Want to be wealthy?

Well, why not behave the same way in which wealthy countries do. It’s a very simple formula:

Invest in health care & education.

The 3 wealthiest countries in the world by GDP per capita – Luxembourg, Norway & Switzerland, have outstanding healthcare and education systems which are largely government funded.

The two most valuable assets you can ever have are your health and education. If we’re healthy we can do anything. If we educate ourselves, we can always find ways to generate income.

For those about to argue about about wealth not being ‘economic’…then please refer again to what these countries invest in. Financial wealth is the outcome, not the driver.

Vicious circle

Do we…

Work in a job we don’t like

To buy things we don’t need

To impress people we don’t like

?

 

To be really happy we need to ensure one sub optimal arrangement doesn’t feed another. This holds true if we run our own business or hire our time out to a company (have a job).

Grow some vegetables

Every entrepreneur should grow some vegetables. Sounds like a weird directive, but there some great real world lessons, real world ideas and real world benefits from doing so.

Firstly, it takes effort. Not a lot, but a consistent effort which will ultimately equal the reward. In this case there if no doubt in the following equation:

effort = reward

The effort need not be excessive, just consistent. We can grow an entire garden, or even a pumpkin in a pot will give the same benefit.

We’ll learn that anyone who puts in the effort can grow vegetables. There’s a definite learning curve. The more we do it, the better we’ll get at it. You can read a ‘how to’ book on growing them (which will surely help) but even after reading the book you’ll still discover that you learn infinitely more by doing it.

The process is a daily one.

We need to water, fertilize and nurture them. We can’t treat two vegetables the same, but we must apply the same principals.

Some will get more light, so more water. We need to manage their needs differently depending on their position in the market.

The market is a competitive one. We’ll need to fight off bugs, birds and insects, who want to feed on our efforts. This proves you’ve got a fertile market… one worth doing, one with yield.

 If you let these competitors run rampant, they’ll take it all. But we need to understand that competition is healthy. It’s no good killing our yield with pesticide (which is a bit like price discounting)… it can ruin everything for everyone and leave no yield at all. It’s better to outsmart the bugs, maybe with netting or organic means. They’ll still get some, but we’ll get the lions share.  

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We’ll realize that nature is very generous, so long as we nurture our crop. We will reap ‘real world’ benefits, many of which go beyond yield and enter our psyche.

We’ll realize we need to save some seeds for our plantation next season. We’ll learn that all vegetables are seasonal. We’ll learn that not all climates (markets) suit all vegetables. We’ll realize we get better results when we focus on a veggie we have expert knowledge with. The rewards will taste better than ‘bought’ vegetables, which is more like working for a wage.

Eventually we’ll realize that growing vegetables is exactly like starting a business and managing a business. It’s a very complex yet rewarding process.

Balance Sheet Marketing

Quite often we must make decisions by looking at the balance sheet. It’s a fact of business life. But when it comes to marketing such decisions can be the death of a brand. The fact is, most marketing efforts are immeasurable before the decision.

 

Irish brand Waterford Crystal has just done some Balance Sheet Marketing.

 

A quick summary for the uninitiated:

Waterford city is the Crystal County of Ireland

Waterford has been making crystal here since 1783

Currently one fifth of their products are made in other parts of Europe

They haven’t made a profit in 5 years

They’ve just cut 500 jobs in Waterford Ireland to move all production

Their Chief executive Peter Cameron was quoted as saying, “We can source things from Eastern Europe under the Waterford fanchise. That’s not going to be an event that will change the perception of the brand”

Maybe Waterford Crystal have underestimated the emotional links passionate users have with brands.

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Start up blog view:

Maybe they should charge what it costs

Maybe consumers would pay what it’s worth

Maybe they should tell consumers they must increase price or leave Waterford

Maybe ‘all’ production should be in Waterford Ireland

Maybe they should sing this fact as loud as possible

Maybe they should leverage their history a bit more

Maybe that would turn a profit

The best financial decisions protect innate brand equity, not destroy it.

Entrepreneurs wages

It’s easy to get dispirited while working very hard on a start up business, yet at the end of the week there’s no wage.

 

Here’s a way to view the situation:

 

We’re earning more than we’ve ever earned before, we just haven’t been paid for it yet.