Introduction
With the rate at which the knowledge gap that exists in Cryptocurrency keeps closing, especially within the African countries, we tend to leave behind principles that have been the drive behind those that are successful and have maintained wealth over the years and watched it pass down through generations.
One of the major issues I have seen with young entrepreneurs in recent times is the Fear of Missing Out (FOMO). The FOMO is quite an important topic because you watch yourself make decisions based on environmental factors rather than the focus which is how connected it should be to sustain your business for as long as possible.
Another issue is the emergence of investment companies and opportunities that promise a percentage that almost doubles your capital in the shortest possible time. The has led a lot of young entrepreneurs to repeat theirs goes in circles and circles, often finding themselves having to start afresh.
I have slowly watched the era where we always want to start or partner up to see great ideas come to light phase into the era where we are all trying to pick up either Forex or Crypto Trading skills because it can multiply the little we have or look for where we can dump or invest even what we are supposed to keep for our operating expenses.
Even till the end of time, principles will always remain. This is because principles help you cover all the gaps of uncertainty with time. Principles help you acquire slowly over time and trust me you tend to lose what you acquire fast easily.
Looking through how wealth is built from historic times from the era of Rome to Babylon and the Jews even down to the Richest Men on record in our times, give the basis for building on principles.Making Money Vs Acquiring Asset
A lot of professions, skills, and engagements in the world today, will make you earn a crazy load of money in today’s economy. When you have invested so much in your person, there is always a time when the spotlight will shift on to you, giving you a secure source of income.
There is always a time when you get to amass so much for yourself that you become so wealthy even in influence but this cannot take the place of acquiring assets. In passing down legacy, assets are a major part of this.
"If he is capable, he can make his own money. If he is not, then he will just be wasting my money," – Jackie Chan.
The above statement was made by a popular Chinese stuntman and actor Jackie Chan, speaking about how it possibly tends to deal with what he has acquired when he eventually leaves. This is a typical example of how if any slight mistake arises with the money you acquire, it could be lost or devalued.
Assets get to appreciate with time and must have a successor(s) to keep it going but trying to stay in line with the topic, one good example of an asset is our business.
While on the journey to acquiring an asset, you must push to acquire at least 7 streams of income.Market Share and Competition
What if I tell you that real businesses do not compete, in other words, there is no competition in business. Don’t get me wrong, so I will explain myself.
Let’s start with Market Share, Let's take for example the total number of people that purchase red pens in Ghana is 7 million individuals and I go into Ghana to distribute red pens for sales, and in my first year, I sold 1 million pieces. My market share will be 1mil/7mil in percentage, therefore I have a market share of about 14%. Having a market share of 100% means I own the market. This analogy is very and very important, as I have applied it to my tech business over the years to gain results in every niche I get into.
As young entrepreneurs we get into business, trying to compete rather than trying to build a market share, we tend to focus on new customers more than repeat customers and referrals. Competition is healthy but what if you build your own market share. Competition is healthy for the customers/end users in various ways such as price variation, product, and model variation, commercialization, and availability, etc. When you build your own market share, you can determine and make financial projections, hit goals and targets.Automation
If you have been reading from the top you will clearly see that the need to automate one is needed in other to move on to the next.
Here is my definition of Automation.
Automation is the process of using existing and available technologies to reproduce and deliver existing products and services with little or no human involvement.
The keywords in the above definitions are existing technologies, available technologies, reproduce existing products and services, deliver existing products and services, human involvement.
In other to have successfully automated a thing, there must be an existing process that aligns with standard practices.
When a customer purchases from you the first time, comes back for a second time, third, fourth, you should quickly pass that customer into an automated process in other to keep the customer satisfied. This will in turn give you more time to either start on a fresh customer or even go on to start a new business. The process of automating a business such that it attains the goal of reduced or no human interference is called a system.