So as I cruise this forum, this show is on the background (starring Joan Rivers). I'm not a big TV guy, but this show is instructional. I've caught it a couple of times before.
The primary message that I take away from this show is "product creation".
Overwhelmingly, every rich person (remember, these aren't celebrities or politicians, but 'average joe' rich people that she profiles, who have gotten rich) have a product / line of products to attribute to their wealth.
For the most part:
They aren't real estate moguls.
They aren't don't own service companies.
They aren't Restaurant or bar owners.
They aren't highly educated (although some may be).
They typically start with the creation of one core product, which becomes successful, and other products follow. But that first wildly successful product is the key. Its usually in an industry with a lot of economy behind it such as fashion, pet products, or hair products for example in the cases of people I mention below
John Paul Mitchell, of Mitchell Hair Products, is worth four billion dollars. He was homeless in 1980.
I remember another guy who came out with a line of gag false teeth, another one who created a line of designer jeans, and another who invented piss absorbing paper to train your puppy with. All rich as hell.
The deeper point to take is to aim for something that will do a lot of volume due to the large nature of the market alone. For instance, its better to come out with a variation of a pet product then to try and target some incredibly niched market with much less money transacting through it every year. The numbers will make you rich, even if you capture a very small part of the market. I guess the exception would be somebody like the gag teeth guy, but thats a very unique product. Sort of like truck nuts.
And for guys who are willing to live simply or abroad, it may take much less success to make you happy and free for the rest of your life than many other people.
The primary message that I take away from this show is "product creation".
Overwhelmingly, every rich person (remember, these aren't celebrities or politicians, but 'average joe' rich people that she profiles, who have gotten rich) have a product / line of products to attribute to their wealth.
For the most part:
They aren't real estate moguls.
They aren't don't own service companies.
They aren't Restaurant or bar owners.
They aren't highly educated (although some may be).
They typically start with the creation of one core product, which becomes successful, and other products follow. But that first wildly successful product is the key. Its usually in an industry with a lot of economy behind it such as fashion, pet products, or hair products for example in the cases of people I mention below
John Paul Mitchell, of Mitchell Hair Products, is worth four billion dollars. He was homeless in 1980.
I remember another guy who came out with a line of gag false teeth, another one who created a line of designer jeans, and another who invented piss absorbing paper to train your puppy with. All rich as hell.
The deeper point to take is to aim for something that will do a lot of volume due to the large nature of the market alone. For instance, its better to come out with a variation of a pet product then to try and target some incredibly niched market with much less money transacting through it every year. The numbers will make you rich, even if you capture a very small part of the market. I guess the exception would be somebody like the gag teeth guy, but thats a very unique product. Sort of like truck nuts.
And for guys who are willing to live simply or abroad, it may take much less success to make you happy and free for the rest of your life than many other people.