Start a business today and take advantage of one of the most powerful ways to make you more money and help you build significantly more wealth. One truth of investing is to follow the lead of those who are building some serious wealth. So what are the really, really rich people doing?
I know one thing for sure is that they are NOT:
⊗ Working for someone else
⊗ Making safe investments in interest rates and earning dividends from large companies.
√ What they are doing for sure is owning a business or many businesses that not only build a solid foundation of wealth but generate huge financial windfalls.
Before you embark into entrepreneurship, here are a few things to consider:
Chances to Break Success
Society likes to celebrate the success of those among us who have made it big in entrepreneurship. However, it is not reasonable to think that you have a strong likelihood of becoming one. Statistically speaking, out of the all the entrepreneurs in Kenya, not all of them get to be the big winners of the entrepreneurial world. Only a handful succeed. Nevertheless, with entrepreneurship, you have a higher probability of earning more compared to salaried individuals. Keep in the mind that, the wealthiest households’ primary wealth is business and shares in businesses.
To start a business, you’ll need to work diligently at one thing, and when it succeeds, you will gain the needed confidence to start more businesses with great success. Here, are a couple of things that can increase your chances significantly:
- Adopt a producer mentality. The goal is to shift your mindset from being a consumer to being a producer. The goal of a producer is to create (valuable product or service) and earn from this creation rather than consume.
- Know and work towards increasing your daily rate. Calculate your daily worth and approximate how long it will take you to get there. For instance, if you earn Kes. 5,000 per day, it will take you 200 working days to make you a million.
- Use your talents, gifts, skills and abilities. Then, cultivate them and surround yourself with people that support you.
- Surround yourself with wealth. Wealth of ideas, positivity and great people. Do not underestimate the subtle influences of negativity on your life. After all, you are a product of your environment which can deeply affect your general life performance.
- Sacrifice everything. You must be willing to pay the price (risk) of comfort and other things that may be holding you back to reach.
Chances of Failure
It is commonly reported that 90% of all start-ups fail. This statistic fails to define failure and also does not consider the time frame. Regardless, it is true that a majority of the businesses do fail and much of the success or failure of a business depends on the entrepreneur, the nature of the business and the specific circumstances.
Therefore, do not be discouraged. In the world of entrepreneurship, failure is not all bad. Starting a business and watching it fail does the following things for you as an entrepreneur:
- Early failure teaches you that the business didn’t have the potential for long-term success
- Early failure also spares you significant expenses and frees you up to pursue more valuable opportunities
- Failure, in general, teaches you valuable lessons which can apply to future opportunities
- Starting again after failure increases your chances of success, the second time around
Entrepreneurship As A Source of Wealth
The bottom line is that entrepreneurship can make you rich; however, there is certainly no guarantee you’ll be able to build some ‘serious wealth’. You know, the kind that people rave about. Entrepreneurship is not an easy path, and therefore not a shortcut to “get rich” as most people think. However, it does offer significant potential to get you rich.
Entrepreneurship is the best investment you can make – because ultimately, you are investing in yourself.
Image credits: Top, by Rawpixel via Pexels
Meanwhile, You can click on the following links to read more about building wealth:
