Ideas on how to become rich - Golden Rules of Entrepreneurship

Ideas on how to become rich - Golden Rules of Entrepreneurship

Recently, I have been busy with studying for Economics and also writing an independent study research paper on the current global financial crisis, and in particular I have been busy with writing about global capital flows, and how money flows from poor countries to rich countries, rather than the more "commonsensical" flow of capital from rich to poor countries. One of my very loyal readers therefore took it upon herself to send me an article on money and finance, and I liked that very much that I just had to put it up here on my ideas on how to become rich site. Thanks to Sally for her contributions to my ideas site.

From Sally Klaus, on Ideas on How to Become Rich:

the Golden Rules of Entrepreneurship

1 Seize all opportunities - money making, networking, business opportunities

2 Think like an entrepreneur, noticing and sensing things around you

3 If real estate is location, location, location, then entrepreneurship is people , people, and people

4 Enterpreneurs view setbacks as temporary

5 Give everyone connected with your company a vested interest in the business

6 The only good deal is a fair deal

7 People who prepare succeed - if you fail to plan, you plan to fail

8 Listen – you can only learn when you are listening

9 It is not just the idea that is important but the implementation of that idea... too many people have great ideas on how to make money but they don't work on their ideas, and those just remain great ideas on how to make money BUT there's no real money in the end...

10 Plan both your personal and your company’s finances

11 Create a business plan to organize your thoughts and attract investors

12 Research your competitors - know yourself and know your opposition

13 Do not spend time emulating others, spend time creating and innovating

14 Watch your ass

15 Get everything in writing

16 If no one knows about your business, it doesn/t matter how good your idea is

17 Identify your target market - who are the people who will give you your business, your money?

18 Keep track of how effective your marketing and advertising initiatives are - watch your advertising budget and watch your advertising money!

19 Choose your partners carefully

20 Establish good relations with lines of credit such as banks, investors and friends

21 A business is only as good as the people of that company

22 Successful management retains employees

23 You can never know too many people - networking helps you become rich, socially and financially

24 Check your weaknesses

25 Build trust with everyone you work with

26 Enjoy your work while you look for success

Thanks to Sally Klaus for her valuable contribution here on my money making and ideas site about entrepreneurship and making money and profits as an entrepreneur. More to come on this site about ideas on how to become rich and other contributions from various readers on related ideas and interesting things that they have read.

Thanks for reading and cheers!

Ideas on how to become rich!