In this book a business coach suggests new ways for entrepreneurs to manage their wealth

The term “wealthpreneur” originated when entrepreneurs developed a desire to become very wealthy. Some believe that being a wealthpreneur is all about earning money, but there’s much more to it than that. Being one transforms an ordinary entrepreneur into something extraordinary. While you would definitely earn a lot of money, you also become the owner of an automated system that allows you to enjoy your life to the fullest. Wealthpreneurship is a rare attribute found only in the most successful, richest, and happiest people in the world. Simply put, a wealthpreneur is someone who can generate massive wealth through business endeavours, automate their business, and achieve a blissful state called “Time Freedom.”

The combination of Money and Time Freedom is uncommon. It’s a state that many dream of but rarely experience. Time Freedom is one of the most coveted and hard-to-grasp concepts. Even the most successful business owners often get it wrong. These are entrepreneurs who get so caught up with their businesses that they miss out on the most beautiful moments of their lives. Then age catches up with them, and they get caught up in health issues. Any business not built on a strong foundation of defined systems will crumble. Entrepreneurs start a business in order to lead a better life but are never able to enjoy life fully. Everyone’s definition of a better life differs. While some want to be with their families, others want to travel, learn and grow, resume missed hobbies, or even immerse themselves in spirituality. It’s easy to come up with definitions, but harder to make them come alive in real life. The journey of transformation from an entrepreneur to a wealthpreneur is an opportunity to make all your dreams come true.

If you’re ready to achieve the two big pillars of success: Money and Time Freedom, then you’ve taken the first step of your journey to becoming a wealthpreneur.

To get an in-depth understanding of the concept of wealthpreneurship, it’s vital to understand its three most important attributes.

1. Freedom of Time and Money: Your business can be an important part of your life, but your life can’t be only about your business. You are part of something that is much bigger than your business. As a result, your goal must be to have both time and money freedom. To make that happen, you need to work on the business, not in the business. Your business should run on automated systems, processes, and frameworks that allow your strategies to create wealth, thereby giving you the time freedom to enjoy your life fully.

2. The Ability to Convert Money into Wealth: Earning millions is not such a huge accomplishment today. It’s now about retaining and growing the millions and consistently adding to your net worth. Many entrepreneurs make huge profits for a few years and then, when faced with a slowdown or setback, lose all their money. So, as a wealthpreneur, earning money is not the key parameter – but being able to retain and multiply it is. The goal is to be wealthy, not just a high earner.

3. Being a Visionary, not an Executor: There was once an established entrepreneur who was always busy with “back-to-back” meetings and had no time to even breathe. He was too busy to even listen to a great business idea or a profitable proposal. There was no way he could become a wealthpreneur at this rate, and, in fact, his entrepreneurship was headed for trouble. What was taking up all his time were execution meetings with various departments, clients, associates, and vendors. As a CEO, he felt that his primary role was to execute. What he should’ve focused on was being a CMO – a Chief Mentoring Officer – a visionary rather than an executor. A wealthpreneur doesn’t need to be a part of every single function – just create them. A wealthpreneur is a visionary who thinks outside the box; a planner and strategist who builds strong teams and inspires them to execute. This way, they also share in the company’s vision.

There’s no need to be overwhelmed by the concept of becoming a wealthpreneur. You just need to move from the “what” of the definition to the “how” to achieve this concept. The “Dr Parekh’s Wealthpreneur System” has five key steps that will get you there.

1. Fix a Problem: When people become entrepreneurs, their primary goal is to make more money, and that’s the wrong goal to start with. Earning money shouldn’t be the end goal; it should be part of a larger goal where you first solve problems for your clients. When you solve problems for hundreds of customers, you will earn hundreds of dollars. Solve problems for millions of customers and earn millions. Solve the problems for billions of people – and you become a billionaire. It’s a simple formula. Every successful business has implemented this formula. Uber does not have a single taxi of its own – and it’s the largest taxi company. Amazon does not make any products, yet it’s the world’s largest marketplace. Google was just a search engine but is now synonymous with the internet. All these businesses provide solutions to the problems of billions of users. Uber makes your life easier by relieving you of travel, driver, parking, fuel, and maintenance worries. Amazon offers you cheaper and better products at your fingertips. And you can’t imagine life without Google! The birth of every big business comes from the innovative problem-solving thinking of a wealthpreneur.

2. Fix Your Strategy: Once you have finalised the problem you will solve, you can move to the next step. How can we take the solution to the world? What products or services will solve the problem? What distribution channels will take the solution to the end user? How will operations be managed? What quality standards need to be maintained? How do I build the brand? How will quality and brand value be delivered? How do you manage customer experience and satisfaction? What about packaging? Multiple aspects need strategic thinking and thorough planning as they impact your business output. A half-baked plan will never make you a wealthpreneur. You need a detailed plan with input, output, and time-bound goals. Be smart here and learn from others’ experiences – from those who have walked a path like yours. Learn and replicate successful models used by mentors and coaches. This will form your knowledge base, which you can leverage and then innovate, thereby shortening the execution time. It’s that simple: fix your strategy and move to the next step.

3. Fix Your Team: When people start businesses, they either hire novices or hustlers who promise to execute many things for a lower salary. Expertise comes only from experts. You cannot expect expertise from mediocre people. Once your strategy is clear, your recruitment policy should also be explicit. Determine job roles based on business functions. Decide requirements and responsibilities and then opt for the best-suited candidates. Design in-depth job descriptions, outlining the experience and skills required, and then hire profiles that match. It helps to have like-minded people on your core team. These are people who resonate with your vision and are fully aligned with your business goals. Appoint them based not only on their professional qualifications, but also on their personalities. People’s values and attitudes are what make them unique and what drive them. Selecting the right personality types is half your problem solved. Hire the right people, nurture their growth in the right environment, and let them be the best that they can be.

4. Fix Your Foundation: The height of any building depends on how strong, deep, and wide its foundation is. The same applies to any big organization – its foundation must be strong. The biggest advantage of having a strong foundation built on a robust and well-defined value system is that your business is not dependent on any one person. It’s vital to place your business within a well-crafted structure. Convert departments into sub-departments, sub-departments into activities, and activities into roles. Each activity should have a standard operating procedure (SOP), and the people managing these activities should follow these SOPs. The more specialised the activity, the more skilled the people need to be. Just as it’s important to define each department and job role and set hierarchies within your organisation, it’s equally crucial to develop a good reporting system. Accountability is a must and is possible only through reporting. Inspect what you expect. Establish this through a management information system. The frequency of reporting can be hourly, daily, weekly, or monthly, depending on the activities and departments.

5. Fix Your Money: The fifth and most beneficial step in becoming a wealthpreneur is fixing your money. Money can be used in three ways – splurge it, spend it, or invest it. But if you don’t use it, you will lose it. Investment is the only way to build wealth. Be mindful of the fact that money has energy, and that energy depends on how you use it. You can maintain its positive energy by investing in it in channels that sustain and amplify it. As a wealthpreneur, you can increase both your personal and business wealth which is why you need to always look for investment opportunities. Investing in up-and-coming businesses that align with your business values is good. A good example of this is the multi-billionaires on Shark Tank who buy stakes in new and innovative businesses. Small investments hold the potential for big returns without depleting your time.

Excerpted with permission from Secret of Wealthpreneurs: And Secrets From Top Leaders, Brian Tracy and Ameet Parekh.