What is Wealth?
In order to achieve wealth and become a millionaire, you need to understand the definition of wealth. After some research I found what I think is the best and most accurate definition of wealth.
Wealth is cash flow from other sources.
You are not wealthy just because you make a lot of money. I personally make an above average income, but I can tell you I am not wealthy, not by a long shot. At the present I have to work for my money, money is not working for me. I am however taking the steps that will allow my money to work for me.
The one thing you have to have to make money work for you is – MONEY. To become wealthy you will need to focus on acquiring money and then put that money to work for you.
One of the ways to acquire money is to create “added value”. Successful people are always looking for opportunities where they can add value to a company, a product, or a service. For example: Michael Dell, took an existing product, a computer, and added value by streamlining the manufacturing process, implementing easy custom configuration, simplifying the order process, and lowering the price. By adding value Dell has become very wealthy.
Another example is Ray Kroc the founder of McDonald. He took food and made it fast and consistent. He added speed as a value and he also added consistency of product. You can always count on McDonald to deliver your burger fast and you know it will always taste the same.
Look for ways to make something easier, faster, cheaper and you are almost guaranteed a successful product or service.
Here are two quick tips.
Be clear and concise about what people need. Don’t assume people want or need something. Walk in their shoes to truly understand the market you want to serve.
Add value to your own life. Don’t do things half-ass. Try to add value to everything you do.
Regards.
I completely agree with you.
my motto is “Make your money work hard so you don’t have too!”.
Very true.
Sometimes, however, it is necessary to get into the intricacies of what people need and or want.
Regarding what you said about “make something easier, faster, cheaper and you are almost guaranteed a successful product or service.” I believe that, but let’s hope it holds true for the small business/entrepreneur who is offering the service(s). Many small businesses and up-and-coming companies/entrepreneurs offer these types of services however people become skeptical because of a non-existant/small track record. However, it can become profitable because you, being the little guy, have certain advantages which the big guy – huge companies – don’t. By taking advantage of these advantages – pardon for the pun – it is very possible and probable to become a successful business person.
Alexander you are correct. In my opinion, one of the best sources of ideas is to look at bigger companies and see if you can improve on what they are doing.
Big companies get caught up in a quagmire of red tape, inflexibility, and lose their creative edge. They lose the ability to react quickly to an ever changing marketplace. Small companies who are fast on their feet can be innovative and cut into their competitors market share.
I agree with all of the comments here and would add that now is the best time to be a business person:-
There are an incredible number of niches that constantly appear and still haven’t been addressed.
Technology has now become very cheap and is getting even cheaper; the rise of the home business, open source software, Moore’s law,free wi-fi etc
It costs nowadays very little money to make a splash…look at the example of the “million dollar page”. In a month, that student has generated almost $300,000 from an extremely simple idea