Just What's The Right Age To Become A Successful Entrepreneur

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See this man right here? His name is Ray Kroc.
Born in 1902 to Czechoslovakian immigrant parents, Ray Kroc was 53 years old when he founded McDonald's, one of the largest food chains in the world.
Ray Kroc rose from humble beginnings - including stints as a paper cup salesman and jazz musician, to become one of Time's "Most Important People of the Century" by building McDonald's into the most famous and successful fast-food restaurant in the world[1].
Kroc was chairman of McDonald's Corporation from 1968 until he passed away in 1984. Many McDonald's executives still adorn their offices with scrolls carrying Kroc's favorite inspirational quote:
"Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent."
I hope this story will inspire you and millions of young people to realize that in this world you’re not in competition with anyone but yourself.
At the age of 25 you’re probably luckier than millions of people who will drift through life unconsciously, without even getting worried that time is not on their side.
Most of these people will realize too late that they lost the most precious asset of their lives - TIME.
Your contemporaries are not ahead of you - they just appear to be:
This story by MJ DeMarco, bestselling author of The Millionaire Fastlane will inspire you even further:
The Parable of Fastlane Wealth
A great Egyptian pharaoh summons his two young nephews, Chuma and Azur, and he commissions them to a majestic task: Build two monumental pyramids as a tribute to Egypt. Upon completion of each nephew’s pyramid, Pharaoh promises each an immediate reward of kingship, retirement amidst riches, and lavish luxury for the rest of their natural lives. Additionally, each nephew must construct his pyramid alone.
Chuma and Azur, both 18, know their daunting task will take years to complete. Nonetheless, each is primed for the challenge and honored by the Pharaoh’s directive. They exit Pharaoh’s chambers ready to begin the long pyramid-building process.
Azur begins work immediately. He slowly drags large heavy stones into a square formation. After a few months, the base of Azur’s pyramid takes shape. Townsfolk gather around Azur’s constructive efforts and praise his handiwork. The stones are heavy and difficult to move, and after one year of heavy labor, Azur’s perfect square foundation to the pyramid is nearly finished.
But Azur is perplexed. The plot of land that should bear Chuma’s pyramid is empty. Not one stone has been laid. No foundation. No dirt engravings. Nothing. It’s as barren as it was a year ago when Pharaoh commissioned the job. Confused, Azur visits Chuma’s home and finds him in his barn diligently working on a twisted apparatus that resembles some kind of human torture device.
Azur interrupts, “Chuma! What the hell are you doing!? You’re supposed to be building Pharaoh a pyramid and you spend your days locked in this barn fiddling with that crazy machine?”
Chuma cracks a smile and says, “I am building a pyramid, leave me alone.”
Azur scoffs, “Yeah, sure you are. You haven’t laid one stone in over a year!”
Chuma, engrossed and unfazed by his brother’s accusation retorts, “Azur, you’re short-sightedness and thirst for wealth have clouded your vision. You build your pyramid and I will build mine.”
As Azur walks away, he chides, “You fool! Pharaoh will hang you in the gallows when he discovers your treason.”
Another year passes and Azur solidifies the base of his pyramid and begins the second level. Except a problem arises. Azur struggles in his progress. The stones are heavy and he cannot raise them to the pyramid’s second level. Challenged by his physical limitations, Azur recognizes his weakness: he needs more strength to move heavier stones, and to do so, seeks the counsel of Bennu, Egypt’s strongest man. For a fee, Bennu trains Azur to build bigger and stronger muscles. With great strength, Azur anticipates the heavier stones will be easier to lift onto the higher levels.
