How To Get Rich: Simplified

“You could trade off hours for thousands or ideas for millions.” – Shark Tank

If you don’t like money, stop reading.

Would you like to make a stable mediocre living, or a risky but thriving fortune?

Most people in Asia don’t like the idea of risk, but many people in the Western world love it. Guess which side is less “average”?

The Perfect Quote

What the quote is saying is you either become a hard-working person for hours and hours but for the maximum you’ll only end up with a thousands’ monthly salary.

Or:

You could trade an incredible idea to earn millions of dollars from it.

And that’s the way to get rich.

Shark Tank: Awesome Reality Show

Recently, I found out about a show that many people may be familiar with called the Shark Tank. It’s a reality show about business owners going up to the “sharks” or top business CEOs and sharing about their firm, and trying to get a loan for an equity of their firm, or sometimes with royalties, transportation costs…etc (if the a shark happens to be in the same industry).

Here’s a Wikipedia page about Shark Tank. I highly recommend you to watch that show, at least an episode. They have a 5th season starting on September 8th 2013.

The #1 Concern For Going This Path

Risk.

Risk happens, but there are inexpensive ways that won’t cause you to go bankrupt while at the same time be able to see if your idea works.

Beta-testing, surveying…etc. Just make a few samples and try to sell it at the market.

If your idea doesn’t work, then just start again. If it does, is “expand” the world you’re looking for?

You Have A Workable Idea: The New Problem

Capital.

Using your own 401k or emergency funds to fund your project can be promising with results. However, even if you know you have a workable idea that people buy, you need money to make money.

How ironic?

Don’t worry, getting capital doesn’t just have to be from the banks. You could get it from the Shark Tank (unlikely but doable because you have to go on TV, everything in the show is real by the way) .

New and easy method: Kickstarter – where you post your project idea and get community members to fund for you, then when you make money you pay them back.

Don’t Have An Idea?

Then you can’t get rich.

Or you could learn to find ideas. They are EVERYWHERE.

How to find ideas that people buy? Use perspective thinking and find out what other people would actually pay for, to get a solution. Or, what are some problems YOU would pay for to get it fixed?

Ideas that people buy are ideas that help solve a problem, that help make their lives easier.

It’s that simple.

The Complete Process: Simplified

  1. Find an idea that makes life easier.
  2. Make a prototype.
  3. Test it, try to sell some in the market, to friends, to the public.
  4. Acquire capital.
  5. Expand.

Of course, there are many other factors including design, conversion…etc. But if you’re asking about the process to get rich, this is the simplified guide.

Here’s an incredible resource

I’ve read all of Billy’s blog posts, they are amazing. He makes a fortune from his e-commerce stores and he recently just started a training program for it too. Check out his blog Forever Jobless. His blog is the real deal. Seriously. Full of priceless business advice.