Wealth building is a skill in itself. It’s a collection of actions that must be executed constantly and consistently in order for the goal to be achieved. Building wealth is not difficult, but it’s also not easy to do. If it were easy then all of us would be wealthy.
The good news is that wealth building like any other endeavour requires certain skills and abilities to be put to use to
guarantee success, and these skills can be learnt almost everywhere one turns. You don’t necessarily have to be born with them, you can easily develop them and become wealthy as a result. Here are fourteen of the most essential skills you need if you want to be wealthy:
Selling
Selling is the ability to convince others to accept your product or service offering, usually in exchange for money. In this highly competitive world there are many products and services competing for scarce resources hence the ability to convince people to patronise your offering is extremely important. Selling is a lifetime job, we all are constantly trying to sell something to someone.
Those who are interested in building wealth must sell their ideas, products, plans to various stakeholders. This cannot be delegated as you are the Chief Sales Officer of your enterprise and you need others to make it a success.
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Networking
No man is an island. The truth is that if one desires wealth you will need people, both those you know and those you don’t. Thus the ability to relate and get on well with people is extremely important. You are saddled with the responsibility to build a network of contacts that can help in the achievement of your goal. These contacts, also called network will support you in the achievement of your goals. Networking is so important that some business writers believe that “your network is your networth.” It is the people you know who will assist you in building the wealth you desire. You cannot be wealthy without cultivating good relationships with others.
Presenting
In order to go after whatever you want you will need to make a pitch, presenting the values, benefits and opportunities that others need to avail themselves of. This is where presentation skills come to bear, necessitating the communication of your message in a way that gets the prospect to take action.
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Motivating
Achieving anything with and through others requires motivation. Everyone requires motivation at one point or the other in the race to achieve anything worthwhile, wealth building inclusive. Every so often the challenges wear us down and threaten to force us to give up. A healthy dose of motivation is what is needed to turn things around. Wealth builders stay motivated and inspire others to keep on keeping on.
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Leading
John Maxwell, one of the foremost authorities on leadership simply defines it as influence. Customers, employees and all relevant stakeholders must be rightly influenced in order for wealth to be created and built. Wealth comes with a lot of responsibility thus making leaders of all wealth builders.
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Team Building
One of the commonest characteristics of those who have amassed wealth is that they surround themselves with teams of worthy individuals all with a shared vision of creating value for themselves. It is quite impossible to create substantial wealth on one’s own without others. Even though others are required they must be the right ones that will add value to the team. That’s why team building is key.
Time Management
We all have the same twenty-four hours in a day, however those who build wealth are extremely time conscious, seeking for ways to get more out of the available time. They don’t spend their time unwisely because they believe every hour can be more productively used to create value. Time management is a must have skill for wealth builders
Basic Accounting
Basic accounting skills are required for the simple reason that you cannot entrust the supervision of your financial affairs to others. You might delegate part of it but I’m sure no one wants to see their resources stolen just because they did not take time to grasp their financial position? You don’t have to be an accountant to build wealth, however you must grasp the essentials so as to take control of your financial affairs.
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Customer Service
The success of every business endeavour lies on the customer, the stakeholder who patronises your product or service and exchanges money for it. Customers are an excellent source for feedback that can help drive improvement and growth. They should not be taken for granted for they are the soul of the business. Interacting and building relationships with key customers is essential to build enterprises that create value leading to wealth.
Cost Cutting
From time to time on the road to building wealth sacrifices and trade-offs have to be made, due to the fact that resources might be scarce or inadequate. It takes skill to assess priorities and channel scarce resources into areas that require them at the moment.
Strategising
You must constantly contend with a rapidly changing and dynamic environment like Nigeria’s is to build wealth here. This requires strategy, which entails studying the environment, drawing up plans, implementing them and then undergoing review. Change might be called for if the current strategy fails to achieve the appropriate result. Wealth builders are strategic thinkers.
Learning from mistakes
The mistakes of others and those that we make are powerful tools for progress and learning. This is because a mistake exposes one to things that were not successful thus providing a productive learning curve. It takes skill to see the positives and learning points from mistakes made.
Communicating
Communication is a given, and already implied in some of the other skills listed above. Being able to get the right message across and being easily understood is an important attribute if you are involved in any people related activity.
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Funding
Wealth building requires funding, sourcing for the required resources to plough into the venture that will generate more. Being able to secure funding is extremely key because the likelihood of your having enough resources to promote sizable business opportunities is remote. Wealthy people are adept at sourcing the required funds needed to take their businesses to the next level because cash is king, and a lack of funding could spell the end of a business venture.
Please be assured that it’s not my intention to scare you away from building wealth by drawing up this long list of skills you must have. The good news is that these skills and abilities can be easily acquired from reading books and attending courses so there’s nothing to worry about.
At the end of the day you will work with others to build wealth but you cannot afford to be ignorant of any of these skills as ignorance can be costly. You need to have a good grasp and working knowledge of all of these skills if you want to build wealth.
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