Wealth through Business
WEALTH THROUGH BUSINESS
Wealth is created primarily through business. The top 20% of wealthy men and women are first generation which means the started from scratch and built their business men like Bill Gates, Paul G. Allen, co-founder Microsoft Cooperation, Richard DeVos and Jay van Andel who started Am way in t heir basement after running a driver-in restaurant H. Ross Perot who is also on the list actually borrowed $1000 to start his electronic Information Technology company EDS. David Packard and Bill Hewlett who used $538 to begin their computer company , Hewlett-Packard, in a garage.
Not one of these listed on the “Forbes 40” list made has enormous wealth working for someone else.
Now if you’re like most business owners, probably started your enterprise out of a heartful belief that you could provide a better service or product. Wealth creation was likely not the objective. It could be to meet up with your school fees, have enough income to put food on the table, pay the rent and provide for your family. Well, I love that food part cause am hungry now but I will have to finish this blog.
You could ask: what are the ways to build wealth through business ownership or how can I get wealthy through business?
Either way it all depends on your definition of success.
There are two basic ways to build wealth through ownership which include:
- Pay yourself an increasingly larger salary as you go along or
- Build a business from scratch or through acquisition then monetize the value of the business by transitioning ownership/selling the business in whole or part.
The first type of building wealth through business mean that you ought to work hard and hopefully, watch the business grow. Then as the project increase, so does your salary and you maintain complete ownership business.
The second type of building wealth through business deals with growing a business strategically and then still the business than there is the potential to make lots of money by selling a business than running it.
This is not the time to like your tongue and saying to yourself, I got it. Just relax and ask yourself these questions before you become the famous Mr. Bean in business. Here are the questions you need to ask yourself before you start preparing to sell or for your exit made.
- Who do you want to pass this company that you have successfully built to-private or public sale? Or perhaps family member or employees, or be of acquired by another company.
- Where do you want to be you 10, or 20years from now? Thus will determine 90% of what needs to be done with the company. Write your company goals down don’t worry soon I will be writing on goals.
- What will be your role in the company when you leave?
- What kind of leadership team do you need to put together now positioned to achieve them. Thank God at last I have to eat. See you next on my blog to help you grow and eventually serve as an asset in the ownership transition of your business.
Listen if you address these issues properly, you will be much better.