So many people want to know how to get rich, but none of then are willing to understand that there is a formula to do so. And even though the formula is simple it’s not easy to implement, and that’s where most people fail. They want it to be both simple and easy to become a billionaire. Sorry for bursting your bubble guys, but if you want it you’re going to have to work for it.
The idea here is that you have three resources and you have to use them all, but you will focus on one more than the others. Let’s assume you have no money and you want to start a business. If you have no money then you can only risk time by risk I mean to waste time with the possibility of not getting anywhere. If you have a lot of money, you can play with money and risk and won’t need as much time. But in every situation all three resources are important.
Money – This is the easiest resource to grow your business, it’s also the one that can get you in the most trouble. Money is tied to risk and if you don’t notice what you’re doing you could find yourself losing more than you’re making. Money is also not recommended for people with no experience, as they tend to throw money at the problem without understanding what the problem is.
Risk – You can risk both money and time, but in the beginning, I wouldn’t consider wasting your time as a risk. Because you learn what works and what doesn’t. Some business owners can start with small amounts of money and take big risks that work out. But I would advise you to add experience to the mix to reduce the risk.
Time – Time is something no one wants to use. Everyone wants to be rich right here right now. But the only way to gain experience is to take your time and learn as much as you can.
What is the best factor to focus on?
The best factor to focus on in my opinion is time, you just get more out of it. When I say that I mean that you learn what works and what doesn’t. You find out if you’re interested in growing the business or pivoting. You would be surprised how many people chose a business then find out they hate it. And no matter what constellation you choose time will always be a multiplying factor.
Think about it, if you’re working right you will retain clients while getting new ones. So every month you have more profit.
I hope you found this post helpful, if so like it and share it with your friends. And while you’re at it, check out my ebook ‘level up your business’ a guide to starting your own business the right way.