How rich people have turned ideas into wealth.

The amount of wealth acquired depends on how many people are willing to use my product or service or the level at which it satisfies the people I serve or the level of uniqueness of my product. The product does not need to be complex but what matters is the degree to which it satisfy peoples needs and the level at which people know about it and the way I distribute it.

The major question rich people ask themselves is how their products are to reach as many people as possible

Retailers are very good people to distribute my product to others. Retailers are spreads all over the country. It retailers can but my products, they spread them all over the country and they also buy in large quantities.

Or I will build my own net work through which I will distribute my products especially if it is cheaper that way. It also depends on the product I sell. Some services are harder to retail, therefore for me to serve very many people it needs to build a net work to reach them. for example others built telecommunication net work , electricity cable network through now measures are being put up to include retailers in selling these services like those selling air time cards.


I will add marketing to what is produced to allow people know about my product and also improve on my product. This will be done through advertising and research.

Advertising makes people know about my product and it can do to help solve their problems. Rich people spend a lot on advertising their products and in the many products available people buy those that are well advertised so advertising is essential.

Research helps me to find new markets, customers and users for my products, to know how favorable conditions will be in the future for my product. This helps me to plan well. Most people do not do this but it can be a competitive advantage for me.

Also management of finances is important. It is my job to know whether I am going to use my own money or other people’s money, how much I am going to pay back and within which period. The best way to manage finances is to use systems which were developed by other people to help me run my businesses well. They help me plan for the future and how to grow my businesses.
These include cash flows, budgets, income statements, balance sheets e.t.c