***Want Success? Put the Mogul Mindset on Your Side

Through my practice of law in the fields of asset protection, tax reduction, and estate planning, one of the most common characteristics that I've observed among my wealthier clients is that they rarely pour all of their entrepreneurial energy into just one type of business. While I've worked with clients from nearly every profession, trade, or business, one thing that I've found nearly universal in my most successful clients is that they seek out new opportunities for growth by diversifying their assets in high-yielding business endeavors.

Why this particular multibusiness phenomenon? Because diversity is of paramount importance. I've commented many times on my love of capitalism. And one of the benefits of a free-market is that if one market is down, there are always other markets that are thriving. For example, if the stock market is down, the real estate market might be up. Or if the housing market is down, the stock market might be up. The wealthy know not just how the economy is doing, but also how particular markets are performing. They shift their entrepreneurial efforts accordingly.

Yet another reason why most of my most successful clients are involved in more than one business is because no one business operates in a vacuum. In other words, every business is, at times, both a producer and a consumer. Think about all of the goods and services every business must obtain in order to produce what their own customers are looking to purchase. A smart businessperson will recognize the needs of his or her company and then try to provide for those needs by creating new companies instead of turning to third parties.

For example, look at the automotive industry. Car companies don't just produce cars out of thin air. That’s why car companies own not only assembly plants, but steel and aluminum mills, advertising agencies, parts manufacturers, research and development companies and trucking firms. Some car companies own banks that provide financing for their customers!

This strategy of becoming more of a producer and less of a consumer applies to small businesses as well. For example, an eye doctor may own his medical clinic and a glasses store too. Another example would be a printing company owner who also owns an office-supply store.

In sum, success means looking for new markets in which to expand and create new wealth. I call this phenomenon the Mogul Mindset Strategy.

Just think about Donald Trump. As you probably know, Mr. Trump got his start in real estate but his empire now includes a television program, a clothing line, an entertainment company, hotels, casinos, product licensing, an educational company and many more endeavors. This strategy of actively engaging in a multitude of business activities is what is sometimes referred to as multipreneuring. Through this activity, many wealthy business operators are able to build exponential wealth by providing services not only to their own companies but also to others.

Yet having the Mogul Mindset isn't just about opening up as many companies as you can. It also involves structuring your multiple businesses to shield them from each other as well as from any liability that may attach to you personally.

The Mogul Mindset works to build wealth - and the good news is, you don’t have to wait until you are rich before you get its power working for you. To learn more, I’d urge you to read my new book Trump University Asset Protection 101 . It’s never too early to start thinking like a success.

J. J. Childers is an attorney dealing primarily with the topics of asset protection, estate planning, and tax reduction. He travels the country extensively working with individuals and companies to help them with their small business wealth structuring. He is author of the new book Trump University Asset Protection 101 .