If you want to make money and succeed, you need to create a process.
Most people fail because they concentrate on specific tasks rather than on the process. Effective entrepreneurs succeed because they build processes.
Warren Buffett, for example, built processes for picking stocks and investing in companies. Steve Jobs built a process for designing and marketing devices. Bill Gates built a process for identifying and commercializing lucrative pieces of software.
Entrepreneurs build Processes
Likewise, the great entrepreneurs of the past built processes not companies. At McDonald’s; for example, Ray Kroc built a process for making and marketing food quickly in a sanitary environment.
Meanwhile, Henry Ford, built a process for designing, building, mass manufacturing, and mass marketing automobiles. At Walmart, Sam Walton built a process for discounting vast amounts of merchandise.
Finally, Amazon (NASDAQ: AMZN) is today’s most disruptive corporation because it successfully builds processes for distributing and marketing a wide variety of goods. Indeed, one way to look at Amazon is as a machine for identifying, building, commercializing, and perfecting new processes.
If You want to Make Money Develop a Process
To elaborate, Amazon makes money by identifying markets, then developing a process to profit from them. For instance, Amazon identified a need for cloud services and developed Amazon Web Services (AWS) to fulfill that need.
Importantly, Statista estimates AWS generated $8.381 billion in revenues in 2nd Quarter 2019. Impressively, AWS’s revenues rose from $7.696 billion in 1st Quarter 2019.
Therefore, if you want to succeed and make money develop a process. If you want to fail, spend your time solving problems.
Originally published at https://marketmadhouse.com on September 2, 2019.