The Law of Compensation — Success has a very simple price.
The law of compensation by Emerson, states that each person is compensated in like manner for that which he or she has contributed. Call it karma. Call it cause and effect. It does not matter much.
In a competitive market like ours, you need to not only stand out but also provide enormous value consistently over time to create a tribe of fans that will follow you no matter what you do.
Everybody needs to read the essay by Kevin Kelly 1000 true fans:
To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients, or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans.
A true fan is defined as a fan that will buy anything you produce. These diehard fans will drive 200 miles to see you sing; they will buy the hardback and paperback and audible versions of your book; they will purchase your next figurine sight unseen; they will pay for the best of the DVD version of your free YouTube channel; they will come to your chef’s table once a month.
If you have roughly 1000 true fans (aka as super fans) you can make a living. If you are content to make a living but not a fortune. Here’s how the math works. You need to meet two criteria. First, you have to create enough each year that you can earn, on aver- age, $100 profit from each true fan. That is easier to do in some arts and businesses than others, but it is a good creative challenge in every area because it is always easier and better to give to your existing customers more, than it is to find new fans.
The takeaway: 1000 true fans is an alternative path to success other than stardom. Instead of trying to reach the narrow and unlikely peaks of platinum bestseller hits, blockbusters, and celebrity status, you can aim for direct connection with a thousand true fans. On your way, no matter how many fans you succeed in gaining, you’ll be surrounded not by faddish infatuation, but by genuine and true appreciation. It’s a much saner destiny to hope for. And you are much more likely to arrive there.
Do not be fooled, 1000 fans is just a number chosen to show you that this is all you really need to make a living. It does not have to stop at that. Celebrities nowadays use the same principles of creating great content and being closer to their fan base (to a lesser extent).
The 1000 true fans can be complemented with a few other principles. Seth Godin and his Tribe concept. A group of people connected to one another, connected to a leader and connected to an idea.
As you can see, creating your tribe is the way-to-go. It will take time and effort but it is very rewarding and fulfilling if you want to make a living from what you love to do.
Jim Rohn said:
We get paid for bringing value to the marketplace. It takes time to bring value to the marketplace. Income does not far exceed personal development. Work harder on yourself than your job
I always loved that quote because it does take a lot of effort, not only on your craft but most importantly on yourself to go through the discipline, the low self-esteem moments and the inevitable ups and downs of life to get to the point where you are confident and structured enough to put more and more content and work out to create that following.
Earl Nightingale said:
The only way to earn money is by providing people with services or products which are needed and useful. We exchange our product and service for the other man’s money. Therefore, the law is that our financial return will be in direct proportion to our service.
Success is not the result of making money. Making money is the result of success and success is in direct proportion to our service. Most people have this law backwards. They believe that you are successful if you earn a lot of money. The truth is that you can only earn money if you are successful.
Brian tracy wrote :
You Get What You Give
Ralph Waldo Emerson, in his essay, “Compensation,” wrote that each person is compensated in like manner for that which he or she has contributed. The Law of Compensation is another restatement of the Law of Sowing and Reaping. It says that you will always be compensated for your efforts and for your contribution, whatever it is, however much or however little.
Increase Your Value . This Law of Compensation also says that you can never be compensated in the long term for more than you put in. The income you earn today is your compensation for what you have done in the past. If you want to increase your compensation, you must increase the value of your contribution.
Do More Than You’re Paid For another corollary of the Law of Sowing and Reaping is what is sometimes called the, “Law of Overcompensation.” This law says that great success comes from those who always make it a habit to put in more than they take out. They do more than they are paid for. They are always looking for opportunities to exceed expectations. And because they are always overcompensating, they are always being over rewarded with the esteem of their employers and customers and with the financial rewards that go along with their personal success.
Provide the Causes, Enjoy The Effects One of your main responsibilities in life is to align yourself and your activities with Law of Cause and Effect (and its corollaries), accepting that it is an inexorable law that always works, whether anyone is looking or not. Your job is to institute the causes that are consistent with the effects that you want to enjoy in your life. When you do, you will realize and enjoy the rewards you desire.
The law of compensation is based on the following. The amount of money you receive is going to be in direct ratio to:
- * The need for what you do
- * Your ability to do it and
- * The difficulty there will be in replacing you.
You need to make sure that the market is in need of your product or service. Luckily for us, in this modern world we live, access to the internet and technology makes it easy for us to go very niche and still find people who would want to be part of our tribe even though the lower barrier to entry makes it more competitive.
You need to be on top of your game. The competition will be tougher because of the lower barrier to entry. Therefore, you need to continuously improve, educate yourself, and provide more and more value to the marketplace and your growing tribe.
You don’t necessarily need to reinvent the wheel but you need to be unique which means that what you are doing is not necessarily the most unique and original but the value you provide and the way you do it is so original and unique that you’ll be sorely missed if you were absent.
Russ the now-famous rapper put on 11 albums before he got famous. He was publishing one song a week for years on end.
His idea of success is to bounce from failure to failure with increasing enthusiasm. One day, one song of his got viral and he started gaining fame, recognition, and prosperity.
Although, you might think that one song made him popular but you are not thinking of the other countless songs that kept him famous.
He had such a vast repertoire of songs his new fans got to discover all his other songs not only the one that made him famous. If he had only made a few other songs and only that one got famous he would just be a one-hit-wonder.
Plus there is such a thing called paying your dues and karma. He put in the heavy lifting. He kept giving all he got in all his songs regardless of whether they went viral or not. He loves the song that made him famous but he loves all his other songs as well.
In the Taoist teachings, they call it being in the flow and being detached from the outcome so keep on adding value. Keep creating things that will benefit others truthfully and unconditionally.
There is such a thing call karma and sometimes you are just paying your dues. And it might seem that nothing is happening but things are happening in the unseen, behind the curtains so do not despair. What goes around comes around.
Ralph Waldo Emerson wrote :