Sunday, October 7, 2007

Learning from Vien

It was interesting reading How to Get Rich in America on Yahoo Finance. The stories are motivational and inspiring. One story stuck out as especially relevant.
"By the time he left his job this past February to make Poppo Brands a full-time occupation, Vien had already designed the word games Poppo and Zotto and tested them on 500 children. He'd manufactured thousands in China and found free storage space in a friend's warehouse. And he was signed up for the Toy Fair, the industry trade show, and had stashed away $200,000 -- half from savings, half from friends -- enough for nearly two years, according to his budget. All while working full-time." Read the full article on Yahoo Finance

Everyone has 24 hours so we are all dealing with the same time constraint. Beyond time what matters is the will, desire and discipline to succeed. What this story showcases is the planning, hard work and dedication Vien had to succeed. He took the prudent approach of researching, exploring, learning and evolving his idea while keeping his day job. This is the classic approach to starting a second career, a side business or a new venture. This is a classis approach because when you conduct this level of preparation and investment - your risk of succeeding in a new venture is reduced significantly.

The same concept applies to investing. If you know what you are doing because you have done your homework - your risk of failure will be significantly reduced. Investing is not gambling. And the gambling facet of the market erodes when you have done your due dilligence. We all have 24 hours in a day - it's a question of how you chose to utilize them.

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