Wealth building is a skill in itself. In order to amass wealth a series of actions must be executed constantly and consistently. Now these actions should certainly be the right ones, in order to get the required results.
Amassing wealth requires certain skills and abilities to guarantee success. Anyone with a hunger and desire for wealth can learn them. Surely anyone can, including you. Here are twenty essential skills you need if you want to amass wealth:
SKILLS REQUIRED TO AMASS WEALTH
Selling is the ability to convince others to accept your product or service offering, usually in exchange for money. In this highly competitive world there are many products and services competing for scarce resources. The ability to convince people to patronise your offering is extremely important. Selling is a lifetime job, we all are constantly trying to sell something to someone. Those who are interested in building wealth must sell their ideas, products, and plans to various stakeholders. This cannot be delegated as an entrepreneur is the Chief Sales officer of his business.
No man is an island. The truth is if one desires wealth you will need people, both those you know and those you don’t. Thus the ability to relate well with people is very important. You have the responsibility to build a network that can help in the achievement of your goal. Networking is so important that some business writers believe that, “your network is your networth“. It is the people you know who will assist you in building the wealth you desire. You cannot be wealthy without cultivating good relationships with others.
In order to go after whatever you want you will need to make a pitch. This means presenting the values, benefits and opportunities that you are selling. And the benefits others need to avail themselves of. This is where presentation skills come to bear, necessitating the communication of your message in a way that gets prospects to take action.
Everyone requires motivation at one point or the other in the race to achieve anything worthwhile, wealth building inclusive. Ever so often the challenges wear us down and threaten to make us give up. A healthy dose of motivation is what is needed to turn things around. Those who desire to amass wealth must strengthen, motivate and encourage others, in good and bad times.
John Maxwell, one of the foremost authorities on leadership, simply defines leading as influence. Customers, employees and all relevant stakeholders must be rightly influenced in order for wealth to be created and built. Wealth comes with a lot of responsibility thus making leaders of all wealth builders. The road to amass wealth is littered with all sorts. They’ll require influencing – leading to attain the goal.
One of the characteristics of those who amass wealth is that they surround themselves with teams of worthy individuals. All team members contribute to the goal of amassing wealth. It is quite impossible to create substantial wealth on one’s own without others. Even though others are required they must be the right ones that will add value to the team. That’s why team building is key.
Check out my article on building wealth with your money team. In it I identify several actors you need to have on board if you seriously want to amass wealth.
We all certainly have the same twenty-four hours in a day. Those who amass wealth are extremely time conscious, seeking for ways to get more out of the available time. They don’t spend their time unwisely because every hour can be more productively used to create value. Time management is a must-have skill for wealth builders. It’s simply ensuring that you invest time only in those activities in tandem with your objectives.
It’s also important to acquire basic accounting skills. This is for the simple reason that one should not entrust your financial affairs to others. I’m sure you don’t wants to see your wealth mismanaged just because you did not take time to grasp the basics. How foolish if after you amass wealth you hand it over to someone else to totally manage it? You don’t have to be an accountant to build wealth, however you must grasp the essentials so as to take control of your financial affairs.
The success of every business endeavor lies on the customer. He is the stakeholder who patronizes your product or service and exchanges money for it. Customers are an excellent source for feedback that can help drive improvement and growth. Don’t take them for granted as they are the soul of the business. Treating the customer right leads to more opportunities for sales. The more you sell the more you can amass wealth.
Identifying and spotting trends
Can you certainly pinpoint where the market is going? Can you accurately predict the future in your area of business? You could be in the best position to take advantage of opportunities to amass wealth. For instance Bill Gates predicted that one day computers would be in every home. He thus tailored his offerings towards this trend and made serious wealth when the trend became reality.
From time to time on the road to building wealth sacrifices and trade-offs have to be made, due to the fact that resources might be scarce or inadequate. It takes skill to assess priorities and channel scarce resources into areas that require them at the moment. One must be guided by the peculiar requirements that the business needs now against what it needs later.
You must constantly contend with a rapidly changing and dynamic environment to amass wealth. This requires strategic thinking. Choosing the best approach to achieve an end result. And quickly adapting/changing things when necessary. Wealth builders are strategic thinkers.
Learning from mistakes
The mistakes of others and those that we make are powerful tools for progress and learning. This is because a mistake exposes one to unsuccessful actions thus providing a productive learning curve. It takes skill to see the positives and learning points from mistakes made.
Communication is a given, and already implied in some of the other skills listed above. You must get the right message across. Those who amass wealth are usually masters of getting their points across. Communication is clearly a 2-way process between sender and receiver. It’s vital that the receiver clearly understand what the sender is putting across.
Those who desire to amass wealth must communicate verbally and non-verbally. Crafting proposals, business plans and pitches definitely requires the written word. The content must be clear, concise and evocative of the exact impressions you want to pass across. A good understanding of writing and language is paramount as most business is done via written communication.
Training & Coaching
Equipping people with the right skills and attributes required is essential. Those who want to amass wealth must impart their values in their subordinates. You can’t afford to leave them to do what they like. Coach them to perform constantly and consistently at a higher level. Peak performance is key for wealth building.
The art of following up, might seem simplistic and ordinary, yet many people neglect it. Considering that enquiries and leads also create sales it thus behoves on anyone desirous of wealth to develop a follow up system. Ideally you must respond to all enquiries within 24 hours. This helps them decide to purchase your offerings as they sometimes require a push.
People rarely listen. Instead they attempt to finish sentences for the person speaking. But you see, anyone who wants to amass wealth must exhibit excellent listening skills. It’s imperative because the success or failure of your efforts depends on people. And in order to get a good grasp of what is happening you have to listen.
Wealth building requires funding, sourcing for the required resources to plough into the venture that will generate more. Being able to secure funding is key because the likelihood of having enough resources to promote sizable business opportunities is remote. Wealthy people are adept at sourcing the funds needed to take their businesses to the next level because cash is king, and a lack of funding could spell the end of a business venture.
Business etiquette is a skill just as much as accounting or managerial theory. Something as simple as a handshake can make or break a big deal or cost you a job. People often judge others based on their etiquette. Adherence to business etiquette not only gives people a better perception of your company and your own image, but will also help your wealth building efforts.
Finally reading books, attending courses and investing in personal development will help you acquire these skills. You will work with others to amass wealth but you cannot afford to be ignorant of any of these skills as ignorance is costly. In conclusion you need to have a good grasp and working knowledge of all of these skills if you want to amass wealth.