Do you need to invent something to become a millionaire?
It's every child's dream, being rich, owning a mansion and a fast car. However, only few can turn this into a reality. There's no doubt that becoming a millionaire requires you to work for yourself. I did a post on jobs that earn you six figure salaries, but seven is pushing it. So you're going to have to start your own business.
However, do you need to invent something to do this? Well, not back in the 1970s. Take Richard Branson for example, now worth and estimated $4.2bn, he started off buying and selling records. This isn't exactly a difficult thing to do and he made a lot of money out of it. The thing is, back then, the Internet and technology as a whole wasn't even a fraction of what it is now. This meant that individuals had to rely on their entrepreneurial merit, which meant that only a select few would succeed.
So why can't you making money buying and selling now? Well you can, but it's a lot harder. Internet sites like eBay and Amazon have made it easier to sell goods. This means competition is huge, and whatever you're thinking of buying and selling, chances are somebody is already doing it, and doing it more efficiently too. If you don't believe me, go on eBay, think of any item and type it in. Chances are there's a power seller shipping out hundreds of goods every day. If there's nobody selling that item, there's either no market for it or you've just found an opportunity!
Anyway, back to the point. If you can't buy and sell, you need to produce something yourself right? If you produce something yourself, you can get the all important patent, meaning you are the only person allowed to sell it. Patents are expensive, but if the product is good enough, it'll be worth every penny in the long run.
So, is this the only way to make a million? I highly doubt it, but it's probably your best bet. Of course, inventing a new product is risky, expensive, and if its good, chances are somebody is already selling it. Never mind.
Well that about wraps things up! Hopefully I haven't demotivated you too much, it can still be done, just get inventing!
However, do you need to invent something to do this? Well, not back in the 1970s. Take Richard Branson for example, now worth and estimated $4.2bn, he started off buying and selling records. This isn't exactly a difficult thing to do and he made a lot of money out of it. The thing is, back then, the Internet and technology as a whole wasn't even a fraction of what it is now. This meant that individuals had to rely on their entrepreneurial merit, which meant that only a select few would succeed.
So why can't you making money buying and selling now? Well you can, but it's a lot harder. Internet sites like eBay and Amazon have made it easier to sell goods. This means competition is huge, and whatever you're thinking of buying and selling, chances are somebody is already doing it, and doing it more efficiently too. If you don't believe me, go on eBay, think of any item and type it in. Chances are there's a power seller shipping out hundreds of goods every day. If there's nobody selling that item, there's either no market for it or you've just found an opportunity!
Anyway, back to the point. If you can't buy and sell, you need to produce something yourself right? If you produce something yourself, you can get the all important patent, meaning you are the only person allowed to sell it. Patents are expensive, but if the product is good enough, it'll be worth every penny in the long run.
So, is this the only way to make a million? I highly doubt it, but it's probably your best bet. Of course, inventing a new product is risky, expensive, and if its good, chances are somebody is already selling it. Never mind.
Well that about wraps things up! Hopefully I haven't demotivated you too much, it can still be done, just get inventing!
