Thursday, June 25, 2015

Getting rich

     Free daily tips, information, advice and ideas
     to help you better manage your small business.

     People don't set up a small business to get rich. Those who do will be disappointed.

     I suppose you can get rich running an illegal drug operation. But you're likely to go to jail or, worse, somebody will send you to the great beyond.

     The reason to set up a small business has to do with being your own boss, pitting your smarts against the marketplace, earning a living for yourself and your family, and pursuing your dream.

     Example: Ranjeet  in an expert in information technology. With social media exploding, he saw a unique market opportunity. He quit his job at a corporation and set up a small business to show other small businesses how to take advantage of the enormous opportunities available to them in social media. Today, Ranjeet employs several people and has hundreds of small clients. Many are using the tools of the information age to grow and expand their businesses. Ranjeet is on his way to becoming rich.

     Example: Jon was a young man in a hurry. He used a sizable inheritance to establish an architectural artifacts business. He bought an old warehouse and filled it with architectural items recovered from buildings being torn down. He built up a stock of old windows and doors, iron fencing, antique gingerbread and banisters, hardwood carvings, even used brick and slate. His clients were architects, designers, contractors and homeowners. Jon expanded the operation when a unique opportunity presented itself--an old 5-story building was to be demolished. It contained a motherload of yellow pine flooring, virgin wood dating from the 1800s. He was suddenly the go-to place for the valuable wood, a hot item in upscale construction and renovations. Jon was on his way to becoming rich.

     Getting rich depends on your efforts, your dreams, your management, your alertness to opportunities, your hard work, and other things in your control.

     The current admonition by some misguided politicians that "You didn't build that" is nonsense. Those mouthing these words have never run a business. These people limit their own futures and their personal satisfaction to the stifling world of government.

     Getting rich is a by-product of chasing your dream business. Making a living is more likely the end game of setting up and doing what you love doing. It's what makes every day an adventure.     


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