“Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.” – Johann Wolfgang von Goethe
As entrepreneurs, we’re naturally drawn to the idea of building – whether it’s building products, teams, or customer relationships. But there’s another kind of building that’s equally important, yet often overlooked: building assets.
Building assets isn’t just about accumulating wealth. It’s about creating a solid foundation that provides a stable income, fuels growth, and safeguards against unforeseen circumstances.
Consider Sara Blakely, the founder of Spanx. From the moment she started her company, she was thinking about assets. Her innovative product was an asset. The strong brand she built around it was an asset. Even the stories she told about her journey as an entrepreneur were assets. Each of these assets contributed to her success and the growth of her business.
So what does this mean for you? As an entrepreneur, you have a unique opportunity to build assets in your business. These could be tangible assets like property, machinery, or inventory. But they can also be intangible assets, like intellectual property, brand reputation, or a high-performing team.
These assets become your stepping stones to wealth. They generate income, increase in value, and give you financial stability. They also make your business more attractive to investors, lenders, or potential buyers.
Action Step: Take a moment to identify the current assets in your business. Then, set a goal for one new asset you want to develop in the coming quarter and map out the steps to achieve it.
Building assets doesn’t happen overnight. It requires patience, strategic thinking, and often a willingness to invest time and resources. But the rewards are well worth it.
I hope this email encourages you to think strategically about asset building in your business. And if you to learn more about how assets can catapult your financial success, be sure to check out “Rich Dad, Poor Dad” by Robert Kiyosaki.