The conventional way to become extremely rich is by identifying your talent & discovering your passion. The underlying concept is to FOCUS ON ONE THING and become a master of it. If you become the best of the best in your field in the country you will get paid in million dollars. The field could be music, art, literature, sports, etc. which are highly competitive but once you reach at the top your earnings shall be galactic.
Let’s try to calculate how long it will take to develop that level of mastery.
Author Malcolm Gladwell in his book Outliers says that it takes roughly 10, 000 hours of practice to become a master in any field. It is called as 10, 000 Hours Rule.
So, you need a “deliberate practice” of in & around 10, 000 hours to become a master in your chosen field.
The problem with above approach is that it is really difficult to identify your talent at a very young age. And even hard-work of 10 hours each day would take more than 3 years from the time you start. It is hard at a very young age to become a master in just 3 years because it takes time to build foundational base and only after which you can accelerate.
How to become extremely rich in early 20’s?
Anyone who wishes to become rich in early 20s must:
1) Take Risks
Take as many risks as you can. The worst thing that can happen to you would be broke in your early life! It’s nothing more than a learning! You can easily reconcile as you are young.
2) Fail Often
If you are not failing often then it might be possible that you are not putting your best efforts. Push harder in order to succeed.
3) Believe In Yourself
Suppose you want to earn $ 10K in next month. Your inner-voices will say, “Hey! you are young! It’s not possible for you”. Don’t listen to those demeaning voices. Give your best try. Believe in your abilities. It’s all possible.
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4) Never Stop Learning New Things
Most people stop learning after they believe that they have “achieved something”. You must keep your hunger to know and understand new things alive. There is a direct correlation between your learning’s and the money you make.
5) Explore New Industries
Due to excessive competition old industries make minimal profits. New and emerging industries have the potential to make huge profits/company due to presence of few players in the industry. So, keep a track of new trends and make prudent & smart choices.
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Here’s the Neo-approach. The ingredients for this approach to work are:
- Extreme Hard-work
- Strong convincing and persuasion skills
- Some capital (~ $1, 000)
Basically, 1, 2 & 3 are People’s skills so if you are not good at them polish your skills. They are extremely vital for any aspiring entrepreneur.
Organising a Mega-event.
From your network identify speakers (3 in no.) from different niche from the same city. Prepare a Business_Proposal with strong emphasis of “what they will get” & “what you will get”. Send these to them over their e-mails. If you are a credible & go-getter type of person then your proposal would be accepted. You can negotiate for the price per session.
The next step is to contact reputed colleges/schools in that city. They would allow you to use their resources like Auditorium which otherwise would be a huge burden on your pocket.
College/School authorities will also get you in touch with the coordinators who shall be managing everything in the event. They are usually the part of E-cell.
So, nearly all arrangements would be made by college authorities/students.
You just have to take care of the speakers of the event.
You can mention in the proposal that it would be free for the concerned college students but for outsiders it would be charged on per person basis. In most colleges, Auditorium halls are huge & remain empty even after full attendance of its students. So, it’s practically feasible.
Another little thing you have to take care of is advertising on social media so that you sell enough tickets for the events. The amount generated through tickets will be used to pay to the speakers & earn profit.
You need to have a capital of $1000 so that you can make the requisite payments to the speakers in case you run into losses.
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Creating a PR agency with few bloggers & online journalists for covering events in the city, Brand management, Event Management, etc.
There are many such models that are economically feasible and have the potential to generate huge revenues.
How such models make you rich?
Scalability of such models is also high & within 6 months-1 year you can build a good reputation in the market. Good reputation means more business.
Scope of expansion is huge. In fact, all businesses based on Network always have an edge of expansion over other businesses. It is the Network that keeps on bringing new business opportunities to you.
Failure: even in case you end up failing, you would have built a strong network. It will act as an asset for you!
P.S. 1: Give a try to above models. And do come back to leave your success stories in the comment section.
P.S 2: If you are already rich owing to above models we would love to hear your experience! Drop it in comments.
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