Becoming wealthy or successful is from a shift in mindset, then either have a certain set of skills or learning them. I am going to list some of the skills that we need to be wealthy from starting or running a business. We are talking about consistent, permanent skill sets, not 30-90 day cycles, working hard daily to attract money and work it by implementing systems with undying work ethics.
1. Persuasion/sales – we need to persuade loved ones about our dreams and plans, getting investors, acquiring customers, getting employees, talking employers into promotions and selling your ideas to partners.
2. Reading people – we learn from getting cheated, by not falling for liers or deceit, reading what your employees think, trying to work out what customers want or need. We need this skill when we are meeting people at all levels.
3. Sharing the wealth – it’s easy to get rich, but getting real wealth means sharing with all those around you, so they rise with you together. Giving equity to motivate people is key to long term success because rarely people wont work as hard unless they have ownership in the business. Every company at the highest levels have made many people millionaires. When people make money, they keep coming back to do business with you.
4. Leverage – learn to delegate, learn to be resourceful, find people that can do what you cant do, recruiting people to accelerate growth, branding to convince people to get involved and good marketing is all leverage.
5. Recruiting – you need to be good at recruiting people, which means reading them, trusting them, mentoring them, finding them, networking, connecting with people, keeping people faithful by treating them right.
6. Energy management – eating the right foods, sleeping enough, resting enough, with high-performance people, it’s easy to burn out!
7. Problem-solving, processes, breaking things down to steps, learning to process issues, saying no to most things, identify where to put resources, seeling problems as challenges, as an opportunity to learn and realising problem-solving is adding value. When we find problems within our business, I say it’s like finding gold once we have fixed it.
8. Time management, wasting too much time on bad projects, or social media, we need to prioritise hunting sales, finding good staff, making everyone’s time more efficient, applying the pareto rule, (80/20 rule) ( important not to tell people at high levels you are too busy, it’s insulting because everyone has the same issue ) Being more efficient means fewer vacations or shorter breaks away.
9. Manage money, budgeting, working out if renting is better than buying, reinvesting more money instead of taking profits, knowing how much to risk, how much cash you need to have to move fast in acquisitions and most importantly knowing how long you can hold off on purchases and what ROI you will get on new purchases and how long it will take.
10. Patience/confident, we set the plan and we are patient and confident knowing that it will work. We wait as we see the sales come in or the plan starts to come into action. If we are not patient then we can lose the opportunity, if we are not confident we may not do it, give up or scare those around us. When I am buying more bars for our company, I have to show that I am confident that they will be making a good profit very soon.
11. Constantly improving, learning, adapting, hitting targets, trying to beat everyone. Keeping a beginners mindset by looking at everything new and fresh. This is one of the key attributes that I have, I think out of the box and I don’t like to assume something isn’t possible because I am told it isn’t, it’s always worth checking and trying! I say “why not?” alot when we come across problems, even if it seems obvious!