
  • If you are afraid to call a client, that is a sign you should do it. Do what others refuse to
  • If you wait to do something out of fear, the fear only grows. While you “prepare,” you imagine all possible bad outcomes
  • Don’t feed fear. Make the call now! 
  • Even celebrities and business moguls (and even Grant Cardone) have fear. However they push through it
  • Who do you fear contacting who could help your business?

Chapter 17: 

  • Time management requires setting clear & objective priorities
  • All and everything thinking NOT either or
  • Journal your time and see where it goes. Most people have no idea. Every single person has the same 168 hours in the week. The average person spends  22.3% of these hours at work, 33.3% of these hours asleep & 16.6 % of the hours watching tv or online. This still leaves 46 hours per week
  • Do you create your schedule and manage your time or does someone else?
  • Most people act as if work is something to get through & only spend enough time working to make it feel like work. Successful people take massive action & see massive results. These results and successes are fun and make work feel like a hobby
  • If you are seeking life balance, work harder while at work. Take more action. Create abundance in all areas of your life
  • Work should provide purpose, mission & a sense of accomplishment
  • What are some of your time wasters? 

Chapter 18:

  • Criticism is a sign of success. It is the natural result of getting attention
  • No matter what choices you make in life someone will disagree — So make choices that align with your goals and beliefs
  • Criticism can come in many forms including misleading advice. Those taking massive action are often told, “life is not all about work,” etc. These statements are usually said to make the speaker feel better about themselves. It is a sign they are threatened
  • Like fear. Criticism is a good thing. It precedes admiration. Then success follows
  • What criticism would you most like to hear from others?

Chapter 19:

  • Customer satisfaction is the wrong goal. Increasing satisfaction is impossible without first obtaining customers
  • Increasing customers should be the real target. Satisfaction is still very important but secondary to attaining new clients. Most companies fail to grow because they are overly focused on satisfaction of current customers
  • People worry about the impact of growing & adapting on their brand but if you aren’t staying relevant your brand doesn’t matter
  • Most leaders survey customers about satisfaction but ignore potential clients they failed to obtain (have exit survey ready for these people)
  • The quality of the client you obtain will impact the level of satisfaction you can deliver
  • Look for and encourage complaints. Then solve them. Even if you execute perfectly there will be complaints

Chapter 20: 

  • Give the impression of being available everywhere. Most ultra successful brands are omnipresent (Apple, Starbucks, Nike etc).
  • Your name is your most important asset. But you have to get people to know you.
  • The loftier your ambitions and goals the more fuel you will have to power your actions.
  • Be synonymous with what you represent or want to represent. 

Chapter 21

  • Excuses are revisions of the facts to make yourself feel better
  • Take responsibility — Identify solutions not excuses
  • Don’t allow excuses from yourself or your team
  • If it is to be, it’s up to me

Chapter 22: 

  1. Have a can do attitude — Talk and think in terms of solutions
  2. Believe that,  “I will figure it out.” Be OK admitting if you don’t know something but respond with “I will figure it out,” or “I will connect you with the right person,” instead of “I don’t know”
  3. Successful people focus on opportunities
  4. Successful people love challenges & seek them out 
  5. Successful people seek to solve problems. The bigger the problem the bigger the opportunity
  6. Successful people persist until successful — persistence is a habit that can and should developed
  7. Be willing to take risk
  8. Be unreasonable. Don’t follow agreed upon realities and constraints. Challenge them
  9. Be dangerous. Don’t live your life in constant worry and caution. Be sufficiently trained but be willing to take risk
  10. Create wealth by focusing on exchanging ideas and solutions. Remember income is taxed wealth is not
  11. Readily take action. Focus on long term goals not immediate gratification. Action is a habit. Make it an ethical issue
  12. Always say yes. Don’t say no until you have to
  13. Habitually commit. Do whatever is necessary to see out your commitments
  14. Go all the way. Make the 51st call
  15. Focus on the now. The past is irrelevant. The future is important but is shaped by action today. Not tomorrow. Every second of over thinking is one second that could have been used to take action. Don’t procrastinate
  16. Demonstrate courage. Embrace fear. Courage is obtained by doing
  17. Embrace change. Always look what is next and change what is not working. How is world shifting. How can we be better. Adapt
  18. Determine and take the right approach. Hard work alone will not suffice. You also need strategy. Invest time energy and money in improving yourself
  19. Successful people break traditional thinking
  20. Be goal oriented. Begin and end each day with goal setting + review
  21. Be on a mission. Have mindset that every undertaking could change the world. Have a passion, not a job
  22. Have a high level of motivation. Create new reasons to keep showing up
  23. Be interested in results. Not effort or time spent. Time at work alone doesn’t matter
  24. Have big goals and dreams. Don’t fight over the scraps
  25. Create your own reality
  26. Commit first. Figure it out later
  27. Be highly ethical. This includes traditional definitions of honesty but also meeting all commitments and obligations you have made. Make success an ethical issue. Fulfill your full capacity
  28. Be interested in the group. Can only be as successful by those around you
  29. Be dedicated to continuous learning. Average CEO reported to read 60 books and attend 6 conferences. Average American reads less than 1 book per year
  30. Be uncomfortable. If you are always comfortable you aren’t growing. New and unfamiliar situations are where you grow
  31. Reach up in relationships. Surround yourself with smarter, brighter more creative individuals
  32. Be disciplined. Use all 32 techniques above

Chapter 23:

  • “Now” is the best time to act with focus on your future & implement with 32 techniques above
  • Now means now. As a first step make an initial list of goals and corresponding actions. Then without overthinking begin to take action:
    • Don’t reduce your goals as you write them.
    • Don’t get derailed in the details.
    • Ask what actions can I take today that will move me towards my goals
    • Take actions on your list regardless or fear or discomfort
    • Don’t prematurely value outcome (think about the outcome of your action)
    • Go back each day and review your list
  • Finally, be aware of your surroundings and who you surround yourself with. Though they mean well, family & friends who don’t want to see you “fail,” or “get hurt,” will tell you to play it safe, be satisfied with what you have, & not to over reach. Maintain your will & 10x desires
  • Never stop adding wood to your proverbial fire. Continue taking action. Even if you find success continue to build upon it and live life to your fullest potential
My top 5 takeaways from The 10X Rule

Hopefully you found this summary helpful! For additional insight check out: