Photo Credit: Essow Kedelina
The economy was founded by entrepreneurs. All of your smartphone carriers’ children's children are well-off because of one person’s decision to build a legacy. The key in creating generational wealth is first having the vision, gaining knowledge, and starting where you are.
Having the Vision
There are literally businesses employing live mannequins, fortune cookie writers, face feelers, and lipstick readers. Opportunities are all around us. Take Hip Hop Culture. Black Culture is Hip-Hop but it isn’t owned by those who created it. The young and original curators of the South Bronx were simply having fun when they were beatboxing, breakdancing, rapping, creating fashion trends & graffiti. The art and ability of using words to tell stories with music and coin terms that last decades were daily occurrences. It came naturally. However, talent does not always equal business. What some saw as art others saw as a trillion - dollar business.
Having a vision allows one to see deeper than the surface level. It allows you to see years ahead and what a thing can become.
If we knew business and entrepreneurship like we know how to tie our shoes, the legacy that we would build can take over the next one thousand years. If you say you don't have a product, you just don't know what to sell. Start reading more; read the newspaper front to back not for current events but for inspiration. Start understanding life through a new paradigm. You’ll start to realize the very home you live in was built by an entrepreneur.
When we start to see time as an asset, we’ll use it more wisely. When you see our natural resources and other tools (i.e. the Internet) as currency you won’t waste it. Educate yourself; learn, practice and master business. You will become that Entrepreneur. Make your own toothpaste, bank, hospital, car, plane, and train.
Starting Where You Are
We have to get beyond being Consumers; constantly purchasing but never investing. To invest is to put out a specific amount of money in expectation of making more money. We have to become more focused on being wealthy versus appearing wealthy. The “car depreciating the moment it’s driven off the lot” concept applies to most products we consume. Your cell phone, shoes, clothes, and bags all depreciate the moment they are purchased.
Start by investing in the stock market. There are apps ranging from beginner investing to experienced ones. Let your smartphone carriers be your first share. This is the best way to get more than what you paid from everyday items used in your personal life. You have to practice and master business. It has to become second nature.
The major key in building generational wealth and legacy is remaining consistent. When you think of 100 years from now and what your name will mean to those who succeed you, perseverance, and consistency are not only necessary but worth it.
Raymond Mitchell is a filmmaker, author, and entrepreneur.
Visit www.projecttenement.com for more.