by GWatson on February 4, 2010
Investment means taking risk. No matter how meagre the money one has in the bank they can always invest it on something. A truly rich man is someone whose money brings more money to him. Wealthy people don’t sweat all day long in factories just to get paid at the end of the month. To want to be rich means looking for capital, if you are not born with a silver spoon, and invest it. Start small and be consistent. Here are some things I have found common among the rich.
Opportunity in Adversity
Rich men are true gold diggers. They try to see the business side of all human problems. The same way the heat produced by a volcano eruption can be used for power generation. When a company keeps disappointing its customers, they are indirectly creating the market for another company to prosper. This technique has been one of the major tools western companies have used to dominate the world. Other parts of the world just realized this. They are trying to obey this rule but they are not getting it right.
Little Bit of Madness
Successful tycoons are a little bit mad. They are mad about something. Usually they are not the usual type of nice people that girls find attractive. Many of them discovered their purpose and went for them. This set of people does not follow the conventional way of life. In fact, the conventional way of life is like a road and everybody is on that road (what seems right). There is another road that the normal “office worker” and of course every one of us think is for the crazy people. But in fact that’s the path that leads to the top. All known geniuses we know today took that road. They were just different.
Take Careful Decision
When it comes to business, critical decision requires critical thinking. One has to learn how to learn fast and act fast. There are people who are good at analysing market data. They are everywhere. That’s what college teaches someone, however, very few persons are born with the rare gift of taking a good decision at the right time. It’s all about timing. The art of good decision-making is in everyone (geniuses are naturally good at it) but we can learn it.
Act Fast
Procrastination is a business killer disease. When it comes to business, idea without good timing spoils everything. Politics is one case in point. In politics, good timing wins election. Life is dynamic and putting off a good idea until tomorrow maybe a big mistake. If it was not a mistake then luck was involved and luck rarely comes round when we expect it.
We can learn from the masters who had nothing and came up fast with these rules. Sir Richard Branson did it. He sold records out of his car when in fact people with white-collar jobs thought the man had gone mad. He was hopeless in their eyes. Bill Gate followed the same part and left school to follow his dream (right timing). There are millions of stories like that.
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by GWatson on February 2, 2010
Wealth creation is something that has been greatly talked-about. It is at the very centre, the backbone of all business seminars. Everyone no matter how wealthy they are search anxiously for new ways to make wealth. Little wonder why people attend business schools because it can help them figure out how to make money, manage a company, or as the trend is today, salvage a dying company and make it profitable again.
Look out for New Opportunities
Wealthy people spend time thinking on how to create more wealth more than the poor in our society do. For example, Bill Gate has large stakes in a number of businesses. Warren Buffett also known as the oracle of Omaha and a host of other business tycoons do the same. They all have interests in a number of things that fetch them money. Many of these people don’t necessary get involved in the day to day running of all their business ventures. They only need to be convinced of the prospect of a business doing well in the future and they will buy into it. Greatest risk to take is not to take risk at all.
Rely on Your Strength
Some people made their money just because they are great managers. Others created wealth out of their sporting or innovative talents. Good managers can take up several business interests at the same time and turn them around for good; whereas people with talents have rare skills in a particular field and that’s what they rely on to keep them going from strength to strength.
Ever heard of the adage, ‘’too many cooks spoil the broth’’? This applies to people with rare talents (people like Tiger Wood, Bill Gates, Entertainers, and so on). Their talents are what come first. They spend more of their time practicing and perfecting what brought them to fame. Diverting their time to other fields will be a suicide mission. For example, Tiger Wood venturing and spending all his time on shipbuilding business rather than playing golf will sadden us all.
Don’t get me wrong, talented individuals do invest their money to work for them. Yes, they do. However, they are not involved in the day-to-day running of the companies. Therefore, one business principle we can learn here is, we must identify if we are good at management and go for it, or if one has a special talent in sports or in technology, follow it to the grave.
Don’t Be Confused By Money
This applies more to the sporting and technologically talented folks. The glory of their achievements in sports and innovations should be above making money and wealth creation. One should do everything it takes to fight and fend off any hurdle that may stop their career from progressing. The talent of great soccer players, for instance, will stop flourishing if they allow themselves to be deceived by the dangerous love for money and opt for a football league in the world that would stop their progress and dilute their skills.
The best way to make good money with one’s talent is to concentrate in perfecting on what one can do best and lots of money and progress will follow. People that give their strength and best to entertain the World are always rewarded both kind and bank notes. In principle, the same is true for talented business managers, they give to the poor, and viola we start trusting them with our lives.
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