These are the 12 secret habits of the rich Papua New Guineans that they don’t share publicly because of the fear of jealousy that leads to death.
We share these habits with the hope to guide and inspire aspiring Papua New Guinean entrepreneurs to take action to build their entrepreneurship careers. Towards the end, we share with you few strategies to help you make a start.
We all have a tendency to believe others are deliberately withholding success secrets from us. Nothing is further from truth. Most rich Papua New Guineans don’t come out openly to share their success secrets. It is easy to believe that if someone rich comes out public to share his or her success secrets, many of us would take his or her noble approach as being boastful. In Tok-Pisin we term it as “Apim Neim or apim skin”. In many cases, such a person is taken down by use of traditional knowledge or physical confrontation and damage of property and even death.
1. They dream big
Most rich Papua New Guineans some of us may have come to know started with nothing but a dream. There is an old saying that goes like “The size of your success is determined by the size of your dream”. This saying holds true for people who have become extremely successful in their chosen fields in life and not just in business. After all, if their dreams where small, than that’s all they would have achieved in life. They have big dreams and so achieved big success that we only read or view in media.
2. Start small
Many successful Papua New Guineans in business or just about any areas of life started with big dreams but with small steps. Successful PNG owned business whose founders the entrepreneurlink has some association with through our past experience in mainstream media didn’t start with a big bang. Instead they started small with proper planning and effective mobilization and allocation of available resources to carry out their plans. With discipline they grew to who they are today.
3. Most are self-taught and self-starters
Many of the rich Papua New Guineans we know are self-taught-meaning they picked up skills along the way and built their wealth. Some of the most successful Papua New Guineans we know have never been to colleges. Instead of taking that as an excuse, they turned it into positive motivation. As a matter of fact, some university graduates now work for drop-outs who have built successful businesses in Papua New Guinea.
Even college graduates who built successful business in Papua New Guinea never fully relied on their university degree. Instead they used their college degrees as starting point to build their reputation and that of their business while they taught themselves important life skills they needed to do well in business and in life. The results speak of itself.
Most of these successful Papua New Guineans are self-starters. They never waited for someone to do it for them. They seized opportunities and built successful business that we see today.
4. They have unwavering persistence
One of the determining trait of the rich Papua New Guineans is their unwavering persistence. They dream big, start small and have never-say-die attitude towards their dream. They learn, try, fail, pick up their pieces and keep moving on towards their dream. This is what makes them different from most who try once and give up if it doesn’t work.
5. They focus on things that really matter
The rich Papua New Guineans knowingly or unknowingly have mastered the Pareto Principle. They focus their time, money and other resource on things that matter and adds value to their lives and lives of others. Rest of the population blow with the wind and spend like rich and end up with nothing and keep blaming other for their financial stress.
6. They save money before they spend
This habit is universal. Almost all financially successful people save and invest before they spend. In that way, they create more income from money that comes to them. Robert Kiyosaki, self-made millionaire and author of the book Rich Dad Poor Dad articulated this well in his book. As soon as the rich earn their money, they save and invest in their business or in revenue generating assets like stocks and bonds or real estate. These assets than earn more income for them. For most people, they spend before they save so end up having nothing to invest. Result is they live from paycheck to paycheck and still don’t know the cause of their financial stress.
7. They maintain tough financial discipline
Being disciplined with their finance is what makes them earn more money and one doesn’t require a university degree to understand this. They save and invest before they spend and they stay attentive to their spending habits. Buying on impulse is not a trait of financially successful people. Rather, they weigh pros and cons before they buy and in most cases they buy on value and not on price as Billionaire Warren Buffet once said.
8. They take calculated risks
The relationship between risk and reward is proportionate and rich Papua New Guineans know and take advantage of it. The higher the risk, the greater the reward is. Unlike the rest, rich Papua New Guineans take calculated risks. Taking calculated risks means doing your own due diligence and making sound decisions based on facts and figures and not making crucial business decisions on impulse.
9. They are innovative and industrious
Rarely do these wealthy people sit on their ass and expect miracles to happen to them. They don’t expect free government handouts as many of the Papua New Guineans do. They take innovative approach to solving problems and they work not just hard but smart.
10. Leverage power of network to build business
No man is an island and rich Papua New Guineans know better to tap into existing network and harness the power of networks. Robert Kiyosaki also stated that the more leverages one uses, the more money he makes. Network is just leverage. Other forms of leverages Robert Kiyosaki highlighted are leverage of education, one’s mind, and internet etc.
11. Re-invest their money in revenue generating assets
By re-investing proceedings from their invested money, the rich Papua New Guineans boost their wealth using the power of compounding impact. Compounding impact according to Einstein is one of the wonders of the earth. Majority of the people instead eat the seed money and the result is no fruit to harvest.
12. They reach out to the community and indirectly build their reputation
Don’t be surprised to know that most rich Papua New Guineas give a lot back to their communities. This disproves the notion that wealthy people are arrogant and selfish. Most times we fail to distinguish between being arrogant and being self-disciplined. By giving more, rich people become known and respected and they build their reputation and get more valuable contacts that lead to bigger and better business deals that brings them lot of money.
In closing, we hope this post inspires you to start small where you are and with the resources you have. You see the key is to make a start. Because if you don’t, when will you? Remember always the Chinese proverb that goes like;
“Journey of a million mile starts with a single step”
Take that step now and never ever think there is a tomorrow for tomorrow certainly never will never come if you take that first step now.
As promised the few strategies we hope would be helpful to you.
The EMSA (R) Strategy
Strategy # 1: EXPLORE-Find a problem
As long as human race exist on earth, problems are unavoidable. There will always be problems of all size, shapes and forms. In the problems lie solutions that needs to be discovered. Be that entrepreneur with inquisitive mind who discovers a solution to a pressing issue. The bigger the problem you solve, the bigger the monetary gains.
Strategy # 2: MOBILIZE-Find resources to solve the problem
Once you discover the problem, you will have known what is needed to solve the problem. We talking resources. Mobilize the available resources and make a start somewhere. You don’t have to wait until you have all you need. Start small and build it gradually.
Strategy 3: SYSTEMISE- Build a sustainable cash machine
If you want to money-making effort to be sustainable and long-lasting, than you need to build a system. A system in here simply refers to a business. Refer to our post Digicel PNG Success Secret: Build Your Business Like Digicel PNG.
Strategy 4: AUTOPILOT – Put your system on autopilot
Sounds fancy but it’s very simple. It means to invest your money in passive income streams. By investing money generated from your System (Business), you make your money work for you. Someone wise once noted that by investing your money, you buy off a day in the future you don’t have to work.
Till next time, its bye for now.