Most of us think that being rich is a privilege, there are only a few peoples who can be rich in this world. Even good numbers of the most educated people are firm believers in this thought process. A very less percentage of people think that being rich is a right. We need to follow certain principles for being rich.
Modeling Rich People
Modeling is one of the best ways to become rich in a lifetime. Will you be surprised that people have created more than 100 billion dollar wealth and still growing from scratch? Have you realized this amount? No… Just $ 1 billion is equivalent to > ₹ 7,000 Crore, so $100 billions > ₹ 7,00,000 Crore.
Don’t have a belief that all the rich people are bad, it is not at all true. Try to understand the system, they have created to generate money. They have not chased money most of the time, they were behind the idea or solution. The idea which was for solving people’s problem, to make their life easy.
Business Prototype to Start with
How they start their journey? They make one small prototype of their business model, test that in all aspects to judge whether that model is making profit or loss. If it’s making losses, then what action needs to be taken to avoid those losses. Can we use new technology to bring improvement to the whole process?
If that prototype model is making a profit, then still they continue to improve the profit margins. There are several businesses, in which the company is making unbelievable profit margins.
Once the prototype model is successful, then the real business start. They are able to attract good investors as one can see their physical prototype model. Their business plan is not on paper or on PowerPoint presentations but a real one in the form of a prototype.
I realized in my life that lack of money is not the primary reason for starting any business, it’s really the good idea and its execution. If your idea is good, then immediate attention is required to make one real prototype to check the profitability.
Once they(rich people) taste the success, then they take the advantage of leverage, by duplicating the same prototype business model at multiple locations/ outlets.
Most of us want success in life like an event, visualizing winning some awards, achieving something great, but not willing to follow the process which takes you there. We want to win the Olympic Medal, but do not want to do several years of hardship to achieve that. If you want to be the master in any field then you need to gain the domain knowledge of that area & then follow the process to perform to the fullest.
If you want to be rich, then you need to behave like rich, you need to develop certain habits, you need to reflect the rich character, you need to show your passion for your business product or service. And the most important is to ‘Start’ that process. Unless you start that journey, you will not go anywhere.
It’s like you want to cover 1000 miles journey with your car from place X to place Y. The problem is you have just purchased the car and still learning to drive it. So you go ahead, to learn a driving skill which is the foremost requirement. Now what you think that you can reach place Y directly after learning to drive! No, you will not. Next, the very essential step is to START the journey from your current place X, then only you will reach place Y. During this journey, you should not be road-focused, you need to be destination-focused.
The main point here is to start the journey as early as possible toward your goal. Because only in the way (process) you will be able to learn several things, using them in future you can accelerate.
In business, you will understand when are you making less profit, when are you making a good profit, even when are you making losses. Once you start understanding the whole business process of making a profit and avoiding losses, then you can accelerate things to reach a destination at a pace.
Improvement Oriented Focus
During this journey, you will learn many things a hard way, now how to deal with them for future reference.
Remember, if you take them as a burden on your shoulder, then you are in trouble. It’s like some heavyweight on your shoulder, you cannot run with that for long-distance. So, what you really need to do, is to make those learnings stepping stones. You are standing on top of them, and you will use all those learning in your future journey.
Remember, how our subconscious mind (SCM) works, if you keep on thinking about this critical learning all the time, it will serve you much more of a similar kind. But if you make them as a stepping stone, then SCM will help you to achieve your financial goal.
Insightful business message from Autorickshaw-wala
A few years back, I was coming from home town by train. When I reached the station, I hired an autorickshaw to reach my company’s residential home. During the journey as a habit, I started talking to the driver, he was from my home state. He shared things like he has not taken the rickshaw on rent but he is the owner of that and he owns a total of two such rickshaws (the other one was with his son).
When I asked him, how much money he is able to earn and similar other questions. He had given clear thought process answers. One very important thing he shared was “Sahab, duniya main do hi tarah ke dhande hote hain, EK wo; jab aap subah jage, to ho gaya. Aur Doosara wo; jab aapne pure din kam kiya tab hua.” (There are only two types of business in the world, one; when you awake in the morning is done, other; when you work for a full day, then it’s done). He had taught me the difference between passive and active income on that day! When your investment/ your money is earning money for you, it’s passive income. When you are earning money by directly doing work, then it’s active income. You can now realize, which one is better!
“If You Are Born Poor It’s Not Your Mistake, But If You Die Poor It’s Your Mistake”–Bill Gates