10-Fold Path To Becoming Rich And Wealthy. In my study of rich and wealthy people, I discovered that every one of them has initially adopted a preferred path to success. There are generally ten major pathways. I call them the 10-Fold Path to becoming rich and wealthy. By understanding different pathways, it will help you find the appropriate path of least resistance to wealth. It will also help you establish individual and organisational capacity and competence to develop different pathways to acquire financial success. These pathways can be correlated to psychological models such as the Five Factor Model (FFM). The FFM covers the big five personality traits of openness, conscientiousness, extraversion, agreeableness, and neuroticism or emotional stability (OCEAN). It accounts for different traits in personality and they are deem to be connected to specific parts of the brain. If you study Greek mythology. You will realise that the ten different pathways have been depicted in the lives of mythological gods and goddess. It goes to prove that discoveries of modern age have been in existence since the beginning of time. We have merely affirmed truths of age-old wisdom. In a nut shell, let me share with you the 10-Fold Path to becoming rich and wealthy. 1. Openness 1.1 Game-changer (Aphrodite) The Game-changer becomes rich by identifying problems, finding gaps, and applying radical and disruptive solutions in the marketplace. Eg. Michael Bloomberg, Jeff Bezos 1.2 Inventor (Hephaestus) The Inventor becomes rich by creating and innovating new models, products and services. Eg. Steve Jobs, Richard Branson 2. Conscientiousness 2.1 Governor (Athena) The Governor becomes rich through leading people and managing limited resources. He develops structure, system and process to make things work and create wealth. Eg. Steve Ballmer, Jack Welch 2.2 Guardian (Demeter) The Guardian becomes rich through acquiring undervalued assets and improving, leveraging on, and growing them. Eg. Warren Buffet, Amancio Ortega, Sheldon Adelson, Lakshmi Mittal, Paul Allen 3. Extraversion 3.1 Power Broker (Hermes) The Power Broker becomes rich by selling, trading and brokering information and deals. Eg. Carl Icahn, George Soros, Rupert Murdoch, Donald Trump 3.2 Ruler (Zeus) The Ruler becomes rich by targeting a market segment or niche. He then works on developing an unfair advantage or winning edge to dominate it. Eg. Harry Triguboff, Eike Fuhrken Batista, Li Ka-shing, Larry Ellison, Mark Zuckerberg, Sam Walton, Aliko Dangote 4. Agreeableness 4.1 Hero (Apollo) The Hero becomes rich through making people like, trust and respect him. Eg. Oprah Winfey, Michael Jackson, David Beckham 4.2 Master (Poseidon) The Master becomes rich by being an acclaimed expert in a significant domain. Eg. George Lucas, Giorgio Armani, Ralph Lauren, J. K. Rowling, 5. Neuroticism or emotional stability 5.1 Problem-Solver (Artemis) The Problem-solver becomes rich by resolving problems that can cause major gains or losses to the customers. Eg. Charles Schwab, Michael Dell 5.2 Politician (Ares) The Politician becomes rich by developing schemes and maneuvers to influence operations in organisations, communities, and society. He does it mainly for his personal or partisan advantage. Eg. Silvia Berlusconi, Prince Al Waleed bin Talal bin Abdulaziz al Saud, Thaksin Shinawatra, Vladimir Vladimirovich Putin Entrepreneurs Perspective The important lessons to bear in mind for an entrepreneur are as follows: 1. Leverage on your strengths There is no single and absolute path to be rich and wealthy. As a start, you need to choose the path that is most appropriate to you, one that will optimize your edge, advantage and growth. The choice of the path depends on the following: 1.1 Purpose. It serves your purpose in starting a business. 1.2 Personality. It leverages on the strengths of your personality. 1.3 Passion. It should invoke meaning, fun and excitement. 1.4 Performance. It should be a path that can help you perform well and better than your targeted competitors. It plays to your advantage because you have an edge or you CAN have an edge in terms of your knowledge, attitude, skills, habits (KASH). 1.5 Priority. It should be a path that is relevant and significant at this time and in your current situation. 2. Cover your weaknesses. You need to retain different talents to cover your weaknesses. In addition, you need to build organisation, system and processes to secure and enhance your business model and operation. 3. Work towards a holistic model of growth. As you work on your chosen path, learn to develop a targeted, holistic and balanced set of competences so that you can choose different and perhaps more effective paths. You can also have more options to grow your business. Develop qualities of adaptability, agility and tenacity for both yourself and your team. In that way, you can survive any turbulence and exploit the silver lining in every storm. May the right path be with you.
Posted on: Mon, 31 Mar 2014 14:35:50 +0000
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