Martial Arts Professional Magazine

[Editor’s note: This rotating column will introduce readers to new authors and consultants who will expand your thinking to drive your success. This column is an except from Jim Rohn’s book, Seven Strategies for Wealth and Happiness.]

To start any part-time or full-time business, you typically need plenty of capital (money); but, occasionally, you’ll hear stories about people who made fortunes without capital. They were able to beat the odds because they had learned that there are more valuable “assets” than capital that can lead to entrepreneurial success.

1. Time is a form of capital more valuable than the money form of capital. “Time capital” is the time you set aside not to be wasted, not to be given away. It’s the time invested in an enterprise that brings value to the marketplace, which results in profit to you. Time properly invested is worth a fortune. Time wasted can be devastation. Time invested can perform miracles, so you invest your time, wisely.

2. Desperation was my friend Lydia’s first major investment in her new enterprise. She said, “My kids are hungry, I must make this work. If this doesn’t work, then what will I do?” She invested one dollar in her enterprise to sell a product she believed the market would buy. That dollar bought a few fliers, so she could make a retail sale and then use that money to buy the product wholesale to deliver back to the customer.

My friend Bill Bailey was just a teenager when he went to Chicago after high school. His first job was a night janitor. Someone asked, “Bill, why would you settle for night janitor?” He answered, “Malnutrition.” You work any job when you’re hungry. Now, years later, Bill is a recipient of the Horatio Alger award, rich and powerful and one of the great examples of the entrepreneurial lifestyle. Desperation can be a powerful incentive and, therefore, more important capital than money.

3. Determination means, “I will.” First, Lydia said, “I must find a customer,” which is desperation. Second, she said, “I will find one customer before the end of the day.” She did, which prompted her to conclude, “If I can find one, then I can find a second;” however, But the prospective customer said, “No.” In that case, you must turn to courage.

4. Courage is also more valuable than capital. If you only have one dollar $1 and much courage, then you have a good future; you have courage, in spite of the circumstances. Humans can do the most incredible things, regardless of what happens. History and the media are filled with the stories of courage and incredible results. You can’t sell humans short. Once Lydia made three or four sales, she put her “ambition capital” to work.

5. Ambition is “Wow! If I can sell 3, then I can sell 33 and then 103.” Lydia is now dazzled by her dreams of the future.

6. Faith is believing you have a good product or service and a good company, which leads to higher levels of self-esteem and motivation to succeed. These are unmatched investments that money can’t equal. You’d be poor if you had a million dollars and no faith. Add ingenuity and you’ll be really rich.

7. Ingenuity is putting more of your brain to work – instead of the 10% most people use, try applying the other 90%. You may not believe what can happen. Humans can create the most intriguing things to do. Ingenuity is also more valuable than money. All you need is one dollar and plenty of ingenuity, and then make it work and work.

8. Heart and soul can’t be substituted with money. You can have a million dollars, without heart and soul, but you’ll have no life. You are ineffective. Heart and soul is the unseen magic that moves people to buy, make decisions and respond.

9. Personality is your unique signature. Develop your personality, so it’s effective with whomever and wherever you use it. Bill Bailey, my mentor, taught me that you must learn to be just as comfortable watching the fights in a moderate home in Kentucky or attending high-tea at a Georgian mansion in Washington, D.C. Learn to maintain your personality and move with ease among the rich and poor. These are opportunities to create unique relationships.

10. Charisma and sophistication are important assets that will help you project your personality in any situation. Charisma, with a touch of humility, touches others in positive ways. Cultivate sophistication, not to be a snob, but so others recognize you know much about the world and its peoples and cultures.

With one dollar in money capital and this list of more valuable capital assets, you can achieve any goals. The secret is capital; the kind of capital that is more valuable than money and that can secure your future and fortune.