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WHY OTHERS ARE RICH

The rich choose their careers strategically.

They don’t start a business they’re necessarily passionate about. They don’t even do something they necessarily understand or have experience in but start a business by it will fetch them money, looking for areas of big demand and small supply.

Though, only a few follow that style, it is believed that there is no evidence that entrepreneurs or the rich select industries in which profits, profit margins, or revenues are higher. Nevertheless, sixty-three percent of new business owners affirm their venture doesn’t have a competitive advantage. Only a third confessed doing a search for good business idea.

The industry you start a business in is very important: some industries are several times more likely to be successful than others. According to statistics between 1982 and 2002, start-ups in the software industry were 608 times more likely than start-ups in the restaurant industry to become one of the 500 fastest growing private companies in the United States—608 times more likely!

A business school professor asking his student question yearly, about what the most profitable businesses, finds out they could not name any correct answer. What a smart educated business students wouldn’t know, why would the average person know? Strangely, the rich pride themselves on thinking differently and looking for underserved markets and hidden opportunities. And, frankly, the companies they start usually aren’t so great. They fall into the category of “dull-normal.” But they make bank.

Many of the types of businesses we are in could be classified as normal. From trading to agriculture, building, IT etc. , despite thinking differently and doing things our own way, the rich agree “getting along with people” was key. Our capacity to get along with people is the hidden secret of our business success particularly at the initial stage.

Therefore, we are to choose our businesses wisely particularly in areas we are more likely to get along with people. However, you need not be brilliant to become successful in business, you only need to be smart.

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