It turns out that in order to build a profitable business for years or even generations, you have to follow certain rules. You can then have a lot of income and a lot of time. In fact, financial freedom is all about time.
TIME IS YOUR MOST IMPORTANT ASSET
The point is that you should live according to your own daily schedule, the one that suits you and is not forced by other people or situations. And the scale of your income cannot be directly related to your time commitment. Ultimately, time is for you.
There are 5 commandments of wealth that you should follow on your way to your dream life:
Commandment of Need
Entrepreneurship is noticing and searching for needs in order to meet them in the best possible way. If you find a need in people and are able to meet it, people will be ready to pay you for your service or your products. This is the basic commandment for getting richer. What you offer, what you do must respond to the needs of other people or companies (companies are also created by people).
Commandment of Entry
Here I will refer to the competition. Your competition will be watching you and copying every good solution you make. It is so, it is the common method of operation. You can partially protect yourself with patents.
If building your business requires a lot of commitment, i.e. you have to do a lot of input (capital, time, regularity), it will not be easy to repeat it and there will be few who will do it. What requires a lot of input will give you an advantage.
Even many large companies will not get involved in this. They will wait until you do it and … send you an offer to buy your business. Przemyśl and… SELL! You will start your next business from a completely different position.
Many MLMs do not obey the entry commandment. Everyone can enter there often for relatively low money (starter package). So there are a lot of people in the system who have the same low cost of entry and usually expect a lot for doing almost nothing. It’s not like that. In MLM you can get paid and it’s very BIG money when
YOU ARE UNIQUE
If you stay like the others then … you will have what the rest of the people mostly have. Uniqueness is, in fact, full commitment.
See the article Network Marketing and entrepreneurship (soon).
Commandment of Control
Since we are talking about your business, it should be yours. So you are in control of it. It is up to you what services or products you provide, to whom, for how much, etc. If you work for someone, e.g. you are in MLM, you have to take into account that they have control and thus the power to introduce changes that are not necessarily good for you.
You control when you are the boss of your own company. Then you have the power but also full responsibility. There is no one to blame. Successful business people are responsible for what they do.
Important! Failure is not a catastrophe.
The road to success leads through successive failures. This is the path of the entrepreneur. The more experience you have, the less you fail. Also learn from others to reach your goal faster.
Commandment of Scale
The scale will determine the size of your business. So choose one that you can expand.
If you run your own business and do everything yourself, unfortunately you only have 24 hours. Look for opportunities to delegate tasks and use leverage in business.
The scale depends on the number of products or services sold and the price of these products. Business is numbers, this is mathematics.
Commandment of Time
Time is your most important asset. If your business takes you all the time, it is not freedom even when you are already earning money. Learn to delegate tasks, use outsourcing. You are to run your business, not work in it.
TIME IS YOUR MOST IMPORTANT ASSET
For your time are waiting:
- your children
- Your spouse
- your parents
- your friends
- people you can help
- the whole world is waiting for you
In any business, there is work first. Huge job. It is not enough to have a good idea, to find a need in the market.
ONLY IMPLEMENTATION COUNTS
It requires commitment, so you have to roll up your sleeves and get to work. This is the start. And you don’t need to have anything more to start with than define your goal. When the ‘Universe’ realizes that you will not back down, that it is your lust and not a mere fantasy, it will start opening for you another door to wealth that was there all the time, only you did not notice it.
With this list, we will control emerging opportunities, including among others cryptocurrency projects.
Based on “The Millionaire Fastlane. Crack the Code to Wealth and Live Rich for a Lifetime” by MJ DeMarco and personal experience. This is a position that, in my opinion, belongs to the canon of “mandatory reading for business“.