Our social:

Thursday, 7 September 2017

PERSONAL LEADERSHIP: MULTIPLE STREAMS OF INCOME, A PROVEN SYSTEM FOR WEALTH CREATION


Multiple streams of income is having more than one legal means of earning your livelihood.  Here, you multi-task yourself in generating income. Not looking at just one means to earn a living.

With the growing economic challenges around the world, multiple streams of income has become a norm, and the need for individuals to adapt to it cannot be over emphasized. Multiple streams of income has always been the major solution to the financial needs of many.

The wealth creation process is almost impossible without multiple streams of income. Only a minute fraction of billionaires around the world became who they are today with just a stream of income.

Irrespective of the job or business you are engaged in, there is every tendency of not being satisfied with one’s financial state. That is why we see even CEOs of thriving companies still having other businesses to argument their earnings from their seemingly ‘money-stream’ (thriving businesses).

A stream of income, especially salary is never enough. It is dangerous to depend on a source of income, because you might become stranded.  When a man is financially stranded, everything within and around him is in disarray. We live in a selfish world where only a handful of people are ready to assist a financially stranded man.  Do all you can to be in a position of meeting your needs on a regular basis.

Business Researchers say, one can have up to five streams of income and coordinate them effectively, leveraging on today’s technology.  Someone may be asking how? Not to worry; some business schools now teach how to achieve this through your mobile phone. 

 People do multiple jobs to earn a living and invest some of their earnings. While some go for a combination of paid job(s), business and investment. Whatever you do, in trying to have multiple streams of income, there are key things you must consider: your area of strength, demand for a product or service, return on investment, time, your passion, available funds, and so on.  

In considering multiple streams of income, business venture, regular income yielding investment and paid employment are the three major options available to you. You can opt for two or a combine of all three options.

1. PAID EMPLOYMENT: If you are in paid employment and do not have the time, energy or expertize to run a business, or generally speaking, you are not business inclined, look out for people with business acumen and identify with their business proposals.  There are people around you looking for startup capital or capital to expand an already existing business.

Take your time to hear them out and choose a business to invest in. Carefully study their business plans and buy into them, if necessary. Also check the integrity of the person or persons involved in the business; it’s a major pre-requisite.

Ensure you release your money with a properly documented and detailed agreement. Detailed in the sense that everything should be defined - all the I’s dotted and the T’s crossed.  No matter your relationship with them – family members, close friends, neighbors, colleagues, brethren, club members, etc, have a detailed agreement with them before handing over your money.

2. INVESTMENT: This is another option for the man in paid employment. Investment is the purchase or leasing  of assets of value that appreciate over time, such as   landed properties, stocks, shares, bonds, and so on.

 Investment should be undertaken by every wise individual; it enables you buy the future today.  Buy properties (lands & houses), inspected and approved by a professional.  Buy stocks and shares from reputable companies, especially penny stocks from upcoming companies.

 You can maximize your paid employment for a better pay pack, and there are two ways you can achieve this: (a) Strive to move up the ladder in your organization/ change your employer.  (b) Become an Intrapreneur.

(a)  In considering moving up the leather in your organization / change of employer, ask yourself:
1.     How much do I need to live the quality of life I desire?
2.     Who are the employers that can pay the amount I need for a better living?
3.     What skills do they need from employees?
4.     How do I possess the skills they need?
5.     How do I raise the funds for my training?
6.     How do I create the time to possess those skills?
7.     What deadline do I give myself?
  
Whatever the mind of a man can conceive & believe, can be achieved. “Desire is the starting point of all achievements” – Napoleon Hill.
  
Don’t be content with where you are in your organization. Be dissatisfied with where you are, and it will work for you. It will make you work smart for the next level. To move to the next level, be good at what you do – be a master in your field. Don’t just conceive, believe and feel it, so it can manifest in no time.

(b)An Intraprenuer is someone that proffers solutions, new ideas &services for the advancement of an already existing enterprise he/she is gainfully employed.
Intraprenuership is the act of behaving like an entrepreneur while working within an organization. They are career professionals that transform ideas into a profitable ventures within an organization.
  
The beauty about being an Intraprenuership is that, your ideas will be backed by your organization & you’re bound to benefit from the proceeds from your idea. Employers are on the search for good Intrapreneurs.
  
Akin was employed in a marine company in June 2007 and was earning N1.4M per annum. In February 2008 he came up with an idea that brought in N125m (one hundred and twenty five million naira), in September of the same year. 
  
The idea was financed by his company from start to finish. He was given N10m at the end of the day. In less than one year after he got the N10m, he was given another N15m. As I write, the idea still pumps in money into the company, though he’s no longer with them. He has set-up his own marine company that is really thriving.

Employers pay for ideas and services. Don’t just focus in rendering services to your employers. Also develop yourself in the area of idea generation.  An employee can change the fortune of an organization for good with good ideas. Become that employee in your organization.

3. ENTREPRENEURSHIP: To become an Entrepreneur, look out for your strength, passion and market demand, then create a niche in these areas. You’ll thrive in business when you use this approach in choosing a business.  Just like the Intrapreneur, you have to work on yourself a great deal. You have so much to do, because you’re an ‘umbrella’.

The growth of your business will attract people to work with you, and your business can only be as big as you. The more you grow, the more your business grows. If you do nothing about your personal development, it will tell on your business. Your business will either remain static or die too soon. There are some qualities you need to possess as an Entrepreneur. We’ll take a look at some of these qualities in our next article.
  
You need to have vision for your business. Strive to be the market leader by insisting on quality; it speaks for itself.  According to Oprah Winfrey, “pursue quality & money will follow”.

In business, money answers to quality. It may not come immediately, but it must surely come; when it comes, it’ll ‘waow’ you. Don’t think about making money today, think about giving the best.
                                                                                                                       
Finally, be open to knowledge, it’s the way to conquer your competitors. All you need to be a success in the market place are wrapped up in knowledge.
“My people perish for lack of knowledge.” that will never be your portion.
  
What is your vision concerning your business? If you want to add value to people’s lives, it means you have a vision. How far can you see your value adding process go? How many businesses do you see yourself own in your life time?
  
Setting up multiple streams of income requires resource, which includes your time, money, energy, materials, etc. For a better focus and result, ensure the businesses are inter-woven. How do I mean? The businesses should have similar elements.

For instance, Mo Abudu started her media business with Moments with Mo. Then  came Ebony Life TV. Today she has Ebony films & TV series. You can see that they are inter-related.

CONCLUSION: The crux of the matter in creating multiple streams of income is that you must bear in mind to create your own economy which entails ability to diversify in business & investment, long work hours, setting realistic goals and working them out, setting benchmarks and the like. 

Multiple streams of income is a major vehicle for wealth creation and should be given rapt consideration/attention. 











0 comments:

Post a Comment