Ryan Ho's Entrepreneurship Blog

Behind my thoughts and processes on becoming an entrepreneur

April-13-10

Developed

posted by ryan

Developed is the status given to countries with high gross domestic product GPD per capita which refers to nations with high development according to some criteria.

A developed country has other means of measurement industrialization has a part contributing the economy boosting the financial status and capability of individual countries. The other measure associated with developed nation will be the human development index which combines the economic, nation, life expectancy and other measures factored in.

Being a developed country has got its pros and cons. Pros is more beneficial towards the nation, politicians, businesses and government, and  cons is more towards the poor, majority of employees who cannot benefit in any way regardless of the country being under developed, developing or developed nation.

Poor is not a good thing, and it certainly isn’t good to be poor in a developing if not developed nation. In such a developed country, there will be intense competition for business and profits. The most inflated assets becomes overpriced will be a home.

Home is the shelter which everybody needs and thus either you are rich or poor, you cannot avoid not buying it. The only difference is that the rich can afford with the inflated pricing but not the poor.

The more competition the country has, the higher the inflation is. Just look at Hong Kong, Russia, ask them how small is their home is, sixty to seventy meters are the size which average income earners can afford to buy.

Singapore is heading towards a near developed national but we are still holding onto the developing nation status. Just look at the way the homes are built in the past versus currently and the trend of the homes versus the price.

There is not doubt, homes are highly inflated, while they remains the same price, the square meters are dropping by at least thirty percent and more. Just couple of years back, the norm of purchasing a home, the standard size should be at least a thousand square meters, but over the past two to three years, kitchens, living room, rooms, and even washroom get downsized, but the price still remains the same giving a false impression that there is not any inflation.

All these are just decoys, sales gimmicks which all businesses employ to trick those gullible people.

There was a news article which I read some time back which made me laughed. That article was about a block of apartments of six to seven hundred square meters of size being sold at a much higher price tag for the same amount with a home for at least a thousand square meters of size in the same area. The irony is those small homes get snap up much faster than homes which a bigger size despite it being more expensive!!

An example will be in the past comparison of an old three room apartment built in the 1980s versus the ones which has the same size of a current four room apartment built in the after the millennium. Just look at the newly built versus the older generation apartments, compare the windows, put your thumb against the windows from your vehicle or when you happen to pass by in public transport.

Older apartment’s windows can cover around the size of our thumb while the newer generation of apartments, their windows are smaller than our thumb, to me, newly built apartments are like pigeon holes for birds to live, not us, but funny thing is, we have no choice but to move in since there isn’t any other choice left, neither was I in control of wanting to move or not.

When I read that article, I was wondering if adults are smart or are the developers smarter but since I’m already as of a adult age, I know I am definitely not going to be among those intelligent adults buying a expensive apartment with lesser space just because of the sales hyped up buzz of thanks to the media which created a sales frenzy.

If you understand what I mean, spread news of this blog post to your beloved family and friends, help them save money and prevent those developers from ripping our money off our wallets just because they don’t know that they are suffering a loss on each purchase of flat yet they are smiling and thank you the property agents who are in fact making their clients poorer.

I don’t know how smart we ourselves are, but if you want to help yourself, your friends and family save money, than tell them about the trend of property size are descending while price is ascending thus price inflation on all apartments.

Spread the word to save money. Don’t rush into buying homes if they are just building smaller homes and jetting up the prices. Practice delay-gratification, it will help you save hell lots of money. Trust me on this.

There was once when a blocks of flats in a are of Singapore that was not popular in the launch couple of years back, with only less than ten occupants which made that area looked like a ghost town, which made developers to relook at their layout, design before new apartments were built soon after with numerous other strategies to push for the sales of the unsold apartments which was featured in the newspapers.

The moral of the story and lesson learnt, do not rush into buying homes, if you don’t like it, don’t buy it that will force developers to rethink and relook at their product (apartments) which they are selling.

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April-6-10

Dependable

posted by ryan

Dependable as mention in earlier post (blog entry) is on the basis of reliable, and it has to do with dependability as a person or system and it gets more in depth for deeper understanding.

Dependability is the ability to do things beyond what you expected of you, a person or a system. Such as troubleshooting, working with things beyond what you learn and learning it quick as well as putting it into application and coming up with a solution.

