Dire prediction for world economy

Every generation needs a revolution - an entrepreneurial revolution

The current state of world economy does not fare well.  It started with US raising interest rates several times, driving up the dollar and shrinking the value of various currencies.   It was said that the increase in interest rates will cause recession shrink jobs thus leading to less consumption and thus dampening prices.

This is compounded with increasing fuel prices, reduction in production of OPEC food supplies due to the Ukraine war.  

All ready various countries are showing signs of strain:    China, which was the barometer of economic growth and progress;   Europe is in recession 

The more there is room for innovation and entrepreneurship   The difficulties caused by pandemic saw the increase in number of millionaires  

Millions became millionaires during pandemic

The world produces bilionaires every 30 hours.   However, a million people sink into poverty every 33 hours

What businesses have low failure rates

Every generation needs a revolution - an entrepreneurial revolution

Many businesses go under about 2/3, on the 10th year.  So failure rate is high.

Bur high yield means high risk

7 businesses with low failure rates

Businesses that have low failure rate;

1.  Laundromat.  All you have to do is clean the  site, maintain the machine and collect the coin payments

2.  Rental properties

3.  Self storage facilities   Not operating processes needed

4.  Transportation business:   delivering goods and people from one point to another

5.  Vending machine

6.  Agriculture business  

7.  Dumping truck business

Developing millionaire mindset

Every generation needs a revolution - an entrepreneurial revolution

Becoming an entrepreneur is sometimes synonymous  with becoming wealthy - a millionaire or even being a billionaire.   This is one entrepreneur coach who focuses on the basic.  His very first rule, focus strikes this post as odd.

How can one one becomes rich by being focused?    This is the same stuff being taught in communication - being focused attentive and reverent.   Well, it is being important that to be rich you do the following analysis:

                   1.  Force field analysis

                               Driving  Force                        Restraining force                   Result - being a millionaire

         

                       List down on each column the driving force and restraining force.  Try to have each of 

                       the driving force by sheer hard work, and determination (and even cunning)

                       And the same with restraining force.  We remove and eliminate most if not all of them

                2.  Cause  and effect, fishbone diagram

                      What are the 4ms:   manpower, money, methods and machinery that contribute to your                             becoming prosperous.   ADD if you do not have.  REMOVE IF OBSTACLES ARE ON

                      THE WAY. 

Looks like it is simple  But not many would have the focus nor the energy to do this.

Developing Millionaire Mindset.   from Better Up by Elizabeth Perry

1    Focus on your goals

2.   Be comfortable with learning

3.   Get our there and hustle

4.    Be patient

5.    Accept mistakes as they come

6.   Have  plenty of sleep and stay healthy

7.   Keep growth in mind

8.  Stop making excuses /alibis