ā
WHY BUILD A BUSINESS?
#USJobsData #financialliteracy ā
āšThere are three reasons for building a business āother than to simply create an asset.
ā
ā1.Ā To provide excess cash flow:
āšIn his book, How to Be Rich, Paul Getty states that his first ārule is that you must be in business for yourself. He goes on to āimply that you will never get rich working for someone else.
ā
āšExcess cash flow from other
ābusinesses.
ā
ā šMind your own business.
ā
ā2.Ā To sell itĀ
āšThe problem with having a job is that you cannot sell the job, āregardless of how hard you work.
ā
āšFor something to be valuable, āthere must be many more people than you who want it.Ā
ā
āšAn asset is something that puts money in
āyour pocket, or it can be sold to someone else for more than you have paid or invested in it.
ā
āšIf you can build a successful ābusiness, you will always have a lot of money.
ā
āšIf you learn to ābuild a successful business, you will have developed a profession āthat few people ever achieve.
ā
ā
āšAs a business owner, you donāt have to be
āright 51 percent of the time. You need to be right only once.
ā
āšBuilding a business is the riskiest road for mostĀ people. But if you can survive and keep improving your skills, āyour potential for wealth is unlimited.
ā
āšIf you avoid risk and
āplay it safe on the Employee and Self-employed side, you may be safer, but youāll āalso limit what you can truly earn.ā
ā
ā
ā3.To build a business and take it publicĀ
ā
āšIt was building a business and taking it public that āmade
#Bill Gates, Henry
#Ford , Warren
#Buffett , Ted Turner, āand Anita Roddick very, very wealthy.
ā
āšThey were the selling āshareholders while we were all the buying shareholders.
ā
āšThey āwere insiders, while we were outsiders trying to look in.
ā