The more you learn, the more you will earn, is a golden rule all millionaires live by. Millionaires don’t happen overnight. They put in years of hard work and sacrifices to become rich and wealthy. They do this to be able to provide a comfortable life for themselves and their families.
There have been numerous research studies about self made millionaires. While we often say they were born into it, or they had access to better resources, or that they were lucky, these studies focus on factors other than luck and up-bringing. The results? Self-made millionaires, despite where they are born and where they come from, are in that position because of their habits.
A few of their highly effective habits are discussed below. While they may not make sense to you right away, these are important factors in making millionaires the people they are. Even if you are not striving to become a millionaire and are an entrepreneur starting out, these are great lessons to keep in mind while building your brand, product or service.
The VRIN Score is something that not a lot of people know about. This is taught in some of the top MBA schools in the world. VRIN stands for Value, Rare, Inimitable and Non-substitution. Your product should add value to the market. It should be rare and unique to succeed. Taking an existing product and adding an extra feature to it doesn’t work. It has to be inimitable in the sense that it cannot be easily replaced, imitated or copied. Lastly, non-substitution, even though self-explanatory, means that there should be no easy substitution for your product on the market.
The VRIN Score is an important determinant of wealth and success. With most people not being aware of what this is, it is an advantage to have over your fellow entrepreneurs.
It is not always about how much you make, it is also about how much you keep. The wealth Index is calculated from a ratio of how much you make and what your current age is. You might be making 20,000 rupees per month at 23 and spending 15,000. That is not a good ratio. However, if you keep 15,000 and spend 5,000, it is a good indicator of your business sense and shows that you value money and see it as a tool for bigger things rather than just spending it on goods you desire.
There are so many trends in the market, that it is hard to keep track of them. The easiest thing to do is catch hold of one trend and build your product based on that one trend. However, trends are fleeting and unless you want a product that will work only till that one trend is poplar, you need to stack trends. Take two, three or four trends, combine them and build something out of it. Snapchat, a popular social media app used the existing trends of social network, privacy, selfies and app to create this one website that made the owner a millionaire at 23.
These are just a few basic things to keep in mind as a young entrepreneur. Your product cannot be too ahead of its times because that brings with it the possibility of it being branded weird. Once you start implementing all these, and consciously making sure you follow the secrets, there is bound to be success in your venture.