There are many ways to create wealth through business. The question is…What is the best way for you? Failure in entrepreneurship is sometimes a result of being out of alignment with one’s personal wealth creation style. Let me explain.
I recently met with a friend that had invested a great deal in owning a parking & transportation business. This business required him to maintain the facility, remain on site, manage employees and a number of other very important task. The business started off well. However, after a short amount of time the operation has become a burden to him?
Why? Because he prefers being on the go, buying, selling and moving goods around the world, which he has done successfully and profitably throughout his life. My friend’s wealth style is that of a “merchant/trader” not a “manager.”
My friend was out of his natural wealth flow and the tasks associated with being a “manager” was sucking the life out of him. Chances are you resonate with one of the wealth styles described below more than all of the others. It is not required that you pursue businesses that only support your wealth style. However, you will find that by doing so, attracting money into your life will become much easier.
Wealth Creation Styles
Promoters easily promote other people and or ideas. This person is outgoing and can excite and inspire one to try something new or different. Short projects work best for the promoter. (concert/event promoters, sale professionals, politician, political campaign managers, media personality)
The supporter creates wealth by serving other leaders. He or she may help them, relax or clarify their vision in the midst of chaos. Supporters are at their best when they are in the service of leaders that live values they believe in. This individual maybe a hair stylist, barber, massage therapist, consultant, marketer, financial planner, doctor, lawyer or any other professional service provider.
A Merchant/trader is someone that loves to buy and sell. This individual knows how to find good deals, negotiate with sellers so they become great deals, then sell goods for a profit to motivated buyers. Merchants/Trader often have an adventure streak and are willing to travel far and wide for the best deal. Their mottos are “Ain’t no mountain high enough” and “buy low, sell high.” Merchant/Traders tend to be (independent retailers, real estate agents, and Investors)
A lord tends to have a great deal of wisdom and maturity. This individual may be able to effortlessly gather information, see patterns, and predict the future. This Lord tends to come from wealth or is perceived as such. She is easy to be with as she doesn’t hustle or move fast like the Merchant/Trader. Instead she strategically places herself in the path of wealth or information then provides guidance to her benefactor based on her high level of insight and intuition. The lord appears to lead a life of leisure and sometimes excess. However, the inside information she gains from her often high net worth social circles has the ability to make anyone in her good graces very wealthy. (homemakers, Intelligence professionals, consultants, CEO’s, Generals, advisers to political or business leaders)
A manager is loyal, patient, and organized. He sees the big picture and has the ability to develop systems and organize processes to increase organizational effectiveness for a company’s owners. This individual is a leader and has the respect of his/her subordinates and superiors. The manager brings order to chaos and is rewarded handsomely in the form of stocks, bonuses, gifts, trips, and ownership rights. (CEO’s, General Managers, Operations Managers, etc)
A connector may have few close friends but knows everyone. More importantly, everyone knows him. If you want it. He can find it. Chances are he can call in a favor and get what you need for free. Not monetizing his connections is actually the biggest threat to his acquisition of wealth. The connector has a network that is unrivaled. He knows all manner of men up and down the social-economic scale. He can make introductions and provide access unlike none other. (logisticians, freight brokers, advertising professionals, city planners, and anyone else with the gift of connection)
The inventor creates wealth by creating and innovating new technologies that make the lives of others easier. The inventor needs a strong trustworthy support system because his mind is like a satellite. It is always receiving new ideas that must be manifested through his hands. The inventor is a tinker and is often easily distracted…that is until an idea or problem he falls in love with captures his attention. When he is captivated by his work, the inventor must be forced to eat and sleep. (scientist, engineers, technologist, software developers)
Unlike the inventor, the improver makes nothing. He simply makes things better. This individual can be very critical and must learn to use tact. However, he has the ability to listen to the market about pain points of existing products. He then uses his connections or knowledge to create product improvements. The improver has strong problem solving skills and may also possess strong technical skills.
I did not develop the concept of the these wealth styles and I may have left out a few. However, remember learning about them years ago in workshop from a gentleman I don’t remember. If anyone knows who the owner of this concept please let him know about this article.
Never-the-less, hopeful these wealth creation distinctions give you a better idea of how to capitalize on your wealth creation style. What wealth creation style suits you best? Please post your comment below.
Michael Tucker is an international, author, and speaker. He is also the founder of Social Mobile Buzz, a marketing an communications firm that specializes in turning ordinary companies in to champion brands.