There is only one way to create a lot of wealth (other than buying a winning lottery ticket) and that is to invest in assets that grow in value. That means investing in property, shares, or your own business.
Being in business has advantages other than the ability to create wealth, such as the freedom of being your own boss and the satisfaction of achieving success through your own efforts.
Taking the leap into business can be tricky if you don’t have a lot of life experience or if you have spent many years working for a salary or wage. The best way to prepare for going into business is to do an entrepreneurial apprenticeship.
Regardless of what business you go into, there are some core skills you will need. For a start, you will need good leadership skills, so you can get your team of people working effectively towards common goals. You will need to be a good manager of your business as well. That means you will need to know how to manage your cash flow, how to deal with your tax obligations, how to make good decisions and how to negotiate with your suppliers. Expertise in sales and marketing is also vital.
Every business has customers and it is important to understand who your customers and potential customers are, how to communicate with them and how to give them good service.
To improve your chances of success, get experience in jobs that will give you the training you need for your own business rather than taking jobs that pay more or that you have always done. Work at a variety of jobs that will round out your skills so you are ready to start your own business with confidence. Work to learn instead of working to earn.