Introduction

Hello friends!, Warren Buffett saw a book in the library when he was 11 years old, The name of the book is “1000 Ways to Make 1000 Dollars”. He didn’t know what it was, and as soon as he saw the book, he was eager to pick it up and read it. So he took that book from the library and finished reading it very quickly. In that book, it was said that if you put a weighing machine in a place where people come and go a lot, people will use it and put money in it and they will see a small income. After Seeing this, he immediately started calculating in his mind.  That is, how one machine becomes two machines and how it can be scaled up. Not only did he think about this, but he immediately started taking action.

Soon he installed a pinball machine and a weighing machine in some salon shops and started seeing some passive income from it. In the future, he reinvested his income in it and bought many such machines and installed them in many shops thereby increasing his income. Thus Warren Buffett was making good money at a young age.  Not only that, he also made it a little popular by telling more people about this book that helped him earn money at a young age. Let’s take a look at some money-making tips from this book and let’s go into detail about it.

1. Making things to sell

Let us elaborate on this with an example. Tom was a comedian whose profession was to make people laugh. He kept growing well in his career.  But suddenly he got Tuberculosis. As he had no money at that time, his friends and relatives helped him by finding a place outside the city for his complete recovery. He stayed there for two years and after recovering came back to the city and started acting again. During his two years of stay, many people from the city could not experience such natural beauty, so he decided to bring the beauty of nature here to them. Trying to bring the aroma of the pine tree leaf to people, he decided to start a business with it. When he decided what product he could make for it, soap seemed to be the best product for him.

He was experimenting with a lot of formulas to lock the aroma from this pine leaf into the soap. In a way, he also discovered its formula and partnered with a man who knew many manufacturing techniques to manufacture this soap in large quantities in his factory. At first, he made many attempts to sell the soap and many people started laughing at him.  A comedian started selling soap and many people mocked him and laughed at him. Thinking deeply about it, he has been doing sales all his life, i.e. bringing his comedy to the audience and this soap to his customers. At first, he started selling his soap in many grocery stores but they did not want to buy it because they thought that a new soap company would not be a good business. At that time he had no money to advertise his company and soap but he had an idea to solve this problem. He decided why not sell his soap in hotels instead of grocery stores.

2.Entrepreneurial Ingenuity and Personal Connection

Because he was a stage actor, he had traveled to many places and thus many hotel managers were friends with him. So he asked the manager if he could introduce his soap to potential customers at his hotel. Even in this, many people started rejecting him saying why are you selling soap as a comedian. Finally, he got an order from a hotel, so when he delivered this soap to that hotel he sold it with a message on the cover to give feedback to the customer and to contact him easily if they needed a lot of leads. Through this, all the customers who liked his soap approached him easily and thus his sales increased.  And he became a famous soap Manufacturer. If you want to make a similar product and make a business out of it, carefully consider the things that happen in your daily life. You can start a business with things around you in your life and things you know personally. You can earn your first thousand dollars through that business.

3. Invent Things and Patent it

The best way for us to make money from inventions is to make some changes to an already invented product or a product that we use daily and patent it. So consider the things in your home or where you are and if there is any defect in it think about how to fix it if you can give a practical solution then implement it immediately. If there is a defect in an already invented product, if you can find it and find a solution for it, the company that can manufacture that product will want to prioritize itself over competitors in their market, so they will pay royalties for your invention or even they are ready to buy the patent. If you study engineering you can earn your first thousand dollars by doing things like this when you can’t find a job for your studies. If the item you invent is truly valuable, you will receive a royalty every time the item is sold.

Conclusion

Everything requires passion and interest. You can learn about anything and make a side income out of it if you have an interest. But you will need sales skills to build this side income as you will understand after reading this book because The word sell is common in all sections of the book. Even if you make a product, you have to sell it, and even if you provide a service, you have to sell it. So you have to practice and develop this sales skill even more. This sales and marketing skill will be very useful to take you to a bigger place in your life. Our website can be a valuable investment in your self-improvement path. If there are any flaws in this then write it in the comment if you like this then share this post with your friends.