I was reading some post online and the author made mention that there is no shortage of opportunity there is only a shortage of people that are prepared to take advantage of an opportunity. I believe this to be true. It is very relevant especially in the age of equality and social justice warriors who are banging the drum for opportunity. Everyone wants an opportunity and everyone thinks opportunities aren’t available to certain groups because of things outside of their control. I think this is nonsense. First because most people lack the ability to spot an opportunity, second because most people lack the readiness to act on an opportunity and third because most people let fear keep them on the sidelines.
While we are still in the intro portion of this blog I want to speak on recognizing opportunities. I was riding in an uber last night and realized that uber is the solution to black people who have a hard time getting cabs. It might not be the direct solution but it solves the problem and it has a multi billion dollar valuation based on this solution. This is what I mean when I say “recognizing solutions”. Every business was created to solve a problem. The black community is filled with problems which also means we are filled with what could amount to billion dollar solutions if we are ready and able to make a move. This blog is about what you need to do, become and maintain, to make a move when opportunities arise.
Most people lack the ability to take advantage of an opportunity because they lack the resources to do so. You have money, you have a lifestyle, but do you have the means to take advantage of an opportunity and still maintain that lifestyle? For most people the answer to this would be no. In order to take your life to the next level not only do you have to be able to take care of your bills and survive, you have to maintain a set amount of cash that is always ready to deploy into a business or investment. This number should be around $1000 to $5000, hopefully much much more.
How many times have you gotten a stock tip and didn’t have the cash to invest? Or, what if your friends have a business they want to start and they need your help to take it to the next level. One of my favorites tweets was something along the lines of be cheap so you can afford to invest in your friend’s business or charity. The problem with living the Instagram flash life is you tend to spend the money that could elevate your community. You look good but you are doing bad.
One way to go from flash to stash is to save up enough money to go on vacation or to use for a down payment on a car and then don’t take the trip and don’t buy that car. Stash that money away so you can put it into a deal that will give you the cushion so you can later invest in a deal. Years later this paradigm and focus shift will let you vacation and drive like the wealthy not the faux wealthy on the gram. Having cash on the sidelines, liquid and ready for an opportunity is step number one in being ready to make a move.
Educated and well read
The average CEO reads 50 books a year and I guarantee you he isn’t reading for entertainment. These billionaires and millionaires are reading to make sure that they keep the sword sharp. When you are at the top of the game you have to make sure that you are sharp enough to stay there and to make the best decisions possible.
One of my favorite ET talks is when he talks about Warren Buffet. He says that Warren reads 6 hours a day which is 42 hours a week. So when Warren makes a decision he is making some very informed decisions. Part of being able to make a move is being educated enough to recognize a move. Another part of being able to make a move is having the knowledge to CREATE the move. Successful people invent money they don’t just wait for it to drop in their lap.
You get to this point by reading, learning, listening and watching things that will sharpen your mind and open up a world you would otherwise not know of, not dim your light. This might mean you need to turn off the TV and radio and fire up a podcast or audio book. Reading gives you advantages. These top CEOs and the wealthiest American’s do it for a reason.
One thing that you have to do to take advantage of opportunities is get out of the newb zone. Opportunities tend to come to people who are capitalizing on opportunities, deals come to those that are doing deals, so get in the game. Get out there and get experience, good or bad, it doesn’t matter. You realize that when you are applying for a job or looking for a loan they ask for “experience”, period they don’t qualify the experience as good or bad they just say “experience”. This is because success and failure go hand in hand and the reason why most people don’t get experience is because they are avoiding failure.
If you have no failure you likely have no success. Failure is experience too. Failure shows us what works by showing us what doesn’t work. I am not advocating that you go out and fail but I am advocating that you go out and do something. You will learn more from your experience than you will from any book podcast or lecture.
Independent people don’t make for successful people. Success comes to strong teams not strong individuals. There are countless examples of this in sports but usually business is silent when it comes to this. Well, business is no different. For example, the PayPal maphia. This consisted of Elon Musk, Peter Theil and others who made hundreds of millions when PayPal sold to Ebay. Warren Buffet has a host of advisers. Jim Cramer has a team of researchers. For some reason we have been sold that you have to be an individual and do things solo and for this reason even our best and brightest get slaughtered. Business and investing are team sports and people who think they can take on the teams of this world usually get demolished.
You have to have a great network of people you can consult with and bounce ideas off of at your fingertips and what better way to do this than social media. You will also have to get away from the phone and network in person so do this too. It isn’t either or but you will need PEOPLE. So to take advantage of opportunities you NEED cash at all times in “sacred accounts” that don’t get used for the turn up. You need to read about what you want to do so you can learn from and leverage the experience of others. You need experience and you need connections. Opportunities are all around us. Lets spend more time getting ready for them and less time begging for them to come to us in our current state. If you want to work with any of the Todd Capital programs please email us at firstname.lastname@example.org we would love to work with you.
Be great, invest well,