Majority of the people need not be dependable in terms of employment situation but ought and should be dependable in a family setting or situation so that the partner and the babies can depend on the person regardless of gender or age for survival and basic necessity like bringing the bread and bacon back home to the family.

It is the responsibility of doing and going beyond what is expected of a person or system to ensure everything goes smoothly without much and major disruptions.

In a family, the head of the family, most often the father figure is taking charge of ensuring that he brings back bread to the family to feed them thus leading to the phrase “sole breadwinner”. Bringing back bacon will be a bonus.

A father is needed not only to be reliable but also dependable, as he may be required to attend to sudden child health issues and family financial difficulties due to family complications and issues with parents in laws, disagreements or anything and everything which calls for attention in the family.

Due to globalization and increasing stiff competition, both parents need to be at work and thus the family is no longer depending on just a person to bring the bread back home. Instead in developing countries, both parents need to work in order to survive and afford to pay for necessities.

No matter how times have changed, generally the rule still applies as the male needs to be the bread winner because unless the law is changed to complete equality, where there is no law that enforce a guy to pay for the maintenance of his spouse and family than only can ladies and women be considered equal.

Thus if you who is reading this blog post right now, and happens to be a lady plus you are still single, start searching for a responsible partner now. It is easy to find a reliable partner but not a dependable partner. As to where to find it, I leave it to your imagination and experience.

Be responsible and accountable for the person who you will be living with for the rest of your life. Ladies, proceed with caution and make the right choice.

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February-23-10

Steel

posted by ryan

Steel is made up of Iron and Copper, with different treatments; it translates to different toughness of steel depending on the purpose it is manufactured for.

It has many properties and benefits and most importantly it is recyclable, flexible enough to be made into anything, from cars, to bridges, buildings vessels air planes, all requires steel. Without the invention and mass application of steel into daily lives, it will not be possible to even talk about profits and wealth.

Having watched documentary which talked about steel thus the topic for today, are you tough enough like the steel? Do you have what it takes to have balls of steel?

In business, entrepreneurship, it’s all about profits, money, wealth and flexibility. In manufacturing business, it is all about the steel first which allows countries to prosper, war to be made safer with the use of high grade steel in armored vehicles. It is used in the core frame of our daily lives.

Earth is running out of steel, and has estimated of only twenty-seven billion tons of steel left thus recycling of steel started eighty years ago due to shortage of steel. With the shortage of steel, manufactures are taking substitutes and mining the components out to made steel from hematite as a substitution.

Like wise in business, if we want to profit, we must learn to be like the steel, with so many properties and benefits of the steel, suitable for all types of use, under the process of heat treatment, water cooling, heating again, tampering followed by welding to form into different grades of steel.

If we want to profit and be wealthy, we need to learn to bend it like steel, the properties of steel under the processing treatment, use strategies and reuse skills which can be applied to any business, platform to increase profits. To have the balls of steel, we first need to have guts to choose our own path, stick it out till we make it there.

Ask yourself what is your passion, what choices do you have, what skills do you currently possess, and what additional skills do you seek to learn and apply?

For entrepreneurship to take place, flexibility is crucial, embracing change and keeping up with times is important, but sticking to the basics and your true talents is the best choice and decision you will ever make.

The lifestyle you will lead depends only and solely on the type of employment you are in, the passion which you have in your heart. If you are unhappy with your employment, have no passion for anything, than it’s time for a change, if you want to, else remain happy and be contented to have a stable employment with fixed income.

Just do what you like, but ask yourself if that’s really and truly the life you desire.  It is better to die trying than to die regretting.

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February-21-10

Management

posted by ryan

Relationship is an association of two or more people which is based on different purpose and bonding. It may be based on for business interactions, social commitments, interpersonal or intimate relationship.

Different purpose of relationship requires different methods of handling, and understanding how it works is the key to solving the root of the problems should it surface.

The root and basics of relationship management is to look at the difference between how a man and a woman handle relationship.

There is a common saying “Men can forget but they cannot forgive. Women can forgive but they cannot forget.”

During a courtship, there is both positive and negative behavior which we can learn from relationship. Relationship management is just like a business and it requires time, effort, commitment and collaboration from both parties to work.

In the process of the courtship, it is sweet, once the courtship is over and grow into a relationship before it evolve into a either a break-up or marriage followed by everlasting love if not separation followed by divorce.

