No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
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Entrepreneurship alone cant SKY Rocket you to Riches.
You can't just be savvy about your business strategy. Keep these steps in mind to make your money work for you.
Entrepreneurs become entrepreneurs for a number of reasons. Being your own boss ranks high on the list. The sense of accomplishment that comes with creating a company and making it a success is another motivation for some.
The primary driver for many is the prospect of becoming extremely wealthy. While some entrepreneurs like the idea of being rich simply for the sake of being rich or for the hedonistic pleasures money makes possible, that’s not the case for most business owners.
Generally, the desire to become really wealthy is accompanied by loftier goals, including taking care of loved ones and supporting non-profits.
Many entrepreneurs are a personality type known as the family steward. They care deeply about the important people in their lives and want to be able to help them financially. And they also have a strong drive to give back by supporting charitable causes. They want significant wealth so it can be put to good use to benefit their communities or even the world at large via philanthropy.
The good news is owning a successful business is the most likely way to become a millionaire or even a multi-millionaire. Sure, star athletes and celebrity musicians and high-powered corporate executives can become exceptionally affluent. But being a driven entrepreneur is most likely to enable you to amass truly substantial assets.
The bad news, or at least not-so-great news is if you want to be considerably wealthier than “just” a millionaire -- or even a millionaire a few times over -- you probably need to do more than just run a great company. Specifically, you need to take two additional steps:
1. Solidly commit to creating personal wealth.
If you want to maximize your probability of becoming seriously wealthy, you’ll likely have to actively pursue the goal of building personal wealth -- that is, wealth outside of your business.
That means financial and strategic decisions you make -- including those about your business -- need to viewed through the lens of how those calculations will likely translate into greater personal wealth creation. Top entrepreneurs tend to be very skilled at thinking through their choices carefully: They weigh pros and cons, prioritize potential outcomes and assess the probability of various outcomes occurring. Usually their conclusions end up being best guesses and directional in nature. Still, they’re thinking through the issues with this in mind.
Put another way, becoming wealthy is a factor they incorporate into all the actions they take. They will consistently ask themselves how a particular strategy or decision is likely to impact their net worth. This is not the only consideration or even the most important consideration -- but it is just about always a consideration.
2. Work with highly capable financial and legal professionals.
Any commitment to building personal wealth as part of plan to become extremely wealthy must be accompanied by specific actions that help ensure wealth is well taken care of. One crucial but often overlooked action is to wisely manage the money you generate through your entrepreneurship so that it grows and is protected, for example, from unfounded lawsuits. But being great at making money doesn’t always translate into being great at managing it wisely or effectively.
Too many entrepreneurs, after getting a financial windfall from selling their companies, end up losing a sizeable percentage of their fortune through painfully bad investments and legal mishaps. While these entrepreneurs are certainly intelligent and savvy, they still can and often do make affluence-eroding mistakes due to a lack of expertise in managing wealth.
Such situations can often be avoided by engaging talented financial and legal professionals who are committed to your continued financial and personal success. Often this is best accomplished by building a cohesive team of high-quality professionals and have one of them act to coordinate the efforts of all the others. Indeed, this approach is used by many extremely wealthy entrepreneurs to ensure their financial solutions work together synergistically and nothing important falls between the cracks.
Do you want to be really, really wealthy?
Understand that becoming seriously wealthy takes real work. A commitment to become extremely wealthy likely means consciously reducing the time and effort you put into areas of your life that don’t have the highest potential return on investment. That’s why it’s not the ideal goal for all entrepreneurs to pursue it. And why it’s crucial that you honestly determine if you actually want to be more than “just” a millionaire or multi-millionaire.
However, if becoming extremely wealthy is one of your top goals as an entrepreneur, you’ll need to commit to building personal wealth and keeping that commitment top-of-mind when you make decisions large and small. Doing so will meaningfully boost your chances of hitting and maybe even exceeding your personal wealth target.
Being a young entrepreneur is difficult, no matter where
you are from. But in Africa, the challenges are often far more emphasised.
Resources, financing, mentorship and supporting services are even scarcer. Yet
despite this, the continent’s youth unemployment is higher than elsewhere,
and for many young Africans, entrepreneurship is less of a choice, and more of
a requisite for survival.
year the Anzisha Prize, Africa’s premier award for entrepreneurs between the
ages of 15-22, identified a handful of young entrepreneurs who are
making it in Africa. Here are some of their tips for success. 1. The most important step is the first one
Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur
behind GiftedMom, an e-content platform for pregnant women.
says having an idea is easy, but turning it into reality is a whole different
story. The wall of challenges an entrepreneur faces can quickly de-motivate
someone from following through on their vision. …
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
We often talk a good
game in the world about how entrepreneurship is a global phenomenon. In
the last week of October, we lived it.
Headlined by Bill gates, the Microsoft giant drew some of the biggest
names in technology together with more than 1,200 entrepreneurs from 170
countries, government leaders and Silicon Valley executives to Stanford
University to put a spotlight on expanding entrepreneurship around the globe.
From the start, the call was for championing entrepreneurship to help
reduce global tensions and demonstrate a different path for youth living in
We don't often enough
connect the bottom line to efforts to make a safer world. I applaud Gates
call to action for this next generation of entrepreneurs, and those in the
current generation, to support them.
Gates proposed that the young entrepreneurs focus on three
"generational challenges": creating education tools to excite
youth who may be at risk of radicalization, build…
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Cletus M. Ibeto (born November 6, 1952) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the
largest business enterprise from Nnewi, a city unique for its entrepreneurial
spirit. In the early 1980s, when the oil
crash and a
controversial importlicensing system was making a dent on the
Nigerian manufacturingenvironment, Nnewi went through a growth
period. The Ibeto Group under the Ibeto's leadership was a pace setter in the
region and nation's trading and later manufacturing development. His story
teaches that no matter how your financial situation seems at any point in life,
seeing and taking opportunities when others don’t, smart-hard work,
perseverance, and the right network can change your status for good. EARLY LIFE
22, 1966, at age 13, the highly spirited Ibeto got his school box and
provisions all packed and set for school. Unknown to him, the
academic phase of his life was about to crash, as his father decided that