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Thursday, 28 January 2016

Basics of making money

One thing I do know is that #making money is not the same as starting a business. For entrepreneurs, this is an important thing to understand. Most of us identify with the products we create or services we provide. I am a financier. He is a headhunter. She builds computer networks. But the fact is, all of us must master one skill that supersedes the others: making money. You can be the most creative software designer or engineer in the world. But if you don’t know how to make money, you’re never going to have much of a business or a whole lot of autonomy.
This is not about getting rich (though there’s certainly nothing wrong with that). Instead, for me, making money is about “freedom”. When you owe people money, they own you—or, at least, they own your schedule and you are literally their corporate slave. As long as you remain profitable, the timeline is yours to create.
It took me a long time to figure out how to #make real money. Here’s how the lessons unfolded.
1. Know your client inside out. Understanding what people really want to know—and how that differs from what you want to tell them—is a fundamental tenet of sales. And you can’t get good at making money unless you get good at selling. I learned this as a teenage “anything goes” salesman having the trading DNA gene in my Phoenician blood, and it still drives how I operate. This is hardly a unique insight. But judging by the number of companies and products that totally miss the mark, day after day, it’s a lesson that needs to be learned again and again.
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