"A successful business is the way to make a million dollars ... probably easier and quicker than anything else ...
These were the closing remarks made today by Kochie (David Koch) on Channel 7's sunrise program. He was talking about how to make your first million.
He's right ... when you think about the 'other' ways to make a million (win the lotto, marry someone very rich, save $300/week for 25 years in a high interest account) ... but I had to laugh ... there's not many business owners I know who would think that running their own business is the 'easiest' way to make a million bucks.
So why is business ownership the 'easiest' way to your first million?
1. You can hire other people and earn money from their efforts. You can't do that if you're employed.
2. With a strong product that can be produced once and sold time and time again, you can leverage your time, knowledge and expertise - invest hours upfront to produce a book for example ... then sell it via multiple channels.
In other words - LEVERAGE. Leveraging your time and your expertise is possibly the easiest and quickest way than any other to make a million dollars.
But what's the catch?
Well - there's a lot of catches as any experienced (frustrated, tired, cynical) business owner will tell you. It all sounds good in theory ... but the reality is often a lot harder (and I mean a LOT harder) than such comments make it sound.
The key is in Kochie's closing statement,
"... but you've got to get the right advice.
I couldn't agree more. (And yes, I know, I am biased as I make a living from giving just that kind of advice, but it is true.)
I see SO many businesses struggle unnecessarily because they didn't take the time to get good, smart, meaningful advice before they started out. Good advice will help you build, maintain and evolve a business model that works to get you closer to that million ... as well as help you avoid the pitfalls along the way ... not just at the outset ... but throughout your business development journey.
Have a look at the whole segment - Kochie's Tips for Making Your First Million - the discussion about running your own business is at about the 4.40 mark.