Many people want to make a lot of money, or earn a high salary job. Many businesses want to grow beyond what they are. But, most of us are stuck understanding how do so. The answer to this question is far simpler than you think.
There are two questions that you have to think about if you want to make big money:
1. Why do you want this money? Appropriation of wealth for the simple fact of gaining more money, having a bigger home, or increasing prestige will not get you very far. Two factors will limit your appropriation of wealth: (i) You are far less likely to stick through difficult times if this is your goal. (ii) You are more likely to harm relationships. The most important thing to building wealth and making money is your ability to grind at a difficult problem for a long-time, and to increase breadth and depth of your relationships over time.
2. How do you make more money? You want to generate value and only appropriate a small fraction of this value. How do you do that? You give to and teach as many people as you can. It also matters what you are giving. The value that you are generating should come from resources that are valuable, rare, inimitable, and non-substitutable. The more people that you can help solve a difficult problem, the more likely that you will generate wealth. Focus on others and helping others.
Barney, J.B. 1991. Firm resources and sustained competitive advantage. Journal of Management. 17 99-120.
As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out www.r3ciprocity.com
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