How To Start An Investment That Will Turn You Into A Rich Man

                                   

                                         

#Entrepreneurship

Research has shown that only five percent of the wealthy or stupendous rich- men around the world are Investors. These rich men started their investment when they were still young, knowing full well that, it takes time for an investment to grow exponentially.

However, if you want to join the clique of these people that are rich, the fact remains that you must start an investment today. The beauty of it is that, it can be started small, nurtured and seeing it grow big in the future. Your journey to become rich lies solely on your willingness and readiness to implement what I’m going to share with you herein.

In today’s blog post, I’m going to delve into some of the critical areas you need to know before you take a leap into any investment or business. The point is, there are many uncertainties that characterize starting up, or running a business. You need to know the keys that will unlock and launch you into the path of success, of which I will only discuss eight of them.

Notably, these keys or principles if you want to call it are paramount important in a start-up, or in entrepreneurship. Therefore, if you are an entrepreneur, or you want to start an investment, this post will help you immensely. Just relax and continue reading as we get started.

Key #1: IDEA

The most important key a would-be Investor needs before starting a business, or an investment is GREAT idea. How you do you get the idea? You get an idea when you put on your thinking cap and involve in a serious deep thinking. While thinking, the big idea will come. when you have a glimpse of what you want to do, then you write it down. 

 Putting your idea on black and white will go a long way to help you to stay focus. By doing so, you will begin to work on those ideas by carry out feasibility study and in-dept analysis to see how and where those lofty ideas can lead you to. This is a starting point. Without any idea of where and how to start a business, it sure will lead you to failure.

On the other side of the coin, if your idea is tested and proven to make a headway in business, then such idea can be turned into goldmine, and your journey to become rich is inevitable. 

Key #2: INFORMATION

There is this axiom that says… when you’re informed, you’ll be empowered. Against this backdrop, when you have a big idea, the next step to take is to look for information that centered on what you want to do, that will help you in this regard. You will agree with me that, we’re now in information age, therefore, you need a handful of information that will walk you through, by researching on a kind of investment or business you’re venturing into.

Of course, all the information you need that will help you in the choice of the investment or business can be found on the internet through blog posts, as I’m sharing now, magazines, newsletters, and business seminars etc.

Armed with these information, you will be well-equipped and empowered on the technical knowledge, business skills, and required wisdom to running, or establishing an investment or business you’re so much desired to have. Eventually, you’ll succeed in the business.

Key #3: TENACITY

When it comes to the issue of starting an investment, one of the things that stand as an obstacle for a would-be Investor or a business owner is uncertainty and fear. Grappling with the fear of unknown can wreck havoc on the mind of an Investor before he even thinks of starting the BUSINESS.

Therefore, an Investor need to be positively bold and stubborn to succeed in the business world. The tenacity and perseverance in him will steeply help to overcome the fears that may gripped him, while starting the business or an investment.

Key #4: PASSION

You can’t succeed in business if you are not passionate about it. Undoubtedly, consistency to that passion brings about the dream of becoming a successful business tycoon, which eventually can transcend into a reality, if well nurtured and worked tirelessly towards it 

Dreaming is the first step in creating the kind of investment you really want. You can dream big or dream small depending on what you want but dreaming of nothing will produce nothing. Once you’ve determined what you want, it’s possible to set goals that will help you achieve that dreams. 

At the time when reaching your goals seems impossible, listen to the stories of other people who are out there in the globe trying to make their dreams reality in the business world.

Key #5: BE PRUDENT

To succeed as an Investor, you must know how to control your finances. This has to do with the discipline and the ability to cut cost where necessary, do away with unnecessary spending, and focus your attention on only things that will stimulate growth and productivity that will tremendously help your business to grow.

To aid in prudence, you must have a planned budget on how to run your business, stick to it, and remain financial disciplined. A lot of business owners spent money impulsively with reckless abandonment, of which those money could have been saved only if they had known the importance of budgeting in business or investment.

Key #6: RECORD KEEPING

From the prudence, the next key to succeed in business is record keeping. This, of course, should be a working document of every business owners or an Investors. Such document will depict the cash flows - incomes and expenditures of a business for a certain period.

Record keeping helps the business owners to know whether they are making profit, breaking even, or running at a loss, and such document can propel or helps the owners to make critical decisions that will transform the business viz: re-investing in other viable business, injecting more money to put life back into business or winding up for the death business.

It’s shocking to note that many business owners don’t keep records of their business transactions. A quintessential example to me is this company - a medium-size logistic company in Lagos. They don’t have keep record. Because of this ineptitude on the part of the management, some staff capitalized on that and bleed the company to bankruptcy. After thirteen years of the establishment, the company is still not growing.

Key #7: BE A RISK TAKER

Risk taking in business is surest way to make it big. A lot of entrepreneurs around us are living testimonies. Taking risk in business is like gambling your hard - earn money into a game of chances, but at the end, the risk takers will have reasons to smile. But those entrepreneurs or Investors who had known this key always have the courage to risk it, when they see another opportunity, and after they will tell the story of investment they’ve risked many years that have paid off.

Perfect examples of risk taking in business are in this story herein:

Elon Musk invested $180M and was in debt in 2008. Seven years later, he's worth $13 billion, but he'd be ready to risk it all again. Steve Jobs lost his entire Apple fortune by 1994, betting it on NeXT and Pixar. In 1995, everything turned around, he sold NeXT to Apple, Pixar to Disney and he passed away an icon. 

Walt Disney mortgaged away his entire fortune in the 1950s to build Disneyland, against everyone's advice. He too went from giving up everything to becoming a legend. Each bet everything material they had on something invisible - their purpose and vision.

Many of the greatest entrepreneurs unintentionally find themselves in this state by betting everything on their dream. You can follow suit, that is provided you don't focus on what you've lost, but on everything you must gain. That's when everything turns around. ‘’That's the paradox of entrepreneurs having a 'near-death' experience where they lose it all.’’ says Steve Jobs.

Key #8: BE A GIVER

The last but least key to unlock the door to your success in business and launch you into the path of richness is, by being a giver and charity donor. Apart from the spiritual angle that is attached to this dictum that says – ‘’Givers never lack’’, however, your generosity towards the less privilege and down trodden can open the doors of blessings and riches to you divinely.

Bill Gate, the owner of Microsoft knew about this key many years ago, and he didn’t fail to make use of it to unlock the source of his wealth, by donating seventy percent of his entire incomes as charity to the poorest countries yearly.

No wonder! He is counted among the most riches entrepreneur of this century. You too can do the same thing- donating your income as little it may be, as charity to the needy in your community, thereby putting smiles in the faces of those looking for helping hands. God will richly bless you.

Let me stop here so far and I hope you’ve enjoyed this post. I’m glad you sure did. Please kindly share this post,