Competitive Edge
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Competitive Edge
Creating your Unique Value Proposition to gain your Competitive Edge.
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How the Rich Get Rich (and the Best Way for You to Get Rich, Too)

How the Rich Get Rich (and the Best Way for You to Get Rich, Too) | Competitive Edge | Scoop.it
There's definitely a proven path. But don't just take my word for it -- the IRS backs me up.

Epictetus once said, "Wealth consists not in having great possessions, but in having few wants." And he's right... but that doesn't keep people from wanting to be rich. Even though we all define and success differently -- as well we should -- most of us factor wealth, at least to some degree, into our success equations.

So how can you get rich?

Here's an unlikely but extremely telling source: the 400 Individual Tax Returns Reporting the Largest Adjusted Gross Incomes, a report periodically issued by the IRS. (The latest report is for 2014, which to you and me was a long time ago but to the government is pretty up to date.)

While the IRS Statistics of Income division sounds like a place where fun goes to die, it turns out there's some interesting data buried in all the charts and tables. Read more: click image or title.

 

Growthink teaches how to build, grow, and sell a great business: http://bit.ly/2hn5ROb


Via Oliver Durrer
Marc Kneepkens's insight:

IRS statistics prove an extraordinary fact...

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10 money lessons from professional athletes worth millions

10 money lessons from professional athletes worth millions | Competitive Edge | Scoop.it

It’s far from guaranteed that rich athletes stay rich, which means there’s a lot to learn from these 10 standouts handle their money.

As Steph Curry and LeBron James duke it out in the NBA finals, there can only be one winner. Actually, scratch that. They both win…in their bank accounts. That might sound obvious—Curry is reportedly worth $27 million and James, $223 million—but it’s not.

There are plenty of examples of stars making millions and squandering it all: Mike Tyson, for one, famously declared bankruptcy after earning $400 million. Vin Baker earned $100 million playing basketball, and was last seen working at a Starbucks. And by one estimate, nearly 80 percent of former NFL players end up in dire financial straits two years after retirement.

So it’s far from guaranteed that rich athletes stay rich, which means there’s a lot to learn from how financially savvy pros like these 10 standouts handle their money. Read more: click image or title.

 

 

Learn more about funding, find great funding sources, get a free business plan template, post your funding request for free, and more: www.Business-Funding-Insider.com


Via Enzo Calamo
Marc Kneepkens's insight:

Great stories to learn from, some of those guys are smart and very modest.

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Startups Serving The 99 Percent Will Be the Next Billion-Dollar Companies

Startups Serving The 99 Percent Will Be the Next Billion-Dollar Companies | Competitive Edge | Scoop.it

Many fast-growing companies in Silicon Valley have one thing in common: they cater to a small, affluent, urban population -- the 1percent. 

Residents in high-cost cities like San Francisco, New York and Los Angeles can order an array of goods and services from their mobile phones.

These startups, including Uber, Instacart and a host of food delivery apps like Munchery, GrubMarket, Blue Apron, and Postmates, eventually have plans to broaden their offerings to attract middle-income consumers. This is the classic trickle-down business model.

As Farhad Manjoo wrote in The New York Times, “The rich subsidize the rest of us — were it not for the suckers who spent more than $10,000 on early versions of the Mac, Apple might not have survived to build the iPhone.”

As a venture capitalist who has invested in both Chinese and U.S. startups since 2005, I’ve backed several companies leveraging the trickle-down model, such as GrubMarket. But, now I see it also makes sense for some founders to take the opposite approach: mass market first. Read more: click image or title.




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Marc Kneepkens's insight:

It makes sense: catering to the masses is immensely more profitable than to the happy few. Come up with the great ideas now and start executing.

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All 7 Shark Tank Stars Share Tips on How to Become a Millionaire

All 7 Shark Tank Stars Share Tips on How to Become a Millionaire | Competitive Edge | Scoop.it
Hard work, persistence and scrimping win the day, so say these millionaire and billionaire Sharks.

If there's one thing the stars of Shark Tank know, it's how to make money. 