Meanwhile, Chuma’s pyramid plot of land is still barren. Azur assumes his brother has a death wish since, by all appearances, Chuma is violating Pharaoh’s mandate. Azur forgets about his brother and his nonexistent pyramid.
Another year passes and Azur’s pyramid construction slows to a disheartening crawl. It often takes one month just to place one stone. Moving stones to the upper levels require great strength and Azur spends much of his time working with Bennu to build greater strength.
Additionally, Azur is spending most of his money on counseling fees and the exotic diet required for the training. Azur estimates at his current construction pace, his pyramid will be completed in another 30 years. Unfazed, Azur lauds, “After three years, I’ve far surpassed my brother. He hasn’t placed one stone yet! That fool!”
Then, suddenly, one day while hauling a heavy stone up his pyramid, Azur hears a loud commotion erupting from the town square. The townsfolk, regular observers to his work, abruptly abandon his plot to examine the celebratory fuss. Curious himself, Azur takes a break and leaves to investigate.
Surrounded by a cheering crowd, Chuma trolls up the town square commandeering a 25-foot contraption, a towering machine built from a twisted maze of gantries, wheels, levers, and ropes. As Chuma slowly moves up the village street amidst the buoyant crowd, Azur fears the explanation. After a short trawl to Chuma’s barren pyramid plot, Azur’s suspicions are confirmed.
Within minutes, Chuma’s strange machine starts moving heavy stones and begins to lay the foundation to his pyramid. One after another, the machine effortlessly lifts the stones and softly places them side-by-side into place. Miraculously, the machine requires little effort for Chuma’s operation. Crank a wheel attached to a rope and cantilever entwined by a gear system, and bingo! Heavy stones are moved quickly and magically.
While Azur’s pyramid foundation took over a year to build, Chuma lines up the foundation to his pyramid within one week. The second level that Azur so arduously struggled with is even more shocking: Chuma’s machine does the work 30 times quicker. What took Azur two months takes Chuma’s machine two days. After 40 days, Chuma and his machine accomplish as much as Azur’s three years of toilsome work.
Azur was destroyed. He spent years doing the heavy lifting while Chuma built a machine to do it for him.
Instead of honoring the machine, Azur vows, “I must get stronger! I must lift heavier stones!” Azur continues the hard labor of pyramid building while Chuma continues to work the crank of his machine.
After eight years, Chuma finishes his pyramid at age 26: three years to build the system and five years to reap the benefits of the system. The great pharaoh is pleased and does as promised. He rewards Chuma with kingship and endows him with great riches. Chuma never has to work another day in his life.
Meanwhile, Azur continues to dredge away at the same old routine. Lift rocks, waste time and money to get stronger, lift rocks, and get stronger. Sadly, Azur refuses to acknowledge his flawed strategy and endures the same old process: Carry heavy stones until you can lift no more . . . then get stronger so you can lift heavier stones.
This mindless prescription leads Azur to a lifetime of toil. He never finishes his pyramid promised to Pharaoh simply because he decides to do the heavy lifting himself when he should have focused on a system to do it for him. Azur has a heart attack and dies while on the 12th level of his pyramid, just two levels from finishing. He never experiences the great riches promised by Pharaoh.
Meanwhile, Chuma retires 40 years early in a crown of luxury. Sloshing in free time, Chuma goes on to become Egypt’s greatest scholar and an accomplished inventor. He is entombed alongside Pharaoh in the same pyramid he built[2].
Footnotes