The spectrum of transition of relationship is all about business transaction these days due to the change in culture and influences. Romance; love; commitment; responsibility; accountability ; management; operations; protection; expansion.  It is all about the cycle before it duplicates itself or it dies off.

Romance is sweet like an appetizer, a small dish to stimulate a desire for more.  It can be of in all flavors depending on the person’s character and personality. It is the selection of which appetizer is suitable for you like choosing a partner.

Once you take your pick, you start to taste it, the taste lingers in your mouth, either your taste buds accept it if not reject it. If you accept it, it starts to go inside, making you hungry wanting more increasing your appetite. It is the courtship whereby you want to consume it, but it just does not want you to know what the next dish is. With anticipation, the desire grows, like in a courtship, from hands to shoulders to waist, hips, kissing and other intimate actions translating romance into love.

Love is when you start to have the taste of the dish, and you ask for more, wanting the next dish to be served fast. Short light kiss becomes French-kissing and it proceeds further with hands into the picture. Like you start off with different breads, applying either butter or jam just simply hands and or with just a butter knife. As you progress, you start using tools to consume more and the tools get more, which is when intimacy increases and clothes start dropping piece by piece.

Commitment is when the main course get served, finally you see the dish in front of you, salivating, starts drooling and you can’t wait to consume the main dish. It is whereby clothes are completely removed; all you see in front of you is the naked body. Alluring, sexy with a sense of curiosity of how it will be like.

With a slice of cut on the meat, you put it into your mouth, its equivalent to making a commitment, a promise to your partner that you will stay by his/her side. Soon as you consume the main dish, you start to fell the slight fullness in your stomach. As foreplay moved into intercourse, the promise is made and commitment sets in.

Having finished the main course, the rest of the course can be predicted, with the delicious dish already served, whatever dish coming up next is just lighter in flavor then the main course which was just finished. Like after the intercourse, ejaculation sets in, satisfaction in both parties. The customer decides to stay till the end of the course, while the cook is happy that the customer enjoyed the main course.

With that, responsibility takes places. You will start discussing how nice the dish was previously, and perhaps next time your choice of dishes if you were to come back again. Similarly like how ladies like to hug their partners after it, lying on their partner’s chest or in the arms, looking into the eyes, smiling happily, chatting about the feelings during the intimate physical contact.

Accountability sets in soon after, like the dessert that’s coming up next, it can be of either hot or cold dessert to tantalize your taste buds usually ending with sweet desserts so the customer will come back for more. Like a happy couple resting in the comfort of each other, either one waking up slightly earlier to prepare breakfast for the other partner, leaving sweet memories and closing the chapter leaving wonderful and pleasant memories, allowing the couple to make plans for marriage.

Management is the bills of the whole set breakfast/lunch/dinner. Settling the bills, checking if the bill is right for any overcharging like a couple in bliss, planning for the next session with budgeting involved now.

Budgeting includes the promise and if the partner is responsible for his/her actions before a second and three set meal can be consumed together. Discussed wisely, the budget only gets sweet and larger with more commitments and responsibilities like choice of restaurant, if want to upgrade to a higher class restaurant paying for the service and ambiance similarly to discussion of settling down for a family.

Operations is how the restaurant runs the after sales service, the methods which they will offer to give you reasons to patronize the restaurant or their service again. It is when the partner shows his/her attention, care and concern for each other to make it work and have the relationship running smoothly without any food scraps getting stuck in between the teeth.

Protection is whereby restaurants come up with new dishes, promotions to attract and retain their valued customers. This is when business rivals surface allowing the customers to chance to taste other recipes and dishes. This will be when partners come up with new tricks such as new image, choice of clothes, some teasing, and new positions and change of environment to entice their own partners to stay faithful and loyal to each other.

Expansion is when the business is doing well; restaurant owner decides to open another outlet via franchise model duplicating their success. It is whereby both partners planting and wants seeds to be planted in the farmlands. For males, it’s to get the female pregnant, for females, it is to get married and the cycle continues, this time on the baby inside the womb.

Transactions are happening everyday, every second, how you run the business and how much you profit depends on you and nobody else. Learn management skills, it is the skill that is applicable to anything and everything.

Have a profitable business and a happy marriage. =)

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February-20-10

Fellowship II

posted by ryan

Fellowship is the friendly companionship between friends, family and people and members in the same company, corporation or guild. It is the association of people having similar taste and interest who has form a group together.

It can also be based on a foundation for having awards and benefits for being in a corporation or guild working towards a common goal or purpose hand in hand together with helping one another.

There are two types of fellowship; one is purely for profits (money); the other one is for friendship and association and membership of a exclusive group.

Fellowship for money happens and forms when a group of like-minded people bond together, working hard to earn more money in the shortest period of time possible to satisfy their desire and needs thus they resort to fast quick methods etc which only makes them more busy without the time to enjoy their new hard earned money. Have money but no time to spend the money.

Fellowship for friendship is the one which everyone should be looking for. It is the building of alliance of respective individuals each with their entrepreneur business ideas working their own ways. In time to come, when individuals succeed, they who know each other previously and have help support one another in need, will become a force to be reckon with, building wealth, assets and lots of time to spare.

That is the secret to wealth and success, seek to form an alliance of like minded individuals, and encourage one another, so when companies are erected with each successful individuals, there’s more benefits to working together with trust that’s already built, and less time spend on unnecessary selling and negotiation about the details. Trust is the way and how things work. Abuse it once, and kiss goodbye to it forever.

If you have no idea what I’m talking about, read up this book on Starbucks, “Pour Your Heart Into It – How STARBUCKS Built A Company One Cup at a Time” by Howard Schultz and Dori Jones Yang.

Inside the book, it focus on getting to associate and know the right people to expand the business, some of which are partners whom they worked with together in the past.

Ask yourself what’s your passion, find and join a exclusive membership of an association of individuals each with their own vision but at the same time encouraging one another towards success.

The wealthy and successful people gets more wealth together with more time to spare while the poor gets more work load with less time to spare and it means to get busy and not time to spend the money he/she earn.

Do you want to be have both time and money (wealth) or do you want to have money but not time?

Pick either one of the above and work hard. Make the right choice, and choose a right mentor who can help you to succeed yet allowing you more time to increase your wealth by building more sources of income with one time effort, multiple times of profits.

“How you do anything is how you do everything” – T. Harv Eker

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February-19-10

Membership

posted by ryan

Membership is the status of members belonging to an organization and society. It is the association, made up of a group of successful individuals each in their own niches of expertise and professionalism.

It is commonly used by the higher class status people, like country club membership, flying club, and many others. There are many privileges attached to a membership which give the membership owner, the person an elevation of status and envy among his/her friends who don’t have the membership to a exclusive club.

Membership will not die off, neither will it be like a fashion fad, it is a trend that will only increase and no chance of decrease as the number of wealthy individuals increases.

It is used and discussed more by people of higher status which comes with a hefty price tag. The poor on the other hand look for just associations, and is contented with any group, as long as they are not being left out or left behind and ignore within the group.

It is here to stay and will keep on increasing as the spending power of the successful individuals increases, the society will slowly evolve from a three class society to a two class society with only rich and poor in time to come. The tell-tale signs are obvious; just look at who is being sandwiched in employment, workload increases with competition, pay increase slightly but the workload increases by leaps and bounds.

Do you want to have an exclusive membership of a club or do you just want to look for association? The choices are yours and look for people who can assist you.

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February-19-10

Association

posted by ryan

Association is an organization of people or plants with common purpose together under uniform environmental conditions working towards the same goal or objective. It is the alliance, an union of company, a force not to be reckon with when it forms together.

Animals associate themselves with fellow animals as well to help clean themselves especially in the ocean, sea and lakes. Sharks have small fishes swimming together helping themselves with the parasites on the skin of the sharks, whales have shell like organisms living on their body, while crocodiles have birds to help them with teeth cleaning.

Gangsters form together because each on their own, are people without the ability to complete any task on their own thus they form a gang, to bully the weak, get things done their way and fearing the powerful people with stronger backing example the police.

Aunties form together in markets to gossip in morning market session for breakfast before going to the wet market to buy food. In a group of aunties, they can get more discounts saving more money.

Smokers and drinkers are associated together and always seen around one another because they cannot miss out the company or one another enjoying the company.

Wealthy successful businessmen hang around together playing golf, closing business deals and helping one another earn more people.

Poor people are poor because they associate themselves with the wrong people. Rich successful businessmen associate themselves with even more successful people to help each other profit in different areas.

Whatever you seek and dream to be, you need to get associated with the right people who will help you build your dreams, visions and goals and other business ventures.

Make the right choice and do the right thing. Walk a path and associate with wealth builders and not demolisher who are money suckers and spendthrifts.

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February-13-10

Criticize

posted by ryan

Criticize is to judge or discuss the merits and faults of anything. It is the act of passing judgment as to either the merits faultfinding in anything. It can be said or passed around in words during discussion, comments, articles, and essays or even in television shows and drams.

Criticism is not welcomed in employment or at work. Nobody likes to be criticizing or be put down to in front of others. Losing pride ego and face is what Asians detest most, thus people can only hide the truth from their friends, relatives, even family members for wanting to hear words pleasant to their ears only.

Refusal to accept criticism is a sign of failure and the root of the problem that poor people hold and embrace tightly in their heart. People hang around people to feel happy and to encourage one another, but what if the company, band of friends you’re hanging around wish otherwise, reluctance to see you improve and surpass them leaving you behind. It is their reluctance to let go and see you succeed that cause friends and company to be the deciding factor in your result.

At work, if you’re new, speaking against a superior, you will get blacklisted and people will start to find faults with everything and anything that you do.

At home, if you’re young, speaking against an elder or senior, even if you’re right, they think that you’re always wrong because you are younger than them that kind of mentality.

If you want to succeed, hang and mix around with people who will be happy and willing to extend their helping hand. That is why successful people hang around with successful people; you don’t see successful people hanging around with failures who aren’t willing to improve themselves.

Example, look at the way crabs are being kept in supermarkets, those selling normal black colour crabs beside them selling Japanese crab etc. Why some crabs do is trapped in a cage while some are left in a tank without a lid to prevent them from escaping.

The next time you see both kinds of crabs side by side, ask the seller why the difference in handling and selling them, once you hear it yourself or look long enough observing those crabs. You will understand why the difference in treatment when both species of crabs tries to escape, and see how they react. (I heard this from my senior last time when I was in the previous employment)

If you want to succeed, hang around with people who are happy to be asked questions, receive feedbacks even if it’s a nasty comment or remarks etc. While it is not a pleasant experience, but with every new complaint or feedback you can improve faster and better than people who are only accepting the good and rejecting the bad thus there’s no room for improvements.

With lots of criticism, will increase the room for improvements thus there are companies, business who are able to position and brand themselves as the luxury top tail brand in the market. Looking and learning from mistakes of others where they refuse to listen is a key factor which determines the success or downfall of anything.

Are you willing to accept and receive criticism with happiness or are you going to deny them? Its your choice and what future you want to put yourself in.

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February-11-10

Help

posted by ryan

Help is the act of either giving or provide what is necessary to accomplish a task or a need, to render assistance to people who need it.

It also make life less difficult and reliving them off their illness, pain and sufferings.

Help is everywhere and anywhere. Are you the person who likes to help and advise people or are you one who only likes to receive help and assistance from others and never give back any?

Help is a two way thing. The more people you help, the more people will help you succeed. The more reluctance you show in refusing to help others, the same others will show to you.

Look at businessmen. They are setting up businesses, helping many people in different areas. By employing employees, they are helping the majority of the people to get paid if they are willing to work hard for the company, and in return they get money to bring bread and butter back home to the family.

By doing business, providing service and solutions to help solve business partners’ problems, they are helping others again, and in return they get money (profits) back in return.

By lending a hand in charity with money, they help people in extreme poverty get fed with food and basic supplies, they didn’t expect anything in return, but than others see it, than again they are helping themselves.

The return favor of helping comes back to the business in the form of recognition, branding and position which is goodwill, building a reputable brand for the country, individual or business, the more low-profile you are, the more happiness you will get and more rewards will come back to you.

Not everything comes back from helping in the form of money, but the values and reward to helpful people and businesses will end up with much more than what they offered.

When individuals and business do charity, they can reduce their tax for that year too from the government and more support from the leaders governing the countries with more benefits in future. There’s nothing to lose in helping but a lot more to gain.

Exercise caution when you offer and extend a helping hand. Never ever help any individual that refuse to accept your help and stretching out their hand. If they reject you, so be it, there are others who will gladly accept and appreciate your help.

Practice selectively helping, else you will be abused too. Example: You don’t go around helping people in the brink of bankruptcy when they didn’t learn their mistakes or lessons. The more you offer help, the more you’re digging your own grave to perish together with the people facing bankruptcy at the expense of your financial help.

You will not help people who don’ t share the same vision, goals as you (only applicable to businesses only). If you’re into philanthropy, than just do it as long as it is within your means and financial ability allows. Spending and spreading wealth wisely to those deserving of a chance to succeed and grow.

Do not help people who will turn their backs on you, a real life betrayal of unconditional help will be USA. They who believe in their religion believe in helping anyone and everyone, and the help they offered get abused in this case example.

USA trained Osama Bin Laden, who in turn became a real ring leader in terrorist who betrayed USA’s kind intentions, war breaking out among Iran, Iraq, and neighbouring countries suffer in some ways.

So select carefully and help, don’t help people who act like they need help but with hidden agenda that go against your vision, principles and directions which again leads me to entrepreneurship.

Choosing the right business partners, help people who accept your help and not people who only want to make use of your help, be selective and test their intentions if needed.  Choose the right business partner and your life plus wealth will be made much easier, choose and make the wrong choice or decision, and you have hell of a time like USA still trying to capture Osama Bin Laden who may still be hiding inside the mountains underground and in the caves etc.

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February-10-10

Queue

posted by ryan

Queuing up is what we do practically everyday without fail.

We queue for practically everything, food, shopping, education, washroom and even paying bills needs to queue.  Queuing up is part and parcel of being poor or rich.

Being wealthy can greatly reduce the queuing process with just a phone call if not even jump queue or having top priority reservation for VIPs.

With great spending power comes great benefits, being wealthy and successful is the way to go. Lots of envy and stares will be cast on the wealthy people. Everywhere they go, heads will turn, looking and following their direction. That’s the inner shine that comes within and only exclusively from the wealthy and successful businessmen.

While majority take paid flights, they take chartered if not private jets for transportation everywhere they go to. Limousines waiting at the pick-up point at the airport, always ready, clothes never a issue, everything is prepared ready before hand with the help of their assistance ensuring everything goes smoothly.

Queuing up is only a behavior which poor and rich people do. If you want to jump queue, start looking around for ways to jump, if not take short-cuts else or learn whatever necessary from wealthy businessmen to learn and follow the path that the minority will take, due to the difference in wealthy people’s actions, and their calculated risk which might seem like impossible to the poor.

Obedience is the trait of queuing up, if you’re obedient, that means you’re destined to be poor, if you like to create your own rules, break rules, barriers, do it legally, in your own style and have everyone following what you do else let them “awe” with their jaws wide open making an impactful entrance.

Wealthy people never fail to leave a long lasting impression, even if it’s just one time, the next time same place might be vacant, but the first impression of wealthy is easily irreplaceable regardless of what happens, and with that thought will stay and haunt you more, creating stronger desire to have a bigger better place than what you personally felt. That will be what is required for people to have a wealthy mindset, first be in a situation, a dream, than ask yourself if you want to be in a similar situation if not better. If that’s what you desire, than work towards it, and there your process, commitment to achieving the potential results which you have seen and be in yourself will materialized and come to you if you put in all the hard-work, doing what is required etc.

Wealthy or poor, we are all human, the only difference is mindset and language, but hey, language isn’t a barrier to wealth, so all that’s left with is mindset, not forgetting gender. Look at the Forbes list, all the tycoons are billionaires and are guys.

There’re lots of reasons to why this has being the way, it’s due to genetics and education, thinking, and what is learnt and passed down. If you don’t have the genes and traits of being a wealthy person, than start changing you to be one, learn and do what the wealthy people do but stick to the basics and be practical within both your ability and budget. There’s also lots of books which talks about why males run the show and how females can learn and apply to, but not many ladies are even bothered to borrow those books.

If you seek wealth, success, start by learning to cut-queues, than find shortcuts, and use networks to speed up process, and use phone calls to seal the deal, no email, no msn, no technology stuffs to earn money, at least the top tycoons aren’t using technology to create wealth, so if you’re a technology savy person, make sure those are helping you to earn money, if it isn’t, perhaps you might want to reconsider on where you want to spend your money on.

Make the right choice. Do the right thing. Ensure it helps you build wealth.

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