When I thought of writing this blog, I asked myself: “Am I the right person to advise on wealth; I stay in a rented accommodation and work 10-12 hours a day to earn my living.”
“No” was the clear response from my heart. “I am a nobody ” and therefore, I can’t advise people on how to become wealthy.
However, as an entrepreneur, I can share my experiences and lessons that I learned the hard ways. It may help others who have similar aspirations.
Here is my take on what makes some people wealthier than others.
To create enormous wealth, you need to have only one thing:
If you have the rich mentality, other things will follow.
People with rich mentality follow their heart and use available resources to multiply their wealth over time and in a legal way.
People with a poor mentality, which I call lottery mentality, are usually unaware of their current strengths or resources and spend more time looking for ‘ways’ to make more money rather than making money.
Both kinds of people are innovative, hard working, believe in work ethics and honesty, have good intentions and want to do good for themselves as well as for their community. However, people with rich mentality are the ones who successfully do what they want to do while others always feel the lack of time, dissatisfaction with what they are doing and always want to do more without knowing what exactly needs to be done.
The good thing is, it is easy to change the mentality if you want and this is how you can do it:
Poverty is the cause of all the evils
Respect money. Take control of your wealth. Don’t let others decide what is your worth. If you are doing a job and unable to take control of things, either move on or start a side business. A simple, even part-time business can allow you to have greater control over your wealth.
If you are already into a business, don’t let competition or even customers decide your strategy. Know the worth of your products or services, set a reasonable price, innovate and push yourself to move faster, grow bigger and get better at what you do.
I want it, but I don’t
Don’t let the choices and options confuse you. If you are ever skeptical about the direction you have chosen, remember this:
“This world has enough space to accommodate all types of products and services. A cobbler in Czechoslovakia invested his entire savings in buying machinery to make shoes. Soon, a traditional one man shop had ten people working on a fixed schedule and weekly wage, which was rare for its time. The company did a lot of firsts and went on to become a leading shoe manufacturer in the world. We know them as “Bata” Shoes. Almost all big brands began as a small business working in a highly competitive market. The difference between small businesses which go on to become market leaders (or grow to a significant size) and others is perhaps the vision of their founders. While one set of founders innovate and work out of comfort zone to make the product better, others constantly look out for other avenues from which they can make fast money.”
Have faith in yourself and the choices you have made. A little innovation can take you far.
If you are planning to start a business and not sure what to do, then
Do whatever you are good at
If you are not good at anything, then choose something you like or love to do. And you can work for 10-15 hours a day without getting tired.
If you love to do a lot of things, then
Pick ‘one thing’ that is the easiest to start, requires less investment and you don’t need any help from others to execute it flawlessly.
In short, it is important to believe in whatever you are doing. Love what you do or do what you love. Starting something just for the sake of money will need some help from God in terms of luck. If you consider yourself lucky, then you can take this route also to become rich and wealthy.
If you are willing to start a business but don’t have sufficient capital then start a business that requires low investment. To get some ideas on low investment business ideas, read this article:
I made a mistake and learned from it
For me, it has been one of the best learning so far. When our consulting services business was booming, I spent significant energy and time in developing a product for faster growth. We were taking an uncertain path at the cost of a well-established business. This flawed strategy lowered the pace of our established business and stifled innovation. The focus on current business line boosted revenue by 40% per annum and expected to grow at the same rate for at least the next few years. I know many people who have ruined their best wealth creator by getting into too many things at a time.
Meanwhile, it is a good strategy to stay in a rented accommodation and save enough capital to reinvest in the business. Even a mediocre business generates better returns than real estate.
Wealth is the most debated point of all time. If you disagree with any of the points mentioned above, please write it through comments. Let us help each other to achieve our financial goals.