Should I Become A Young Entrepreneur?

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SURE! I love young entrepreneurs. In fact I envy them. Their minds are still fresh and unadulterated by the monotonous indoctrination of adults and peer pressure that injects FEAR and kills their dreams.

Courtesy: Ashley Qualls

I caught the entrepreneurial bug since I was a kid, helping my mother sell tomatoes.


Coming from a humble background living in the slums, it wasn’t easy. Life was tough and there were few alternatives for a family to survive. Criminal gangs were all over the place and gang members were both respected and feared. We thought that was all there was to life.


My mother started selling tomatoes to supplement the meager pay my father used to earn as a foreman in the engineering department of a toll-bridge company. Naturally, I would help my mother after school and during school holidays. Handling money was something I enjoyed because I would not lack a few extra coins of my own, even after accounting for the day’s takings.


I couldn’t help thinking that, “perhaps this could turn out to be a bigger enterprise that would eventually get us out of poverty and enable us to live in the more posh neighbourhood”. I envied children from those posh neighbourhoods. I wondered whether we had wronged God to live in such poverty.


But as fate would have it, this never materialized. At the time, getting an education was regarded as the only way out of poverty and a better life. My parents didn’t know otherwise. The mantra of the day was; go to school, study very hard, pass with high grades in order to secure a high paying job in a big company. That’s exactly what I did.

After all, landing a decently paying job after years of hard work, investing time and money to earn that prestigious college degree or diploma is an opportunity only a few people can ignore.
One of the most heralded accomplishments in today’s mostly urban culture is securing the coveted 9 to 5 job. The prospects of a monthly pay-check with full benefits, and a loving community of fellow office workers striving towards a similar goal as laid out in a staff manual by a board of directors, is regarded as the ultimate achievement.
And it was not until I had to first go school, graduated from high school and secured a nice job in a large multinational company, while still a teenager, that I began to realize that I had lost my childhood entrepreneurship dream.
However, after only a few years or even months, of mechanical monotony accompanied with a few salary raises and promotions, I soon realized that I was getting deeper into debt than I was able to get out. And as I struggled through the “rat-race”, the prospect of saving enough money for myself and my children’s future became ever more elusive.
I began toiling with ideas, but by then it was too late. I was already sinking too deep into the corporate culture and the comfort of a monthly paycheck plus benefits made it harder to get out.
One day a friend introduced me to a book called Rich Dad, Poor Dad by Robert Kiyosaki, which I began reading. This got me on the right track and revived my entrepreneurial spirit, which had died many years ago. I will forever be grateful to that friend.

By 2004, with no particular business background, business education or business plan, I was ready to quit my 9 to 5 day job.


[I don’t encourage anybody to follow this path unless you know what you’re doing]


Armed with an accounting background and internet programming skills, I became another victim of the emerging breed of self-taught internet entrepreneurs.


I would encourage young entrepreneurs to start now, but not to give up school. Initially, you may need to get a job if you’re starting from zero, and from there, continue to build your business knowledge and skills.


With internet-based business models such as Affiliate Marketing and eCommerce, you can start from little-to-nothing and gradually build a lucrative business that can earn you a steady income and financial freedom.


But first, you should go to school. Only this time you should never let your dream die; having in mind that you aspire to become an entrepreneur.


If you aspire to be really good in entrepreneurship, study courses that give you an edge in the business world.


Particularly, I would recommend courses that are rich in the following skills:


Selling


Marketing


Entrepreneurship


Managing People


Managing Money


Managing Systems


Remember, entrepreneurship has no age limit. I know of several young teenagers who are richer than their parents and many young people have become successful entrepreneurs at the ages of between 8 and 23 years.


All you need is motivation, passion, business education and a business idea.


Entrepreneurship is just a matter of changing your mindset through business education and the right mental attitude. Fortunately, there are many courses and education programs that help build motivation, teach entrepreneurship and help to change your mindset.


Tony Robbins is considered one of the greatest motivators of our times. Here are some of Tony Robbin’s courses and education programs that you may find interesting:
Wealth and Lifestyle
Mind and Meaning
Career and Business
You can find more courses and education programs at Tony Robbin’s website.

How To Achieve Financial Freedom

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Becoming financially free is a matter of choice. Set your financial goals and give yourself a timeline. Then begin to work towards it.

