When you have born, you have nothing of that sort called wealth! You are born really very much bare! Similarly, when you go out of this world after your stay here, you take nothing with you! You are again very much bare! In between lies what is called life with full of necessities.
Born with silver spoon!
To meet the needs and wants of your life you should have sufficient resources called money and wealth. Some might have born with a silver spoon. They will have their fore father’s wealth just transmitted to them and always there at their disposal. Hereditary transmission of wealth and money to the youth could be the easiest way to create wealth. The next choice is getting wedded to a rich girl.
Bare foot shrewd entrepreneur:
But earning money for the livelihood and to create wealth for a family with out these starters is a difficult task for a bare footed entrepreneur. But a shrewd entrepreneur will make it possible and become successful to create wealth with certain assured principles.
To start with earning for a livelihood requires certain analysis about the entrepreneur.
Open Mind learns:
The entrepreneur should have an open mind to learn what is essential to start and establish a business needed by the people. He should have common sense towards invention and innovation to question his brain by bombardment so that it releases good ideas for the business. He must have well trained concentration in learning a skill and in execution process too.
He should either have a skill or master a skill matching the business need. He should be in a position to work and manage his people to work for production of the matching product or service.
Match skill more pointedly:
He should have a plan to do the business more pointedly to bring success initially. He must be in apposition to expand it further, to make it reach the people in more areas. He must be a specialist supplier of the unique service. He should plan for a multifold growth of the accepted service to the people.
Serve More Unit Quantities:
Let it be a chain of department stores, restaurants, fast food counters. The aim is to serve more people, more times, and then the volume will become huge to bring money and create wealth.
Division of labor-work sharing society:
He should divide the work and delegate the sub works to the desiring work sharing society. The target oriented approach towards ‘supply and demand’, will make things easier.
BPO and Quality control:
Business Process Outsourcing with quality management will help the entrepreneur to expand the business as desired. He can create wealth by converting the money earned so far in these businesses. He can reinvest or plough back or diverse in associated fields of his existing business.
Vision and Ambition:
The limit to create wealth lies with the vision, ambition and capability of the entrepreneur’s managerial groups. This depends mainly on the people outside and inside of the organization.
The entrepreneur who excels in performance and serves more people in a society will multiply his earning power to create wealth.