Why do people become Rich but not Wealthy?

Why we become Rich but Not Wealthy

The Limits of A Practice Mindset

The TRAP we get ourselves into of either having Money or Time but never both

1) Every Practitioner lives in a TRAP

2) A Doctor dreams of having his own clinic and a daily queue of Patients AND so does the Financial Advisor.

3) Soon the doctor / Advisor starts to earn more, stays more busy, has less time to upgrade knowledge or go on holidays

4) Conferences become disguised holidays where you they neither learn nor enjoy

5) This is also the fate of CAs, Architects,Financial Advisors

6) Either they have money or time but seldom both

7) The Specialist Mindset also makes them less inclined to share knowledge and create more Specialists. Being the only one is big kick they get

8) And being the best becomes an obsession

9) Since the knowledge and skill remains limited the people (customers at large) are either deprived of their services or have to pay through their noses

10) Practicing till death is seen as an advantage and the perk of the profession

11) Experience becomes the Ego

12) Keeping the young minds at a distance by setting up heirarchies becomes the norm and ensures that knowledge sharing stays limited

13) Life itself becomes the Profession and Money the sole driver

14) Such a person wears blinkers and has no other interests and never develops a versatile personality

15) Specialists do not contribute much towards creating an ecosystem

16) Because their business model (practice model) does not encourage making the ecosystem larger. In fact it thrives on keeping it small so that their importance rises

17) This topic therefore is important and should not be put under the carpet

18) Time to think different

19) Instead of having either money or time ask the question whether both time and money can be made available

20) Why should it be necessary to have a trade off between Time and Money

21) Because Time and Money are both different forms of Wealth we should aspire to have both

22) A Person with Money and No Time is Rich but a Person with both Time and Money is truly Wealthy

23) In order to achieve this one needs to wear the hat of an Entrepreneur

24) An Entrepreneur sets up an Enterprise

25) With the aim to Scale up and reduce cost for the end customer while enhancing service quality.

26) He dreams of the best of both worlds

27) And not only for himself but also for others be it employees or customers

28) He believes in building a Foundation and constructs an Ecosystem over it

29) This Foundation is known as the Brand and the ecosystem is the organization

30) The Brand and Organization acts like an institution that spawns large number of specialists

31) In passing knowledge an Entrepreneur sees no insecurity. In fact he likes to hire people having more knowledge than what he has. He is obsessed about his brand, his people and his organisation and not about himself

32) He creates systems and processes processes

33) He invests in continuous self development to figure out the latest concepts and developments in the world and prepares himself for the changing trends

34) He invests in Technology and Scale

35) His ultimate aim is to provide the best at the lowest cost

36) A case in point is Dr Devi Shetty of Narayan Hrudalaya who has made it possible to offer heart surgeries at very low and affordable prices with best care and quality

37) An Entrepreneur is one who is inspired by the desire to make the world a better place for all

38) An Entrepreneur understands that his Wealth Grows As More People Benefit

39) This is called “Valuation Wealth” which is nothing but a Wealthy Ecosystem which is a Win Win Win strategy for Customers, Employees and Owner

40) He creates and trains a team and has no insecurity if his team is more knowledgeable than him

41) He sees his wealth as a function of a flourishing organization independent of himself

42) His only connect with the organisation stems from his Vision which is like the umbilical cord that connects a mother to the child

43) He builds an Organisation which acts like a Magnet to Attract More Talent ans Prosperity and business becomes self perpetuating

44) He himself becomes a magnet like Narayan Murthy or Ratan Tata

45) We can crib till the cows come home that the government isn’t creating enough Doctors and other Professionals but quite truly it is a Good Doctor, a Good Architect, a Good Advisor who is best poised to create a stream of able Doctors, Architects and Advisors by showing the leadership and providing the ecosystem required

46) A Doctor can transform his Clinic into a Hospital or a Nursing Home

47) A Financial Advisor can transform his practice from an Individual Practitioner into a Wealth Management Company

48) An Architect from an individual specialist into an Architectural company

49) Same with a CA, Tax Consultant, Broker and other Professionals

50) A Practitioner can never leave behind a legacy for his heirs but Entrepreneurs change the world and provide a platform for their heirs to grow it further

51) Our MFP Program teaches exactly this and helps one to transform from an Individual Specialist into an Entrepreneur