Self made millionaire business ideas
Very revealing make money secrets from real life situations that unfolded. This Brian Tracy and Kumekucha Chris nuggets of information are nothing short of game-changing.
One of the truly great business legends is a man called Henry Ford. Very briefly Henry Ford came up with the concept of using the assembly line to reduce the cost of producing vehicles and by constant improvement on this assembly line and in the manufacturing process he was able to reduce the price of the legendary Model T Ford every year so that every year it became more and more affordable to more people. The rest is history and Mr Ford was able to build a huge fortune.
Now Henry Ford hated bankers. He really hated them and his advice to people was that he believed that the only way to start a business.. In fact the best way to
start a business was to let the customers finance you.
In other words if you have an idea, do it. And if you find customers will pay you for what you're doing you'll be able to build up on that. If not then you'll have been able to save yourself a lot of money financing something which is not viable and which customers don't want. Incidentally that is exactly how Ford financed his business.
Now if you can humor me I cannot resist a very brief aside here. And it is the following. Every manufacturing process has waste and even many businesses in the service sector have "waste".
It is very interesting that one of the big products got a lot of money for the Ford Motor Company which many people don't know is the subsidiary that was producing charcoal!! Hard to believe but true. You see in those days it was timber that was used to manufacture cars and so from the waste affordable charcoal was the highly profitable by-product.
Now I can hear somebody asking; but I'm in the service industry, how does service produce waste which can be used to get another profit center going? Well, let me give you an example from right here in Kenya. The Nation Media Group of course produces daily newspapers. Now the paper has to be distributed country-wide. Trucks are used for this. And on the return trip (collecting unsold papers) it is usually almost empty. And so there is your waste. The Nation media group launched a courier service (new profit centre). So the truck now comes back and even goes with parcels and stuff to be delivered country-wide. Over the years it has become a very profitable division of the company. Ingenious way of taking care of waste that comes out of the process!!
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