Entrepreneur Success is Solving Problems3 min read
Entrepreneur Success is Solving Problems
Your success as a business owner is directly proportional to the size of the problem you solve. It makes sense! Entrepreneur success is solving problems. When you tackle a large problem that affects a lot of people, you have the chance for greater success than if you fix a small problem that only impacts a few people. Greater success enables you to solve even greater problems.
So, what are the world’s biggest problems that need solving? Today we will be looking at these 4 enormous challenges facing almost every family in America.
Let us start with the largest wealth transfer in history. Trillions of dollars are currently moving from the hands of retiring Baby Boomers to Millennials. Why is that a problem? There are actually two challenges wrapped up in this great wealth transfer.
First, Millennials must know How Money Works if they are going to manage their new wealth wisely. Along with an education, they will also need educators to guide them.
The second challenge of this wealth transfer is the staggering fact that Baby Boomers are more afraid of running out of money during retirement than dying. Having their money last as long as they do is their number one priority–and they’ll need a financial professional to help them protect what they’ve earned and pass it on to future generations.
Americans do not know how money works, and they are paying a deep price. They lost $307 billion in 2019 alone because they are financially illiterate! There is a huge need, and opportunity, for educators who will step forward to teach the basics to the families who need it most.
Financial illiteracy is an economic pandemic that crushes the hopes of achieving financial independence for billions across every country and community. And where will most people go to learn how money works? Not from a thick textbook written by academics for academics, and definitely not from school! Were YOU taught how money works in school?
COVID-19 and the months of lockdowns have resulted in millions of Americans losing their jobs and a sense of security. The safety of having a steady paycheck vanished overnight. How do they deal with the reality of unemployment in the face of a global health crisis?
These 4 problems reveal that the average American does not know how money works. They do not know how to make their money work for them. They do not know how to earn more money beyond what they make at their job. And they are at a loss for how to grow enough savings for retirement—or even start to think about how to leave an inheritance for their children.
What does that mean for the entrepreneur? It means things have changed, all of us are now facing new challenges and must come up with new solutions.
But remember big problems come with e a once-in-a lifetime opportunity disguised as a crisis. The real question is how do you catch this wave of opportunity?
Unfortunately, most people are not prepared to catch the wave. Why not? Because it all starts with identity and mindset. You have to prepare to win.
Submitted by Mike Amos
Founder and active contributor of millionairemindset.life