Don’t want to do the hard work required to grow a business empire from scratch? Learn this simple technique from a billionaire.
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Wealth creation is all in finding the right motivational quotes and then applying a proven business building strategy. (See warnings below.)
Value Your Brand
“Every person is unique and valuable.” ~ Unknown
Businesses are made up of people. Your company has you. It helps form the connection to your brand if you can name your empire after yourself. If your name is unremarkable, change your name or make you and your company synonymous.
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Now estimate how great you will be in 5 years. Multiply that number by 10.
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Right now, you know people. If they like and respect you or your business, that is called goodwill. Even if they don’t like you, you can monetize that. Think eyeballs. Those are eyeballs and people with money who might pay to see you move away. Money is money, and you will have the last laugh.
The idea is to get as many people to know who you are, whether your brand is perceived as good or bad. One effective strategy is to say outrageous things and then tell everyone that you are the victim of a biased press and partisan attacks. Social media, the Internet and television, are potential tools. Use what works best for you.
Businesses aren’t valued just for their current earnings. They are valued for their future potential. So it doesn’t matter if your brand isn’t that valuable today.
“If your dreams don’t scare you, they aren’t big enough.” ~ Gurus Everywhere
You are great. You are going to make your business great. You are fearless so dream big.
Now estimate how great you will be in 5 years. Multiply that number by 10.
For example, you might be only making $1,000 per month right now. But your ideas are great, and you will be making much more in 5 years. Don’t worry about how. You can figure that out as you go. Someone might pay for that incredible potential. So your name and your ideas could already be worth millions.
Don’t underestimate yourself. Demand what you are worth.
Value Your Assets
When you are selling something in the future, the selling price depends on what someone is willing to pay for it. The key is simply finding the right buyer.
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… is the difference between what you paid and what the business is worth according to some accounting rules hardly anyone understands. Build on that.
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That ugly 75-year-old teacup from your grandmother might be worth thousands to the right collector.
The old van you use for deliveries might have a book value of $4,000. But you are ignoring its future potential. What if the van was dipped in gold? Then it might be one of a kind and a rare collector’s item. Now it is worth millions in potential.
Always value your assets for their full future potential.
Avoid the Naysayers
According to Wikipedia in business:
“The goodwill amounts to the excess of the “purchase consideration” (the money paid to purchase the asset or business) over the total value of the assets and liabilities. It is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched.”
Essentially, goodwill is the difference between what you paid and what the business is worth according to some accounting rules hardly anyone understands. Build on that.
Don’t let anyone tell you overpaid, though. They just don’t understand the future potential of the asset and how great your business acumen is.
This strategy is legit. Microsoft just agreed to buy LinkedIn for $26.2 billion at a premium of 49.2 percent based on the stock price before the announcement. That is $8.6 billion in instant wealth creation.
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It doesn’t matter if this is true as long as you believe it.
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Financial magic like that could happen when you sell as well. So that $8.6 billion could be yours. It all comes down to finding the right buyer.
Estimate your future selling price big and make it difficult for outsiders to validate if you can. Tell everyone how great you and your company are until you and everyone else believes it.
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The gurus all say to avoid negativity. It is your business, your information, and your event. Don’t tolerate people who ask too many questions and are motivated by seeing you fail. This includes the press, your college buddy, and your parents. Be ruthless on this.
Don’t let negative people stop you from being great.
Monetizing Your New Wealth
“Once you have money it is a lot easier to make more.” ~ Everyone
It doesn’t matter if this is true as long as you believe it. If you are worth a few hundred million now, you can leverage your wealth to make even more money.
You can partner with other investors who will benefit from your brand and put up most of the money. You can get loans. You can license your goodwill and brand. You can even demand tax breaks as an incentive to locate in struggling cities.
There is no contradiction. Remember that you can declare next to no income (or a loss) for whatever reason, pay little to no taxes, and still be fabulously wealthy. Wealth and income are two different things.
You are already rich. Start acting like it and go make more.
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Warning: Contains satire. Your actual results may differ. For best results, consult an accountant or lawyer for validation. Remember they work for you. Any resemblance to real people is purely coincidental. May contain or have come into contact with peanuts, gluten, or dairy.
Image credits (modified): Pixabay