Not all business owners are wealthy and starting a business does not always guarantee success, as there are only a few business owners in the world who have been able to elevate their businesses from the ground up.
There are three things you must do to create wealth quickly in your business.
- Have a wealthy mindset.
- Understand how wealth is created in a business.
- Be in the right business at the right time.
1. Having a wealthy mindset
A mindset is defined as a way of thinking about yourself, other people, and the world. It is what you believe about yourself that affects your level of success.
There are two kinds of mindsets in the world – the fixed & poor mindset – the growth & wealthy mindset.
The fixed mindset is that which is formed from childhood. It is the mindset developed during our most vulnerable and naive years. This mindset is what forms us and prevents us from growing.
The average person has accepted certain beliefs as truth without question or validation. This means that most people carry within them the seed of poverty.
The only way to be successful is to get rid of these ignorant seeds and be open to new learning and information. If you do this, you will upgrade your childhood beliefs and produce a different outcome from your parents.
If you don’t, you will end up in the same place as your parents. It is your ability to constantly dump your past ignorance about money, career, business, and life, and upgrade them with information that opens the door for wealth.
Having a growth or wealthy mindset is about learning, re-evaluating, and dumping past beliefs. Every new wealth goal you want to achieve carries with it a price tag.
This price presents itself as obstacles that stand in the way of your dreams. To achieve your dreams, you must navigate these obstacles and overcome them. The only way to overcome obstacles is to acquire three things.
- New knowledge.
- New skills
- New relationships.
Knowledge is the precursor to them all and without new knowledge, moving up the wealth ladder will be difficult for you.
You gain new knowledge by studying and modeling the lives of wealthy people. All successful people have a growth mindset.
They seek new information and are constantly learning. If you want to be successful in business, you must do what successful people do. The problem is that the average person is resentful against successful people.
Most of what successful people do will contradict your childhood beliefs. The bad news is you can’t become what you hate. So, if you are serious about becoming successful, you must model the lives of successful people.
Poverty and wealth do not go well together, so successful people will not look like or behave like the people you grew up with, especially if you are from a poor or average background. Holding on to your childhood beliefs is choosing to never get wealthy.
2. Understand how wealth is created in a business
Solve a problem for a lot of other people in exchange for an agreed reward. This involves helping them get rid of their pain, obstacles, challenges, and move to the next level in their lives.
Although all businesses solve a problem, all problems are not created equal. Certain problems command high reward, while others command low reward.
High reward problems are important, urgent, and difficult to solve for the customer. Low reward problems are common, easy to solve, or futuristic in nature. So, if you want to create more wealth quickly in your business, you must solve important, difficult, and urgent problems.
3. Be in the right business at the right time
Not all businesses can make you rich. Certain businesses can only help you get by. Thus, being in the right business at the right time is critical for creating wealth. But what does being in the right business mean? It means three things.
- It means that the person is the right person for a particular type of business. That is, the business aligns with the person’s personality, passion, and competence.
- It means that the person is solving the right kind of problem for the customer.
- It means that the problem a person solves is profitable and in high demand by many people.
If your business is not in alignment with your personality, competence, and passion, you run a high risk of failing in that business. Even when you succeed, you are bankrupt of happiness and fulfillment.
To create wealth fast in any business, you must be able to pass the ten-dollar test.
The Ten-dollar Test
The ten-dollar test is one that helps you answer a critical question.
“If every business in the world is given only ten dollars as a reward, irrespective of the kind of problem they solve, would you still be in your chosen business?”
If money was not part of the promise, will you still be motivated and focused?
Businesses that succeed – pass the ten-dollar test- are able to maintain their passion and focus in good times and in bad times.
If your business pursuit is all about the money, you may or may not succeed. But even when you do succeed, happiness and fulfillment are out of the equation. The key is to do what you love and get paid handsomely for it.
The right timing for a business
Nothing can stop a business whose time has come. There is a right and wrong time for every business. There are businesses that are evergreen, and those that prosper for a short while.
Evergreen businesses are central to the way we live and grow as human beings. For example, humans will always need food, water, shelter, and money to survive. So, businesses that find smart ways to meet these needs will always be in business.
If the time for your business is not yet here, your wealth will be delayed. And if the time for your business is past, you will struggle financially.
Businesses that solve today’s relevant problems are those that will create quick wealth in business. To succeed in business, you must align with the times and seasons, and the changing trend of human nature. You must also find better and smarter ways to meet fundamental human needs.
Creating wealth in any business is not something that happens by default. It takes creativity, problem-solving, and the ability to command a high income.