Vasavi Kumar describes herself as “your kick-in-the-pants guide en route to your desired destination.” A certified life coach, Vasavi (SAY VAH-sahvee) holds dual master’s degrees in social work and special education. She’s co-author of the bestselling book Succeeding in Spite of Everything, has been featured in The Wall Street Journal, is a guest contributor at TheDailyLove.com and appears on TV as the “Keepin’ It Real Guru” on Kansas City Live. Today she has suggestions for creating wealth.
You Have What it Takes to Create Your Own Wealth
4 secrets of successful entrepreneurs
By Vasavi Kumar
Want to create more wealth and prosperity for yourself? Create more value for others.
If you look at all the most successful entrepreneurs, inventors and innovators, this is the common thread that runs through their work and their companies. So let’s take a look at what that means, whether you are planning your own startup, looking to increase your value in an organization or coaching others.
Before I started my own business, I thought only about what I could have and what I could get. Creating my own business taught me that I had to shift my perception to ask, “How much more can I give?”
Before you can create value for others, you have got to value yourself. Ask yourself what unique value you bring to the table. A good way to do that is to examine how you may be the solution to somebody’s problem. In order to do that, you have got to get clear on who you’re serving and what problem you can help solve. So, if you are a stay-at-home mom who has found ways to balance your responsibilities and overcome overwhelm, you already have two elements of any successful business – a need that exists, and a solution you can provide. Here are some other ideas to help you create wealth:
Expand Your View: People who are poor live month-to-month, or paycheck-to-paycheck. In contrast, people who build wealth take a longer view. When deciding whether to spend money or make a particular purchase, ask yourself, “Is spending this right now really going to make a difference in my life or business six months or a year from now?” Of course you have to be willing to invest in yourself to make your business a success. Just keep in mind that when you make that investment, you have to follow up by doing the work. I know a lot of people who invest in buying programs and products and CDs, thinking they are going to be a quick fix, but then they don’t do the work. When you spend money, ask yourself, “What am I going to do to recoup my investment?”
Defer Gratification: This is about priorities, and it is important not only in your business, but also in your personal expenditures. My husband and I have been married for 2 ½ years. During that time we have gone on a honeymoon and a vacation. And we paid cash for that vacation. We will not go on a vacation and put it on a credit card because that is just going to add stress to our lives. If you are putting your vacations or major purchases on credit cards, then you should ask yourself, “Why am I spending money I don’t have?” This is especially true for aspiring entrepreneurs. When you are worried, anxious and scared about money, you are not going to be your best, in your zone of genius.
Respect Your Money: A third important principle for building wealth is to look at your mindset around money. How do you view money? Do you respect money? In the Hindu religion and in Indian culture, we value our money. Think of your money like you would a baby. You are not going to throw your baby away. You are going to nurture your baby and take care of it. Your money is an extension of you. Spending money is an energetic transaction. So when you respect the money you have, more money will come to you. When you start to nurture your relationship with money, you will get more of it. And I have found from my experience is it is much easier to make money than it is to save money.
Think Bigger: Finally, as you plan your business endeavors, look for ways to make them scalable. When I first started coaching, I was only doing it one-on-one. There is only so much time in the day, and while I loved doing one-on-one, I realized that I could make more money and help more people when I started branching out and doing coaching programs and live events. Going from the one-on-one to the one-to-many business model has allowed me to help more people and make more money. So look for ways you can use your time more efficiently to reach more people.
Remember, when you shift your focus from “What can I get?” to “What can I give?” you will find success because you will be adding to other people’s abundance.
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