Are you thinking of jumping into entrepreneurship? You may be advised to find a niche or fill a need, as a start in finding the correct business field to jump into. In his book “The Millionaire Fastlane”, author MJ DeMarco refers to five wealth paths or five business industries that have the potential to make you money. I don’t go into details here but you will get a short description of each one. This is the second post from an earlier article touching on “The Millionaire Fastlane by MJ DeMarco. “ You can read the first article here.
• Content systems
If you have important information that you think people will pay money to acquire or learn, you can sell the information to earn money. There are many methods of disseminating content or selling information such as through magazines, newspaper, radio, television and the internet. A person can be the publisher or he can run the magazine. A person can also be an author and write books or he can run a blog.
• Rental systems
Do you own an asset that others may want to use? The most common example is owning a property like an apartment, a house or a shop and renting it out to another person. People may also want to rent vehicles, costumes or clothing, furniture, machineries or tools, etc. If you are an artist, you can license your music or artistic product. If you are an inventor, you can license your invention for others to use.
• Software systems
The internet makes it easy to sell a software system. If you have developed useful software for instance, such as financial software or a mobile application, you have an asset that can be sold worldwide. The internet makes it easy to reach millions of prospective customers. The delivery, the transaction, the communication, etc. are all done through the internet.
• Human resource systems
If you follow this system, you will need a team of workers or employees to help you run your business or company. As the head or employer, you will have to manage your employees which affect your business performances. Good management and good employees ensures your company flourishes.
• Distribution systems
If you wish to help others to distribute or deliver their product or services to their customers, you can look into this area. Instead of product creation, a person may want to bring the product to the masses and distribute it worldwide. Popular examples are Amazon, eBay and ClickBank. Starbucks, McDonalds and Dunkin Donuts are also part of a distribution system as are other franchises, restaurant chains and stores.
The above are the five paths that are open to anyone who is thinking of going into business. If you are ambitious, you may even venture into not one but two or three of the systems.
Jacquelyn is the co-author of the books “Teaching Your Kids About Money” and “Top 93 Personal Finance FAQs in Malaysia” with KC Lau. Jacquelyn is the pseudonym used by Amy Sipagal.