KEYS TO WEALTH & FULFILLMENT YOU WON’T LEARN IN BUSINESS SCHOOL (1)
You can imagine that when Peter Sage got on stage and his topic was “Keys to Wealth & Fulfillment”… we were all on the edge of our seats eager hear what he had to say! I mean, who does not want to be wealthy and fulfilled? After all, we now know that wealth alone does not suffice. The examples of people who have achieved success, wealth and fame but who have still gone to commit suicide or died from a drug overdose are legion, from Elvis Presley to Alexander McQueen to Whitney Houston… It therefore tells us that wealth by itself is not enough! Your work must be fulfilling, meaningful and continue to add to your sense of contribution.
With the foundation laid, he started by saying there are 5 ways to get money:
1. Earn it- here you exchange time, the currency that life is made of, for money.
3. Steal it- chances are you’ll end up in jail and not enjoy it.
4. Win it- the chances of winning the lottery are about 14 million to 1!
5. Create it/Make it!
Which option will you prefer? Most of the sane audience would like to “make/create money” if they knew how! The “how” though, is the difficult part. considering that 85% of companies will never reach £1Million in annual sales and only 1 in 25 even last 10 years, how do we being to get ourselves from where we are, to where we are trying to go? I would say, a first step would be to assess your strengths and what you have a passion for while you are still at the earning stage. Know what you can do best and how you can do it differently in a way that people are willing to pay for and then decide what it’ll take to do it. I am a firm believer in starting your business while maintaining paid employment as that gives you the security of a steady income,while allowing you the chance to test what works and what doesn’t, at the beginning.
Back to Peter Sage though, he went on to say “the biggest challenge in business is the skill and mindset of the entrepreneur”, it is the difference between the companies that succeed and those that fail. Thus the question to ask is “Who do I need to become in order to make my business a success?” In other words, what kind of person builds a successful and lasting business? What skills and competences do you need to develop so that you can create wealth in a sustainable and fulfilling manner?
1. Develop the right mental foundation! The key to being successful is in the ability to handle uncertainty with the greatest ease. Think of life as an orchestra that requires balancing in order to create harmony as opposed to a single instrument.
Decide to play full out in whatever your chosen endeavor is! There is no power in being tentative. Overwhelm=Confusion= Inaction!
Do your homework and then follow your passion with certainty! Learn to take risks! Once you are in the risk,the fear of it doesn’t matter! Take the opportunity! Fortune favours the bold!
Squeeze the drops out of the day so you will be exhausted but victorious at night.
2. Capital V Incentive: I found this really interesting; what Peter was teaching us here was in answer to the biggest question budding entrepreneurs ask “how do I get financing?” He says instead of asking that, ask “How do I get what I want without paying for it!” He tied this back to our thought process,(remember? Developing the right mental foundation?) what if entrepreneurs stopped thinking “how do I get money” and started thinking instead “HOW CAN I ADD VALUE?”
He says what you need is not money, it is a better strategy! Kaching!!! You could see the wheels in our brains turning! He gave an example of someone who wanted to sell flowers in the UK, but who needed to get flowers from a neighboring country and who of course did not have capital to do so and he came to Peter for a loan. Peter then says, instead of money, lets come up with a strategy; they think it through and the entrepreneur ends up finding a company that produces flowers but does not have a significant market share in the UK. He also finds out what the local florists pay for the flowers they sell. Armed with that information, he then goes to the flower growers to say, I can guarantee you £500, 000 worth of business per annum if you supply your flowers through me to the local florists. They are willing to pay deposits of X amount on a quarterly basis because they will be getting good flowers from you at a fraction of the cost for which they currently get it in exchange for which I will get a commission of X amount, which I would like converted into flowers as well. This works out, because it gives the flower growers a greater share of the UK market as well as guaranteed upfront income, gives the florists who sell the flowers a guaranteed source of supply at a cheaper price, and because the entrepreneur is adding value to others, he ‘creates wealth’ by that value in the form of commissions, which he in turn changes to flowers that he felt he did not have money to buy in the first place. Do you see that by this strategy he not only got what he needed -the flowers- our previous mindset will be to think that what he needed was capital, but the capital an entrepreneur needs is not capital for its own sake, is it? So he not only got the flowers he needed, which he’d sell and make money from, but he also got another stream of income from the commissions on purchases made by the already established florists! Do you see how out of ‘thin air’ he created wealth?! This was good stuff!
This is sufficient food for thought. Holler at me by leaving a comment to this post, if you’d like to hear more from what Peter Sage taught us at the Success Summit in South Africa earlier this year! Lol! Yes, I went for a conference; Yes, it cost me an arm and a leg because I had to have Platinum sitting- I had to be positioned to network in the most significant way. Yes, I am sharing what I learned with you for free. Why? Because I believe in you! Because I believe that a candle never loses anything by lighting another! Because I am from Nigeria and there’s so much poverty here and I’m thinking if we all can learn how the successful become so and create opportunities in this country, then one person at a time, one blogpost at a time, we can eradicate poverty of mind and pocket in this country. I believe in you and me! And that’s why I share! Have an absolutely amazing week ahead!