Money

Tipping the scales

If you want to be rich, then mix and mingle with the rich. Leave the ‘losers’ to their own devices. Your mentality changes when you are in the company of those that succeed. It is hard to lift yourself up when around those that do nothing but fail.

I grew my business organically, by that I mean reinvesting the proceeds and gradually expanding. I rarely borrowed and have kept largely out of debt the whole time. If you can understand this most simple concept, then you have a chance; You need to have more money coming in than going out. Add up what you are spending and see if your wealth is on an upward trajectory. Some think they are successful well before they have built up a decent cash pile. Keen to impress they get an oversized office and kit it out beautifully. Such businesses have the same mentality as a firework, bright and exuberant but short lived.

I spent a good while looking at various options for making money. Each time I became surprised as how well others were already doing these things that I had thought about. I became equally surprised by how low their prices were. As more and more compete, it gets ever harder to get any kind of market share. It is no mean feat to find a way in, a gap in the market with potential to profit from. Some of the duller, less inspiring types of trade can be as fruitful as trying to come up with something new. A small improvement, better service, more convenience, simplicity, a something can give you an edge. You have no need to dominate, just take a market share.