Making Your First Million.pdf - Association of Net Entrepreneurs and ...

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Making Your First Million Summary • Expand carefully but advertise heavily • Run the numbers • Question your assumptions • Abandon failures early and use SWOT analysis to find new pathways • Remember to hang onto 10% and invest in real estate SiteSelling.com 126
Making Your First Million Chapter 23 - How Do I Get Filthy Rich? It may not be enough for you to get the house on the hill with servants, the two hundred and fifty acre country estate, the limousines, the helicopter. You may well be looking to go the full monty. Let me show you how. Life, after all, is short. Most business owners reach the point where their businesses are mature and the growth curve starts to slow down. They reason that you can't expect the company to continue to grow by 40 to 100% every year and they content themselves with single-digit growth or just not going backward. After fine-tuning the business they get it performing at maximum efficiency and they stay at the wheel. Year after year. If you've now reached this point you need to take stock again and make the next quantum leap. Life is like a blank sheet of paper. There is an infinite number of choices we can make, but only a limited number of best choice possibilities. What are your best choices? With a strong income stream coming in you could buy shares or real estate, and this would be an eminently praiseworthy choice, but you're already allocating 10% of your income to safe investments. Safe choices are not going to double your net worth each year unless we're going to see a Telstra or Commonwealth Bank float each year. Passive investments in the share market or real estate will give you a 5% to 15% return. Even highly speculative investment in the share market will rarely better 40% return. The only way you'll double your net worth in the share market is by taking big risks. There is a better way. Passive investment is speculation on future capital gain and this is to a large extent manipulated by forces outside your control. To make real, risk-free capital gains now, regardless of bull or bear markets, you'll need to take control of your market. Why be a victim? You've taken control of the market in your business. Take control in your investments. Think. Look at the environment in which you live. Is there a need? Can you employ the power of synergy to create something significant out of something which is undervalued? Resist the temptation to think small. Life is short. If you engage in passive speculation you play someone else's game. If you take charge and engage in development you're playing your own game and will reap serious rewards. Your business is your cash cow. Once it reaches its peak and any further investments in time or energy produce diminishing returns, it's time to look at expanding outside of the business. At this point many business people look at acquiring their competitors or suppliers, and while this is potentially synergistic, it can also have the effect of tying you to less profitable offshoots as well as tying you deeper into that industry, and therefore SiteSelling.com 127
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