Building personal wealth isn’t going to take place in the workplace. The average worker will never see the kind of numbers that they wished they had in their bank account. Those striving for wealth will have to do something outside of their regular jobs, and that often falls on investing.
There are two ways to achieve success in today’s landscape. Either you invent something worthwhile, or you invest in it. Investing has always been part and parcel of successful businessmen.
“Investing blindly will not get you anywhere, but if you never invest in anything, you won’t create opportunities for success,” says Dale W. Wood, the founder and CEO of Dale Ventures.
Dale Ventures is no stranger to risk. With every investment, the higher the risk, the greater the rewards, and Dale W. Wood has reaped the benefits of his willingness to take risks.
In a technologically-inclined world, look at emergent tech trends
“Dale Ventures keep a close eye on emerging technology. Most of our money is in tech. It’s what we understand, and it’s easy to know what may work and what is worth investing in when you’re keeping tabs on industries that you’re already familiar with.”
Dale W. Wood does not simply latch on to what seems like the next greatest idea. He mulls it over to see whether it addresses a current need or demand. His ingenuity was groomed and fostered through Southern Methodist University’s Edwin L. Cox School of Business, and he also has an MBA in international business.
Technology doesn’t just mean whatever’s new and shiny, but what is essential to improving one’s quality of life. Dale W. Wood recounts the story of founding HealthYes! following his father’s demise from a heart attack. Upon doing some research, he found out that patients wait as long as two months before receiving their health test results, so he created a screening service that provides results in just 72 hours.
Know when to let go instead of stubbornly holding on
We’ve heard plenty of stories about people whose determination helped them find their success. One example is Beethoven, who was mocked by his teachers for having no great talent, but through sheer determination, was able to compose timeless classics. However, the same cannot be said for investing in an idea. You can pour all your resources into one idea, but that doesn’t mean it will be a guaranteed success.
“I’ve seen so many ideas on the drawing board floor,” Wood says. “When proposing, their pitches were wonderful, but sometimes ideas are meant to stay ideas.”
Investing isn’t just about throwing money in and calling it a day
When you’re chasing success, it isn’t enough to just fund an idea and hope it lifts off. Venture capitalists should be actively contributing to its conception and business management. Entrepreneurs or inventors often have a great idea but don’t understand the business landscape. Another aspect that makes Dale Ventures stand out is that they provide sustainable growth models for businesses and focus on building long-term value.
The secret of investing is that it takes a keen eye for ideas and a solid plan for execution
Some ideas that sound solid may sometimes fail to meet expectations. Sometimes, it can be easily remedied by hiring an experienced hand to help out.
“There was one startup owner I funded who hired someone hugely experienced in the industry and paid him loads of money to help handle his startup. Guess what? He took a chance and it paid off. Now he is a success in his field. See, ideas are only as good as their execution,” says Dale W. Wood. “You can have a brilliant idea, but if you don’t know to bring it to life, it doesn’t matter how brilliant it is; it is still a failure. When it comes to investing, don’t just look at the idea. Look into their business model, their mode of delivery, and ask yourself, is this sustainable? Would I buy into it? Would I be a customer?”