Wednesday, March 24, 2010

Secrets of Millionaires: Business Principle #1

Business Principle #1

Huge Expanding Market

Real Estate is a HUGE market, but it’s NOT expanding. Real estate is actually shrinking or contracting.

If you are in a market that is shrinking or contracting, your way of making money could look a lot like the real estate job market as shown in this graph below.

A huge, expanding market demonstrates the importance of evaluating the industry you are in with this principle in mind, because it doesn’t matter how good you are at what you do, if you are in an industry that is dying.

A perfect example is vinyl records. Do you remember vinyl records? If you are over 40, you probably do. If you are not, you might not even know what we are talking about. That is the definition of a dead market. When a product is so dead, some of the population doesn’t even remember it.

So, if you want to know the secret to Business Principle #1, then here it is: don’t be attached to your education, your current career, or your prior experience when you chose your future income. If you had been in the vinyl record industry, you wouldn’t have had a job in very short order. This industry went from $7 billion to zero in seven years.

Coming soon the Secrets of Millionaires: Business Principle # 2. Keep visiting.


Post a Comment


Pink Net Money Blog