If you take the time to study wealth builders, you will discover a fascinating fact: wealth builders are excellent at acquiring, creating and managing VALUABLE economic resources.
Economic resources (land, labor, capital, and entrepreneurship) are the goods and services you have available at your disposal to produce valuable consumer products.
Land, labor, capital, and entrepreneurship are the inputs needed to produce consumer valuables (goods and services).
Land refers to the earth and everything that comes out of it (minerals, precious stones, plants, raw materials, water and all other natural resources).
Except for the entrepreneur, labor refers to the worker, employees, and laborers who perform all the tasks needed to produce consumer valuables.
Capital is all of the tools, machinery, and technology required to produce a good or service.
Lastly, the entrepreneur is the creative mind that combines all the other factors of production to produce consumer valuables to make an economic profit, and assumes all risks and enjoys all the reward of the venture.
An entrepreneur, therefore, creates wealth by producing consumer valuables, and exchanging them for money (or other economic resources), and repeating this process until a comfortable level of financial success has been reached.
Some entrepreneurs are content with being millionaires. Others aim to become billionaires. You should always aim higher in whatever you do. Hence, aim to become a billionaire; so that even if you miss, you would at least become a millionaire.
In most cases, what leads to poverty is aiming too low in life, or being complacent with a degree of success, accomplishment or achievement. Use time wisely, seize opportunities, and never misuse, abuse and destroy economic resources; otherwise, you will only tend towards lack and poverty.
If you want to build wealth, you must RETHINK how you acquire and manage your economic resources. You must start with a new mindset. You need a significant paradigm shift in your thinking process and how you perceive wealth.
To build wealth, you need the mindset of an entrepreneur, because only a person with a strong entrepreneurial spirit can create wealth.
Entrepreneurial spirit refers to the ATTITUDES (mindset) of an entrepreneur. This entrepreneurial spirit possesses the potential as well as the wisdom to transform economic resources into valuable consumer products and services.
An individual with an entrepreneurial spirit, possess the following character: leadership, sense of duty, responsibility, self-motivation, commitment to excellence, sound judgment, and personal courage.
An entrepreneur lives an INTENTIONAL LIFE-a deliberate and regimented lifestyle governed by a strong desire to succeed and excel. They are motivated by the future and not the present. They think different from the rest of the world.
The most important character an entrepreneur possesses is ATTITUDE.
There is a distinct attitude needed to become a successful wealth builder.
Attitude is how you see and respond to people and things. One may have everything one needs to build wealth, a fail-proof and foolproof master plan and yet die poor.
The attitude you must have is that “you can do it.” Attitude is everything, and everything is about your attitude. As a man thinks in his mind (his attitude) so he becomes.
To ATTITUDE, add APTITUDE.
Aptitude refers to your natural ability to do something
For wealth creation, you must identify your natural skills and abilities, and develop your MOST lucrative ability, and find ways to translate it into economic value.
To APTITUDE, add CREATIVITY.
CREATIVITY is the ability to transform available resources into VALUABLE tangible and intangible products and services. The creation of VALUE requires Creativity.
Creativity may also be defined as your ability to transform your thoughts and imaginations into ECONOMIC VALUE.
Lastly, you MUST be INNOVATIVE
We live in a highly competitive world, thus, when creating value, you must not only be creative, you must also be innovative. You must find ways to create value smarter, faster, better, and cheaper!