Deliver ValueWealth Principles
The easiest way to gain wealth is to deliver value to others. Providing value to others in a repeatable and easily scaled fashion is a surefire way to gain wealth. You learn a skillset that is used to deliver value, master that skillset, and provide value in excess of price while earning a profit with that skillset.
Learn How to Deliver Value
The first step is finding skills that are currently in demand, or will be in demand in the immediate future. This isn’t an easy step, but it is essential. Value can be tangible, like a handheld product, or intangible services, like entertainment or education. But it must give deliver value to the user and hold their attention. It is better if you actually enjoy the skill that you’ll use to deliver value, since you would be able to repeat it without it feeling like “work”.
A skillset currently in demand is an easy and obvious choice. It should be trending upwards in demand, allowing you to be even more certain. It’s also safe, since you know you’ll be able to use it in the future.
You can also take a riskier method and attempt to build a service or product provider. The upside is that you will own the value provider, and can ensure your own rank, income, and control (to some degree). The downside is you can risk wasting substantial effort and time if it fails as a venture. But this should only be done after you’ve mastered your skill, since it will reduce risk.
Master Your Skillset
Just because you have selected a skill does not mean you can deliver value. Unless you have honed and refined your skillset, your quality level will be poor. Poor quality results in poor value delivery, and your brand name will suffer accordingly.
Practicing until you’re an expert or master in your skillset is wise, especially before starting a venture with substantial personal capital and time invested. You don’t have to be a master to deliver quality value, but you definitely cannot be a novice. Practicing constantly is absolutely needed before the delivery phase. Mentors, quality internships (where you regularly use the actual skill, not just fetch coffee and deliver mail) and apprenticeships will accelerate your learning curve. Always seek out and talk to those who have more experience than you and deliver value above your skill level. Assisting others below your skill level reinforces some lessons learned, but only if you’re correct. Also, when teaching others never pretend to be something you’re not. Don’t damage your brand with dishonesty.
Provide Value for a Profit
You can begin to deliver value providing products and services after you’re fairly experienced. You don’t have to be a master, but as already stated, you cannot be a novice. When you begin delivering value to others, there are two formulas you must remember.
The value you provide the customer must be higher than the price they pay. The price they pay must also be higher than the cost of delivering the value.
Value in excess of price is the customer’s reason to buy. The higher the value they derive above price, the higher their reason to buy. The value derived should also be higher than your competitors, or they might buy from them instead. This is especially true if you’re both selling at the same price point.
Obviously, you must gain something from the transaction in order to continuously engage in transactions. This requires earning a profit. This profit is what actually increases your gains long term.
It’s best to deliver value in a repeatable, scalable, and teachable format. All three of these are important. You need to be able to regularly repeat it often to earn income from it. It must also be repeatable enough to be able to scale it.
Scaling is easiest preformed via the internet, if your skill is one that can be very quickly repeated or is if it is an automated service. If you’re selling a product, you must be able to manufacture the product frequently enough to fulfill growing orders or you will need employees to help you.
The potential need for employees is why it is best the skill is teachable. The quicker and easier to learn the skill, the faster it can be taught to employees or subordinates, and the faster they can scale up your team to meet demand. Being able to train employees to also deliver value is important.
Lastly, it’s crucial that you don’t assume this can only be done through an entrepreneurship route. You don’t have to found a company; you can be an executive or manager in an organization. You merely must consistently increase the amount of value you provide both yourself and your organization (and be able to prove it) to rise to higher wages and positions.
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