A Road To Financial Independence?
“The first million is the hardest” is a saying that many a financial guru, advisor, or even the old rich Youtuber have uttered and used to be words of encouragement to those seeking wealth. This wealth can present itself in many different forms. Everywhere you look in the echo chamber of hustling for that first million, you see anything and everything: from Amazon SBAs, real estate millionaires, or cash flow kings. You may even see the luxurious life of a person with a good job gotten with a great degree who is living it up in the most remote job as a lawyer in the middle of the savanna to represent Scar in his legal fight for the throne. Each is presented as the way to your fortune, and each have the correct answer for you. All you have to do to get to the top is to emulate them.
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Standing On The Shoulders Of Giants
I will be there first to say that this no longer accessible, at least not in the way they are presenting it. The opportunity has already come and past. You are too late to the game to even get a participation trophy. This, however, does not mean that you shouldn’t listen to their story. You should listen to their story and listen very closely- to use a very overused saying- “with a grain of salt.” This most common interpretation of this saying, given to us by the Oxford English Dictionary, is to “regard something as exaggerated; believe only part of something.” With this definition, it can often cast doubts or cause you to close your mind to what it is referring. There is gold that can mined from expressions of thought. You should never take the story as what to do but rather on how to do it.
Running A Successful Business
Let me go over this in an example. There are two main lessons in running a successful business. The first lesson is that people are a business’ greatest asset. Some take this a step further and say that customers are the greatest asset. By this, they are saying of course that customers are what make the company run by buying goods and services. Now, let’s take a look at the second lesson. Make things standardized, repeatable and delegable as possible so that you can delegate your tasks away.
So, what new business solutions can you ascertain from these two lessons? One is to make it so your customer can pay you to do the work that you don’t want to do or hire for. This can be seen as utilizing online resources for customers to set up their appointment or even as self-checkout lines in grocery stores. This reduces labor cost and has an added bonus of giving your customers a sense of belonging and a sense of control over their own decisions as well as empowering those with social anxiety to be able to use your service without having to deal with anyone.
This blog is dedicated to critical thinking business lessons and working towards that first million using best practices. I will detail analysis of different strategies, schools of thought, and my own tips and tricks gained on my fellow entrepreneur journey. The successes, failures, the aha moments, and secret tricks to spotting opportunity. We here at FMTH believe that every business is successful if you have the right opportunity.
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