Jaspreet Singh Reveals How To Turn $1K Into $100K in Three Years
Written by
Angela Mae
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Chris Cluff
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A few months ago, Jaspreet Singh released a video outlining how someone can turn $1,000 into $100,000 in just three years. In this video, he brought up the story of the well-known candy and gum company Wrigley: The owner, William Wrigley Jr., started his business with the equivalent of $1,000 before growing it into a multinational company.
Using this story as an example, Singh provided an effective strategy for growing a small amount of money into a much larger sum. This strategy goes beyond simply investing and focuses on making three specific moves: a willingness to learn, take a risk and pivot.
If you’re curious about how you too might be able to transform $1,000 into $100,000 in just a few years, here’s how to do it, according to Singh.
Be Willing To Learn
Singh’s first tip is to be willing to learn and get a little creative.
In Chicago in 1891, William Wrigley Jr. started his business with just $32 — around $1,000 in today’s dollars — to his name. But Wrigley’s story wasn’t always one of success. He began by trying to sell Wrigley’s Scouring Soap. To incentivize potential customers, he provided them with a free can of baking powder every time they purchased his soap. He was, as Singh pointed out, creative enough to set himself apart from the competition.
Once Wrigley’s strategy started to work, he realized that many of his customers preferred his baking powder over his soap. Although it required a shift in perspective, he switched up his business idea and started selling baking powder instead. Along with this, he also encouraged more people to buy it by giving away two packs of gum for every can of baking powder they purchased.
As with the soap and baking powder incident, it turned out that his customers preferred the gum over the baking powder. Once again, Wrigley learned, made some changes to his business model and pivoted.
While it’s often wise to start with a well-researched and defined strategy, Singh mentioned that sometimes it’s better to just get started. As you go, you can continue to learn about what works and what your customers want, and you can make changes to get your product or service into the hands of your customers.
Along with this, Singh noted that turning $1,000 into $100,000 also involves learning how to improve your offerings and finding ways to be different or creative. This can help you stand out when others are doing the same thing, especially if they’re doing it better or they’re more established.
Take a Risk
Singh’s next tip for turning $1,000 into $100,000 is to know when to take risks. This is something that occurs throughout many phases of making a successful business.
Take Wrigley as an example. Wrigley was willing to try something when he first started selling soap. But when that wasn’t as successful as it could have been, he took a risk and pivoted to something else. Every time he made a change was a risk that he would alienate his current customer base or fail to make a profit. Yet, he continued to take calculated risks and try out new ventures, which resulted in increasing his business profits.
According to Singh, if you stay “on the sidelines” and focus all of your attention on one thing, you won’t be flexible enough to learn or take the necessary risks to try something new — and potentially better. It’s OK to make mistakes as you go, since this is also part of the overall process.
Pivot as You Go
Last but not least, the final step is being able to pivot.
Wrigley saw that he was able to make more sales by adding incentives to whatever he was offering. Then, once his profits started to grow, he pivoted to a new product. He continued on in this vein until he had something that could be really lucrative.
As Singh outlined in his video, the ability and willingness to pivot could lead to greater success and more profits. It’s also important to be able to make changes when dealing with failure. For example, if your first business idea doesn’t work out, switching to a new or even a related one could be the solution — as long as you’re learning from your mistakes. Pivoting also could help you discover new opportunities you might not have noticed at first.
Being flexible as you pivot is also key, Singh noted. If you’re not flexible enough, you could stumble and fall. Or you could fall behind the competition, which might be advancing more quickly or more consistently in your industry.
Bottom Line
Of course, there are many ways to turn $1,000 into $100,000. Singh’s tips on doing this — being willing to learn, take risks and pivot — make up just one strategy.
Remember, each of these steps builds upon the others. You’re also likely to repeat each step multiple times as you go. Every time you learn is a chance to pivot or take a risk, just as every time you take a risk is a chance to learn and grow.
By incorporating these three concepts strategically into your next venture, should you choose to start one, you might also be able to transform a once small sum of cash into something truly lucrative.
