Do you want to learn how to get rich quick without using your own money? Do you want to learn how to license an idea and make a lot of money fast; starting from scratch? If YES, then i advice you read on.
In this article, I intend to be very blunt. No sentiment or resentment. Now what makes me so sure of these steps and what proof do I have that the steps work? Well, I can confidently say this is the exact formula applied by the Ultra rich people. It was the exact formula that produced the school drop out billionaires of today.
People such as Bill Gates, Henry Ford, Steve Jobs, Warren Buffett, Larry Ellison, Oprah Winfrey, Debbi Fields, Mary Kay Ash, Robert Kiyosaki and Martha Stewart have become ultra rich by applying this same formula. It is this same formula I am also applying because it has been tested and proven by these successful entrepreneurs. So if you are ready to get rich quick, then read on.
How to Make a Lot of Money Fast and Get Rich Quickly
1. Make up your mind to be rich
“I intend to be the richest man in the world.” – Howard Hughes
This is the very first step to take if you want to get rich quick; it is one on the secrets of the rich. You must make up your mind to become rich first; you must envision it and see yourself achieving it. But it is also important you bear in mind that though getting rich shouldn’t be your primary aim. Now why do I emphasize you must make up your mind to be rich?
“I always knew I was going to be rich; I don’t think I ever doubted it for a minute.” – Warren Buffett
I am emphasizing this because getting rich begins with the right mindset. If you don’t believe you can get rich, you will never get rich. You must develop the mindset of the rich. You must think big and you must see life as a game which you must play to win. You must be willing to take risk with both your money and borrowed money. You must be willing to make mistakes and learn from those mistakes as fast as possible. In all, you must think like the rich.
“Money is just an idea.” – Robert Kiyosaki
“The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad
2. Discover your Passion
“Without passion, you don’t have energy. Without energy, you have nothing.” – Warren Buffett
After making up your mind to become rich; after you have worked on your mindset, the next thing you need to do is to discover your passion. What do you love doing? What interests you? What’s your hobby? Do you have any special skill or talent?
This is the time to do a little soul searching to find out your strengths. Take out a piece of paper and make a list of those things you love to do. I emphasize on finding your passion because you can never get bored doing something you love doing. If you don’t love it, it’s not your passion.
“It is not really work if you are having fun.” – Pierre Omidyar
“Passion is what keeps you going when the going gets tough.” – Warren Buffett
The next step to getting rich quick is to carry out a preliminary research to see if there are other people who share the same interest with you. You will also have to find out if your passion can be of service to other people. If there are enthusiasts of your passion but they aren’t willing to pay for it, then you must abandon that passion and look for another. If a market exists for your passion, then it is time to go to the next step.
“A plan is a bridge to your dreams. Your job is to make the plan or bridge real, so that your dreams will become real. If all you do is stand on the side of the bank and dream of the other side, your dreams will forever be just dreams. First make your plans real and then your dreams will come true.” – Rich Dad
Another secret of the rich is this; the rich operate on plans, the poor do not. This means that things do not just happen for the rich, they planned and worked for it. So at this stage, you have to draw up a plan of your life. Not just a plan to get rich but a plan of how you want to run your life. This is very important because a plan will help you identify opportunities and threats to your plan of getting rich. If you are really serious about getting rich, then create a plan and stick it.
“In order to be a player on the fast track, you will need to have a plan on how to gain more and more control. On the fast track, it is control, more than money that counts.” – Rich Dad
“To build wealth today, you must be in your own business.” – J. Paul Getty
This is the real key to getting rich quick. It is one of the open secret plan of the rich. It is the same secret Bill Gates, Henry Ford, Steve Jobs and other extremely rich individuals used to get rich. This is the secret why some school drop outs became extremely rich and it is the same secret I am also applying.
After you have discovered your passion and drawn a plan; the next step is to build a business around that passion of yours. It has to be your passion so that you will never be bored doing it and you don’t need to take a business loan or borrow from your life insurance money to start a business. If you don’t build a business around your passion, skill or talent, then you are not going to get rich quick. As an illustration:
- Bill Gates, Lawrence Ellison, Steve Jobs discovered they were fascinated about computers; they built a business around it and became one of the richest men in the world.
