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The Way to Wealth: Ben Franklin on Money and Success
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The Art of Virtue. The Articles of Confederation. The Way To Wealth. The Autobiography of Benjamin Franklin. Fart Proudly. Poor Richard's Almanack and Other Writings. Bob Blaisdell. Selected Writings. How to write a great review. The review must be at least 50 characters long. In his autobiography, Franklin noted that he often worked past 11pm to get a job done, and that if necessary, he would stay overnight to redo it. Even as a young tradesman, Franklin sought to improve himself and his community.
He organized weekly meetings of a small group of other tradesmen and artisans, called a Junto. At the age of thirty, by which time his Pennsylvania Gazette was the most widely read newspaper in the colonies, Franklin campaigned to be made clerk of the Pennsylvania Assembly. This job was so boring that he often whiled away the time by making up mathematical puzzles, but it helped him make valuable connections. He used them to his advantage in bidding for lucrative government printing work.
Franklin, like his peers, could be relatively certain of his income from commissioned work, which included legal forms, contracts, licenses, sermons and pamphlets. But for bigger rewards, printers had to take bigger risks, by acting as publishers. If he misjudged his market, he could easily be left with a stack of unsold volumes on his hands. Franklin published all these types of material, but when his calculations convinced him that his investment in more daring ventures would be returned, he was prepared to take the risk.
This resulted in several profitable bestsellers, but sometimes things still went wrong — for example, when he was left with an edition of the Psalms of David on his hands for two years! Franklin came up with solutions that turned potential problems into silver linings. Rather than risk one of his journeymen finding the backing to become a local competitor, Franklin came up with a basic franchising idea.
Franklin looked at the whole picture, guaranteeing supply, quality product, and distribution. He had taught himself to write well by reading essays from The Spectator, taking notes, and then trying to rewrite the articles from scratch.
ISBN 13: 9781402737893
He and his wife collected cotton rags the raw material of paper , invested in setting up paper mills, and eventually ran a thriving wholesale paper business. Having tackled supply, Franklin moved on to distribution, spending years lobbying for the top post office job in the colonies. When he finally became deputy postmaster, he invested in increased efficiency, cutting the delivery time from Philadelphia to New York down to a day, and set up the first home-delivery system and the first dead letter office.
Franklin also arranged for several of his friends and family to be named regional postmasters, thus expanding his publishing market and boosting his personal income. He was soon at the center of a sophisticated inter-colonial communications network, one of the most dynamic in the world.
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