Financial freedom is a matter of changing your mindset, mental attitude, discipline and habits rather than a particular method you follow to become financially free.
There are many definitions of financial freedom, but the one I like most is by Robert Kiyosaki, author of “Rich Dad, Poor Dad”.
He defines financial freedom as the ability to afford your lifestyle (monthly bills and expenses) without having to work for the rest of your life.
Suppose your monthly income is $1,000 and your monthly expenses are $1,000. This means you can afford to live for only one month. In this case if your monthly income is $500 then you can live for only half a month. You get the picture…
While the subject of financial freedom is rarely taught in school, you can build financial freedom on your own by reading hundreds of financial books that are available in the public domain and by applying the knowledge to your particular situation.
Financial freedom largely depends on how you acquire and apply this knowledge to your particular financial strategies.
Another way to think about it is that financial freedom is a lifestyle rather than it is a bunch of financial knowledge and wisdom.
The knowledge and wisdom to acquire financial freedom comprises of a series of simple but subtle steps you can take to acquire wealth and it is not even necessary to go to school to acquire the knowledge.
For example, the age-old classic, “The Richest Man in Babylon” by George Samuel Clason, is a book that dispenses financial advice through a collection of simple parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom.
Another classic, “Think and Grow Rich”, by Napoleon Hill is a book that teaches you how to change your mindset rather than the specific methods you can apply to become financially free.
In our modern times, we’re lucky to have a galaxy of some of the best teachers and mentors in the subject of financial freedom.
Millionaire-mentor, Tony Robbins is one of the greatest teachers and mentors of our time, and I would not hesitate to recommend his books, courses and seminars to anyone who wants to break free from poverty and into financially freedom.
Here are some of Tony Robbin’s books and courses you can explore:
Wealth and Lifestyle
Mind and Meaning
Career and Business
You can find more books, courses and seminars at Tony Robbin’s website. The courses are in PDF, audio and video:
While there are more than a million ways you can use to become financially free, basically, there are 3 main Roadmaps to financial freedom:
The Slow Lane
The Slowlane is a Roadmap comprised of a series of life-time savings plans such as the 401(k), mutual funds, cost-cutting, and other savings plans initiated by employers and financial advisors based on the premise of building wealth during your life-time towards your retirement. 
401(k) is an employer-sponsored retirement savings plan that lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes are not paid until the money is withdrawn from the account.
The Slowlane Roadmap follows a slow path to wealth building and assumes you start by getting a good job or starting a small business, saving part of your income, frugal living, maximizing your 401(k) plan, investing in mutual funds, etc.., so that you can one day retire when you are around 65 years old, and hopefully, retire rich. 
The Compound Effect
Advocated by Darren Hardy, The Compound Effect is a mindset shift rather than a system for building wealth, and can be applied on anything (e.g. weight loss, sports, business, etc..), not just financial freedom.
For example, if you were given a choice between taking 3 million dollars in cash this very moment and a single penny that doubles in value every day for 31 days, which would you choose? If you’re like most people you will take the $3 million cold cash!
Let’s say you take the cold hard cash and your friend goes the penny route. On Day Five, your friend has sixteen cents. You, however, still have $3 million. On Day Ten, it’s $5.12 versus your big bucks. How do you think your friend is feeling about her decision? You’re spending your millions, enjoying the heck out of it, and loving your choice.
After 20 full days, with only 11 days left, Penny has only $5,243. How is she feeling about herself at this point? For all her sacrifice and positive behavior, she has barely more than $5,000. However, you have $3 million.
Then the invisible magic of the Compound Effect starts to become visible. The same small mathematical growth improvement each day makes the compounded penny worth $10,737,418.24 on Day Thirty-one, more than three times your $3 million.
In this example we see why consistency over time is so important. On Day Twenty-nine, you’ve got your $3 million; Penny has around $2.7 million. It isn’t until Day Thirty of this 31-day race that she pulls ahead, with $5.3 million.
And it isn’t until the very last day of this month long ultra-marathon that your friend blows you out of the water; she ends up with $10,737,418.24 against your $3 million.
The Magic Penny

The Fastlane Roadmap
The Fastlane method is a revolutionary Roadmap of building wealth based on systems. It was advocated by MJ DeMarco, an internet millionaire who founded and sold an online company for a fortune.
Many Fastlane millionaires generated their wealth on computers and the Internet although others made their millions building other types of businesses.
According to the bestselling book, “The Millionaire Fastlane” by MJ DeMarco:
·            The risk profile of a Fastlane strategy isn’t much different from the Slowlane, but the rewards are far greater.
·            The Fastlane Roadmap is an alternative financial strategy predicated on Controllable Unlimited Leverage.
·            The Fastlane roadmap is predisposed to wealth.
·            The Fastlane Roadmap is capable of generating “Get Rich Quick” results, not to be confused with “Get Rich Easy.”
The Fastlane Roadmap works best with internet-based businesses and is predicated on the principle of scaling and exponential growth.
For example, suppose you’re a dentist earning an income of $100,000 per year. This is based on the assumption that you can treat only one patient at a time. Therefore even if the number of patients increases, your business cannot grow beyond $100,000 per year.
But what if you hired another dentist to help you at a salary of $50,000 per year? Your income would grow to $150,000 per year. And if you hired 3 more dentists, your income would triple to $300,000 per year. You get the picture…
Internet based businesses are mostly based on the law of leverage. For example you can apply the law of leverage on your website by recruiting other people (affiliates) to generate web traffic to your website, rather trying to do it yourself.

