How to increase your income – what you need to know!

I have written some posts on how you can increase your income. However, there is a basic concept you need to know in order to guide you make the right decision. This basic concept, if understood, will help you sharpen your objective in everything you do so you can participate effectively in the market. The first thing you should understand is the meaning of market under a capitalist economy.   

     What is market? What is capitalism? Market simply means people who can buy the products or services you provide or you are going to provide. Capitalism is an economic system in which individuals or organizations provide goods and services with the objective of making profit. Economic system means how the economy is organized. Therefore, you must always consider the market and profit making in everything you are going to be involved in. Therefore, for every profession you want to be in, you must check the employability of it and the income you will make out of it. The same principle is used by entrepreneurs in every business they do. Even if you may not  be an entrepreneur, the same principle must be applied if you want to participate in a capitalist economy.  

     Many educated people don’t participate in the economy because they miss this basic concept. Since market means people, the second thing should be how to provide something which people need. You can only make money, whether as an entrepreneur or as an employee, if there is need for your product, service, or your skill. However, an individual or organization can make much more profit if it can provide a product or service that solves people’s problems or that meets their needs excellently well. This is called value creation. No organization can hire you unless they see the potential in you that you will add value to what they are doing. This the reason why you should not go to college just to study anything that comes your way because it is easier or because of passion. You should consider college education as an investment which must have a return. The return will be your financial independence and freedom of your parents in sponsoring you.      

     Understanding of this concept ensures your success as an entrepreneur or as an employee in any organization, and, as a result, your income will increase. The question now is: how do I create value to my products, services, or to an organization? 
     In my next posts, I will give you some tips on how to create or add value to everything you do.