There are two types of knowledge – general and specialized knowledge. General knowledge, no matter how great in quantity or variety it may be, is of but little use in the accumulation of money. Knowledge will not attract money unless it is organized and intelligently directed through practical plans of action to the definite end of accumulation of money.
With this way of thinking the saying “knowledge is power” is not correct – it is the application of knowledge that is power. Knowledge is potential power. It becomes power only when, and if, it is organized into definite plans of action and directed to a definite end. The ‘missing link’ in all systems of education known to civilization today may be found in the failure of educational institutions to teach their students how to organize and use knowledge after they have acquired it.
Specialized knowledge is very much applicable to the generation of wealth. Specialized knowledge when combined with a plan for reaching a wealth building objective, even more so.
An educated person is not necessarily one who has an abundance of general or specialized knowledge. Educated people have developed the faculties of their minds so that they may acquire anything they want, or its equivalent, without violating the rights of others. An example of such an educated person is Henry Ford, a person who possessed little formal academic education, but was educated in terms of getting what he wanted in a way that did not violate the rights of others.
The Master Mind Group
The accumulation of great fortunes call for power, and power is acquired through highly organized and intelligently directed specialized knowledge, but that knowledge does not necessarily have to be in the possession of the person who accumulates the fortune. This is where the Master Mind Group comes into play.
The Master Mind Group is of value when you may need much more specialized knowledge than you have the ability or inclination to acquire. The Master Mind Group, which is another name for a founder team when speaking in terms of founding and building a company, is a way to complement your strengths and weaknesses and increase the likelihood of success for the group.
It is unlikely than an individual will build a great business alone, especially a $100 million dollar business. Building something of this magnitude requires a team of highly specialized, motivated individuals with a burning desire who have faith that they can build a $100 million business.
The Master Mind Group is an alliance of individuals committed to a common cause. Napoleon Hill describes the beginnings of a Master Mind Group as follows:
“By applying the Master Mind principle, a few people with suitable talent could form an alliance, and have a paying business very quickly. One would need to be a fair writer with a flair for advertising and selling, one handy at graphic design, and one should be a first class business getter who would let the world know about the service. If one person possessed all these abilities, he or she might carry on the business alone until it became too big for one person to handle.”
The preceding paragraph is very similar to how our business evolved. I wish I could claim that this was planned from the start, but in reality it evolved out of necessity. My role was more of a builder and organizer of the group – I had enjoyed writing and had engrossed myself in learning everything about marketing at the time. Amy had a flair for elegant graphic design, and Victor enabled financial discipline and the structuring of agreements and deal flow.
It is worth noting that although the organizer of the group may not have a particular speciality they are just as educated as anyone in the group. Individuals who have fallen into this category include Henry Ford, Thomas Edison, and Dave Thomas.
How To Purchase Knowledge
Although knowledge for the sake of gaining knowledge is interesting, it has little value in the accumulation of wealth. According to Napoleon Hill, the author of “Think And Grow Rich” the following should be considered when purchasing knowledge for the sake of the accumulation of wealth:
1. Decide on the sort of specialized knowledge you require, and the purpose for which it is needed. What purpose in life are you working towards?
2. Seek out dependable sources of knowledge.
3. As knowledge is acquired it must be organized and put into use, for a definite purpose, through practical plans.
4. Successful people, in all callings, never stop acquiring specialized knowledge related to their major purpose, business, or profession.
5. The way of success is the way of continuous pursuit of knowledge.
6. Specialized knowledge, plus imagination are ingredients for success.
The following resources were used for this article:
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