5 Sure Steps To Wealth
It is advisable to focus all your effort and resources into a SPECIFIC area of investment or production until you flourish in that aspect.
You have your learnt the art of savings and not spending all that comes into your hands, no matter the pressure.
You have also learnt the art of breaking Parkinson’s Law. No matter how well your product is selling, how much demand is made for your services or how well your investment is bringing in profit, keeping breaking Parkinson’s Law.
You have also learnt that the moment you have been able to build a successful enterprise, you must protect your investments by registering a company by being insured and engaging the services of a tax consultant. Protect your investment from natural disasters, fraudsters, competition and government policies.
The moment you have been able to create a niche for yourself by ensuring a recognized brand or influence in a particular area you must begin to diversify. It is advisable to have a firm root and be known in a particular field before venturing into others. Thermocool was originally known for Refrigeration and Air conditioners (things that used thermostats). It seemed if you wanted the best of freezers in those days, you would go for Thermocool products. Nowadays, Haier Thermocool has ventured into electronics (e.g. televisions) and now producing generators (Tec generators). If they had stuck to Refrigerators alone, competition would have made it difficult for the company by now.
Samsung as a company which started with GSM phones has virtually ventured into almost all brands of electronics – Televisions, air conditioners, etc.
Dangote group companies started with household items such as sugar, pasta, flour but later into cement production, beverages and gradually venting into oil & gas.
If the companies (Kodak, Agfa), which produced cameras in those days had stuck to the production of films (processed to negatives and later taken to dark room for final reproduction), with the advent of digital images they would have become extinct.
Therefore, the 5th step in the way to wealth is to gain a foot hold in one area. Establish a niche or brand or influence in that area and thereafter begin to diversify. An initial well-built foundation enables the growth of the company into the “next adjacent possible”.
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