The question of money is a delicate one. Many people do not like talking about money and how they make it. However, some entrepreneurs are quite open about what it means to be rich, how to earn money in the current economy, and what they believe allows them to be among top earners.
The dossier – Zetser, Michael
A successful entrepreneur with several fintech startups that were acquired by other corporations after proving that they were demanded and efficient, Michael Zetser started his career several decades ago. He learned from the best in the industry and witnessed the beginning of the era when finances went online with the impressive rise of e-commerce and online payment systems.
Modeling his ideas and product development techniques after the most successful people in the world of hi-tech startups, he understood that the key to success is still in the ability to generate unique ideas and manage your team to reach outstanding results.
There is only one certain way to fortune — create lasting products and reach out to people who need them. Bring something useful that can solve issues that people have, and you will achieve great success!
Caring about money is not the right attitude
Michael Zetser has a very interesting philosophy regarding money. He believes that building a successful business is possible only if you focus your attention on creating a useful product instead of thinking how to milk your customers and investors for every dime they have. Only those entrepreneurs who can think big and create unique services that attract customers will make money in the long run.
In a very strange way, not caring about wealth is the best way to acquiring it. Michael Zetser shares his thoughts on this topic: “the idea that money is the only driving force for business endeavors is preposterous. People will see through any deceptions and tricks. They may miss a couple of red flags in the beginning, but they will notice them eventually. Then, your business will sink.”
The fintech entrepreneur Michael Zetser is certain that there are many ways in which a startup can make money if it survives for long enough. Longevity is possible only if you have loyal returning customers.
Spending everything on your startup is quite important
The balance between saving money and spending it is quite hard to achieve. If you save too much and play your cards without taking risks, your competitors or harsh market realities will break the spine of your business. Overspending is also an unwanted scenario. Running out of money means that you will have to cut corners or seek additional funding.
Michael Zetser says: “I rarely spend money on things that my startups do not need. I hire only specialists that can bring value immediately. My personal expenses are limited to what I make as the CEO of my company. I don’t steal from my employees. If my company reaches the point where I’m happy with the product and people love using it, the money will come naturally.”
Understanding money management
If you want to be successful in the world of finance, you need to understand everything about the money. Michael Zetser believes that his success is the result of him understanding how personal finances work and how people struggle with managing their assets. Learning how to live frugally and trying to limit yourself to certain financial conditions can provide insights that you would not have gained otherwise.
“I lived from paycheck to paycheck during my student days,” says Michael Zetser, “I had money, but I intentionally avoided spending it on things that would ease my existence. I wanted to learn how to save each penny just like my parents did. It helped me to build products that are actually useful to people and retailers. I understand problems that retailers and average consumers are facing on a daily basis.”
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