Character: The Entrepreneur
Thinking about starting a business you are passionate about
Actively learning about how to start a business
Started first business you are passionate about
Failed first business or persevered through first business and made it profitable
Failed second business or still persevered through prior business
Failed third business or still persevered through prior business
Failed fourth business or still persevered through prior business
Running a profitable well-oiled business machine
Super profitable business that can more than pay for a comfortable lifestyle
Business Educator - actively spreading knowledge to the community
The 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.
Let's start with the hard truth: 90% of startup businesses fail.
It's not for everyone, yet if you look at the info-graphics below, a majority of wealth is concentrated to those that own businesses or business interests.
This means that the most wealthy individuals have successful businesses. How did they do it?
1. Your business will be more likely to be successful if you build it around your passion. Passion is what fuels you and business certainly needs a lot of it! Prepare to put in massive amounts of work and time. But hey, this is where the saying comes from, "if you love what you do, then you'll never have to work a day in your life".
2. Your Brand is everything. Use your passion to build your brand. Be authentic. The truth always comes out.
3. Define your audience. What is your niche? If you are trying to target everyone, then you will most likely win no one. It's better to stay focused and know who your target audience is.
4. Listen to your audience. Build your audience one person at a time.
5. As the saying goes, money is the product of value creation. What value are you providing? What problem are you solving for people?
6. "Content is King, but marketing is the Queen and runs the household" @garyvee
7. It's OK to make mistakes. Its not just a part of business, but its also a part of life. Embrace it. Learn -> adapt -> get better.
8. Know your strengths and outsource your weaknesses.
9. More updates to come as we continue to learn!
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.