Have you ever wanted to start your own business thinking about how great entrepreneurs achieved such success? Probably you are thinking that it isn’t easy, and you are right! But Felix Dennis will make the things easier to you through his teachings in the book “How to Get Rich”.
In this book, he recounts his career path while presenting several valuable tips and advice for those who want to venture out and earn a lot of money.
In this summary is presented all the main ideas that Felix presents in his book, showing how he achieve the success, and what qualities he judges as essential to earn money.
Got interested to know all his millionaire tips? Stay with us in this summary!
About the book “How to Get Rich”
Originally published in 2006 under the title “How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets”, it tells the story of the author Felix Dennis, while building his heritage.
The work consists of 290 pages, divided into four main parts divided into 20 chapters, which facilitates reading and serves as a roadmap for the steps to be taken to achieve success, similar to what was achieved by the author.
About the author Felix Dennis
A poet and entrepreneur, Felix Dennis began his journey into the publishing world with OZ magazine, which dealt with alternative and counterculture themes, in the late 1960s. In 1974, Felix founded his own publisher, Dennis Publishing, which gained notoriety with computer magazines.
The publisher has diversified its publications and is now responsible for over 50 magazines, ranging from fashion and entertainment to the automotive world.
This growth brought Felix a net worth of over 750 million pounds, making him one of the richest men in England.
In 2014, Dennis died at the age of 67 from a throat cancer, but left behind one of the world's most successful publishers, several works and poems.
To whom is this book indicated?
The author explains on the front pages of the book that his work is likely to increase the chances of every person who wants to get rich as long as he is fully determined and motivated to achieve that goal.
Furthermore, it is perfect for individuals that are looking forward techniques to facilitate the way to earn money, the book gives practical and real cases that will make you see the world with different eyes.
Main ideas of the book “How to Get Rich”
- You will never be truly rich working only for your boss;
- A person doesn’t have to be brilliant and has innovative ideas to become rich;
- Being the owner is not the most important part. It's the only an important part;
- It is better to pay more to your employees than to sell parts of your business;
- Failure is part of the journey, so be prepared to learn from it how to grow bigger and bigger.
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Overview: Reasons not to get rich
For most people, the hardest part of the journey to wealth is the beginning. Young people cite a lack of experience and money to start a new business. Meanwhile, an established and more experienced person is afraid of losing all that he has already achieved.
In response to such objections, Felix Dennis explains that money is one of the most neutral substances in the world.
That is, it doesn't matter where you came from, what you have or who you are. With determination, motivation and following the right steps, it is possible to get rich.
Dennis believes that if you are young, you are even more likely to achieve true wealth, mainly because you have nothing to lose. Most of the greatest fortunes were built by people without much to lose, so they were able to risk and found untapped mines of money.
On the other hand, an older and well-established person has the advantage of experience and knowledge. This is because they had probably worked for others and seen how a fortune can be built. However, that courage to risk everything (and perhaps health to cope with the difficulties of the journey) is still lacking.
Thus, for this profile, the author indicates choosing a younger, job-hungry partner to help during the journey, thus forming a complete pair and with good chances of success.
Once you have overcome the fear of failure that drives most people away, it's time to really start getting rich.
Felix Dennis believes that once a job has started, half of it is already done, and in this case no different. So the first step is to look for something that can bring you money.
Every day around us, there are many opportunities to get rich. It is therefore essential to be alert to capture these loopholes and start making money.
According to the book “How to Get Rich”, your chances of success are directly proportional to:
- Amount of preparation you ride;
- Your boldness to explore new markets;
- Your self-confidence in your choices.
Great entrepreneurs were able to correctly analyze the risks of each opportunity and take appropriate action, even if there was a chance of failure.
Often, this opportunity doesn’t come quickly, it can take months and months of search and engagement, but the important thing is to be sure and always be aware of every opportunity that presents itself.
Felix Dennis firmly fights what he considers to be the "big idea fallacy". In his experience, most of the time, people who are obsessed with finding a brilliant idea - and who often do - end up not being the ones who get rich out of that innovation.
He points out that it is not possible to patent an idea, only the method by which an idea is implemented. Thus, there is no “owner” of an idea, which enables the use of such knowledge by others able to improve and more willing to generate profit from it.
The next step is, according to the author, the most painful part of the journey: raising capital. Basically, every entrepreneur needed to borrow money at some point in his career.
It is a difficult process and can be humiliating, but it is what separates those who really have the determination and motivation to develop their business.
So it is important never to give up on hearing a no (it will happen!). And avoid believing in shortcuts that make your journey too easy, as it will likely turn against you in the future.
Overview: Getting rich
In the third part of the book “How to Get Rich”, Dennis explains that in addition to a lot of determination and hard work to win his business, it is almost certain that the great entrepreneurs also had the luck, at least once.
However, he points out that this isn’t why you should just sit with your arms crossed waiting for a stroke of luck. On the contrary, their experiences show that luck ends up “smiling” more to those who strive and fight more for their goals.
The determining factor in becoming rich, according to the ideas of the book, is to be the owner. Working for others, even at a high level, will rarely make you truly rich.
When you own your own business, you end up on another level of wealth building. This is because, in addition to profiting from the company's cash flow, you also have an asset that is becoming increasingly valuable.
In this way, Dennis points out that one of the best ways to run your business so that it is more valuable and profitable is to understand the importance of delegating tasks.
Time is very limited and cannot be recovered. Therefore, its use needs to be optimized so that you can learn, work and execute your ideas in the most cost-effective way.
So if you want to scale your business and your wealth, hiring other competent people, is essential as it allows your overall business to be more productive. Plus, you become better able to think more strategically by focusing your time on what really matters to your business.
Overview: Staying rich
In the final part of the book, Felix Dennis addresses the precautions taken to stay rich after financial success has been achieved. In general, the author believes that the best way to stay rich is through balance.
It is important to balance the various points of your company. For example, be sure to value your most competent employees, but also always keep looking for new talent that can add to the business.
Another essential point is to pay proper attention to accounting and tax payments in accordance with the laws of your country. This is so that you are not caught off guard by any tax issues and take risks with your business.
In addition, it is essential to take care of your health, especially nowadays when communication is so easy. For a few days, it's a good idea to "turn off" everything and focus on yourself. Always keep available time for exercise within your routine.
By this way you can enjoy the benefits that money can bring without having to worry about losing it or costing you your health.
What do other authors say about it?
Paulo Vieira, author of the book “Enrichment Factor”, says that the journey of enrichment is made of peaks and valleys, be prepared and willing not to stop halfway. Remember that not giving up will make you a millionaire. Think like a successful person, be able to see adversity and move on, doing what has to be done.
Napoleon Hill, in his book “Think and Grow Rich”, reports that a common feature among successful respondents is that they are able to make decisions quickly, and are confident of that decision.
Finally, Robert Kiyosaki, author of the bestselling “Rich Dad, Poor Dad”, says the journey to enrichment should begin as early as possible, and it consists of assessing your finances, setting personal goals and seeking the knowledge you need to achieve your goals.
Okay, but how can I apply this to my life?
- Don't worry about having great ideas, focus on execution;
- Always stay focused;
- Hire more talented people than you to delegate tasks;
- Stay away from negative influences and people who are taking you off course;
- Lead and not be led. Owning is what matters, so keep ownership of most of your business;
- Do not be afraid of anything or anyone.
Did you like this summary of the book “How to Get Rich”?
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