Mirror Mirror On Wall, Who's Fairest Of Them All?
© 2002 Elena Fawkner
How do you create wealth? Wealth is created by:
=> Finding a product or service that a lot of people want and need.
=> Getting repeat business out of it.
=> Choosing that product or service by looking at trends and staying ahead of them.
=> Employing others so you get more done.
=> Employing and training others effectively.
=> Not training competitors but retaining leaders in your organization by offering them same opportunities for growth as you enjoy.
[Source: "Brilliant Compensation" video by Tim Sales and Dr. Charles King, Professor of Marketing at University of Chicago. Link at end of this article.]
A PRODUCT OR SERVICE THAT A LOT OF PEOPLE WANT OR NEED
There's no point pursuing a business selling a product or service for which there isn't a market - a HUGE market.
What's biggest market of them all? Baby boomers.
Baby boomers are all people born from 1946 through 1974. They total 76 million people in United States and 2 billion people worldwide. As at today, they're people aged between 38 and 56.
As you'll see when you watch video, every 8 seconds for next 16 years, someone will turn 56 years old. What does this mean for you? It means don't go after 38 year olds, go after 56 year olds. You have a full 16 years to go after 56 year old people looking for your products or services.
REPEAT BUSINESS = CONSUMABLE PRODUCTS/SERVICES
Your product or service must be unique and it must be consumable. If it's not unique you have to compete on price and convenience. If it IS unique, your market comes looking for YOU.
If your product is not consumable, you're out of business until your next sale. A successful business requires REPEAT sales of consumable products. This way, you're earning multiple commissions on a single initial effort.
STAYING AHEAD OF TRENDS
Having identified baby boomer market as THE market to target, when choosing your product or service, in addition to being unique and consumable, it should be one that your average 58 year old is in market for.
The top five:
1. Health 2. Looking younger 3. Retirement issues 4. Security and money 5. Efficiencies - things that make life easier.
EMPLOYING OTHERS TO GET MORE DONE
There are three basic ways of earning money:
1. Work for someone else. 2. Be a professional - doctor, attorney, accountant, engineer. 3. Own your own business.
In case of 1. and 2., you exchange your expertise for someone's else's money. Unfortunately, however, your capacity to earn is limited by number of hours in day. No matter how hard you work, there will only ever be 24 hours in a day.
In case of 3., if you do it all yourself, you still run out of time and talent. To break through time alent barrier, you MUST employ others, thereby leveraging off efforts of your employees. That's key to wealth. In theory, that is. Only thing is, it's very difficult to achieve leverage through employees because no employee will ever work as hard in your business as you do because they don't have an ownership interest in it.