With high web traffic, earnings can grow exponentially. That’s what the Fastlane Roadmap is all about.
This strategy can also be applied offline. That’s how most MLM and insurance companies work.
Fastlane financial strategies are predicated on the fact that you only build a system (vehicle) once and then recruit other people to help you run it.
Areas where the Fastlane methods thrive:
Rental Systems
Computer Software/Applications
Mobile Apps
Content Management Systems
Messaging Systems and Social Networks
Affiliate Marketing
Education Systems
eCommerce
ETC..

What To Do When You Want To Start a Business But Don't Have Money

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The first thing you need to have is a business idea. And since you want to start a business I’m assuming you also have a business plan. No one goes to the battlefield unarmed.
Secondly, I’m assuming that either you already have some business education or background. If you have neither, then that’s just too bad, because business is littered with many challenges and risks. In this case I would suggest that you enroll for a good business course that will teach you all the fundamentals of business.
Arming yourself with a good business education will equip you with valuable skills and knowledge to manage all types of business challenges such as money, staff, selling, marketing, systems, risks and failure. The failure rate for business startups is exceptionally high (more than 75% according to some studies). Businesseducation helps to equip you with the knowledge to manage risk and other challenges.
This applies to all kinds of businesses whether offline or online.
I would then assume that the only resource you still don’t have is money.
However, money is just a small part of the big business equation.
For example, do you have a business plan?
A business plan is an important component of business and comes from a great business idea. And a business idea is derived from a business solution to a human problem.
Assuming that all these things are in place, then you’re asking how you can start a business if you don’t have money.
Most people who want to go into business think that you need money to start a business. This is a recipe for failure. Maybe you need money but this is not where to start.
This brings us to one of the most fundamental principles about money, but also the most difficult to understand
Money Is The Effect; Not The Cause – Mind Is The Cause.
I will try to explain this as simply as possible.
Most people think that you need money to start a business, buy things like food, clothes, house, car and anything you want. This is the wrong perspective and results from the fact that most people do not understand what money really is.
MONEY IS SOMETHING USED TO ACQUIRE VALUE.
This may sound crazy, but actually, money is not the only way to acquire things. However, money is the most commonly known method to “acquire” goods and services, and only one known by most people. Notice that I use the word “acquire”, instead of “buy”.
Why do people need money?
People need money because they think that this is the only way to acquire things. Actually what we want are the “things” themselves – not the money. The truth is that we just want to “feel” the re-assurance of money in our pockets or bank account.
There are many alternative ways to acquire things…
For example, did you know that you can get food simply by working in a restaurant? Notice I didn’t say you can “buy” food. Similarly, you can get a car by exchanging with something of value.
Now that we’ve cleared that out of the way, let’s see how we can apply this principle to start a business if we don’t have money.
To start a business, we need to apply another principle known as “leverage”.
The Oxford English dictionary defines leverage as:
1          the exertion of force by means of a lever.
2          the power to influence: political leverage.
3          Finance another term for gearing (in sense 2).
          verb [usually as adjective leveraged] use borrowed capital for (an investment), expecting the profits made to be greater than the interest payable.

Here, we will only focus on the third definition. We see that leverage also means “gearing”.
From the definition, we see that there are many forms of leverage. Money is just one form of leverage:
Business idea
Business plan
Niche market/customers
Skills + experience
Money
Property
Influence
Political connections
Other resources
ETC..
You get the picture…
This means that if money is what we don’t have, then we can ask someone else who has it to lend us the money based on the other forms of leverage that we have (e.g. business idea, business plan, marketing plan, marketing data, skills and experience, passion, etc.).
This is because people don’t invest in businesses – they invest in people.
 But then the potential lender may ask us what’s our leverage and what’s in it for them.
This is where we can pitch our proposal. We can then inform them that we can borrow the money for a certain fixed or equity return on investment (ROI), usually expressed as a percentage.
Potential lenders are usually people who have the money and are looking for a great business idea to invest in.
You get the money by selling your business idea to people who have the money, but don’t have the idea. Of course you will also have to concede a part of your business to the people who will lend you the money.
This is what is known as “capital gearing”.
Now that we know where to get the money, let’s explore the kind of people who can give us the money we need.




