20/03/2013
For wealth creation there are 5 factors of production that are so needed. These are...;
1. Knowledge
2. Entrepreneurship
3. Capital
4.Labor
5.Land (or available natural resources)
Note that these are arranged in order of significance.The most important is knowledge.Hence in our world most people are paid more for what they know than for their strength.However to be very wealthy like Gate, Rockefeller, Dell or Jobs you need entrepreneurship.
Note that most think of capital first when they want to start a business though it is third on the hierarchy.That is the first mistake in business.
1. Get knowledge first,know your stuff, do a market research,study more about the business
2.Get ready to take a risk(entrepreneurship).
3. Decide on how to raise fund(capital) : relatives, friends, partnership, savings , bank loan etc.
4. Get quality people to work with.
5. Look out for the available natural resources that can help you maximize profit
When you are determined and believe you can, yes you can.With these steps as guiding principles you can achieve any wealth.Anything is possible, just dream and believe.