Short answer: From Mark’s book The Creative Method of Wealth Generation: your economic value in the marketplace is set by the value of the problems you can solve, and for whom. Everyone is equal in worth as a person, but the market pays very differently for different problems. He pairs this with a mindset of mutual benefit: help others get what they want, and do more than you’re paid for.
Problems you can solve #
Mark contrasts a fast-food worker, who solves the useful problem of inexpensive food, with a hedge fund manager, who solves wealthy investors’ problem of beating the market. Both serve society, but the market rewards them very differently. The amount you can earn is tied to the problems you can solve and who you solve them for.
Before starting a company he asks, “What problem am I solving, and who is it for?” For example, he helped form a storage construction company because smaller investors were losing deals on high construction bids. If there’s no compelling answer, or the people you would serve can’t afford the solution, the business starts out challenged.
Mutual benefit #
For us to receive our good, Mark writes, we must help others receive theirs. In deals and partnerships he looks for arrangements where everyone wins, and makes a habit of doing more than he is paid for.
Related answers #
- What has Mark learned about creating wealth?
- Should you raise money for a self-storage deal from partners or investors?
- Why do vision and environment matter for storage entrepreneurs?
Source: Mark’s post Five Lessons About Business I’ve Learned After 40 Years
