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Roberts CBS Column: Starting a Business? Focus on Profits, Not Popularity

Robert Pagliarini, an expert in wealth management, inheritance planning, financial planning, and sudden wealth™, writes a financial column for CBS News MoneyWatch that is also syndicated in newspapers across the country. The following is a column Robert wrote for CBS:

CBS MoneyWatch (2)Last week I gave a presentation to a group of a few thousand people on how to create a richer life — one that is filled with more time, money, and meaning. Afterward, several people approached me to discuss their ideas for starting a business. What I heard was both exciting and disturbing.

The best business ideas were those that were unique, thoroughly researched, and were focused on making money. While it may sound obvious for a business to focus on making money, I heard more than a few business ideas that seemed to neglect this critical aspect. Instead of dollars, their focus was users and views with no strategy for converting popularity into profit. While companies such as Facebook and Twitter have created billion dollar enterprises without any focus on profits, they are not good role models for you and me…

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