Consistent actions to produce great results
The 8-Step Process Most Wise People Follow to Create Wealth
Step 8 is the most difficult yet most important to get right.
9 out of 10 start ups fail at wealth creation. That’s a real statistic, yeah. I didn’t make that up. Check out Startup Genome | Decoding Tech Startups Success to know more interesting stuff.
Before you quit reading in disgust at the stat or don’t care since you are a salaried employee, hold your horses. This is not about fancy startups blowing cash. But about you. You as an individual can create real wealth. You don’t need to be a genius start up founder. All you need is your wits about you & some tried and tested steps.
If you succeed in the entire going solo process, there is no real cap on what you earn. You can create more wealth for yourself than three generations of your family can, with salaried jobs.
In subsequent articles I want to share more about this wealth making stuff with you. Here I talk about the 8 basics you need to get right to succeed in wealth generation. These basics apply to owners of all kinds of ventures in all situations. Call yourself what you fancy, an entrepreneur, a solopreneur or simply a wise one who got what it takes.
The 8 step process all smart solopreneurs/ wise ones follow:
1. A purpose bigger than wealth creation
Is making money your ultimate objective? Isn’t it everyone’s? Fair enough. But wise ones do it different. They start with a purpose. A larger than life, slightly spiritual but rooted in reality as well goal. That’s bigger than them.
For e.g. my purpose is to inspire people explore wealthier & more honest ways of living, connecting & prospering.
As part of the goal, I teach corporate employees how to grow in their careers by using Ethics as a tool. I also teach corporate employees honest means of side hustling so they can lead wealthier lives.
Wise ones know that when the chips are down the purpose drives rather than the money. Setting an objective to the entire solopreneur game is the first step to make wealth.
2. They Kill mood killers before mood killers kill them
The second step wise ones follow is to neutralize anything that might get in the way of their goals. Mood killers are obstacles in the path of the purpose.
They could take various avatars: - negative media, insecure people, unsupportive family, unbending government rules, bad tax laws or cut- throat competition.
Instance? I operate from a home office. A nosy neighbor with lax boundaries intrudes into my time. I had to sit her down & let her know I am unavailable weekdays.
Wise ones don’t spare mood killers. They are ruthless yet kind (if they are people) while eliminating them. Else mood killers might eliminate the solopreneur spirit.
3. They hold their mighty planner as if their life depends on it
Step 3 is strategy. An oft used & abused word. Strategy is simply planning in advance. Wise ones have the big picture plans. They also break them down into micro plans. They plan for the year, the month & the week looming ahead. Then factor in the chance for errors. But they stick to plans come flood or foe. Wise ones don’t rely on pen & paper planning either. They use schedulers & planners. They invest in good ones. So should you if you plan on getting rich.
4. They don’t guilt free flirt with time
Step 4, strange as it sounds is also a growth goal. It is the art of saying ‘NO’. We as a society have learnt the virtue of selflessness, to our detriment. Wise ones know that it is the truly selfish who produce the awesome work. So they master the art of saying NO to requests. Others’ priorities don’t fill their calendar.
They know that they need to shave off their to-do list so they retain what is really important.
I use this rule of thumb for help seekers that has served me well. Can they do it by themselves? If they can, they just wanna ride my back to avoid moving their lazy arses.
5. They leave little to chance in the wealth game
Processes sound boring but again they can be simple & that’s how the real wealth is made. So, step 5 is about processes.
I have a process for my investments. I have set auto debits in place to ensure my monthly investments are not ruled by time or my whims & fancies. Get my point?
People are not unimportant for success. But all wise ones minimise chances by having good systems in place. Good systems ensure automation for repetitive tasks. They reduce stress & provide for contingency plans. Yes, these are important for even a one- person business.
6. Just do it
Step 6 is action & where most of us miss scoring a hit. We wait to take action till all our ducks are in a row. Meanwhile the opportunities are waving us goodbye. Wise ones know that the stars cannot be perfectly aligned. They jump into the ring & figure things out as they unravel. Not to say that they don’t prepare, they just don’t over prepare.
7. Every step they take matters in the wealth journey
Step 7 is about celebration. Wise ones remain consistent. They know that certain tasks may look boring but doing them consistently will give results. The result will be small at the start. That does not stop them from celebrating. They are wise enough to know small successes add up. This keeps their fire burning.
8. They master the art of doing nothing
Step 8 which most of us neglect! Enough has been said in praise of hustle culture for God’s sake. The wise ones know it is important to recharge. They have interests beyond their work. A human can productively work for only 5 hours a day. Which means we are all essentially overworked. We need holidays.
This is how I set work aside to take a break.
In plan them in advance. I announce my holiday to my network & mention a do not disturb policy. Once I return, I steal a day more to settle down.
