There is an old saying that goes, “One can make a lot of money, if one wants to make a lot of money.” You must do three things to do what you want to do:
1.) Don’t follow your passion
That’s right, I said DON’T. Passion-based businesses bring us bike shops, boutiques, bakeries and gimmicky web stores. Sure, they can and do make their owners a living. But they don’t make them millionaires.
2.) Don’t go into a business that is easy and affordable to start.
My mother owned an ice cream store that cost her $50,000 to start, buying equipment, supplies etc. Even though she owned the building, and managed to make about $50,000 take home pay a year for 14 years, she ultimately sold the business for, you guessed it, $50,000, which was all it was worth.
All she got in addition was overweight and diabetes from eating ice cream. Why did she not “get rich?” Because ANYBODY with $50,000 can open an ice cream store! That’s why there’s thousand of them. Your capital investment should be much higher than what most people can afford, and it should be in an industry that very few people understand, i.e. something in which you can become the expert or go-to supplier. And now for number 3…
3.) To create a million dollar business, your first and foremost “passion” should be MAKING MONEY.
Yes, it’s that simple. Making money, i.e. concentrating on “the numbers,” as in margins, lowering costs, and maximizing profit, THOSE should be your passions in ANY business. Because without those being the primary focus, no matter what business you are in, you will just wind up owning your job, and not a profitable business.
By Kurt Shaw, Art Dealer, Art Market Analyst, and Fine Art Appraiser. Shared from Quora.com
