Connect with us

Leadership

How to Build Wealth From Nothing This Year

Published

on

How to build wealth from nothing

How to build wealth

“You don’t have to be great to get started but you have to get started to be great” Everybody wants to make money and live a good life. If you are on a quest to making money and it’s not turning out the way you want it, then there must be something wrong and must be fixed. Over the last five years, I’ve spent my life trying to be the first to beat the drums of wealth that my mates are yet to beat, but something went wrong and it never worked so fast, just the way I wanted it. It took me some time to take a break, review and fix the problem.

The reason why only 1-5% out of a hundred people makes it more than others is not because they are the best. It’s either they are born to be rich or they find the narrow way to be rich. According to Les Brown, lack of money is the root of all evil” and I agree with him. Today I will be breaking down all the steps you need to create wealth towards your direction.

  1. You must be willing to do the things others won’t do

In order to have the things other won’t have by tomorrow, you must do the things others are not doing today. Just as I said in Life Rules, you must be different from others. If you go with the majority, don’t forget that the majority are made up of average people.

“Get a sense and don’t be tensed” Remember, if you have nothing doing, you will never attract money talk more of accumulating wealth. So what are the things other won’t do?

  • Make discipline a major force in your life.

Anything worth doing is worth doing well. If you’re not disciplined with what you are doing, then you will face difficulty in a short term. It takes a determined spirit to be disciplined and as such, you need to be determined to be disciplined.

  • Make it OK to fail

A lot of people allow their fear to outweigh their desire to succeed, No great man has made it to the top without failure and on this, you should know that failure is inevitable for the great people. Abraham Lincoln failed many times before becoming the president of America, Muhammadu Buhari failed and waited for sixteen years before becoming the president of Nigeria.

Read: 20 most profitable businesses in Nigeria

  1. You must keep and associate yourself with people who wants to be wealthy.

The friends and type of people you keep around you can affect your life performance, this is the more reason why you must associate yourself with people whose have the dreams of making it big in life.

  1. You must take calculated risk

You can’t call yourself an entrepreneur if you hate risk as its one of the major qualities associated with entrepreneurs. While taking any risk, take calculated one to avoid stories that touch the heart.

Entrepreneurship is all about hustle and hustle involves risks, do take them and take them when you’re young. I bet you if you avoid taking risk, you will regret it by the time you get old.

  1. You must give yourself a well packaged brand

Your brand is like the paint of your building. If you have the best material in a building with a dull or poor painting, that building will never be attractive. This is the reason why big companies invest a lot in building a strong brand for their products. Starting with yourself, you must look good and same goes with your company. Give your company a professional logo, brand packages

  1. Commitment

You need to be committed to break the ice of wealth. If you’re not committed to what you are doing, you will be shattered. Commit yourself to do or stop something and don’t break it until it has become part of you. If you have decided to stop smoking, stop smoking and let no on talk you into testing it again. No matter how hard you think it is, you must keep to it. You can never accumulate wealth if you’re not committed.

How create wealth

They are key things you must take note of in order to create wealth. They are

  1. Get and monetize your Knowledge

You know something that people are willing to pay for if you can tell, give or solve for them. You can never create wealth if you don’t have knowledge of anything. To get knowledge, you can make research, read or learn from established experts. Once you have gotten a good knowledge of something you know people are in need of, Improve and become an expert in it, then start providing premium solutions to other people.

  1. Monetize you Talent

It’s also tagged as gift. There is a talent in you and that is one of the first thing you must utilize to achieve your dreams. If you don’t know your talent, here is how to know your talent:

  • Your talent is what you love doing.
  • That thing you do when you are alone can also be your talent.

All you have to do is think and device means which you can use to make people pay for what you love doing. If you are doing what you don’t love, it will become boring and will make you less productive.

  1. Get and monetize your skill

Your skill is that thing you learnt how to do. The difference between skill and talent is that skill is learnt or acquired but talent is inborn. Let’s say you know about Shoe making, and you love wearing good shoes, You can take the advantage of learning the skill of shoe making from an expert and then build a strong brand on shoe production. I bet you; you’re going to be a hot cake in town because you just don’t have the skill; you have the knowledge and passion for it.

CONCLUSION

Once you have taken care of the three things above, and then merge the three with s good communication skill and watch how fast you will grow.

Best luck as you kick start your journey of creating and accumulating wealth.

Comments

comments

I'm that Lazy and controversial entrepreneur, Popularly known for my Quora Secrets. Founder and CEO of SumoTrust, Motute and CrowdFacture. Read about my Bio at personal website. Connect with me on Facebook, Twitter, Google, Linkedin and Instagram.

Continue Reading
2 Comments

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

7 Common Mistakes Nigerian Managers Make

Published

on

In this guide, I discuss the 7 common mistakes Nigerian managers make and how to avoid them. However, before I get to that, I want you to know that finding and keeping credible hands in your business is an important process that you should never put aside for any reason. As an employer in Nigeria, once you’ve hired a competent employee, it becomes an even tougher challenge trying to retain him or her except you know and avoid the common mistakes Nigerian managers make. Many of the talented people within your business structure won’t stick around for long if you don’t take some smart management initiatives.