- Oprah Winfrey discovered her passion for speaking and talk shows; she built a business around it and became the richest black woman in the world.
- Aliko Dangote discovered his passion for trading and making deals and became the richest black man in the world.
- Robert Kiyosaki discovered his passion for teaching and built a business around it.
- Larry Page of Google and Jerry Yang of Yahoo were youths when they discovered their passion for the internet; they built a business around it and became billionaires.
- Donald Trump took his passion for real estate development and investing; built a business around it and became a billionaire.
If these successful entrepreneurs can do this and become rich, why can’t you? You don’t need to re-invent the wheel, all you have to do is follow this proven strategy of getting rich and you will become rich.
“If you want to be rich, you need to be a business owner and an investor.” – Rich Dad
“The richest people in the world build networks; everyone else is trained to look for work.” – Rich Dad
6. Serve more and more people
After building a business around your passion, you need to figure out a way to affect more lives with your business. You need to serve more and more people. The more people you serve, the more money you will make and the richer you become.
“The major difference between a big business and a small business is the number of customers the business can handle.” – Rich Dad
7. Stick to the process
“Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc
This is the most important secret of the rich. After going through the stages listed above and you fail to obey this one, everything you have done will be in vain.
To get rich fast, you must be willing to put in the required effort and commitment in building your business. It is not going to come easy but the reward is worth it. You are going to face business challenges, you are going to be on the verge of giving up but don’t.
“In the course of building a business, the process is more important than the goal.” – Rich Dad
“You can always quit so why quit now.” – Rich Dad
How to License an Idea, Make a Lot of Money and Get Rich Quick
You see, the world is flooded with amazing business ideas; sadly, the world is short of smart entrepreneurs that possess the ability to turn such ideas into profitable business. Do you have simple business ideas but you don’t know how to take your ideas to the marketplace? Then i advice you read on.
I recently wrote an article titled “how to make a million dollars fast.” Now I want to cap it with a no-nonsense guide on how to make money fast by licensing your low cost business ideas. Now to be honest with you, it requires nothing extraordinary to make money. All you need is a good business idea, the proper mentality and a set of entrepreneurial skills. Once these three keys are in place, I see nothing hindering you from achieving your goal.
a. What is the market value of your simple business ideas?
Most entrepreneurs become thrilled about their business ideas, on the assumption that it’s the next big thing. The sad news is that most ideas will never see the end of the tunnel. Do you know why? The reason is because most entrepreneurs create business ideas or products on assumption of what the market needs; instead of what the market actually needs. If your simple business idea or product will breakthrough and produce profit; then it must match up to the market needs. Now how can you tell if your idea has a high market value? The questions below will assist you.
- Are your low cost business ideas in line with the trend?-: A good idea is an idea that’s in line with the trend. If you plan on bringing an obsolete idea to the marketplace, have a rethink because your idea will be dead on arrival.
- Is your idea a pioneer invention or innovation?-: Now I believe that an idea being a pioneer invention is not a requisite for success in the marketplace but at least, it helps.
- Does your low cost business idea solve a problem or satisfy a need?-: This is probably the most essential factor to bear in mind if you want to make money fast with your simple business ideas. Your proposed low cost business idea must either solve a problem or satisfy a need. If it doesn’t, then it’s not worth wasting time on.
b. How much is your idea worth?
After finding out the market value of your idea, the next step is to evaluate its monetary value. No one will hand millions of dollars to you when you can’t tell what your idea is worth. MsDos was purchased by Bill Gates from some programmers for $50,000; and Bill Gates went on to become a billionaire with the same idea. Now how did Bill Gates do it? How did he build a billion dollar company from a simple business idea? The answer can be found below.
