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home | Public Portal WBS | Building Wealth from Nothing
 

Building Wealth from Nothing




Serious wealth builders frequently start their wealth building pursuit from nothing, with only a serious commitment and plan for getting rich. Setting a goal, believing in their ability to get there, and then setting out to research ways and means of getting there - these prolific wealth builders reach their goals and far beyond by sheer dint of their own efforts and diligence. Building Wealth from Nothing is not for the wavering, or for those who simply wish to get lucky at the tables in Vegas - instead it is for those who are willing to give of themselves - in terms of time, effort and determination - to learn what it takes and then execute on it, to become very rich.

There are a variety of methods for becoming rich, including:

  • Investing in the stock, bond, currency and other trading markets
  • Investing in real estate
  • Starting your own small business serving niche needs - such as computer consulting, auto-mechanic, yoga instructor
  • Seeding your Big Idea with Venture Capital money and attempt to hit it rich
  • Developing product ideas and selling to manufacturer
  • And many many more

The one thing that will bring you success is a belief in your idea, a commitment towards seeing it through to success, a willingness to learn from your mistakes along the way and improving from it, and staying focused on that one goal of seeing your ideas succeed.

The one thing that we did not mention in that list is - money. Frequently, you do not need much money to hit it big. Instead it is copious amounts of the "other" stuff - stuff that is available for free, but only if you are ready to employ it - that will lead you to lasting success and wealth building.

The best approach towards building your wealth is to take some time every day and begin listing all the ideas that you have that you believe may take you to riches. Build this list everyday some more, and in a month, you are likely to have hundreds of ideas listed.

Now whittle this list down into opportunities that you are interested in, and that you believe are possible for you to achieve - even if you don't quite know how. After you have come down to say two dozen or so feasible ideas - begin your diligent research. Each idea should be one that excites you - and that you are willing to throw yourself into wholeheartedly. Research the idea, figure out its market, understand competition, understand how the market is already responding to the need that you have identified, and understand what the market might pay for your product/service. Develop similar information for all your ideas for easing comparison.

Subsequently, compare all your ideas across multiple dimensions of feasibility and pick the top three ideas to pursue further. For these three ideas, develop a plan for how to bring the idea into fruition. Do you need to develop a product? Do you need to get more training in a particular field? How will you market your product or service? How much money would it take to bring your business to market? Can you access your own savings or a SBA loan for finance? Can you employ guerilla marketing tactics? Develop a complete business plan around each idea as if you are going to ask for a loan.

From all these ideas, compare the business plans yourself, and also take it to a SBA officer (or retired officer) - they are often willing to give you advice. Select one of these ideas for pursuit based on feasibility and probability of success.

Continue working on your business plan till you have a level of detail that it becomes a blueprint of success for you. Generate specific milestones and a project plan for success from your business plan and pursue your goals with dogged determination.







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