What did you learn about money? Where did you learn about money and wealth?
Let us touch on the issue of our basic educational institutions, the schools, where we learn about the facts of life.
What are the subjects covered in school?
Language, mathematics, science, history, social studies, religion, among others are all important for us to study to blend ourselves well with society.
Even in the collegiate level, depending on what course one chooses to take, lessons are concentrated on the theories, principles and/or basics which are hardly in consonance with the real world.
How do we learn new things?
Reading websites, attending seminars, and talking to people more knowledgeable on the subject are some of the ways. We also learn by making mistakes, like babies learning to walk.
It is like roller skating where we get bruises every time we fall. The message is: “Don’t let mistakes stop you from learning. Learn from those mistakes and let them encourage you to learn more.”
Always bear in mind that education in school is only the fundamental foundation of general knowledge. Outside school , we must gather as much skills as possible especially those pertaining to creating wealth.
I firmly believe that one’s choice of endeavor must be anchored on love. Because when you love what you do, you will enjoy and take good care of it, not to mention the benefits it will bring to your health. With this in mind and in heart, you are following the dream of your life and you can use this principle in the choice of your business to gain wealth.
Loving is one thing. Knowing is another. Know your business. Know how to go about it. It is imperative that you acquire financial knowledge to gain wealth.
Today, information is wealth. Get to know what is going on around you. You will find opportunities to get rich from information that is current.
Time can be of the essence depending on the subject of the business. Knowledge on the business is vital; that is why learning is a non-stop process. You need not necessarily be familiar with a particular business, but you must learn to know the business before you get involved in it.
People who have actual experiences on a subject are the ones you can talk to in gathering information. Do not listen to hearsay or to those who neither know nor have any experience on the subject. Knowing is an asset; not knowing is a liability. That is why, information is wealth.
Exchange information regarding financial matters with your colleagues as frequently as possible. This is one way to acquire updated news.
On topics that are not clear or familiar to you, ask questions (rather than pretend you know when you don’t) and be generous to share what you know when asked. Opportunities are sometimes born spontaneously in discussions that are beneficial to either or both parties.
The risk factor is always there even if you know the business. This is inherent in every type of business. But risk can be managed and kept to a minimum if you have the proper knowledge.
Gathering information may be time consuming but time well spent. Sometimes, it takes more time to gather information than the business itself. Keep in mind though that timing (when to act) could be important in the business you are interested in.
How much you know is different from how fast you know. Remember the old saying: “The early bird catches the worm?”
The first or earliest to know gets the opportunity. If you know of an opportunity that is not yet in the news, it’s good news. Stay focused. Keep a clear and keen mind. Just like the advice of a weather station: “Know before you go.” The same thing is true in business: “Know before you go (into action).”
When in business, you must learn to manage the flow of money, your people, and your system. Get to know where the money you invest should be at any particular time so that you don’t get cash strapped in the middle of your transactions. Make sure your money flows smoothly to where it should be. Learn to manage your people. They work for you, so take good care of them and they will take good care of your business.
Systematize your work flow. This will cut wasted time, energy, and money as well. What you save is additional profit.
Keep in mind to leave some time for your out-of-business activities too, like family and social affairs. Like giving credit to where credit is due, give time to where time is due. Think of ways to do more in less time. This will increase your profit margin making you more competitive.
Most people find difficulty in marketing or selling products and / or services. It takes time and patience for your prospective clients to get acquainted with what you’re offering. Their most likely first reaction is to reject it. This is normal. With the right people negotiating and handling the marketing aspects of your business, you can surmount this difficulty and eventually come up with positive results.
Communication skill is very important. It is your eyes, ears, and mouth rolled into one. It is a friendly spy to keep you updated and more knowledgeable. Without it, you’ll be groping in the dark.