Wealth creation is a topic that people of the underdeveloped countries ought to focus on. Nowadays, people would go beyond their capacity to fill their bank accounts with green bills. There’s no such thing as ‘enough money’ these days; you’ll always want more. But do we know the most effective ways of doing so?
Wealth creation is not only the process of multiplying money but it also plays a vital role in digging out the hidden interests of the youth. This, in turn, is helpful in eliminating poverty and empowering people to add more productivity to the society.
How does the process of wealth creation work?
Wealth creation helps us in making investments which in turn creates more job opportunities & more job opportunities ultimately paves the way for a more stable society. Most of the students from underdeveloped countries are not even introduced to this concept in their early learning stages. If this concept is given adequate attention among the students, it can become the driver of motivation to work harder and achieve one’s desired goal in the most productive ways possible. Productivity is the best source of wealth creation. For instance, if we teach our children to think outside the box from the get-go, won’t it make them capable enough to rise above the odds and achieve whatever they set their eyes on?
So, the need of the hour for underprivileged countries around the world is to change the infrastructure of their education system. A complete course on productivity per se needs to be taught. In this course, students should be given full liberty to get their creative juices flowing and come up with productive ideas.
For this, SWOT analysis can serve as just the right approach in order to determine the loopholes in the market.
SWOT can be described as below:
S = Strengths of Market
W = Weakness of Market
O = Opportunities available in the market
T = Threats available in the market
With the help of the approach described above, one can examine the intricacies of sustaining oneself successfully in the market. That takes a lot of determination and as the old saying goes ‘determination is the key to success’.
How to achieve Wealth Creation?
In the process of achieving wealth creation, we have to get rid of the two extremes that is to say either Success or Failure. Most of the wealth creation of this world has been lost somewhere between this black and white.
We have to get over this dilemma of seeing things in black and white while ignoring what lies between the two. Nobody is born smart. Some struggle their entire life while for some the struggle phase may be short-lived. Many of the world’s geniuses kept on repeating their mistakes till the ultimately achieved their goal.
Some of the creations of these geniuses are mentioned below:
- Penicillin
- Wheaties
- The Color Mauve
- Plastics
- Corn Flakes
When to start the process of wealth creation?
Many people in this world are competitive enough to create wealth but they end up wasting their time waiting for the right time.
This is not the right way to go about it. You have got to take the first step and set your heart to something.
Wealth Creation as a source of Awareness
When people are aware of the value of money, and time management, they will make the best out of every moment. Millennials these days spend a lot of their time as well as money on attire, automobiles, phones, gadgets etc. If they are given the awareness about the topic of wealth creation, they will minimize their reckless spending. If they are given the right guidance about how to utilize their resources in productive ways, it will not only benefit them individually but the society in the longer run. It will restore self-confidence among the individuals who can later prove to be influential leaders in the future.
If you succeed in achieving your goals, it will only motivate you to be even more dedicated to your goal. This will ultimately lead to the development of a group of highly intellectual and productive individuals. This will, in turn, make sure that the poverty is eradicated gradually. This could be made possible with the help of technological revolutions in IT sector, Business sector, Agriculture sector, Health & Education sector.
To a successful future!
Muhammad Omer Ali
Jazib Zaman
Amnah Fawad
Hafsa Akbar Ali