Family, Friends and Colleagues
First approach your soft market (family, friends, colleagues, acquaintances, etc.) and present your business plan clearly indicating how they will profit financially by funding your business. Your soft market may respond out of sympathy, but make them see the seriousness of the business and believe they own the business.
 [Be warned: Your soft market will respond only if they know you well enough and can trust you].
Contacts, References and Acquaintances
Forward your business plan to people who are in your contacts database and people you have references from friends, even people who are outside your sphere of influence (your hard market). Someone along the way will see an opportunity and buy your business idea.
You may need to show some proof about your business potential. Good marketing language and copywriting skills will come in handy.
Make an irresistible offer. An irresistible offer is an offer so compelling that only a few people can refuse it.
Related Industry or Market
Get a job in a related industry (e.g. Food company, restaurant, etc.) and offer to work for them for free. Meanwhile become friendly with management and float your idea secretly.  Most people will think you’re very smart and will perhaps give you a job offer. Take the job offer and finance your business with your savings.
[This is one of my favorite strategies].
Other Businesses
Sell your business plan to people who are already in business. These people are more likely to appreciate the value of your business since they already understand business, and are likely to give you the capital you need in exchange for a high return on investment (ROI).
If you target your potential investors carefully you’re likely to score. You should build a good network with potential investors before contacting anyone. They usually ask for references.
Angel Investors
Find angel investors. Angel investors are serial entrepreneurs who are constantly looking for an investment opportunity with potential for high returns. They tend to invest in several businesses at the same time and will expect a high return on investment (ROI). You can easily find out where they hang out (e.g. social media, forums etc.).
Join these forums and begin to share good ideas. Don’t contact people immediately or share your idea with anyone first. Soon or later someone is likely to notice you and contact. Patience is the key.
Offer free services to analyze a company or an investment. Build trust, confidence and reputation among the group. This will give you the social proof you need to approach other potential investors. Be careful. Let logic and your instincts do the talking.
Recommended Business Courses:

