From my research and study on the subject of wealth creation, I have distilled all the formulas and guidelines into 10 important principles. By following these simple principles and always thinking outside the box, you’ll be well on your way to financial success and wealth that will last a lifetime.
- CREATE AND VISUALIZE YOUR GOALS: Will always lead to wealth creation. Set a particular goal and visualize it every day. When setting your goals, you should always make sure that they are categorical, quantifiable, achievable, pragmatic, and time-bound.
- DO YOUR HOMEWORK: Never jump into any business venture, regardless of how attractive it may seem. This could set you up for failure and disappointment. The more interesting the business opportunity, the more closely you should be scrutinizing its investment return claims. (ROI) As a budding entrepreneur, it is important to test each business opportunity before investing a significant amount of time and/or money.
- IDENTIFY A PROBLEM AND FIND A SOLUTION: This is the key to creating sales and cash flow for your business. Be determined enough to keep going and not give up. Everyone is constantly trying to find solutions to their problems. If you can offer them a quality product and excellent value, then the world is your oyster. People are ready to open their wallets to those who can offer them a better and easier life. One thing to remember is that there are always problems waiting to be solved.
- THINK BIG AND KICK ASS: The only thing that starts at the top and grows downward is the grave. Otherwise, everything else in life starts small and grows. When you grow, you stay up, but when you jump, you go down. Naturally, common sense tells you that when you jump, the force of gravity is simply pulling you down. There is a lot to learn at the beginning of your business. It may be small, but you’ll be dreaming big! So if you have a giant vision to grow, your business will grow too! Remember the proverb… “Thinking is Creating”… Keep your vision, create a mission statement, and share it with everyone you hire. With this, everyone will have a common goal to work towards every day.
- USE THE EARNED CAPITAL TO GROW YOUR BUSINESS: As you grow your business, remember to always use the principal from your earnings. Growing a business with borrowed capital is a very big risk. You should be ready to dance to the music when it starts playing. Positioning your business to grow, without going into debt, will allow you to work harder and ensure that you get the cash and growth you deserve.
- CHOOSE THE RIGHT PEOPLE TO WORK: You should be careful when choosing the people you will work with in the business. If you really want to grow your company, it is vitally important to choose people who adapt to the tasks you assign them. For example, you wouldn’t hire a heavy equipment operator to run your sales department, would you? A great deal of time and money could be wasted trying to fit a square dowel into a round hole.
- USING FISCAL LEVERAGE: When your business starts to grow, it will be a reflection of your business income. The whole essential nature of starting a business is to develop a consistent and predictable source of cash flow above costs and expenses. The bank will lend your business money based on the amount of cash flow you produce each month or year. So be sure to keep cash flowing even during slow economic periods. This may take a bit of “outside the box thinking” but that’s what being an entrepreneur is all about.
- THINK OUT OF THE BOX:There will always be competition in any market you choose to enter. It is important to brand your business so that it stands out from others. When designing your business brand, be sure to always think outside of the box. Come up with ideas that haven’t been used before and you’re sure to get noticed.
- DON’T STOP LEARNING: Read, read, read… Always be learning about your product or niche, your target market, and how the economy can affect your business. It is important to always try to be one step ahead of the competition. Continuous learning will allow you the flexibility to make changes to the business when necessary to stay at the top of your game.
- LEARN FROM A MENTOR: It is much easier to achieve financial success by following in the footsteps of someone who has already been in your shoes and reached the pinnacle you envision for yourself. Find a mentor with whom you feel a connection and who has achieved the level of success you are striving for. Then listen to each of his words. They will teach you the steps necessary to achieve your financial goals and dreams. Remember that everyone who has achieved financial success as an entrepreneur has followed in the footsteps of another.