How To Become Financially Independent 10: Intellectual capital

We live in a knowledge based economy where access to information is readily available. Intellectual giants are ruling the financial and economic systems of the world. Gone are the days when physical ability and strength were a key factor for success in the business arena. Today the sharp brains with high intellectual capital dominate the threshold of success.

Intellectual capital refers to the creativity and knowledge we have available to invest. It is measured in terms of concepts and ideas. All business and wealth creation begins with brilliant ideas. Ideas are the greatest asset or wealth that a person can possess.

Creative thinking is the threshold for idea generation and creative ideas are the bedrock for wealth creation in any aspect of life. Ideas can be generated from daily inspirations, the things that frustrate you, community dissatisfaction, divine inspiration, exposure and technological advancement among others.

Having brilliant ideas of itself is not enough to generate wealth. You must rightly apply wealth creation principles to your idea to ensure that it generates the required results. An idea is like a seed, it has the potential to yield a bountiful harvest if planted and provided with the right conditions to nurture its growth and fruition. This requires skill, right knowledge and a level of expertise.

People are willing to pay expensively for exceptional ideas that have the potential to set the pace for new innovations. The quality and quantity of your intellectual capital will define the kind of people you attract, hook, connect and collaborate with.

On a business level, intellectual capital is the value of a company or organization's employee knowledge, business training and any proprietary information that may provide the company with a competitive advantage.

Intellectual capital is considered an asset, and can broadly be defined as the collection of all informational resources a company has at its disposal that can be used to drive profits, gain new customers, create new products, or otherwise improve the business. Your intelligence as a team will often come under scrutiny so always aim at increasing your knowledge that you may not be put to shame. The expiry window for information in the 21st century is daily growing smaller and narrower.  Outdated information will cause you to lose face with your most valuable clients or potential partners.

Curiosity is one of the catalysts for intellectual capital. A person who is eager to learn is simply unstoppable. Be curious to learn more than what you already know and by this I mean informal learning not necessarily taking another degree or masters. Curious people are more prone to learning faster and keeping up with the trends than their peers. Investigation and research skills are vital for leaders and pace setters in the 21st century. To stay on the cutting edge of your career, you much be constantly equipped with the latest trends that affect your industry.