- You can increase the value of your idea by protecting it-: Before even trying to make money with your ideas; I will advice you protect it. Legal protection is what made Bill Gates a billionaire; not the idea. Legally protecting your low cost business ideas increases its value. Trademarks, patents, licenses and copyrights are types of legal vehicles used for protecting intellectual properties.
- Improve your sales skills-: Sales skill is the most important business skill for an entrepreneur. In fact, selling is the primary task of an entrepreneur. Without selling, there will be no business. For your idea to break into the marketplace, you must know how to sell.
c. Start a business around your low cost business ideas
The third step to reaping millions of dollars from your low cost business ideas is to start a business around it. In fact, this is the best way to make money fast with your simple business ideas. This is where majority ideas die, because most entrepreneurs let inadequate capital pose a hindrance between them and their dreams. They fail to remember that most business empires were started from scratch; but I don’t blame them, they probably don’t know how to start a business without money.
d. Expand your existing business with franchising-: Franchising is another tactic you can use to expand your business idea and make money out of it with ease.
e. License your idea
Everyone has at least one sound idea up his/her sleeves but it is a fact that not everyone can build a business. Most lack the brevity to confront the challenges and risk linked with building a business. If you are such an individual, don’t worry. You can still make money fast but with much reduced risk. All you need to do is to sell your low cost business ideas outright to companies or investors and walk away. But before you do that, ensure you are legally protected and know the worth of your idea. If not, you will be ripped off.
How to License your Idea and Make a Lot of Money Fast
Bill Gates did not become the richest man in the world because he was a superb programmer; he simply bought the rights to MSDos from a group of programmers and licensed it to IBM. Today, the rest is history and we all know what Microsoft stands for in the world of software. The Virgin Group is a conglomerate of over 400 companies and its owner, Richard Branson is a billionaire. Thanks to the power of licensing. So how did these individuals turn a simple idea into a huge profit? Well, you will find out below.
Before we proceed, I bet you would want to know what licensing means. Well, licensing is a way of making sure that your rights to your creative work or an originally created device is exclusive to you. So if a company wants to apply that idea and turn it into an actual product to sell to the market, the original inventor or the person that came up with the idea; which in this case is you, will be assured to earn a part of its profit. Think more of licensing like paying rent for the usage of the idea. Now since you know what licensing is, how do you go about licensing your million dollar idea and making money fast out of it?
Step One-: Before you rush out to pitch investors or licensees about your new found idea, it is highly important to collect the necessary information regarding that idea. Facts such as market and financial analysis, the possible competitions and the legalities involve if the idea is to be turned into an actual business venture is highly relevant. It is also advisable to research if there is any other person or company that has patented the idea.
Step Two-: The next step to take after the data have been gathered is to turn the idea into something tangible like a prototype or a presentation; so that when the time comes to make a sales pitch to a company, the value and importance of that idea will be easily identified. Now after designing and building your prototype, you are now ready to show off your work to companies and investors. But wait! Don’t be in haste.
Before rushing out to license your million dollar idea, there is one more important step you need to take and that is protecting your idea legally. This is where patenting comes into play. Patenting actually is just the beginning and I want you to note that patents are quite different from a license.
Patent protection only ensures the ownership of the invention or idea, but it doesn’t ensure the profit. The profit comes only after the idea has been licensed to a company. Licensing agreement, like what was said before, is like a leasing agreement. So licensing an idea to a company is how you can make money fast from your idea without spending much money. Instead of going through the hassles of product design, product manufacturing, creating distribution channels, marketing and advertising, customer service, taxes, etc; you can simply sit back, license your idea or product and make money without lifting a finger.
Licensing actually involves a lot of negotiating and haggling. At this point, you can decide to license your idea to only one company (exclusive licensing) or to open it for others (non-exclusive licensing). A company who wants to exclusively license an idea usually pays more since they are the only ones who can use it.
In conclusion, these are the ways on how to license your million dollar idea. At first, there is a lot of research and hard work involved and more or less; you have to personally go from one company to another to make the sales pitch for your idea. But once the idea gets picked up and licensed, all you need to do is to sit back, relax, wait for the money to start rolling and think of the next million dollar idea.