_ WAYS TO RICHES
By Alfusainey Touray
In economics, rational man is described as maximizing individual who makes choices among an array of alternatives in a view to satisfy his needs and wants. Some of these needs or wants are quantified in terms of money; hence riches are needed to satisfy them. A man pursues of satisfying his unlimited needs and wants leads him to have a strong desire to get riches or accumulate wealth. Even though he is aware of the fact that some wants or needs can’t be measured in monetary terms, he ranks money as the most essential thing in the pyramid of self-actualization. He believes to sense sense of belonging to any group in the society; you need riches to pave the way. We have seen how politician received kickbacks from greedy industrialists in order to make policies that will make their commercials flourish. If you check the nature of this exchange between the greedy capitalists and the politicians, all of them are working towards one thing; maximizing their satisfaction.
Since man’s desire to maximize his satisfactions leads to his second desire; to accumulate riches, the billionaire question is how can one accumulate riches over time?
This question has been raised and debated many times and there have been array of opinions on the subject matter. Even though there is a divergent opinion on how to get rich or accumulate wealth over time, through my keen observation, I have come to a conclusion that the most efficient way of accumulating riches is; to have your own and find ways to increase the value of what you own.
By having your own I mean you own a business. There is one common trait among wealthy people around the world; all of them have a business. Many young people, especially the new graduates from colleges or universities see wealth accumulation as landing on their dream jobs, you cannot blame them because our educational institutions teach us to be job hunters rather job creators, thus we have more job seekers than job creators, the result is high unemployment among the youths; The solution to such a problem is to cultivate the entrepreneurial spirit in school curriculum and see business not as for people who cannot find a job. You might be the highest paid employee in the world, but that is not enough to pave your way to be a wealthy person. No matter how much you receive as a salary, you can’t receive more than the person employing you, so your odds of making to the top as wealthy man is too small. Going back in history, it is crystal clear that every time media come with the list of richest people in the world, you don’t find an engineer, economist, writer, doctor, or surgeon working for someone there, the only people you find in the list are the capitalist, people who own business.
Use the work experience you have accumulated and the good salary, you have been receiving and establish your own. Don’t spend all your life calling someone a boss, be your own boss, don’t be a long-term asset to any employer. In fact, you will be more valuable to the society by owning a business than working for someone. The most common excuses you hear from young people is; I don’t have enough capital to start a business, I have never done it before, is not the perfect time.
Well the thing about starting a business is that you won’t have enough capital to start, but most everything has a start, just start with whatever amount is at your disposal. We live in a world where we are faced with resource constraint. Even governments and extremely rich people face resource constraints. The thing is about making best use of what is available to you at the moment. There will never be a perfect moment or time. What distinguishes a great entrepreneur from a bad one is his ability to create something out of the present moment regardless of the circumstances he or she is in. A good entrepreneur knows that the greatest enemy of success is procrastination; he doesn’t wait for the perfect time to start a business. In fact, starting a business doesn’t always mean you have to get money; a good idea can start a business for you. You have an idea, but you don’t have the capital, just do what Dr. Napoleon Hills said “form a master alliance with someone who has the capital”. You are not an island that can exist on its own. The way to riches cannot be travelled alone. Let’s visit history and see people who have started a business with a small capital or with just an idea.
Henry Ford is now a household name in the United States. A farm boy, who has made his way to the industrial world through establishing his own motor company, Ford didn’t start with everything he needed, as an intelligent engineer and an entrepreneur he knew that overtime he can reduce his resource constraint. If he had continued working for his employer, his idea would have never been credited to him but to his employer.
Another entrepreneur who has touched the life of many people through information technology is Steve Job (RIP). He was an American entrepreneur and inventor, best known as the Co-Founder, chairman, and CEO of Apple Inc. He started the gigantic apple company, we are hearing today from a Jobs family garage; he co-founded it with Steve Wozniank. Through their master alliance, they were able to form a mobile company that is not only seen as one of the leading companies in the technology world, but also a benchmark for measuring the social status of consumers who consume their products. We can go on and on to give names of people, who have started business with small capital or forming partnership with others with only an idea, so don’t let present circumstances be an obstacle because the perfect moment you are waiting for will never come.
Establishing a business is one thing, but maintaining it is another thing. The value of a business can be increased in two ways; either increasing the revenue or decreasing the expenditure.
With a frequent economic crunch and unpredictable business cycle, increasing revenue on a continual basis can be a daunting task. In rainy days to maintain or increase your riches the best way is to reduce your business and personal expenditures. You have to clearly distinguish your needs from your wants. Avoid spending on unnecessary wants, let go of things that you can live without, live like a prudent business man not like a celebrity. Stick to this principle; SPEND AFTER SAVING, NOT SAVE AFTER SPENDING.
In conclusion, if you are obsessed with riches, there are only two ways to pave your way to it; own a business and pull out all the stops to increase the value of the business either by increasing the revenue of the business or reducing your business and personal expenditures. With these two ways you are guaranteed to climb to the mountain of riches and enjoy financial independence.