Master Business Foundations from the Wharton Business School

How To Start Your Own Business and Quit Your Dead-End 9-5 Day Job

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One of the most heralded accomplishments in today’s mostly urban culture is securing the coveted 9 to 5 job. The prospects of a monthly pay-check with full benefits, and a loving community of fellow office workers striving towards a similar goal as laid out in a staff manual by a board of directors, is regarded as the ultimate achievement.
After all, landing a decently paying job after years of hard work, investing time and money to earn that prestigious college degree is an opportunity only a few people can refuse.
However, after only a few years or even months, of mechanical monotony accompanied with a few salary raises and promotions, we soon realize that we’re getting deeper into debt than we’re able to get out. And as we struggle through the “rat-race”, the prospect of saving enough money for ourselves and our children’s future becomes ever more elusive.
At this point, most of us just give up and let the rat-race roller coaster lead us to an unknown “black hole” retirement destination and a pension check we’re not even sure, will take us anywhere.
Most of us begin to realize that we’ve actually been drugged into a vicious rat-race cycle working a 9 to 5 job for a boss we don’t particularly care about.
Sooner than later, just like a cigarette smoker longs to quit from that dreadful habit, we start looking for ways to quit our precious 9 to 5 job into the unknown world of business.
By this time, the idea of spending a servitude for the rest of our miserable lives, working hard to make someone else happy while we trade away our precious time and ideas, begins to haunt us.
Some of us are brave enough to quit our jobs, without even thinking of the risks and consequences involved. And yet others, while fully aware that someone else actually controls our financial destiny, continue loyally, to work in our 9 to 5 job hoping for a promotion, knowing very well that the boss may "pull-the-plug" anytime.
If you’re considering quitting your job don’t do it just yet. Starting a business is a big decision that you need to take with a lot of soberness, thoughtfulness and planning.
However, if you’re like me you will plunge into business without even thinking and no one on earth will be able to convince you otherwise. You will not even want to hear the word “caution”.
Anyway, if you’re convinced that starting a business is the way to go, here are some steps you can take to minimize risk(s).
Before embarking on anything serious in business, I would start by investing some money on a business course to turn myself into an entrepreneur.
There are very good reasons for this…
1.         Support
Seek the support of your spouse, family and friends, and let them be aware of your intentions openly discussing ways to mitigate risks without causing much turmoil. Increasingly, more people are turning to entrepreneurship these days due to declining job openings.
At times, your spouse or even family and friends, may go against your business idea, but if you plan it well and present it professionally, they may even become your biggest fans.
2.         Start A Part-Time Business
Starting a part-time business or side hustle while maintaining your 9 to 5 day job could be a good idea. If you have the support of your family they might even become your first employees.
3.         Leverage Your Cash or Savings
Don’t quit your day job before your business can generate enough cash to cover your monthly expenses.
Business comes with many risks and there’s no guarantee that your business will succeed the first time. Failure is one of the most valuable lessons you can learn in business, and learning from your mistakes can often result in your make-or-break for survival and sustainability of your business against challenges in future.
4.         Find A Niche Market
Identify a profitable niche market whose needs are unfulfilled or whose demand has not been met. Don’t copy what others are doing, but find a weakness in what others are doing poorly and do it better. In the business world it’s quite easy to outdo your competition even in an existing market. By providing better quality services you can even draw hungry customers to your side.
One of my favorite business sectors is the food industry. There will never be a time when humans stop eating. One interesting fact about the food industry is that you can enter at any point in the large food supply chain and make money (e.g. farming, distribution, hotels, restaurants, catering etc.).
Service delivery is often the differentiating factor and one that can put you ahead of the competition in this highly competitive (and profitable) industry.
5.         Approaching Your Soft Market
First approach your soft market (friends, colleagues, acquaintances and references) and pitch your offer, proposal, product or service. There will always be takers.
6.         Approach Your Hard Market
Approach your unknown or hard market (niche market, references, etc) and pitch your offer, product or service. You can easily find and identify a niche market in many forums and social networks on the internet.
If you have some testimonials or references from your soft market, you can leverage this to pitch your offer, product or service to your hard market.
7.         Offer a FREE service
Offer a FREE service to get testimonials, reputation, references and credibility.
8.         Leverage Your Skills or Experience
Leverage your strengths – skills, experience, ideas and passion. Businesses face many risks and failure often very common. Your skills, experience and passion are often what’s left after a business failure. Passion is what drives you and keeps your dream alive even when you do not have cash.
According to an article in FastCompany, "Why Most Venture Backed Companies Fail," 75% of venture-backed startups fail. The statistic was based on a study by Harvard Business School’s professor Shikhar Ghosh.
In a study by Statistic Brain, Startup Business Failure Rate by Industry, the failure rate of all U.S. companies after five years was over 50%, and over 70% after 10 years.
No matter how much you love your career, most of the times the only thing that keeps you in a 9 to 5 job is money, so this is what you need to take control of for yourself using your own means. You need some type of a job, but to have control over your destiny you also need to become your own boss.
You need to find a way to create value by yourself. Create something that people will be willing to pay for like a product or a service. This way you get paid for the value you provide to other people. There is no pay scale so you don’t have a salary limit and you can put in as many hours as you want.
Figuring out how you can get people to pay you for something you actually want to provide is the key. Once you’ve done that, you’ll probably be able to figure out the practical steps you need to take to create this for yourself. You idea probably won’t be totally original so discovering how other people have achieved it would be a good start.
Most people don’t have the tenacity to do this but it offers a way out of the rat race. I know this is a gross simplification of the whole process, but I’m hoping it has given you enough information and motivation to get started.
Before getting into business, a good business education is considered the best investment you can ever make. If you really want competitive edge, here are some good business courses from some of the best business institutions: