T. Harv Eker’s Six Steps for Wealth in Business

Okay, are you ready for the steps to become wealthy in business? Here we go. Number one, which is always a good place to start your mindset. Most people have a broke mindset or they have a earn a living mindset or a I just want to be comfortable mindset. If you're going to be rich, you need to have a rich mindset. Meaning the one thing is you have to believe that money is a good thing and a lot of money is a better thing. Not just from the sense only of money in your own lifestyle, but, but from being able to contribute to other people and literally live, as I said, the lifestyle that you want. But mostly you can't have any negative thoughts and negative ideas that somehow money is bad, rich people are evil. You know, all that kind of what I call, you know, mental junk around finances and expect to succeed. So you've got to have a, what I call a millionaire mind and we can help you develop that. Number two, you've got to understand how you earn money. How, how do people even know? How, how do you earn money? How do you make money? Very simple. Where do you get all your money from? You get it from the sky, you get it from the moon, you get it from the stars, you get it from God, you get it, you get it from trees, you get it from the bank. Do you get it from your job, you get it? No. There's only one place you get money from and that is listen closely now. All of the money that you ever get has to come from where? Other people. What's the words? Other people. Thank you. So knowing that you're a person, why would you give anyone your hard earned money? One reason. And the reason is this. You are going to solve, what's the word? Solve a little or big problem for them. In other words, you people pay you people give you their money to solve a problem for them. Once you understand that, you can now go to step number three. And step number three is being in the right business at the right time. Right. So what does that mean? Well, two things. Number one, the business has to fit who you are. It has to be something that you love and you care about and you want to help other people with something that you know about. Maybe something that was pertinent to helping you in your life and now you're sharing that with other people. Yes or yes. The other thing about it is that it's got to be in some decent or at least high demand. In other words, you know, maybe it helped you, maybe you want to help you, but nobody Wants it. So you've got to test for that. But you've got to kind of marry up. Marry up a business that you love the arena. Because if you don't love the arena, you're going to want to leave, all right? And if you leave and you quit, you're not going to get rich. So you got to love the arena, want to be in it. You want to help people with that problem, right? You've got to marry up the fact that this is a high demand business. People actually want this, and you've got to have knowledge about it, right? So that's number three, having the right business at the right time. Number four, this is where pretty well everybody blows it. Are you ready? Once you've got the business going, how do you get it to the next level? The first thing that has to happen is the S word. And the S word stands for what? Anybody? Guess. Okay, I'll give you another letter. S. SY okay? SY Not PSI. Systemize. You've got to systemize your business. Every element of your business must be able to be systemized. And what is a system? The definition of a system is a repeatable process, in this case that produces a profit. I'll say it again, A repeatable process that produces a profit. Now what's the most important thing about this system? The system means that you must create a business that can listen to this work without you. If you have to be there for the business to for the product or the service in any way, shape or form to be delivered, then guess what? You have broken rule number one of wealth. The number one rule of wealth is, listen to this. No limits on your income. No limits on your income. And if you are have to be there, then you're limited, right? Because you're limited in your time, right? So you've limited that. If you get paid in any way, shape or form, by salaries or monthly or anything to do with your time, you are limited. It'll be very hard for you to get rich. Please understand that. Okay, so getting back to systemize, you must systemize your business so that it works without you. Now that's a great thing, right? If it can work without you, why does it have to work without you? Because your job is to solve solve problems for people. If you solve a problem for one people, you get one money. A. Okay, you solve a problem for some people, you get some money, you solve a problem for a lot of people, you get a lot of money. Does that make sense? So your goal is to solve the problem for a lot of people. But if you have to be there for it for the problem to be solved, you can't do that. So you systemize a business so that it works without you. You must substitute yourself, and from there, you can go to the next step. Step number what? Step number five. And that is duplicate, expand. So it's like a cookie cutter. Now you. Now the system's your, your cookie cutter. Now you're gonna, you know, you're gonna cut cookies. Boom, boom, boom, boom, boom. In my situation with, when I had my fitness stores, I started with one store, and then I opened my second store with my manager, and of course, I wasn't there. I was helping and everything, but then I got off of that. And then once they were able to handle the store, I got to a, a third store, fourth store, fifth store, to 10 stores. Now I duplicated right. Now what happened after that, I'll tell you in a second. That'll be the next step. So you duplicate so you can show expansion. So you can show that this business can grow to a very high level. And because of that, you can help a lot of people and make a lot of money. Good or. Good. Okay, one more other example. In my training business, when I started training, I started, of course, with myself, as usual. But what did I do? I understood these principles and I taught other people to train my courses. I got the manuals, worked for more manuals, et cetera, et cetera. And then from there, at this point in time, right now, even I have nine trainers going all around the world teaching my courses. And I'm sitting at home for the most part. I haven't been on stage in years, and I don't have to be on stage, and I have money rolling in. Okay. But the main thing is that, like, even this weekend, I guarantee there will be today's Wednesday. So starting some on Thursday and some on Friday, there'll be at least three to four programs going on somewhere in the world without me. There's usually somewhere between. I'd say about 250 programs a year that go on and I'm not there. Okay, so it shows. Systemize without me. Then duplicate, duplicate, duplicate, duplicate, duplicate. So you help more and more and more people making more and more money. Okay, this is all great. You're going to get rich, right? Wealth, right? Not really. Not the kind of wealth I'm talking about. Remember I said multi, multi, multi, multi, multi, multi, multi, multi, multi millionaire. We're talking about rich. We're talking about wealth. That's what we promised, right? So how do you get to there once you've systemized so the business can work without you, it doesn't need you. You're not the clog in the wheel anymore. They always say if you're the major cog in the wheel, you're the major what clog in the wheel you're not that you've duplicated. So you show that it can expand and it can be expanded and grow without you. And you've proven that. Then you do the last step. And the last step is you sell the business. That's right. You cash out, you sell that business. Say wait a minute, what do you mean sell the business? I grew the business. Listen, this is not your child, okay? This is a business. What I teach is this, if you want to make the difference between earning a living and having a nice life and having, you know, decent money, etc. Etc. Then keep your business, enjoy the profits, etc. Etc. But if you want to get rich and you have systemized that business properly and you have duplicated properly, you can sell that business. Why? Because investors are constantly looking for business opportunities, businesses they can buy that run on their own, where everything is set up and systemized. It's like a machine. It's a money machine, can understand it, it's very, very consistent and it's constant and it's a money machine. And your job is to create a money machine so that some big player will buy that business from you for a, excuse my language, load of money. A load of money. Let me explain something to you. I'm a big time investor right now. I invest in many, many, many different businesses through different funds and friends, etc. The very first question I ask when I'm investing, what's the exit plan here? When are we getting our money back out? When's the sale going to happen? And they always say we're going to do this, do this to this. We're looking for a three to four year period and we're going to sell. We're going to build it up to somewhere between revenues of possibly 10 or 20 or $50 million and sell for a multiple of five times that. Meaning that I can make five times that money. If I put a million dollars In, I make $5 million. Good or good. So those are the critical steps to wealth. The last one is critical here. You start a business to sell the business and get rich. Let me repeat them for you one more time. Number one, a wealthy mindset. Number two, understanding that you solve a problem that means delivering massive value to people. That they really need and care about. Number three, right business at the right time. Meaning it fits who you are. You've got the knowledge and there's a high demand for it. Number four, you must systemize the business or works without you. Number five, you must duplicate, duplicate, duplicate. And the last thing is, you sell your business. You need to cash out. And again, the number one reason to start a business is to sell that business and get rich. That's the way it goes here. That's how you create wealth in business. I hope you've made some serious notes. This is the way I did it. I taught thousands of people to do it this way. It is a formula that works. Use it.