7 Simple Steps to Wealth Creation

From my research and study in the subject of wealth creation over the years, I have distilled all formulae and principles I came across on the road to making money to seven simple steps that when you climb will easily guarantee your success.

Step 1

YOUR SPECIFIC GOALS WILL ALWAYS LEAD TO REALITY

The first step in creating wealth is to set a specific goal and visualize it as a reality. In setting your goal, you must always ensure that it is SMART, in other word, it must be Specific, Measurable, Achievable, Realistic and Time bound.

Step 2

IDENTIFY A PROBLEM AND SOLVE IT

This is the second step to wealth creation but surprisingly, the key to the vault is in hanging here. Every human being is constantly looking for solutions or answer to whatsoever is threatening him or making him uncomfortable. If you can look for a problem you can solve with a product or service that is of high quality and a good value for money then all sorts of men will surely favour you with their money. One thing you must know is that there are always problems around you seeking for answer.

Step 3

START SMALL BUT HAVE A BIG VISION

The only thing that starts from the top and grows down is the grave. Otherwise, every other thing in life starts from the ground and grow up, when you grow up, you stay up, but when you jump up, you come down. Of course, common sense tells you that when you jump up, the force of gravity simply pull you down, There is so much to be learn when you start your business small while at the same time you have a big vision not to remain small.

Step 4

TEST, TEST, TEST

Never you rush into any business venture, no matter how attractive, otherwise you will rush out. The more attractive the offers, the more careful you should be in investigating their claims on returns on investments. ROI. As a budding or aspiring entrepreneur, you must test every major move before you invest in it.

Step 5

DON’T EXPAND ON BORROWED CAPITAL/FUND

If you must expand your business, please let it be out of your profits as you move along, expansion of business on borrowed capital is a huge task you must be ready to dance to when the music starts playing. If you put yourself into this check, it will enable you to work harder and ensure that you make the money and merit the expansion.

Step 6

PICKING THE RIGHT PEOPLE TO WORK WITH

You must be careful in picking the people you are going to work with in the business, if you realy want to grow and expand your business, the biggest mistake you will ever make will be in putting a square peg in a round hole or vice versa.

Step 7

USE FINANCIAL LEVERAGE

When your business begin to grow, it will be reflective on your cash flow, The whole essence of starting a business is to develop a consistent, predictable source of cash flow in excess of cost and expenses and then to hold on to the money. The bank will lend you all the money that you can service as debt with your cash flow.