I usually focus on the value you provide for others when I talk about increasing your profit and impact, and it’s true that customer obsession is key to your success. However, if you want your business to be the source of your personal wealth, there are certain things that need to happen at your end too.
I spent months studying success to identify the fundamentals to building wealth through your work, gaining insight from highly successful businessmen such as Jim Rohn, Napoleon Hill, and Sam Ovens. I concluded my search with a list of six fundamentals. Timeless nuggets of gold that have cultivated success for centuries, and will continue to do so for the foreseeable future.
At this point you’re probably thinking, why six fundamentals? Surely five is a more satisfying number, or ten is nice and round, right? It begins with one of my research subjects, Jim Rohn, and three things he said about success that I’ll never forget.
3 things you should know about success
His first words of advice are “avoid exotic answers”. People tend to disregard the fundamentals because of their simplicity, believing that if success is hard to achieve, the rules to get there must be complicated. Fundamentals are always simple. It’s the application that’s hard.
The second quote beautifully summarises the attainment of success. It reads “Success is no more than the natural consequence of consistently applying the fundamentals of success to life. The same is true of wealth and happiness.” I’m sharing the fundamentals for building wealth specifically, but you should know this method applies to anything you want in life. Study what you want, identify the fundamentals, and master them.
The final piece of wisdom I want to share answers the most important question – what are fundamentals? As Jim Rohn eloquently puts it, fundamentals are “the half dozen things that will make the most difference to the outcome”. I took this literally when I decided to compile my list. Six is enough that you don’t miss out something important, but not so many that you bloat your list with things that aren’t really fundamentals.
So, we’ve laid the groundwork, now let’s get into it.
The 6 fundamentals of building wealth through your work
- Believe you can do it
You’re at the mercy of your beliefs every day. Beliefs shape how you think and feel, which shapes your behaviour, which shapes your reality. If you believe you can’t win, you won’t. If you believe it’s impossible, it is.
- Have a clear goal
This doesn’t need to be complicated. You just need to know what you intend to do backed up by solid reasoning. Seeing as we’re talking about business, your ‘what’ should involve creating value for customers who are willing and able to buy.
- Make a plan
Don’t get lost in this one. The most important thing to know is the ‘how’. How are you going to reach your goal? What specific actions will you take? Once you have a what, why, and how, you’ve got the bones of a strategy. Check out my strategy service if you need help with this stage.
- Take persistent action until goal completion
Here comes the hard part – do until it’s done. There’s no shortcut. To build discipline, you must repeatedly do what needs to be done regardless of motivation. Create a structure that works with your brain so you can chip away at your tasks each day.
- Don’t rely on guesswork
Guessing wastes time, and you’re not going to be here forever. Gather data and extract insight where possible so you can repeat what works and discard what doesn’t. For unexplored ventures, you’ve got two options – (1) conduct research; (2) try it now and learn from the feedback.
- Remember the lag between cause and effect
Your efforts won’t produce results immediately, so don’t quit your plan or go searching for more things to try. This is where most people go wrong. Have faith in your plan, but be patient. It could take years to pay off.
What do you think? Sounds too simple? If you’re rolling your eyes and clicking off this article, you’re already headed down the wrong path. If you want to build the kind of wealth that will set you up for life, you’ve got to increase your salary, and before that, increase your profit. It’s not going to happen if you cross your fingers and leave it to chance.
Resources to change your thinking
If you’re struggling to take this advice on board, I highly recommend you visit the source of my insights. Start by reading 7 Strategies for Wealth & Happiness by Jim Rohn, or watch his Personal Development Seminar which covers much of the content from the book. His teachings are transformational.
Next is Napoleon Hill, who dedicated his life to understanding how others became wealthy so he could do the same for himself. His book Think & Grow Rich is an excellent source for the principles of success. It’s dated in places, even spiritual in others, but overall an invigorating read.
Lastly is modern-day genius, Sam Ovens. I encourage you to explore his value-packed videos from the early years of his Youtube Channel, but one of my favourites is his discussion on Long-Term Thinking, 2nd Order Consequences, and Effect Horizons. If he’s standing in front of a whiteboard, I guarantee it’s worth a watch.
Applying what I’ve learned from these resources has accelerated my progress, and I’m certain it can do the same for you. Don’t leave your success to chance.