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​THE ENTREPRENEUR

An entrepreneur is a special type of character with 3 important characteristics needed: vision, drive, and tenacity. It is an extremely difficult (and potentially lonely) road, but can also be one of the most satisfying.

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HERE'S THE RUB...

The fantasy versus reality of owning a business are poles apart.

Read that again. 

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  • Let's start with the hard truth: 90% of startup businesses fail.

  • It's not for everyone, yet the majority of wealth is concentrated on those that own businesses or business interests. 

  • This means that the most wealthy individuals have successful businesses. How did they do it?

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STRENGTHS

You have complete control of your business’s success.

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You will provide value to others.

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With the internet, startup costs for businesses have dropped significantly. 

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You make your own decisions.

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Rewarding.

WEAKNESSES

Not for everyone. Takes dedication, a lot of work, time, and energy (this won’t matter if you have the passion for it of course).

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Difficulty in getting the ball rolling. You may not get paid at all for a while.

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Not necessarily a steady income.

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Difficulty in raising finances in the beginning.

You need to be a problem-solver and be able to handle repetitive failures.

TIPS

  • Your business will be more likely to be successful if you build it around your passion. Prepare to put in massive amounts of work and time. But also remember the saying: "if you love what you do, then you'll never have to work a day in your life".

  • Your brand is everything. Use your passion to build your brand. Be authentic. The truth always comes out.

  • Define your audience. What is your niche? If you’re trying to target everyone, then you will most likely win no one. It's better to stay focused and who your real target audience is.

  • Listen to your audience. Build your audience relationships one person at a time. 

  • As the saying goes, “money is the product of value creation”. So what value are you providing? What problem are you solving for people?

  • "Content is King, but marketing is the Queen and runs the household" (Gary Vaynerchuk)

  • It's OK to make mistakes. It’s a part of business and a part of life. Embrace it, learn, adapt, get better.​

  • Know your strengths and outsource your weaknesses.

  • Find a balance. Owning your own business is hard work and can quite easily consume your life. Keep an eye on your work/life balance, or you will most certainly decimate your mental and/or physical health.

  • More updates to come as we continue to learn!

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Source: https://www.visualcapitalist.com/chart-assets-make-wealth/

Important Key Points:

  • Vehicles and primary residence compose the majority of a low net worth individuals' portfolio. They are liabilities to most people, because their assets are not paying for it. They using their time to pay for it.

  • The higher net worth you have, the more business interest you have.

  • Lower net worth individuals have a significant portion of their portfolio tied up to pensions and IRAs.

  • Higher net worth individuals have a very small percentage of pensions and IRAs.

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