Daily Money Minute

Fotolia_54867638_XS_7“My formula for success is rise early, work late and strike oil.” ~attributed to John Paul Getty

This famous quote attributed to John Paul Getty reminds us of the importance of hard work that is relevant to the lives of others. By stating that we must rise early and work late, essentially Getty was telling us that we have to put in a good shift every day if we want to be successful. In other words we have to work hard and be totally committed to what we are doing. No one ever becomes successful without hard work, determination and commitment. They are a given. However it is Getty’s flippant remark about striking oil that is probably the most important point here. For me the reference to striking oil is a metaphor for finding something that people really need and for which there is or could be significant demand. If you can control supply even better from a business standpoint. That way you will achieve higher margins. As I’ve said before, your product must always solve a problem for people and if your product solves that problem better than anyone else can then you can make a lot of money for yourself. If you can find the next big thing then you really could make a name for yourself and great wealth too. And of course everything is possible at the start of a new year, so good luck and may you enjoy every success in 2014.

© RJ Sutton and Mann Island Media Limited 2014. All Rights Reserved.

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