Here’s the difference. If a self employed man left his business for a year or more, he would likely come back to a closed up store front.
If a business owner, on the other hand, left for a year or more, he or she would likely return to a still thriving business that may even have become more profitable.
the difference can be summed up in the wording of this question:
“how can you turn $10 into $40?” versus “How can your $10 multiply itself?”
I’ll go ahead and give you the answers. for the first question ”how can you turn $10 into $40?” you simply need to buy $10 worth of product, add value, scarcity or convenience then resell that product for $40! It’s the basis for product based businesses.
Now, as for “how can your $10 multiply itself?” that requires an automated system.
Let’s delve into the seedy underworld of selling candy bars for an example.
for the first question, I’ll buy 20 candy bars for $.50 a piece, find a place that has no candy bars, add value through scarcity and convenience and sell them for $2 each. Repeat until your rich!
For the second question I’ll need a slightly more complex system. I’ll find someone who needs money and after drafting the necessary legal agreements, I’ll give him my $10 with the instructions to buy 20 candy bars for $.50 a piece, find a place that has no candy bars, add value through scarcity or convenience and sell them for $2 each. He’ll then get to keep $5 of the $40 then reinvest the remaining $35 and buy more candy bars and repeat the process keeping 12.5% of the profit each time.
In 5 days, I’ll have $10,503.75 and he’ll have $2,074.25! This is a hypothetical example of geometric growth!
If I just did it myself, and IF I had the selling skills, reinvesting the total amount, I would have a few thousand more, minus the cost of gas and minus the hours spent finding and attracting customers, buying and selling and dealing with customer service, complaints supplier issues, etc.
but I wouldn’t have spent that week with my family and friends or on vacation or creating other business systems or even sick at home. I would personally prefer to not work and still be getting a thousand times my investment back in just 5 days.
Now, that I have Capital I can cut the same deal with 7 other people in 7 other markets. Now in 5 more days I’ll have $73,526.25. Not bad for 10 days, a $10 investment and almost zero work! Now add 2 or 3 zero’s to my initial investment, add a marketing and training manager, incorporate, add in a corporate tax rate, hire someone to run the whole thing and you have the basic structure of a 7 figure asset.
I know what you’re thinking but, It is that easy! Here’s why; all of the legal stuff, the taxes, the corporate structure, the vendor problems are all unconditional. I mean you have to do this stuff or hire someone to do this stuff for you so its a foregone conclusion that it will get done. You just have to keep your eye on your intended outcome, wealth.
Now wealth is not a dollar amount. The definition of wealth is: the number of days you can survive without working or anyone else in your household working while maintaining your standard of living. You see, wealth is measured in time not cash.
For example, if your income from assets is greater than your expenses, you can live indefinitely without having to physically work for another dollar. The goal of this training series is to kickstart you on your way to true wealth.