Mark Cuban opened a bar before he was of legal drinking age. The brazen college campus venture lasted six short months. A scandalous snafu with a wet T-shirt contest led to the watering hole’s "sorry end." The former bartender's later business bets -- legal ones, of the tech-related kind -- fared exponentially better, eventually landing him in the millionaire club. Then, not long after, into the three commas club, the realm of billionaires.

Kevin O’Leary came into his first millions after spinning a $10,000 seed investment from his mother into an edtech startup. In not too long, Mattel scooped it up for $3.6 billion. Daymond John stitched a $100,000 seed investment from his mom (who mortgaged her house to give it to him) into FUBU. The fashion startup cleared hundreds of millions in sales within six years.

Chris Sacca’s path to millions -- and later to billions -- is tied to incredibly successful startups, too, though, interestingly, none of his own. He lucked out with some very early and very wise investments in Uber, Instagram, Twitter and Kickstarter, and that’s just the short list.

Lori Greiner spun her love of inventing solutions to everyday annoyances into a multi-million-dollar retail operation. Robert Herjavec, also a multi-millionaire entrepreneur, went from rags to astronomical riches within a few years of emigrating from Croatia to Canada in the pursuit of a better life. And, after failing at 22 jobs, former diner waitress Barbara Corcoran turned $1,000 she borrowed from a boyfriend into a $6 billion-dollar New York City real estate empire that's still going strong.

We recently caught up with all seven Shark Tank star investors on the Culver City, Calif., set of the hit show. There, from behind the scenes of Sony Pictures' Stage 30, they shared their advice on how to become a millionaire. Here’s what they told us: Read more: click image or title.

 

 

FREE Business Plan Template here: http://bit.l/1aKy7km

Dave...I downloaded your business plan template...It is great!!!...My tax consultants say your plan is amazing. Thanks Dave!!!

Marc Kneepkens's insight:

Some of these entrepreneurs talk about the same one thing you need to be successful.

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John Hoffmire: The wealthiest 1,000: How they made their money and why can't we do the same?

John Hoffmire: The wealthiest 1,000: How they made their money and why can't we do the same? | Competitive Edge | Scoop.it

How did these people get to be so wealthy? It is clear that there was a huge amount of hard work, discipline, clear goals, ambition and guts. But is that enough to get into the billion-dollar club?

So, how did these people get to be so wealthy? It is clear that there was a huge amount of hard work, discipline, clear goals, ambition and guts. But is that enough to get into the billion-dollar club? You probably know many people with these traits yet they are nowhere near to becoming billionaires. One common trait, though, is that almost all owned and then sold stock in their own company or one of their relatives did. Read more: click image or title.

 

 

 Find or list funding opportunities:

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Via Enzo Calamo
Marc Kneepkens's insight:

What is the reason for this super wealth and how can you offer your company employees a similar advantage?

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The Only Way to Get Really, Really Rich

The Only Way to Get Really, Really Rich | Competitive Edge | Scoop.it
No matter how you define rich, this is the only way to get there.

Want to be remarkably successful? Want to get really rich? (While there are many ways to feel "rich," in this case we're talking about monetary wealth.) Then check out this little gem of an investment opportunity.

It's a simple investment. You only have to invest almost all of your money. On the upside, after a year you might earn 3 percent more. The downside? Any day you could lose it all, for reasons usually outside your control and that you will almost never see coming.

Would you make that investment? Of course not.

Yet millions of people do--every day they go to work for someone else.

Of course the analogy isn't perfect. Until you're laid off or fired you do earn a salary. But when you work for someone else, your upside is always capped--sure, you might occasionally get a raise, but in most cases 3 to 4 percent is the best you can expect.

Yet your downside is always unlimited because getting fired or laid off can make your income disappear overnight--and with it the considerable investments you've made in time, effort, dedication, and sacrifice.

Extremely limited upside. Unlimited downside.

That's a terrible investment.

To read the full article and find the real way to get rich, click on the title or image.



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Marc Kneepkens's insight:

Totally agree, this is the one and only best way to get rich.

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