Speed Wealth - How to Make a Million in Your Own Business in 3 Years or Less - T. Harv Eker │ Summary

Jeff Bezos, the CEO of Amazon made about 7 billion dollars in 3 years. He is an example to us all that creating wealth quickly is feasible. 

The world is changing rapidly.  Every time there's a change, someone gets rich.  Change creates opportunity.  Quick change brings quick opportunity and quick wealth. 

In order to create wealth quickly, you must have a high speed mentality.  You have to completely forget the rules of the past as to how long it takes for wealth to be created.  Creating wealth quickly is feasible if you are willing to learn.  You must believe that creating wealth quickly is feasible for you. 

Speed Wealth principle 2:  Deliver Massive Value 

The law of income states that I will be paid in direct proportion to the value I deliver according to the marketplace.  If you don't deliver a lot of value, you will not get paid a lot.  

You must remember these four factors of the law of wealth:  

1. Demand - Is there a demand for your product and how much are people willing to pay?
2. Supply - How much of your product is in the marketplace?
3. Quality - It is important for you to have a quality product or service.  You must also be good at running your business.  The best athletes in the world make the most money because they practice a lot.  Likewise, you have to practice your business skills and hone them.  You must practice all aspects of your business.  Your paycheck depends on how good you are at running your business.  Remember every master was once a disaster.
4. Quantity - How much of your product or service are you actually delivering?  Quantity is the biggest challenge to create wealth. You have to deliver your product to a lot of people.  Your revenue comes from product sales, so the more products you sell, the bigger your revenue.  

Revenue comes from product sales, not service sales.  If you sell 5000 pens to a client, you can easily ship it to them.  But, if you are a massage therapist, you can't massage 5000 clients in a short period of time. You’ll go crazy.  Don’t have a ceiling on your income. 

If you have to be there to be get paid, you have a ceiling on your income.  Remember you must deliver massive value to thousands and thousands and thousands of people! 

Speed Wealth principle 3:  Timing 

You must build the right business, at the right place, at the right time. You must find a niche that has a long-term high demand from people.  Some trends today include high tech, telecommunications, computers, and the Internet.  

These days you are more secure in your own business, than you are in your job, because technology is rapidly taking over people's jobs. You could have a job today, and your job could be gone tomorrow. 

Job = Just Over Broke.  That’s how they keep you coming back.   Today, entrepreneurs have more opportunities than ever in history, especially with the Internet, so the timing today is good.  

You must only get involved in high demand, on-trend opportunities. 

Speed Wealth principal 4:  Systemize

To systemize your business means that you must have a repeatable process, that produces a profit.  There are three parts in a business 1) marketing 2) production and 3) operations. 

You must design systems for each part, so that your business can run like a well-oiled machine.  A money machine.  First, you must design systems that work on a small scale.

This machine must work without you.  If you have to be present to make money, you won't make much money.  If you have to be present to make money, that's a job.  

A speed wealth entrepreneur is a coordinator.  They conduct an orchestra.  You can do all the tasks yourself, but if you were the cog in your business, you will eventually become the clog in your business.  Work on the business, not in the business. 

You help the business, but you are you're not the business.  Every single day all day long you must ask yourself “How can this be done without me?”  When you have to do nothing, then you've got a business.  

This must always be in your head, “I systemize my business so that it can work without me.” 

Speed Wealth principle 5:  Duplicate 

Set up a system that works without you.  Start small.  Then duplicate again and again.  Duplicate without limitation.   

Business should be nice and boring.  For example, if you serve a group of people, simply systemize and duplicate.  When the drama goes up, your income goes down.  So make sure to keep the drama low. 

If you can profit in one location, figure out how many similar transactions can you create.  You must have a cookie cutter approach.  Find a niche, systemize and then duplicate. This is the cookie cutter method.    

Be a big fish in a small pond.  You can't be all things to all people.  It costs too much.  For example, Ray Croc bought McDonald's from the McDonald's Brothers.  He systemized and duplicated the restaurant.  He created a franchise.

 However, you must not duplicate before you fully systemize, otherwise you will duplicate your mistakes.  You must create a strong system first, before you duplicate.  

Network marketing companies have embraced this speed wealth principal.  They have found a system that works, and they have duplicated it.  You must test your methodology to see if it works.  Copy high income earners.  Follow someone else's model to get rich. 

If it works, do it again and again. A cookie cutter makes the same shape every time.  Don’t get fancy.  Keep it nice and simple.  Business should be nice and boring.  Do one thing that works, and then do it over and over again.  

People love drama.  That’s why we watch the news.  We have a mind that is powerful.  Your mind gets bored easily.  If you aren't giving it something to work on, it will find things to work on that are not positive.  When drama goes up, income comes down.  When drama increases, happiness decreases.  Keep it nice and simple, no drama. 

Don’t be too smart if you want to be rich.  There’s no need to over analyze things.  Find something that works and then do it over and over again.  You don't have to be smart in order to make lots of money.  

If you make a profit on one sale, figure out how many other similar sales can you make?  More people get rich by doing the cookie cutter method.  

Network marketing is an example of duplication.  You use it, you like it, you tell someone, they get in the game.  You must surround yourself with people that are better than you.  Find people and train them to find people to train them.   

Babysitting is a waste of time.  The best network marketers are the best teachers, not salespeople.  You have to become a trainer. The more you duplicate yourself, and system, the more you feed your golden goose. Your goose will feed you later. 

Speed Wealth principle 6:  Leverage 

Leverage is doing more things with less.  Leverage is the secret ingredient of accumulating wealth.  It’s impossible to be rich without it.  For instance, think of compound interest.  You invest a small amount monthly, and then years down the line your money compounds and is worth a lot. 

You must leverage other people's time, labour, education and technology. You must make sure that there's no limit to your income. If you have to be there to make money, your income is limited. 

You must recruit up. You must find good people in order to work smarter, not harder.  This comes into play in network marketing.  If you are not using leverage, you are going to have to work hard for the rest of your life. 

Speed Wealth principle 7:  You Inner World Creates Your Outer World 

People don't buy products, they buy you.  Weak energy = weak product.  Strong individual = strong product.  You must be the best person that you can be.    

Your income can only grow to the extent you do.  Most people can't attract lots of money.  You can have all the tools to create money, and you can still be unsuccessful.  It’s not the tools, it’s the people.  

The key to success is to raise your energy to attract people, and then bill them.  The seeds and the roots determine the fruits.  The seeds and roots are invisible. What we cannot see is more powerful than what we can see.   

There are 4 realms: Mental, Emotional, Spiritual and Material.  Money is a result.  Lack of money is a symptom of what is going on inside you.  To change your outer world you must change your inner world.  Get rid of limiting beliefs about money.  Recondition your mind to be positive about money.  

What is your financial blueprint set for?  Success or failure?  Look at your results and you will know what your blueprint is.   

Conclusion 

Speed Wealth is a great book that simplifies some important principles of building a business and creating wealth. I enjoyed the book, as it was easy to understand and contains valuable information. I will leave you with a quote that I liked, in the final chapter, “You want to blend money with meaning, profit with purpose, and street smarts with heart.”    

-Denershan Naidoo

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