Lesson Two
The power of small business ideas
Small business ideas are easy
to have when you know where to look.
An important success guidelines
for getting good small business ideas includes looking within.
Knowing ourselves helps us turn
small business ideas into most powerful success tools. Looking inwardly invokes
the Golden Rule of Simplicity. This rule can creates infinite small business ideas
and leads to customers for the idea because there are millions of people just
like you.
When you truly see yourself in
your small business idea you look into a mirror that reflects an entire market
who feel and desire just as you do. This is a simple rule yet gives you a finely
tuned market research system that can help take small business ideas, create your
product, get in touch with the market, sell the product or service and deliver
the product or service. This is key for developing small business ideas.
Self-knowledge is also essential
for comfort, and comfort is a vital part of everlasting wealth. When you are not
comfortable with your small business ideas, no profit is enough. Uncomfortable
investors have a never-ending thirst for more. This indefatigable desire gums
up the money making process. Amounts don't matter. Even investors with incredible
assets suffer this never-ending lust. A well documented example is Bunker Hunt's
huge losses when he speculated in silver. He had hundreds of millions and a lot
more than just small business ideas yet speculated it all to make even more. When
is hundreds of millions not enough?
Three Layer Financial
Plan
PIEC business does not mean you
should put all your money in your own small business (though at times you may).
Diversification is good. PIEC diversification uses three layers, first your small
business, then a layer of safe investments and finally a third, smaller layer
of speculative deals.
The majority of PIEC diversification
beyond your business should normally be in stodgy, liquid investments such as
utilities, CDs and bonds. These investments might pay little in the short term,
but are safe and they are highly liquid at a known price. The low return on these
investments is acceptable because they support your PIEC business which makes
profits like few other investments can. These very safe investments act as reserves
if your business hits a sticky patch and can provide ready finance if new small
business ideas arise. These safe investments also require less time and focus
to research, account, monitor, etc. This means you can devote more energy doing
what you love (your small business ideas) instead.
However, if you genuinely love
researching and tracking the stock market and have the mentality, capital and
experience for it, just finding small business ideas as a stock investor can be
a wonderful PIEC business in itself.
The third layer of diversification
can be speculative because modern portfolio theory suggests that safe investments
are enhanced and made safer by adding a small amount of higher risk deals. This
also allows us to fulfill any casino mentality we might have left if having our
own business is not enough.
PIEC investing makes it easier
to create and keep wealth. It enhances our lifestyles now, because it lets us
make money being who we really are. It makes life more fulfilling and fun.
Whether you are employed or have
your own business, looking within can help you gain knowledge and contacts about
small business ideas to be a better entrepreneur.
