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GOLDEN KEY #3–BUILD A BUSINESS,
NOT A MONEY MAKER
I learned this one the hard way. I was always after the quick money
deals. So I started a bunch of mini-sites, which were supposed to be
“push a button and make a bunch of money.”
I made good money, but not F.U. Money. I was building a money maker instead of a business. Don’t make the same mistake I did. That’s just not how you build long-term wealth.
A business has assets: customer lists, products, and a brand. Those
are your assets. Poor people focus on making money. Rich people focus
on building and creating assets that make you money. Little distinction, BIG difference.
GOLDEN KEY #4–CREATE MULTIPLE
INCOME STREAMS IN ONE BUSINESS,
DON’T CREATE MANY DIVERSIFIED
BUSINESSES
Building multiple streams of income has been popularized by
various financial gurus. It’s a very powerful concept. It’s basically saying, “Don’t have all your eggs in one basket.” If one source of income dries up, you can always fall back on another income stream of income. You
stand a good chance of building wealth this way.
A lot of people misunderstand the concept. For entrepreneurs,
trying to make money with ten different businesses is a disaster. It’s
total confusion. What you really want is multiple streams of income
within ONE business—FOCUSED floods of income coming from ONE place.
This way you stand the best chance of succeeding. You’ll never
reach staggering success by having a million little things going on. Sell
to one market and serve the needs of ONE group of targeted people.
Look, I understand that opportunity is every where on the Internet. Believe me, I know. I have the “entrepreneurial ADD” as well. I am never short of great ideas.
But trust me on this one: instead of jumping from one market to another, chasing down every idea you ever come up with (and driving
yourself crazy in the process), I suggest you squeeze as much money as
you can out of one market.
Exhaust every avenue there is for making money within your current market, and you’re virtually certain to make more money than
you ever would by jumping from one market to the next. Offer multiple
products for your customers to buy. Find multiple sources of traffic to
drive to your website.
The longer you are in a market, the more you begin to understand
the buyers in that market…and the more money you’ll make. Create as many ways of making money as you possibly can from your one initial market.
Sure, I have multiple businesses in multiple markets, because I
have systems in place. I have other partners in those niches and I have
created a model that I can replicate. But I started with ONE market. I
suggest you do the same.
Make one thing as big as you can before you move on to something
else. Give it your all and you’ll make five to ten times more money.
》Next 》 click
GOLDEN KEY #5–LEVERAGE THE TIME
AND RESOURCES OF OTHERS
GOLDEN KEY #3–BUILD A BUSINESS,
NOT A MONEY MAKER
I learned this one the hard way. I was always after the quick money
deals. So I started a bunch of mini-sites, which were supposed to be
“push a button and make a bunch of money.”
I made good money, but not F.U. Money. I was building a money maker instead of a business. Don’t make the same mistake I did. That’s just not how you build long-term wealth.
A business has assets: customer lists, products, and a brand. Those
are your assets. Poor people focus on making money. Rich people focus
on building and creating assets that make you money. Little distinction, BIG difference.
GOLDEN KEY #4–CREATE MULTIPLE
INCOME STREAMS IN ONE BUSINESS,
DON’T CREATE MANY DIVERSIFIED
BUSINESSES
Building multiple streams of income has been popularized by
various financial gurus. It’s a very powerful concept. It’s basically saying, “Don’t have all your eggs in one basket.” If one source of income dries up, you can always fall back on another income stream of income. You
stand a good chance of building wealth this way.
A lot of people misunderstand the concept. For entrepreneurs,
trying to make money with ten different businesses is a disaster. It’s
total confusion. What you really want is multiple streams of income
within ONE business—FOCUSED floods of income coming from ONE place.
This way you stand the best chance of succeeding. You’ll never
reach staggering success by having a million little things going on. Sell
to one market and serve the needs of ONE group of targeted people.
Look, I understand that opportunity is every where on the Internet. Believe me, I know. I have the “entrepreneurial ADD” as well. I am never short of great ideas.
But trust me on this one: instead of jumping from one market to another, chasing down every idea you ever come up with (and driving
yourself crazy in the process), I suggest you squeeze as much money as
you can out of one market.
Exhaust every avenue there is for making money within your current market, and you’re virtually certain to make more money than
you ever would by jumping from one market to the next. Offer multiple
products for your customers to buy. Find multiple sources of traffic to
drive to your website.
The longer you are in a market, the more you begin to understand
the buyers in that market…and the more money you’ll make. Create as many ways of making money as you possibly can from your one initial market.
Sure, I have multiple businesses in multiple markets, because I
have systems in place. I have other partners in those niches and I have
created a model that I can replicate. But I started with ONE market. I
suggest you do the same.
Make one thing as big as you can before you move on to something
else. Give it your all and you’ll make five to ten times more money.
》Next 》 click
GOLDEN KEY #5–LEVERAGE THE TIME
AND RESOURCES OF OTHERS
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