Do you find yourself thinking, it takes luck to build wealth?
Do you stay up till the wee hours of the morning watching get-rich-quick infomercials?
Do you constantly think, “if only I could move to New York or Los Angeles I’ll get rich”?
If you these questions describe you then… you have a problem
Why? Because the reason, you think that building wealth is down to luck…or winning the lottery is because you don’t have…
The entrepreneurial mindset
Why? Because an individual with an entrepreneurial mindset knows that building wealth is not down to luck.
An individual with an entrepreneurial mindset thinks about luck and wealth differently
A person with an entrepreneurial mindset thinks about wealth differently from the average person.
An entrepreneur’s definition of luck is summarized with the following acronym
Laboring
Under
Correct
Knowledge
Motivational speaker, Earl Nightingale says, “luck is when preparation meets opportunity.”
You see, the opportunities to build wealth come disguised as problems
An entrepreneur is solution-oriented person. As a result of providing solutions for the market, entrepreneurs create value.
Remember this: your income is directly related to the value of goods and services you provide to the market.
Bestselling author and wealth coach Harv T Eker defines an entrepreneur as an individual who solves problems for a profit
When you learn how to see the world through the lens of opportunity like entrepreneurs do…it’s easy to accumulate wealth.
After all wealth is defined as a store of value. The more value you create, the wealthier you become
Why people fail to build wealth from opportunities…
The main reason most people fail to build wealth is that they are blind to the opportunities available in their area to create wealth .
This is because you were never trained to analyze opportunities. So when you come across opportunities because you are not aware of what they are-you do nothing about them
The key to taking advantage of opportunities is to learn to become an opportunity analyst.
Why? Because its only when you know how to analyze opportunities that you can formulate ideas to monetize them
Here’s a formula I want you to learn by heart:
PROBLEMS = OPPORTUNITY
Valerie Young bestselling author of Its never too late to find your calling says that there are 5 common places to look for an opportunity. And five forms an opportunity can emerge
The 5 places you can look for these income-generating opportunities are:
- Complaints, problems and threats
- Trends
- Demographics/ niches
- Interest or hobbies
- Personal experience or crisis
When you find these opportunities, you’ll find that they provide a chance create value for your market.
This is why Valerie Young says that opportunity comes in the form of problems
On the other hand, the opportunity to build wealth may come in the form of skill or talent you have.
In other words, you may find an opportunity to create value in exchange for money by selling your expertise, talents and business relationships.
In this respect, there are 5 forms opportunity to build wealth may take:
- A product. It could be your own product or product you resell or you refer customers to as an affiliate
- A service. It could be a service you provide, a service you subcontract to someone else but you provide
- A retail or another physical location
- Entertainment /performance. For example singing children’s theme parties, comedy sketches
- A creative endeavor, for example music, art, crafts creative writing
The key to success with taking advantage of opportunities is that they are entry points to what Valerie Young calls “the opportunity highway.”
In other words when you start to build a business around the opportunities you see… other opportunities or spin off businesses will emerge. The fact that you can have many opportunities merging into a business means you can have multiple profit centers.
For example, a business aimed at solving the problems of traveling single women looking for female friendly hotels can also involve a demographic group (single women over 40) and a trend (dating for singles over 40)
The bottom line is there are opportunities to build wealth.
In order to get rich from leveraging opportunities- you must develop the instincts of an opportunity analyst.
It takes having an entrepreneurial mindset to become aware of the opportunities that surround you.
Do you know you can get paid to brainstorm ideas for others to make money.
Valerie Young has been doing this for the past 20 years. Learn how she can help start getting paid to brainstorm ideas for building wealth. click here