Speedwealth – The 8 proven principles for creating wealth fast

Date: January 10, 2015

Name: Speedwealth – The 8 proven principles for creating wealth fast

Presenter: Adam Markel

For most entrepreneurs, financial freedom is their ultimate destination. T. Harv Eker, the author of Secrets of the Millionaire Mind and the founder of Peak Potentials, invented the Speedwealth system for entrepreneurs to build million dollar business with 3 years period. The system is intended to create entrepreneurs their roadmap to get rich faster with their own businesses. Adam Markel, the CEO of Peak Potentials, will share the knowledge behind the Speedwealth. Adam Markel has been a business development trainer for many years, and his passion has inspired many potential business owners. This webinar will provide the blueprint for many dedicated entrepreneurs who have the motivation to create a difference in the marketplace.

Speedwealth is for entrepreneurs who have their own businesses. The system is not just to gain rich, yet it is help entrepreneurs to enjoy the process of making money. Adam Markel shows 85% of people are not financial independent because they have the mindset of JOB, which is “Just over broke”. However, the traditional path is not good enough to provide wealth. Instead, Markel believes owing a business will position entrepreneurs to create wealth quickly.

“If someone is doing better than you, it is because they know something you do not”

There are 8 principles that all successful companies have in common, which makes up the Speedwealth system.

Principle #1: Develop a Speedwealth mindset

Markel believes getting rich is feasible and getting rich quicker should be feasible for all entrepreneurs. There is nothing wrong to make wealth quickly. Change brings opportunity and quick change brings quick opportunity. For every change happens, someone will get rich. Therefore, getting rich should be necessity for entrepreneurs.

There is no such thing as job security in this generation. People need to have the mindset of willing to learn new things. Entrepreneurs should have sprinter’s personality, which is the desire to continue going forward. If entrepreneurs feel they are stable, they lost the sprinter’s mindset.

“Success is a learnable skill”

Principle #2: Deliver massive value

Markel defines value is the level of deliver provides in the current market. The law of income defines as people will get paid indirect proposition to the value they deliver according to the market place. Therefore, the more value receives from more value they deliver.

Markel believes income makes up the four factors: demand, supply, quality, and quantity. Entrepreneurs must provide something other people do not. The quality comes from how good entrepreneurs are at their businesses. If they want to get paid the best, they need to be the best. If they want to get paid, they must deliver their value to people. Entrepreneurs need a product or service to sell to people.

Markel shares there are 3 ways to break through the income ceiling in a service business. The first way is to offer a product. The second way is to clone themselves and hire others to work for them. The third way is to create passive source of income in their businesses.

Principle #3: Timing

To become successful, entrepreneurs need to seek opportunity based on the wants and the needs at the right time. They need to time right on the concept and the product. If they enter the market too quickly or too late, they will not receive the maximum result. Therefore, it is important for entrepreneurs to choose the product at the right time.

Entrepreneurs need to find a ground floor opportunity, which is when demand is high and supply is low.

Markel suggests 3 strategies to get rich on timing. The first strategy is to model a proven winner. The second strategy is to get on a piggyback. The last strategy is to remarketing under-marketed products and services.

Principle #4: Systemize

All business should build on a solid foundation and create their unique system to sustain the effective and efficient growth. Entrepreneurs who try to expand without a system in place will fail. System consists of marketing, production and administration. Any business system is repeated process of creating product and value to the market.

There are 4 requirements to build a system. The system needs to be organized. The system needs to produce a profit. The system needs to support rapid growth. Finally, the system needs to work without depended on someone.

Markel emphasizes Speedwealth entrepreneurs are like coordinator. Their primary objective is to work on the business, not in the business. The system should provide time freedom and money freedom for entrepreneurs to continue on other projects.

“If it works, keep doing it”

Principle #5: Duplication

System is like a cookie cutter; therefore, entrepreneurs need to take the system and duplicate it for multiple outcomes. If entrepreneurs can do it for one, they should be able to create more than one.

Markel believes the challenge for entrepreneurs is to get their product or service into the hands of the largest number of people. Duplication can increase quantity, and if quantity is increased, the income will increase. Franchise and MLM are examples of the power of duplication. Basically, duplication is to get to people fast as soon as possible.

Principle #6: Leverage

Markel believes all entrepreneurs should do more with less. It is not what they can do, it is how they can do it. No leverage means work too hard with less value. Therefore, it is important for entrepreneurs to provide people with their value or service while they sleep.

Licensing is a way to create leverage. Licensing can give more control. Repeat the pattern can increase income and provide the reason for people to come back for more. In the market, this is called backend sale.

Markel suggests the best leverage strategies are partnership marketing and joint venturing. Leverage takes many forms and entrepreneurs need to ensure they are utilizing it properly.

Principle #7: Cashing out

Entrepreneurs can either keep the business for income or cash out with an exit strategy. If entrepreneurs keep their business, they can generate passive income. However, Markel believes entrepreneurs will never make as much money running a business as selling a business.

When selling a business, buyers want profits, continuation of profits, and potential growth of profits. Speedwealth entrepreneurs should always start with the end in mind, which means come in the business to sell the business at the beginning.

Another strategy is to allow business to go on IPO. The key factors that determine business value is the net profit and the gross sale. Increase gross sales shows increase potential growth in business.

Principle #8: Dot it now

Markel indicates the statement of “practice makes perfect” is misconception. Instead, practice makes permanent. Entrepreneurs should practice what they want to be in the future immediately. The key is to blend money with joy. Money cannot buy happiness, but it can buy entrepreneurs freedom.

Markel shares the best money advice is to “get it handled”.

There are 3 types of education entrepreneurs should always develop.

• General business knowledge
• Business-specific knowledge
• Personal development knowledge

Markel suggests people to continue their education because money and income growth when they grow.

“Your inner money thermostat control your wealth”

“Money is not everything unless you do not have any. Then it seems to become everything”