There are basically 3 ways of making money. Legally.
There is linear income where you exchange dollars per hour. This
is basic wage earning. It does not matter how many dollars you make in an hour
there is going to be a ceiling at some point because there are only so many
hours in a day. It is really glorified slavery when you think about it. The
least amount of tax benefits exist for this group of people. They think they
are secure because they get benefits but really their company CFO considers all
employees to be a liability and would like to replace them with cheaper options
to increase the bottom line. These days, nobody is secure. Most people are
changing careers 4 times in their lifetime, not just their jobs and that alone
should be an indication that security is a fallacy.
The second way of making money is by percentage increase. It
is an upgrade of linear thinking but not by much. Many business owners believe
they are better off than they were as employees but it really is only one step
up if you are in a situation where your business owns you. If you have created
a business that buys a product for $1.00 and sells it for $1.60 you are just
making money a percentage at a time. These businesses are always susceptible to
economic challenges. If it is a store front business it could prosper for a
while but if the city tears up the street in the front you are instantly in
trouble because there is not enough on reserve for the emergency. It is very
difficult to get ahead if you are only increasing by percentage.
The third way of making money is by multiplication. This is
really the distinction of how an entrepreneur thinks differently from a
business owner. They are not the same animal at all. An entrepreneur often has
more than one income stream. They are always thinking about how to buy
something for $1.00 and sell it for $3.00 while still providing value that
makes people want it. They think about multiple locations not just multiple
employees. You never find them filling in at the cash register because someone
blew a shift. They use systems to keep things multiplying long after they left
the building.
How do you start thinking like an entrepreneur and move into
multiplication? Here are 5 Quick Tips:
1. Hang around others who think like this. Who has more than
one successful business or multiple locations of the same business? Go for a
coffee with them and pick their brain for ideas. Listen more than you talk.
2. Attend networking functions with the Canadian Imperial
Business Network or the Calgary Business Network. You will meet both business
owners and entrepreneurs there. Pay attention to those who sponsor the network
and those who have MasterMind Level memberships. They often are those with the entrepreneurial
mindsets, and these events bring them into events where you can spend time with
them.
3. Join a successful multi-level marketing company. One that
has been around for more than 10 years and that is operating in many countries.
One that has more than lotions and potions that will fall out of popularity in
economic downturns. One that has a great training system. This is an
inexpensive way to get a great education in multiplication thinking. Hang out
with the successful members by coming early and staying late. You will see they
think differently and many of them are also involved in real estate investing,
other businesses, speaking events and more. Learn to multiply from those who
multiply.
4. Read books by successful entrepreneurs. W. Brett Wilson,
Arlene Dickenson, Arnold Schwarzenegger, Daniel Pink, and Kevin O’Leary have
all put out some awesome books in the last year that will rock your world. These are recent, they are motivational, but even better you will see the insight of a modern entrepreneur with multiplication thinking at work. Each have different styles and humours but the underlying messages are similar. You will see a sense of focus and a big picture attitude that will make a big impact on your own thought life.
5. Watch the Dragons Den. When you watch it, stop siding with
the guy giving the pitch and start thinking about why the Dragons are
responding positively or negatively. Think about how you would respond if it
was your money they were asking for. What are the questions that the Dragons
are asking? Why are they asking those questions? What questions do they ask
over and over again? Why is that important to them? Should those things be
important to you in your business? Do you know the answers to those questions
if an investor were to ask you?
Now go and multiply…
Always Loyal2U,
Kerry
