How do you become wealthy?
  1. Inherit money or win the lottery.
  2. Invent something that everyone will use i.e. the next milk carton.
  3. Do so well in your career you eventually become MD or CEO of a business.
  4. Start a business yourself.
Well what are your chances of the first three?  Slim? So lets look at "4", starting a business.

Did you know that 75% of the world richest people got there through owning their own business.

What is the easiest way to make money when setting up your business?

Employ someone else to do it for you!

How many times do you say "oh it's easier or quicker just to do it myself"?

I was once a firm believer of this, in fact I was so good at doing it myself my boss couldn't afford to promote me.  How did I feel? Great, I was his number one.  Whenever there was a serious problem, I solved it.  So how did he reward me?  By telling me I'd done a great job.

This is something managers are taught to do.  If your boss said to you "great job! I'm so glad I've got you, you really do achieve the impossible".

How would you have felt? Good? Great? I never want to leave, I really enjoy it here. I used to.

Don't happy employees work harder? Exactly, just by giving you compliments your boss can get you to work harder for nothing.  Just a few words, but those words don't put food on the table, and the more intelligent ones among us quickly start to realize this.

One particular day I noticed that by making a simple change to how we manufactured our products we could save over 100,000 per year on current manufacturing rates.  What did I get?  A well done and oh you'll get a little bonus check this month.  I received a cheque for 1000, I was then informed I would pay the 40% tax through my normal wages.  Over the following 3 years I remained with the company that implementation saved the company over 1/2 million, and what did I get 600.  I was "Pi***d", I'll tell you what I wanted, a bloody Ferrari!! I mean he had two, where's mine?  In his pocket that's where.

So what is the lesson here?

If you work for someone else you will only ever be paid less money than you make for the company, else why would the company employ you.

Also, if your boss can get you to work for less why pay you more, it's money out of his pocket, and believe me, they are more interested in keeping it there.

Unfortunately, you are only worth the money it would take to find someone to replace you, and also unfortunately that is most often the case for 90% of this countries employees.  There is always someone out there willing to do your job for less.

If I setup a company and worked 8 hours, then I want the reward for 8 hours work.  If I employ someone who also does 8 hours work.  Then I want the equivalent of 16 hours reward, but because I'm the boss I'll only pay the employee the equivalent of 4 hours.  If I then employed say ten people I would be effectively doing 88 hours work per day (10x8 employees + 8 me) and paying out only the equivalent of 40 hours work.

This is called leverage.  It is what all companies use to make money and more of it.

So why don't you?

Were you ever a child? Did your parents ever teach you to tie your own shoe laces?

Why?

Surely it was quicker and easier to do it themselves, but no they persevered with you and taught you how to do it.

Why is it when we look at a child's undone shoe lace do we want to teach the child to tie it by themselves but when it come to business, we don't.  We end up saying "it is easier or quicker to do it ourselves" or "it's my job".  Is that what your boss says?  No he lets you do it. Why?

Because they have learnt the most closely guard secret in business, which everyone knows it's just we choose to ignore it.  We feel threatened by it!

By allowing others to do the work for you, you complete more.

How much would you accomplish if you had to keep tying your child's shoe lace 10 times a day, or  feed them, clean up after them. I mean that would be a fulltime job.

Time is precious! 

How many of you want to spend more time with your kids, watching them grow up.  Even trying to teach them things.  Re-learn this concept and don't waste your time doing things for others, when you could be doing it for yourself and enjoying it.