8 Steps to Get Rich
One of the World’s Greatest Entrepreneurs Shares His Secrets from “How to Get Rich” by Felix Dennis
Save this list for future reference.
1. Focus on execution, not ideas
Ignore ‘great ideas’. Concentrate on great execution.
The more you practice, the harder you sweat, the luckier you get.
Ideas don’t make you rich. The correct execution of ideas does.
The follow-through, the execution, is a thousand times more important than a ‘great idea’.
Preparation is the key. Be prepared. Do the heavy lifting and the homework in advance. Get on with the job, but remain alert enough to spot an opportunity when it arrives. Then hammer it.
“The harder I practised, the luckier I got.” — Gary Player
“Luck is a dividend of sweat.” — Ray Kroc
2. Facilitate self-confidence
Confidence is the key to becoming rich.
Confidence and an unshakeable belief it can be done and that you are the one to do it.
If you think that it can’t be done and dwell on that thought too long, then you are likely to remain poor.
Without self-belief nothing can be accomplished. With it, nothing is impossible.
“Whatever you can do, or dream you can, begin it! Boldness has genius, power and magic in it.” — Goethe
3. Always be learning
Anyone not busy learning is busy dying.
Curiosity has led many a man and women into the valley of serious wealth. Ambition, fearlessness, self-belief, stamina, a degree of callousness, a willingness to learn. These are your advantages over the middle-aged and the old.
Listening is the most powerful weapon after self-belief and persistence you can bring into play as an entrepreneur.
When you stop listening, you stop learning. And if you stop learning, it’s time to get out of the kitchen and let someone else do the cooking.
4. Be patient
Stay the course. Stop looking for the green grass over the hill.
Stamina is crucial, as is a capacity to work so hard that your best friends mock you, your lovers despair and the rest of your acquaintances watch furtively from the sidelines, half in awe and half in contempt.
People in poor health usually find it difficult, no matter how clever they are, to muster the stamina that becoming rich demands.
“No task is a long one but the task on which one dare not start. It becomes a nightmare.” — Charles Baudelaire
5. Be an owner
To become rich you must be an owner. And you must try to own it all.
Never, never, never, never hand over a single share of anything you have acquired or created if you can help it. Nothing. Not one share. To no one. No matter what the reason — unless you genuinely have to.
Ownership isn’t the important thing. If you want to be rich, it’s the only thing.
6. Hire the best talent
Talent is the key to sustained growth, and growth is the key to early wealth. You have to identify and hire talent. You can’t skimp on it.
Talent is indispensable, although it is always replaceable. Just remember the simple rules concerning talent: identify it, hire it, nurture it, reward it, protect it. And, when the time comes, fire it.
Hire talent smarter than you.
Wine and dine talent to get it.
Don’t try to do it all yourself. Delegate and teach others to delegate.
The exercise of delegation, used responsibly, allows you to bring out the best in others and to make yourself rich in the process.
Talented people want a good salary, of course, but surprisingly often they are more attracted to new opportunities and challenges.
There is no point in owning 100 percent of a rubbish company. Whatever it is you intend to do to get rich, get good at it. Hire people who are better than you at it. Listen and learn and get better still at it.
7. Never give up
Persistence is a powerful tool in the hands of a hungry young hustler on the make.
Fear of failing in the eyes of the world is the single biggest impediment to amassing wealth.
“Success is never permanent; failure is never fatal. The only thing that really counts is to never, never, never give up.” — Winston Churchill
“When going through hell, keep going.” — Winston Churchill
8. Don’t overdo it
If I had my time again, knowing what I know today, I would dedicate myself to making just enough to live comfortably (say £30 or £40 million), as quickly as I could — hopefully by the time I was thirty-five years old. I would then cash out immediately and retire to write poetry and plant trees.
Sell before you need to, or when bored.
Whoever dies with the most toys doesn’t win. Real winners are people who know their limits and respect them.
Time is the most precious thing in life that riches can supply. To make the money to do what the hell you want.
Save this list for future reference.
Save all of my notes on “How to Get Rich” by Felix Dennis.
Write, remember & share w/ Twos: https://www.TwosApp.com?code=baller
Personal website: https://www.parkerklein.com
Instagram: https://www.instagram.com/twosballer/
Twitter: https://twitter.com/TwosBaller
YouTube: https://www.youtube.com/@twosballer
LinkedIn: https://www.linkedin.com/in/parkeraklein
Medium: https://parkerklein.medium.com/
TikTok: https://www.tiktok.com/@twosballer
