Combine these with the “formula to wealth” and you have yourself a winning recipe that can be applied to just about any ethical Business model out there.
And what IS the “Wealth formula”? Wealth = Value x Reach x Leverage x Credibility
Value – What is your product or service really worth? A proficient heart surgeon usually charges many times more than a Family Physician, simply because of the value and mission critical nature of her service. That’s because a fully functioning heart is usually considered more important than preventing the next big “acne outbreak”.
Reach – A Family Physician would have to cater to a large number Patients to reach a substantial income level, whereas a Heart Surgeon could easily reach that same income by rescuing a couple of “dying people” in the Operating Room with some Lionel Ritchie playing in the background. It could be the music that saves their life. But the Surgeon still ends up getting the credit.
Leverage – A Heart Surgeon could also leverage her proficiency to reach millions of potential readers by writing a Book on the subject. Without the Book serving as the leverage multiplier, she would be limited to a leverage factor of 1 (which is basically the distance her hands and feet would allow her to reach at any given time, without resorting to peculiar yoga poses).
Credibility – Credibility can come in the form of testimonials or expertise. The greater the expertise or testimonials, the greater the “Credibility Factor” becomes.
Feel free to plug in your own numbers to this formula and see what it says about the “growth potential” of your Job, Career or Business.
