There is n number of ways to create wealth, but the process is always the same.
I will discuss that process here because, in recent years, in the new digital age, although it’s not for me to say why; I believe that many young people have a distorted view of reality.
As I noted earlier in my commentary today, people are either wealth creators or they are wealth maintainers. If you have decided on a career in government or say in the largest industrial corporations, you are almost certainly pursuing a wealth maintenance pathway. If you think otherwise, then in a few short years you will discover the point I am making.
If it’s in your blood to be an entrepreneur, a wealth creator, somebody who wants to DIY, however, then you should understand that success is a matter of process, not one of luck or happenstance.
Incidentally, the same may be said for teaching, which I believe is as much about wealth creation as being an entrepreneur. Great teachers create great minds, which is wealth.
Many youths today think their academic achievement or maybe their skill in playing electronic games or possibly having had success one day in picking a winning lottery ticket is going to help them succeed in business. Don’t make that mistake.
Here is the process:
- Wealth creators always start with a broad objective and try over time to develop that into a personal goal. The sooner they do, the faster will come that desired success.
- With great patience, they must put in the hours of hard work to develop skills and gain experience that is directly relevant to that goal.
- As their goal becomes well-defined, they must have the discipline to avoid being distracted.
- When things go unexpectedly wrong, they must have the courage of their convictions to stay the course.
- The tenacious pursuit of their goal will soon be recognized by their peers.
- When preparation happens to meet opportunity, and I say opportunities are plentiful, they must recognize and seize the opportunity, which most often then becomes a success.
- Success in business brings with it a lower cost of capital, provided by others who want to hop onto their bandwagon, which then facilitates a track record of successes.
No matter how much people think today that success can be achieved overnight, it takes time and focus.
This process is never going to change.