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Lesson: 2.2 Business Mindset
In lesson 2.1, We have learned that the Business is the preferred asset class of rich people. And the rich people teach their kids since their childhood that they should own a business first and later on acquire other asset classes such as paper assets and gold.
We also learned in the previous lesson that, middle class mainly focus on acquiring paper assets and gold first while rich focus mainly on developing their own business first and after that they acquire and accumulate other asset classes.
And this is the reason why people should have at least one privately owned or a business on which you have at least 10% of the management control.
Thus, starting your own business should be the first thing you should do to grow the asset column of your financial statement. And that’s why the financial advise to get rich is – Start your own Business as early as possible.
Now, the only problem with starting and running a successful business is that,most of the people don’t have any mindset to start and run a business.
Why Middle class Don’t have mindset to Own their own Business?
Because of the Education System. The entire Education system is designed in such a manner that the schools and colleges will only teach and motivate you to become employees and self-employees.
The reason why most of the people afraid of starting their own business even though they know that it is very important asset class to own to become rich is – Because Schools have trained them to become employees and Self-employees.
When people leave the school, they leave their schools physically but they don’t know that their school has imparted a mindset of becoming an employee or self-employee. Over the time, the school has developed various reflexes in your brain that you will feel fear when you think of starting and owning your own business.
Diagram: 45 – School imparts different sets of keywords (Middle class) in your mind while to become a rich you will need different sets of keywords – The keywords of Rich.
So Which are those Reflexes that prevent you to start your own Business?
01) Well, the first Reflex the school develops in you since childhood is, Exam fear. In the exams, if you ask the answer of some question to your friend or colleague, you will be punished. This kind of system is designed because the school wants you to become employee or a self-employee (Doctor, lawyer) in the future.
And that’s why you will have to do all of your work by yourself. While in the real life, Businesses run with the team work. So by taking exams, Schools are developing a false mindset and a reflex to not to do a team work.
This is because the schools know that if you will do a team work, you will definitely become successful. And this is what a Successful Business requires. Any successful Business in this world is the end product of a great tea work. Before taking any key decision, the board of directors, management team and key officials of any business discuss that issue and after working on that issue as a team, they collectively take a decision.
And this type of mindset is EXTREMELY IMPORTANT to develop a successful business which can work even without your presence generations to generations.
But Schools have been designed in such a manner that, such kind of mindset that is extremely important to develop a successful business doesn’t develop in your mind. This is because the basic function of a school is to develop a mindset in your mind of that of Employees & Self-Employees who have to work hard alone by themselves for the business owners. And that’s why you are not allowed to do a team work in your exams. And if you try to do it, you will be punished in your school.
Now, when you leave your school, this mindset of working alone and doing everything by yourself makes you a perfect employee or a self-employee. And that’s why after leaving your schools and colleges, you wander here and there to find a job. This is because now you fear of doing a team work. This is because the school has punished you or prevent you to do a team work in your childhood.
Now, take the examples of various Billionaires who are high school and college drop outs. Say for Example, Bill Gates, Dhirubhai Ambani, Mark Zuckerberg, Subhash Chandra, Steve Jobs, Henry Ford and many others.
These people have left their schools and colleges before completing their education and that’s why the school system failed to develop a mindset of working alone in these people. And that’s why these people did the team work and made their fortunes. Today they are billionaires.
So if you want to start your own business than first of all think of doing a team work. Try to understand that the school system has imparted this mindset of working alone while you need to do a team work to become a successful business owner.
And this is the reason why many small business owners don’t make any fortunes from their businesses. This is because they do everything by their own in their businesses.
02) Second reflex the school develops in you is, fear of thinking about money. Our School system teaches us the following words repeatedly.
- Go to School
- Work Hard
- Get Good Grades
- Get a Job – The worst keyword that can prevent you being rich. The Schools give you only one option to make money and that is job. And this simple keyword is so much smartly incorporated into your brain by education system that you can not think anything other than getting a job once you leave your school. So first of all delete this keyword from your mind.
- Job Security
- Become a Doctor
- Job Safety
- Do it yourself
- Don’t ask for anyone’s help
- Be Self Dependent
- Don’t think about money during your school time…etc..
Thus, the above keywords are embossed in our minds when we leave a school. Unfortunately, the schools don’t teach us the following words that rich teach their kids.
- Financial Statements
- Assets
- Liabilities
- Good & Bad Debt
- Cashflow
- Active & Passive Income
- Investments
- Business
- Create Jobs
- Real Estate Investing…etc…
The above are the keywords that should be embossed in your mind if you want to become rich and ultra-rich. But the above words are smartly removed from the entire education system. So that you don’t think and understand the game of money.
Thus, when you leave your school, you leave your school with the first set of the keywords which are taught to you in school. And that’s why even after becoming a high skilled doctor, you prefer to work as an employee at government hospital or some privately owned multi-speciality hospital.
This is because in your sub conscious mind, the first set of keywords are embossed by your schools. And over the time, these keywords have become your subconscious (Spinal) reflexes.
While to grow rich, you will need to emboss the second set (Shown above) of keywords in your mind. These are the keywords by which you can understand money and the game of money. And that’s why rich emboss the above keywords in the mind of their kids since their childhood.
It is the School which emboss the false keywords in your mind since your childhood and that’s why when they enter into the real life, they fear of starting their own business and can’t understand the game of money. This is because the only keywords which are embossed in their mind are get a job, job security, go to school, work hard, do it yourself…etc…
So now, if you want to start your own business than first of all remove the above two reflexes from your mind which the school system has developed in your mind. And after that incorporate a new mindset by learning and understanding the new sets of keywords given in this lessons series.
Creating Your own Business is the Ultimate Way to Become Rich -
So now, you know that rich are rich because of their asset column. Rich are rich because they keep acquiring more and more assets out of their money. Rich accumulate all types of assets such as Businesses, Real Estate, Gold, Paper Assets, Web assets and many other types of assets.
But the Business is the only Asset which is the most valuable asset that rich people have. Creating a new business out of scratch is all about creating new asset in your asset column. And the Business will generate passive income for you from which you can acquire other Cashflow or Capital gain assets to grow richer.
What common mistake the middle class people do is, they start acquiring capital gain assets first like gold and paper assets (Stocks & Mutual Funds) and that’s why they can’t grow rich than certain limit.
While rich teach their kids to develop a Business first and later on from the passive income of their businesses, acquire other assets. Thus, start developing your own business since your very young age and become rich and financially free.
Middle Class people buy capital gain assets like gold and paper assets from their hard earned active income. While rich people buy these assets from the passive income generated by their ultimate Asset – Business. And this is the core difference between the rich and middle class.
Diagram: 46 – Middle Class Work hard to earn money and Buy Capital Gain Assets While Rich Work hard to create their own Asset (Business) First which hires other Assets.
First of all you should develop your own Business first and later on you should buy other assets to become rich while the middle class do exactly reverse means they first of all buy capital gain assets like gold and paper assets hoping that one day they will become rich and later on start their own business…!!!
Exercises:
- Entirely remove the first set of keywords from your mind. Never think about those keywords in your mind.
- Start learning and thinking the second set of keywords in your mind. This is because these are the keywords which are required to win the game of money. You can not win a game of money by using the first set of keywords.
- Develop a habit of doing everything in a team work. Start developing a great team for your business.
- Develop a habit of thinking in the financial statements.
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