From my research and study in the topic of building wealth, I have distilled all formulas and guidelines into 10 important principles. If you follow these simple principles and always think outside the box, you will be on the right path to achieve financial success and wealth that will last you a lifetime.
- CREATE & VISUALIZE YOUR GOALS: They will always lead to wealth creation. Set a particular goal and visualize it every day. In setting your goals, you should always be sure they are categorical, quantifiable, realizable, pragmatic and time bound.
- DO YOUR HOMEWORK: Never jump into any business venture, irrespective of how attractive it may look. This could set you up for failure and disappointment. The more interesting the business opportunity, the closer you ought to be in examining their claims on returns on investments.(ROI) As a budding entrepreneur it’s important to test each business opportunity before you invest a significant amount of time and/or money.
- IDENTIFY A PROBLEM & FIND A SOLUTION: This is the key to creating sales and cash flow for your business. Be determined enough to stick with it and don’t quit. Everyone is consistently attempting to find solutions to their problems. If you can offer them a quality product and an excellent value, then the world is your oyster. People are willing to open their wallets to those who can offer an easier and better life to them. One thing you must remember is that there are always problems waiting to be solved.
- THINK BIG & KICK ASS: The one thing that starts from the top and grows down is the grave. Otherwise, everything else in life starts small and grows up. When you grow up, you stay up, but when you jump up, you come down. Naturally, common-sense tells you that when you jump up, the force of gravity simply pulls you down. There’s such a lot to be learned at the start of your business. It will be small, but you will be dreaming big! So as you have a giant vision to grow, your business will grow too! Remember the proverb… “To Think Is To Create”… Keep your vision, create a mission statement and share them with everyone you hire. With this you will all have a common goal to work toward each and every day.
- USE EARNED CAPITAL TO GROW YOUR BUSINESS: As you grow your business, remember to always use capital from your profits. Growing a business on borrowed capital is a very big risk indeed. You must be prepared to dance to the music when it starts to play. If you position the growth of your business, without acquiring debt, it will allow you to work harder and ensure you make the cash and merit the growth.
- CHOOSE THE RIGHT PEOPLE TO WORK WITH: You need to be careful in picking the people you’re going to work with in the business. If you truly want to grow your company, it is vitally important to choose people that are suited to the tasks that you assign to them. For example, you wouldn’t hire a heavy machine operator to run your sales department, right? A great deal of time and money could be lost by attempting to put a square peg in a round hole.
- USE FISCAL LEVERAGING: When your business starts to grow, it will be reflective of your business income. The entire essential nature of beginning a business is to develop a consistent, foreseeable source of cash flow above cost and expenses. The bank will lend your business money based on the amount of cash flow it produces each month or year. So make sure that you keep the cash flowing even during slow economic periods. This may take some “thinking outside the box”, but that is what being an entrepreneur is all about.
- THINK OUTSIDE THE BOX:There will always be competition in any market you choose to enter. It is important to brand your business so you stand out from the others. When branding your business be sure to always be thinking outside the box. Come up with ideas that haven’t been used before and you will surely get noticed.
- DON’T STOP LEARNING: Read, Read, Read… Always be learning about your product or niche, your target market, and how the economy may effect your business. It is important to always be attempting to stay one step ahead of your competition. Continuous learning will allow you the flexibility to make changes in the business when necessary to stay on the top of your game.
- LEARN FROM A MENTOR: It is much easier to achieve financial success by following in the footsteps of someone that has already been in your shoes and has reached the pinnacle that you envision for yourself. Find a mentor that you feel a connection with and has reached the level of success that you are striving for. Then listen to their every word. They will teach you the steps necessary to reach your financial goals and dreams. Remember that everyone that has reached financial success as an entrepreneur has followed in the footsteps of another.