As a manager, one of the common mistakes that you are likely to make is the mistake of complacency or related issues. This applies to managers in companies and organizations of all sizes and societies. This mistake is easy to make especially when it seems like you have the very best of workforce for your organization.

common mistakes managers make

When you ignore various aspects to keep credible employees in your organization, you could face a big dilemma in employees’ management and retention and before you know what is happening, they are gone. So, if you don’t want your employees to abandon you soon as they resume work, endeavour to avoid the common mistakes Nigerian managers make.

To help you with this, I put together this awesome guide which is a compilation of 7 managerial mistakes to avoid within your company to maintain a high turnover rate and sustain your business growth and productivity.

7 Common Mistakes Nigerian Managers Make

Below is a discussion on the 7 common mistakes Nigerian managers make and how to avoid them.

1. Supposing That Your Best Employees Will Not Leave Your Company

One of the worst examples of contentment is automatically assuming that your employees want to stay with your company for ever.

You should not have this sort of stupid idea. Most top talented people are extremely smart and want to challenge themselves with higher tasks and better offers.

So, don’t make the mistake of assuming that they will keep staying with your organization if they are constantly exposed to the same rhetoric that stifles their creativity. Not everyone is after money; some people just want to develop their skills while earning money. So, if you fail to engage them with tasks that meet their goals, they are likely to leave sooner or later.

2. Deploying Long Hiring Processes

How long is your hiring process? All those candidates you want to hire don’t want to wait weeks or months to start work. Keeping them waiting only creates impatience in them, which can force them to accept a another offer.

Some statistics show that up to 46% of all candidates accept or seek another offer if they have to wait too long for a response from an organization they applied to. Don’t assume they will stick around just because you offer competitive advantages.

3. Poor Training and Personal Development Programmes

Training is a big part of every forward-going organization. If you fail to train, retrain and provide your employees with suitable training programmes to boost their morale and productivity, chances are that they will become moribund and develop lethargy working on the same rhetoric for years.

Most forward thinking employees appreciate a company that is always working on new projects. They want to feel like they have nowhere to go (in terms of projects), and hence will like to keep with the company and execute projects they are proud of.

Hardworking employees will feel suffocated and will look elsewhere for challenges if they spend all their life on one job position in a company.

This shows that retaining the best employees in an organization requires time and financial resources to ensure they are retained.

4. Poor Interpersonal Communication

The lack of proper communication applies to all types of employment situations and all organization sizes (small, medium, large, national, etc.)

You should keep in touch with your employees as soon as possible so that both you and they are in tune with the direction of your company.

If you don’t, misinformation can set in among your workforce and the impact can be disastrous.

Poor communication network between the management and the employees and among the employees is what gives rise to false assumptions in an organization and that you don’t want this to happen to your organization particularly during difficult times

So, maintain one-on-one communication with your employees and ensure the information shared is true and intact.

5. Hiring the Wrong Candidates

Maybe you’re so desperate to get someone to fill a vacant position in your company that you end up hiring the wrong persons. It’s easy to detect a discrepancy between what someone’s resume says and who someone actually is by mere observation. But this will happen after the candidate has been employed following a faulty recruitment process.

Anyone can say something on a resume without proper research. Have your interviewers focus on the real tangible elements, such as what the candidate’s proven skills are, their track record of success, and their responsibility. You may check this detailed guide which I wrote on tips for hiring the best job applicants for guidelines.

6.  Not Appreciating your Employees When they do a Good Job

Whenever your employees work hard to contribute their best to your company’s projects, they want to be recognized, praised and appreciated for the work they do.

Many of them want more than money, which is why recognition is very important in the workplace. Praise, rewards, bonuses, tips, etc. help to boost your employees’ morale and give them morale to put in more energy, move forward and continue to achieve their set goals for the organization. Often, for many applicants, it is not about the financial aspects and more about simply being recognized and valued.

Offering bonuses is always good. But keep in mind to consider other rewards like vacation packages, gift cards, and certificates.

7.  Resisting Changes to Move Forward When You Should

Your employees won’t want to stick around if they’re not going to hit an important short-term or long-term goal in your organization. Think of Apple and its continued push to create new devices for the public. In the Steve Jobs era, all of their talents were kept because they were definitely on board with his vision. Your company needs the same mindset, so don’t resist change. In the corporate world, things change all the time.

Conclusion

The world is fast being overtaken by a workforce filled with millennials.  Millennials are exponentially changing the corporate landscape in today’s workforce and are worth hiring because of their energy, zeal and enthusiasm to get things done quickly and efficiently, as they are used to change. One reason is that they grew up at a time when they expected a change in everything.

If you want to keep the employees that you took pains to hire, it is essential to invest quality resources to keep them in your organization. Some of the things mentioned above can help you correct this, but the most important thing is to keep them engaged.

Employee engagement is critical to keeping your team constantly interested and never bored with their job. A recent Gallup poll shows that 51% of employees are not participating as they should. Take this seriously and look at possible solutions through which you can keep your employees constantly engaged and inspired while working for you. You just read some of the tips; you can find out more online.

Comments

comments

Continue Reading

Entrepreneurs

3 Reasons Why Being Broke Will Make You A Better Entrepreneur In 2020

Published

on

becoming a better entrepreneur

Comments

comments

Continue Reading

Advice

Business Growth In Nigeria: 10 People Who Will Destroy Your Business

Published

on

Business Growth

Comments

comments

Continue Reading

Trending