By Phillip Chichoni
In his book Rich Dad’s Retire Young, Retire Rich, Robert Kiyosaki talks of how a young man suggested that Oprah Winfrey became the richest woman in entertainment from being a self employed professional talk show hostess. True, Oprah got paid a lot for appearing on television, but hundreds more people were and are still being paid more than her. Oprah got rich from playing the richest game in the world: entrepreneurship.
Entrepreneurship is the hardest sector in which to be successful. But the richest people in the world are entrepreneurs. It is people like Bill Gates, Michael Dell, Thomas Edison, Henry Ford, Richard Branson, Aliko Dongote, Patrice, Motsepe, Strive Masiyiwa and others who are at the top in entrepreneurship.
Going back to Oprah; although she worked hard at being a star television talk show hostess, she used the leverage of building a business that serves millions of people to generate her real wealth. Oprah owns a company called HARPO Productions. (HARPO is OPRAH spelt backwards) This company is into television and films production; magazines, books and DVDs- things that are bought daily by millions of people from all over the world.
Michael Jordan was paid a lot of money by the Chicago Bulls, but he makes much more money from his businesses. Wayne Rooney and Michael Owen own businesses that include horse-race breeding, restaurants and bars.
In Zimbabwe, if you look at rich medical doctors, accountants, sports stars or even janitors, they became rich not from the earnings of their professions but from investing in business: entrepreneurship. Vusi Laher, a former U23 football star who retired from the game after a permanent injury he is now running a successful business.
If you are a professional like me who earns fees from consultancy, you can see that chances of becoming a millionaire are far off. If I charge a client $100 per hour, and manage to clock 5 billable hours of work per day, the most I can make is $12,500 in a 25 day working month. After expenses and taxes, my take home will be half of that or lower, which adds up to $75,000 per year. At that rate, it would take me 14 years to turn over a million dollars.
But if I invest in a business that can sell just one item for a dollar to 84,000 people each month, I would make a million dollars in one year. Instead of focusing on just consultancy, I am busy right now working on building my business so I could make at least a million dollars a year in the hardest but richest game in the world. Let me know what you think about joining the Zimbabwean Billionaire Entrepreneurs Club by sending me an email.
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