Build a profitable business- the baby steps part 2

We have reached “Build a profitable business- the baby steps part 2″, and we are going to continue to discuss some of the main misconceptions regarding what it takes to become rich in general and what makes a successful business in particular. If you are reading this, you are probably interested in becoming rich. And really that´s what Richoepdia.com is all about. Nothing makes us happier than people who want to make the most of their lives, people who are reaching for the stars, and want to make their lives a special one. If you are such a person, we are going to do everything in our powers to educate, motivate and help you reach your dreams.

While the road to riches, financial independence, and running a profitable business may well take some time to reach we can tell you it is worth the experience. We have all made the trip, so we speak from experience. But in order to be able to reach your goal, you need to be aware of some of the obstacles standing in your way. Among the most important of those obstacles, the ones we need to clear first, are you beliefs. We all have limiting beliefs, beliefs that hold us back and make us cut ourselves short. We had a look at some of those beliefs in the previous part of our guide. Society tells us that success is best accomplished by following the formula “Get a good education- Get a secure job- Work hard and be loyal- Save- Avoid risk”. While there is certainly some common sense in those advice, we consider them to be semi-truths. They are a legacy of a different time. We know that any determined individual can do and be so much more. If they only get rid of the crippled formulas of mediocrity, and instead aim for the life of their dreams.

The villain of this drama goes by the name of conventional wisdom. Conventional wisdom will lead to a conventional lifestyle. There is nothing wrong with that, but if you have higher goals than that you need to pay attention. As long as you are doing everything the same way as everyone else, you will be experiencing the same results as everyone else. To get different results from the crowd, you need to be able to separate yourself from the crowd. You need to be able to question whether there is any real wisdom in the conventional wisdom. And you need to be able to act in accordance to your findings.

This is the one personality trait you need in order to give yourself a chance. You need to be able to follow your own heart and not be too affected by the norms of society or the conventional wisdom. Many people believe that you need to stand out in some way to become rich, or to become a successful entrepreneur. Well, the truth is that you need to be able to separate yourself from the crowd, and be ok with that. You don´t really have to have an IQ of 180. You don´t really need to be the fastest guy on the planet. You don´t really need to have all the right connections or come from the right background. You don´t need to be a celebrity, or have a special talent. The first and most important thing you need is the ability to step away from the crowd, form your own opinions, and act on those opinions. That´s it. If you couple this ability with determination, hard work and perseverance becoming rich and successful is merely a matter of time.

Oh, and by the way one of the most common misconceptions out there is that you either need to be REALLY smart or have a REALLY good idea in order to become rich. Nothing could be further from the truth. Sure, we know some entrepreneurs that are quite brilliant (unfortunately we do not consider ourselves to be among them), but in the vast majority of cases they are really of average intelligence. Being smart, or having any other of the things described above in place will certainly not hurt. But it is not really a neccessity. The key to entreprenerial success lies elsewhere.

How about a great idea? Surely you must have a really brilliant, revolutionary idea in place in order to be able to conquer the world? Well, if your plan is to take over the world a good idea would be a good start. But if your aim is to become a successful and rich entrepreneur, a nice achievement in its own right, your idea is actually much less important than you might expect. We know guys who had some pretty mundane ideas, yet they went on to become incredibly rich. A wildly successful entrepreneur we know of made his success by buying and selling junk. Another acquaintance of ours made his fortune selling cookies. Yet another became successful by selling hot dogs. Granted he did open a whole lot of hot dog stands and he did move a ridiculous amount of hot dogs. But still, it´s not exactly rocket science we are dealing with here.

Set up a shop. Money going out must be smaller than the amount of money coming in. Find something that makes you money, and you do it over and over again. Sounds too simplistic? Well, maybe a bit but you get the picture. Between us we have operated in a large number of different business areas. Several of us operate in more than one area of business today. How can we pull that off? Because if you know how to do business you tend to do well no matter what area of business you are operating in. The principles are the same.

A great idea is terrific, but it is the execution of that idea that turns your thoughts into money. And in order to execute correctly you need to know how to do business. Once you know how to do business, you have mastered the art of execution and your have a solid chance of turning almost any idea into a future money maker. t is the quality of your actions, not the quality of your idea, that determines how much money you are going too make in most instances. It is your knowledge of business and execution that determines whether your business idea is going to fly or not. And it is the quality of your actions, not the quality of your ideas, that determines how much money you are going too make. Ideas are nothing, execution is everything.

The magic of taking action has several layers that are beneficial to your wealth potential. First of all, no matter how great your idea you have, without action you won´t get a dime from it. That is a law of nature that cannot be refuted. If your great idea is not executed upon it will remain an idea. Then some day, in another country, someone else will have the same brilliant idea, act on it, and probably make millions. Second of all, by acting and being in motion you tend to be more in touch with your market. In business you want to be moving forward or backwards, as long as you´re not standing still. By being in motion you can adapt to your surroundings more quickly. You tend to recognize what the market wants and you are able to adapt to it in a better way. Thus, action makes you more in tune with your market. Thirdly, by being a man of action you can capitalize on opportunities when they present themselves to you. All of us will be presented with quite a few good business opportunities throughout our lifetime. When you are in motion those opportunities tend to be more easily recognizable, more easy to act upon and these opportunities tend to come along more often. Action, not ideas is the foundation that wealth is built upon. Don´t ever forget that. And strive to be a man of action, not a man of ideas…

That concludes this part of our guide. It´s time to move on to the next part of our guide; “Build a profitable business- the baby steps part 3″. Join us!