Submitted by Nguyen in November 2012
IMPORTANT NOTE: This article is not just for business student but for anyone who has the big dream and wants to pursue their businesses and be financially free. The advice in this article may not be for everyone. If you study business to get a good job with a stable income, I advise you not to read further!!!
For those of you that want to pursue the exciting field of business, you probably realize sooner or later that it’s not just about the degree. You can be a straight A student in college, but if you don’t have enough experience AND a thorough understanding of financial literacy (which, I think, is one of the most important factor in every aspect of life, not just business, but somehow is not emphasized in school).
As a business student, I’m now in my 2nd year of college. I choose Business because of its diverse characteristics. In business, we do not have to expertise in any particular field; however, we need to know a little bit of everything. Apart from being a student, I also have my own business. Through the training system that they have, I realize that my original goal that I along with my parents have set for me (to get a good education and to get a well-paid job) no longer works. I have to have some back-up plan for myself and my family in the future. Furthermore, I don’t want to work for someone else for the rest of my life and become part of the rat-race which never ends. Working with my business team, I learn some of the most important skills which help me a lot in my business as well as real-life situation. I want to share them with others. I hope that these tips will assist you as you achieve your goals and dreams.
First, I want to share with you 6 steps to success in any field, not just business:
- IDENTIFY WHAT YOU WANT
What drives you to business? Money? Freedom? Time? Have a clear vision about what you want. Many get into business because they want to be their own boss. They want to have the freedom to do whatever they want. They have more time to spend with their family.
Do you remember when you were little and you want to be all of these amazing things? As time passed, we grew up and forgot about those amazing dreams that we used to have. Maybe we felt discouraged because our friends and our family put us down, saying we could never make it. We started to shrink our dreams down to conform to others.
We often hear: Be happy with what you have. But I don’t want to be happy with what I have right now because I know I can achieve bigger dreams and have a better lifestyle. Guys, don’t be afraid to HAVE A BIG DREAM. Ask yourself: What is the one thing that you’ve got to have in the next 5 years? Not something that it’ll be nice to have, but something you’ve GOT TO have, something you’ll do whatever it takes to have. That’s your purpose, which is going to drive you to success.
- IDENTIFY WHAT YOU’RE WILLING TO GIVE UP TO GET WHAT YOU WANT
In order to achieve your purpose, you have to focus your time and your effort on it. You can do anything, but you can’t do everything. That’s why you need to be able to identify which is the thing that contributes to your purpose in life and which one you can postpone so you can focus on your purpose. Your purpose or dream has to be big enough for you to have the passion and the desire to be willing to change your old habits and replace them with new and productive ones. It is critical that you identify what you want because that sense of purpose will create the willingness for you to go out and do whatever it takes.
- WRITE IT DOWN: Write your dream down, stick it on the wall so you see it every time you walk through the door.
- GIVE IT A DEADLINE:
At school, our teachers give us a deadline for every assignment. What does that mean? To me, it means not doing the assignment until the day before the due date. When something does not have a deadline, it means I will not do it. When you give yourself a deadline, you create a sense of urgency which forces you to go out and do what you’ve got to do in order to achieve your goal. Take that deadline seriously and commit to it no matter what.
- READ IT IN THE MORNING AND AT NIGHT:
You can constantly remind yourself of that one purpose in life, something that drives you to success.
- ASSOCIATE WITH THE RIGHT PEOPLE:
Associate with people who are at your level and above so that you can learn from them. They’re the ones who are going to help you achieve your goals and dreams.
(Sources: Book “Think and Grow Rich” by Napoleon Hill)
Now to be able to run your business effectively, it is necessary that you have what is called “financial intelligence.” According to Robert Kiyosaki, the best-selling author of the book “Rich Dad, Poor Dad,” there are 4 main elements that people need to know in order to be a master in financial intelligence:
- Financial literacy: the ability to read numbers and know the difference between a liability and an asset, which comes down to understanding the most basics principles in accounting in order to know the strengths and weaknesses of your business.
- Investment strategies: know where and when to invest you can make the most with the money you invest into a project. Robert calls this “the science of money making money”
- The market: Know the difference between supply and demand as well as their relationships with each other and with the marketplace. The same rules also apply to various forms of investment.
- The law: Understand different policies that the government imposes on businesses, especially when it comes to tax advantages and protection from lawsuits.
Knowledge is power. The more knowledge that you have, the better chance you have at gaining your financial freedom.
These are just some of the few things that I learned. I hope they help you gain more and more success every day. Of course, success always comes with hard work and discipline. So be sure to think before you do anything because every single thing that you do determines your success. One action may be insignificant right now, but compounded over time, they can change your life.