My Summary on the “Business of 21st Century” Book

Why you need to have a business of your own

The Rules Have Changed :

Nowadays, nothing is permanent even our jobs. We used to think that jobs are a sense of security but now rules have changed. One cannot say jobs are permanent they shift through time along with technological changes only the brighter may stay. But we cannot guarantee that also. The number of people living officially below the poverty line is rising rapidly. The number of people who are working beyond the age of 65 is increasing. If you want a solid future, you need to create it. You can take charge of your future only when you take control of your income source. You need your own business.

Where Do You Live? :

There is something called cashflow quadrant which consists of

E = Employee

S = Self-employed or Small-business owner

B = Business owner

I = Investor

we have to check ourselves in which quadrant we live in. Most of them live in either E or S but that’s a trap. Because here we either work for someone or work for business. One should try to either stay in B or I. Because here business works for us and money makes more money.

Breaking away from those typical job structures and creating your own stream of income puts you in the best position to weather an economic storm, simply because you are no longer dependent on a boss or the economy to determine your annual income. Now you determine it.

Your Core Financial Values :

The four quadrants are not just four different business structures. It’s even more about four different mindsets.

E = Employee => Security

S = Self-employed or Small-business owner => Independence

B = Business owner => wealth-building

I = Investor => financial freedom

The best above is B and I as they offer wealth building and financial freedom. Also, check the ladder you are climbing because we all want to climb ladders but climbing the ladder leaning on the right wall is important.

The Mindset of an Entrepreneur :

You do not have to raise the capital to create your business, because that has already been done for you. But you do have to build your business!

We have acted towards our dream than still dreaming for it. In this era, all the groundwork for building a business is already done for us all we have to do is build the business. And also we need to acquire a business mindset to act on things because a horse driver cannot become a race car driver by giving him a race car, he has to acquire the skills to become a race car driver. So the question is “Are you ready to learn the skills and take the well?”

It’s Time to Take Control! :

In the olden days, people used to think that only people having money can start a business and normal people cannot. Also, they used to think that hard work is the key to everything. But times have change new methods and implementations have come into place. Now, money is not a problem for business the idea and the approach are very important. Hard work people end up doing hard work for the smart work people. Whereas, the smart work people know how to make hard work people work for them. Not taking a risk is also a risk in business, sometime it will be hard you have seen and be the worst to get the fruit of success. Most people do not have the mental, emotional, physical, or financial stamina to handle these conditions. It can be brutal, and usually is.

Franchising is also a great thing once you are doing good in your business. It generates passive income and it is the most powerful source of income as you don’t actually reflect the income. It continues to flow even if you present or not. The B quadrant does not necessarily generate passive income. What most people need is an avenue to create passive income. And one has to do smart work and hard work to create that kind of brand where people start to invest in and take franchises.

My Years in the Business:

Story of a person, who does not know anything about network marketing but later on came to know about that. This describes how his hard work has paid over the years and how he and his friends got succeeded. He came to realize that while personal success is fulfilling, it’s much more fulfilling when you can help many others create their own success as well.

Network marketing has been around in various forms since the middle of the last century. The basic idea is as simple as it is brilliant: Instead of spending tons of money on all sorts of professional agencies and marketing channels to promote products or services, why not pay the people who love them most to just tell others about them? That’s exactly what a network marketing company does: They pay a portion of every sales dollar received back out to their field of independent representatives, who typically are also the products’ most committed and enthusiastic consumers.

Network marketing is recognized by many experts and accomplished businesspeople as one of the

fastest-growing business models in the world.

It’s Not About Income —

It’s About Assets That Generate Income

Many of us when thinking about business think of fast and easy income but network marketing does not work like that. Here we do not look for fast and direct income but rather an asset to generate income for probably lifetime or more than needed years. Network Marketing is not about selling products. In network marketing, the whole point is not to sell a product but to build a network, an army of people who are all representing that same product or service to share with others. The goal is not for you or any other individual to sell a lot of product; it’s for a lot of people to be their own best customer, sell and service a reasonable number of customers, and recruit and show a lot of other people how to do the same thing.

Asset #1: A Real-World Business Education

One of the beauties of network marketing is that it pulls away from the veil of mystery and starts to show you life in the B quadrant. Network marketing teaches people how to overcome their fears, how to communicate, how to understand the psychology of other people saying “No” to them, and how to maintain persistence in the face of rejection and other real-world challenges. Here are some of the critical skills that the real-world education of network marketing teaches:

? An attitude of success

? Dressing for success

? Overcoming personal fears, doubts, and lack of confidence.

? Overcoming the fear of rejection.

? Communications skills

? People Skills

? Time management skills.

? Accountability skills

? Practical goal setting

? Money management skills

? Investing skills

Good network marketing companies provide a solid program of training in all these areas. Network marketing is a real-world business school for people who want to learn the real-world skills of an entrepreneur, rather than the skills of an employee.

Asset #2:

A Profitable Path of Personal Development

Each of us has a winner and a loser inside of us. The winner is up for the risk, but the loser thinks only of safety and security. Every time we let our fears, our doubts, or our low self-esteem win, the loser emerges and holds sway. Learning to share your vision and tell a powerful, persuasive story is learning how to override the loser inside you and allowing the winner to rise to the surface. Learning how to tell a powerful story is learning how to show up like the winner you are. Network marketing allows you to face your fears, deal with them, overcome them, and bring out the winner that you have living inside you.

Asset #3:

A Circle of Friends Who Share Your Dreams and Values

Many people spend their lives hanging out and networking with people who hold them back financially. In a network marketing business, you hang out with people who are there to help you become richer. Network marketing not only provides great business education, but it also provides a whole new world of friends — friends who are going in the same direction as you are and share the same core values as you do. You can’t get rich in isolation; you are only as good as the community of people you hang out with, talk with, work with, and play with. This is also one of the great advantages of a network marketing business: Rather than being surrounded by people who are competing with you for that next promotion, here your business is filled with people who are just as committed to your success as you are because your success is what assures their success.

Asset #4:

The Power of Your Own Network

In networking marketing the power is not in the product; the power is in the network. If you want to become rich, the best strategy is to find a way to build a strong, viable, growing network. That’s why network marketing is so brilliant. The companies that make up the network marketing industry now offer millions of people just like yourself the opportunity to build their own network rather than spend their lives working for someone else’s network. Metcalfe’s Law: V = N2 (a network’s economic value equals the number of the network’s users squared).In plain language, Metcalfe’s Law means that a network acts as a lever: It allows you to leverage your time and effort. Network marketing is one of the fastest-growing business models in the world today, the real business is not the product, but the networks through which the product travels.

WRITTEN BY

Monesh Venkul

Enthusiastic Learner | Full Stack Developer | Programmer | Searching Internships and Jobs | Studying at Sathyabama