A lot of people got it wrong in business and many more are still going to get it wrong in business as a result of not knowing what MONEY truly is and inability to understand the principles governing money or what you can simply refer to as the 1st law of money.
So what’s the 1st law of money?
“For money to be made, you must sell something or offer services for cash reward“.
But you cannot understand this fully without truly knowing what money is first.
So, what is money?
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.
From the above explanation you can see that money is offered in exchange for goods or services; and can as well be used for debts repayment or even to fulfill a promise. So it’s not out of place to say that money could be a commodity or a verifiable record that is set to help us in our day-to-transaction.
Types of Money:
There are three major types of money recognized by economists:
1. Commodity money
2. Representative money
3. Fiat money.
This things you must by all means figure out ways to properly understand before you can start thinking of owning a business of your own.
Money and its functions:
Money is often defined in terms of the three functions or services that it provides.
Money serves as:
1. A medium of exchange
2. A store of value
3. A unit of account
4. A Medium of exchange.
Money’s most important function is as a medium of exchange to facilitate transactions.
Money as a Legal tender:
Legal-tender notes are treasury notes or banknotes that, in the eyes of the law, ‘must’ be accepted in the payment of debts.”
So next time you’re trying to set up a business, ask yourself:
1. Is my product/ service worth selling?
2. How much is my product/ service worth in monetary value?
3. Why am I selling or offering this?
4. Why should I get paid?
5. Do I deserve it?
If you don’t work or do any form of business or activity, then you don’t deserve to be paid.
To be truly rich and well paid, you must offer good/ services or do a proper business with sound knowledge acquired through training.
Whether you like it or not, whether you believe it or not, whether you accept it or not, BUSINESS & ADVERTISING HAS LEFT THE TRADITIONAL MODELS AND PROGRESSED TO ONLINE MODELS.
All of these are happening so fast and are not going to fade away soonest as they keep evolving very fast.
etc are spearheading this move, they are happening before your very eyes and will never demand your consent.
In today’s world, no matter what kind of business you think you’re into, you still need an ONLINE PRESENCE (this is highly necessary for growth).
Imagine where we’re currently and then cast your mind back to 10 years ago; if you knew Facebook was going to be this big, you would have bought shares in there when they first went public. If you also knew that social media was going to be this big, you would have enrolled for a social media marketing program and copywriting as far back as 2011.
The old ways of doing business are becoming increasingly irrelevant as they’re swiftly adapting to changes in the global business space in a bid to keep up with the trend.
Hence, it is no longer ‘BUSINESS AS USUAL‘ if you fail to effect current changes in line with the current global business and marketing trends, it’s only a matter of time and your business will be totally obliterated from the face of the earth.
I will ask you some few questions now:
1. What do you know about DEVELOPING FUNCTIONAL ONLINE BUSINESS MODELS?
2. What do you know about PLATFORMS.
3. Are you still dependent on EXTERNAL PRODUCTS FOR PROFIT?
4. How equiped are you in terms of ONLINE MARKETING?
Ask me any question bordering around the above mentioned areas.
Keep an eye on my blog for further details.
Note: I can help you make your business seen, relevant and profitable.
Call or inbox me if you would like to work with me towards making your business a highly successful one.