Build the right relationships with the right power team members.
If you’re truly working toward creating wealth, you’re not going to be building one small business that you personally operate and run. Instead, you’ll be creating multiple, duplicable small businesses that are constantly creating new streams of income for you. You’ll need to be able to hand off tasks and duties to others. And that means you’ll need a strong team of the right people doing the hard work for you.
“Your power team is the power behind your skill as an entrepreneur,” explains Downing. “That’s why it’s critical to evaluate these people personally and make sure they’re right for the job.
“This is also why it’s so important to be respectful and helpful to everyone you meet,” he adds. “You never know when you’ll be making a connection that can benefit you next week, or next month, or next year. They may become power team members and they may also refer customers your way.”
Make it a family affair.
As you’re transforming yourself into an entrepreneur, be sure to instill the same mindset and skills in your kids. This is actually not as hard as you might think. Not only can you narrate what it means to own a business—talking through issues like finding opportunity, understanding revenue and profits, differentiating yourself from competitors, and so forth—your kids can also learn from the best teacher: experience.
“I always advise parents to help their children take typical ‘kid jobs’ to the next level,” explains Downing. “Instead of just being a babysitter or a tutor, for example, kids might start a franchise where they hire out jobs to a database of subcontractors. Or they might invest in some gumball machines. The idea is to let them cut their teeth on critical business principles and see firsthand how they can make money that isn’t directly connected to their time.
“Teaching your kids to think about wealth-building in this way is the greatest gift you can give them,” he notes. “I believe entrepreneurship is the best way to live. But even if your kids grow up to work for someone else or enter a profession, employers will expect them to work and think like entrepreneurs. It’s just the way the world is headed.”
Downing acknowledges that some of these tips may seem deceptively simple. But it’s their very simplicity that gives them their power.
“Life is really just a series of choices,” he says. “We decide whether to watch TV after work or spend an hour on our action plan, whether to take the class or not take the class, whether to hold the cards or place the bet. Most people take the path of least resistance and go with the herd. Those who don’t are the ones who will create rich, full lives that are truly worth living.”
Gregory S. Downing has dedicated his life to teaching his students that every family can truly control its financial future and create a generational legacy with profound, yet straightforward advice and guidance. As a nationally and highly respected author, speaker, family expert, and organizational consultant, his advice has been sought and put into practice by thousands of people from all walks of life. With over 20 years of experience in management, leadership, training, and business ownership, he has proven that his principles of legacy parenting, business promotion, entrepreneurship, and real estate investing both work and create bonds of relationship that go beyond the ordinary.
Prior to his writing and public speaking career, he served for 12 years as the general manager of four Chevrolet and Dodge Chrysler dealerships, managing over 130 employees and increasing production and sales without sacrificing quality and customer service while there. It was during his tenure in this position that he became increasingly aware that his gifts and talents were in motivating and leading others to achieve their goals and dreams. He made the transition to motivational and investment training so he could touch more lives and influence others to build wealth and prosperity for themselves and for their families.
To learn more, please visit www.GregoryDowning.com.