entrepreneurship | No Passive Income https://nopassiveincome.com Take Action, Build Your Business! Fri, 04 Oct 2024 14:27:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://nopassiveincome.com/wp-content/uploads/2019/09/favicon.ico entrepreneurship | No Passive Income https://nopassiveincome.com 32 32 5 Lessons from the World’s Most Successful Entrepreneurs https://nopassiveincome.com/successful-entrepreneurs/ Wed, 12 Jun 2024 05:22:07 +0000 https://nopassiveincome.com/?p=19280 In the business world, where innovation meets determination, a select few entrepreneurs have risen to extraordinary heights of success. Their journeys, marked by relentless perseverance and visionary thinking, serve as beacons for aspiring entrepreneurs, business owners, and startup enthusiasts worldwide. This post aims to unravel the essence of what makes these individuals stand out, offering […]

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In the business world, where innovation meets determination, a select few entrepreneurs have risen to extraordinary heights of success.

Their journeys, marked by relentless perseverance and visionary thinking, serve as beacons for aspiring entrepreneurs, business owners, and startup enthusiasts worldwide.

This post aims to unravel the essence of what makes these individuals stand out, offering insights, quotes, and professional tips that can guide you on your path to success.

Unveiling the Titans of Entrepreneurship

1. Jeff Bezos – Amazon

Jeff Bezos’s story is one of audacity and foresight. Starting Amazon in a garage as an online bookstore, Bezos transformed it into the behemoth it is today, fundamentally changing retail. His philosophy, “It’s not an experiment if you know it’s going to work,” underscores the importance of risk-taking and innovation in entrepreneurship.

Pro Tip: Don’t shy away from bold ideas. Evaluate risks, but remember that breakthroughs often come from ventures into the unknown.

2. Elon Musk – SpaceX, Tesla

Elon Musk’s entrepreneurial ventures are a testament to his unwavering commitment to solving humanity’s grand challenges. From revolutionizing the automotive industry with Tesla’s electric cars to pioneering the privatization of space exploration with SpaceX, Musk demonstrates the power of visionary goals and resilience.

Quote: “When something is important enough, you do it even if the odds are not in your favor.”

Pro Tip: Set audacious goals. Work relentlessly towards them, and view failures as necessary steps towards achieving your vision.

3. Steve Jobs – Apple

Steve Jobs, co-founder of Apple, was known for his exceptional design sensibility and uncompromising vision. He believed in the intersection of technology and the arts, which led to the creation of game-changing products like the iPhone and the MacBook.

Quote: “Innovation distinguishes between a leader and a follower.”

Pro Tip: Strive for excellence and differentiation in your products. Understand your customers deeply and create solutions that marry form, function, and elegance.

4. Oprah Winfrey – Harpo Productions

Oprah Winfrey’s transition from a news anchor to the host of the highest-rated television program of its kind in history and a media proprietor is inspiring. Her success is rooted in her ability to connect with people authentically and empathetically.

Quote: “Turn your wounds into wisdom.”

Pro Tip: Build genuine connections with your audience or customers. Authenticity fosters trust and loyalty, which are invaluable to any business.

5. Jack Ma – Alibaba

Jack Ma’s story is one of resilience. Rejected from numerous jobs, including KFC, he went on to found Alibaba, China’s largest e-commerce platform. His success illustrates the importance of perseverance and staying true to one’s vision, even in the face of adversity.

Quote: “You should learn from your competitor, but never copy. Copy and you die.”

Pro Tip: While it’s crucial to understand your competition, it’s more important to carve out your unique value proposition. Focus on what sets your business apart.

Lessons Learned and the Path Forward

The narratives of these entrepreneurs underscore several universal truths about successful entrepreneurship:

  • Innovation and Vision: The ability to see beyond the present and imagine what could be is the hallmark of a successful entrepreneur. Innovation should be at the core of your business strategy.
  • Resilience and Perseverance: The road to success is fraught with challenges. The ability to persevere, pivot when necessary, and learn from failures is vital.
  • Authenticity and Connection: Whether it’s with your customers, employees, or broader audience, authentic engagement builds the foundation for lasting success.
  • Differentiation: In a crowded market, standing out is key. Understand what makes your business unique and leverage it.

Conclusion

The journeys of the world’s most successful entrepreneurs are rich with lessons for aspiring innovators. While there is no one-size-fits-all blueprint for success in entrepreneurship, the principles of vision, innovation, perseverance, authenticity, and differentiation emerge as common threads.

By incorporating these insights into your entrepreneurial endeavors, you too can pave the way for a successful business that not only achieves financial prosperity but also makes a significant impact on the world. Remember, the path to success is iterative and requires constant learning and adaptation. Keep pushing the boundaries of what’s possible, and you may find yourself among the titans of entrepreneurship in the future.

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16 Pros and Cons of Being an Entrepreneur VS an Employee https://nopassiveincome.com/entrepreneur-vs-employee/ https://nopassiveincome.com/entrepreneur-vs-employee/#comments Fri, 01 Sep 2023 05:00:43 +0000 https://nopassiveincome.com/?p=11105 Most people start their working life as an employee. Even some of the world’s most successful entrepreneurs worked for a measly salary in less than glamorous jobs before they made the switch to work for themselves. Oprah Winfrey was a grocery store clerk. Amazon.com founder Jeff Bezos worked at McDonald’s. Whether to keep on working […]

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Most people start their working life as an employee. Even some of the world’s most successful entrepreneurs worked for a measly salary in less than glamorous jobs before they made the switch to work for themselves. Oprah Winfrey was a grocery store clerk. Amazon.com founder Jeff Bezos worked at McDonald’s.

Whether to keep on working for someone else for the rest of your life or to make the jump to entrepreneurship is a big decision. There are certainly advantages and disadvantages to both. You may not want to lose the security of a guaranteed salary. On the other hand, you may hate the predictability of an 8-hour workday.

Let’s take a look at the pros and cons of being an entrepreneur vs an employee to help you decide whether you are more suited to one or the other.

 

The Pros of Being an Employee

 

1. Stable Income

If you work for a salary, you are assured of a stable income each month that you can invest in stocks, for example. Employees with fixed salaries (and who know how to budget) don’t have to worry about where the money to pay the rent and other expenses will come from. They even come to depend on an annual bonus which pays for their holidays and Christmas gifts.

 

2. Guaranteed Leave Benefits

Employees are legally entitled to annual leave and other leave benefits such as maternity/paternity leave or bereavement leave. This means you are guaranteed time off to take a holiday or for special occasions like weddings and funerals. And the best part of all? Most leave while working for an employer is paid leave. So, your salary will appear in your bank account as usual even if you spend three weeks on a beach in Spain.

 

3. Predictable Working Hours

The working hours of an employee are stipulated in his or her employment contract. For example, full-time employees may be required to work 40 hours a week from Monday to Friday. While there may be room for some flexibility, daily hours are also normally fixed. As a result, an employee can plan his or her personal life around fixed working hours. Employees can also look forward to their days off each week.

 

4. Fewer Worries

It may be argued that an employee has fewer worries than an entrepreneur because he must only focus on doing his own job well. Other people’s business isn’t his concern. He doesn’t have to worry about balance sheets, insurance, payrolls and other organisational management issues. In principle, he has the right to forget about work as soon as he leaves the office.

 

The Cons of Being an Employee

 

1. Job Insecurity

As an employee, the overall management and financial health of a business are out of your control. If the business goes under, you lose your job. This can happen without warning, suddenly leaving you without a regular income. Finding a new job may not only be difficult but can also result in other challenges such as having to move to a new area. Apart from losing their jobs, employees can never be sure of promotions or salary increases. They’re at the whim of their managers or supervisors.

 

2. Boredom

Employees may be stuck in boring jobs that they absolutely hate. They stay in these jobs because nothing else is available or because they’re afraid of leaving a predictable job for a new one. People in boring jobs hate going to work. The feeling of discontent eventually also spills over into their personal life, especially if they get stuck in a work rut for most of their professional lives.

 

3. Limited Opportunity for Advancement

Many employees hit a glass ceiling in the organization or company they work for. Some may have been promoted once or twice before opportunities for further promotion dry up. Others never get the opportunity for a promotion or to apply for a different position with higher pay and more responsibilities in the same company.

 

4. Making Someone Else Rich

Employees work hard to make entrepreneurs rich. Moreover, the employee doesn’t necessarily get to share in the riches they help create. A salary increase of 5% doesn’t compare with profit margins of 50%, does it? The feeling that they aren’t rewarded for their efforts in a business’ success can lead to bitterness and mediocrity.

 

The Pros of Being an Entrepreneur

 

1. Master of Your Own Destiny

One of the biggest pros of being an entrepreneur is that it gives you the freedom and flexibility to become the master of your own destiny, and establish your own brand name. You can act independently and are in complete control. Success or failure is up to you. This realization is often more than enough motivation to give it your all.

 

2. Flexible Working Hours

Entrepreneurs don’t have bosses waiting for them to arrive at the office. In fact, they strictly don’t need an office. As long as they have a PC or even a tablet or mobile phone they can work where and when they like. They have the authority and power to structure the business around their personal life. For example, a father may take an afternoon off to watch a child’s sports match and catch up on work in the evening. Time is a precious possession and entrepreneurs have complete control over it. They must just learn to spend it wisely.

 

3. There’s No Limit to Your Success

The sky is your limit when you’re an entrepreneur. Who knows what you can achieve with clever and innovative ideas, hard work, motivated employees, and good business management? Embrace success and see where it takes you! The sense of achievement is enough encouragement to reach even greater heights.

 

4. A Blank Salary Cheque

Just as there is no limit to how big your business may become, there is no limit to your potential income. The best thing about it? You are making money doing something you love. The financial return for hard work and effort is much higher for an entrepreneur vs an employee. And once your venture is established and depending on the nature of it, you could even make a substantial passive income.

 

The Cons of Being an Entrepreneur

 

1. It’s a Risky Business

The risk involved in starting and investing in your own business is one of the biggest cons of entrepreneurship. No matter how determined and motivated you are starting out, success is not necessarily guaranteed. One wrong decision can be fatal while you don’t always have control over external factors such as market trends and economic downturns.

 

2. Erratic Income

A stable monthly income is not guaranteed. Some contractors may pay up front and some not. Income from commission is irregular. And never lose sight of your own financial commitments such as loan repayments, taxes, and employees’ salaries that could make a difference to your income on a month to month basis.

 

3. Difficulty to Balance Work and Personal Life

Entrepreneurs may become so focused on their business, especially in the beginning phases, that they lose sight of their personal lives. As a result, relationships with loved ones can suffer. It may even lead to break-ups or divorce. Long working hours and the accompanying stress could also lead to burn-out. The counter productivity resulting from all work and no play is simply not worth it.

 

4. Mistakes Are Part of the Deal

Statistics show that the majority of first business ventures fail. Entrepreneurs must be prepared to make mistakes. However, they should also be prepared to start over after failure. As Steve Jobs said: “Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.”

If you want to avoid beginner mistakes and learn how to become a successful entrepreneur, it’s better to go and study with already successful people in your field!

 

Employee VS Entrepreneur – Which One Are You?

Do you think you have what it takes to be an entrepreneur, or would you rather stay an employee after reading the pros and cons of both?

Weigh the pros and cons carefully before you decide. The many choices in either direction can be confusing and even have a paralyzing effect. First, ask and answer the philosophical questions before moving on to the practical ones. The smaller details can be managed when the big questions are out of the way.

 

Possible Questions to Ask Yourself:

  • What would I choose if money wasn’t an issue and anything is possible?
  • How can my idea or innovation help others?
  • What joy and benefits are in it for me?

You must be 100% committed before and after registering your company if you take the plunge to become an entrepreneur. Put systems in place to help you build a successful business and don’t let go of your vision. Perseverance always pays off.

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Top Tips For Starting Your Own Business https://nopassiveincome.com/starting-your-own-business/ https://nopassiveincome.com/starting-your-own-business/#comments Sat, 27 Apr 2019 14:10:19 +0000 https://nopassiveincome.com/?p=13334 Are you thinking about starting your own business? This is not an easy process and so you need to make sure that you know what you are doing. Not only will you need a business plan but you’ll also need financial support and a solicitor to help you with the legal aspects.  Here, we are […]

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Are you thinking about starting your own business? This is not an easy process and so you need to make sure that you know what you are doing. Not only will you need a business plan but you’ll also need financial support and a solicitor to help you with the legal aspects. 

Here, we are going to give you our top tips for starting your own business. Make sure to keep reading if you’d like to find out more about this. 

 

Write A Clear Business Plan

When you are first starting a new business, it can be easy to get carried away and want to get started as soon as. Of course, it is important that you take some time to write a business plan that outlines everything that you want from your business. Writing a business plan can not only help you to move the business forward in the way that you want but it can also help you with getting investors. 

 

Find The Right Solicitor

Another important thing that you need to do when you are starting your own business is to find the right solicitor to handle the legal matters. You will find that there are company formation solicitors who are trained to handle the set up of a company and they can help you to ensure everything is correct. Don’t skip this step as it could put your new business at risk. 

 

Get A Mentor

As a new business owner, you might not be as experienced in handling a business as you might like. For this reason, we suggest that you find a mentor who has experience in your industry and in setting up a business. This mentor could be a friend, a business partner or even an investor in your company. Find the right mentor and you can get the advice that you need. 

 

Make Sure To Network

Our final tip for those who want to start their own business is to network at every possible opportunity. As a new business, you won’t have any clients and so you need to show that you are ready to meet with potential clients and get your business off the ground. All you need to do is find some local networking events and attend them as soon as possible. Bring business cards and talk to people who might be able to give your new business the boost that it needs. 

 

Get Started Now

There’s no need to be worried about starting your own business as long as you know what you need to do to succeed. Make sure that you take on board all of the advice that we have given you in this article and you should find that things go a little more smoothly. Find the right solicitor, go to local networking events and soon you’ll have your new business up and running. Today, it is entirely possible to start a new business and succeed. 

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The Real Advantages Of Becoming An Accountant https://nopassiveincome.com/becoming-accountant/ https://nopassiveincome.com/becoming-accountant/#comments Mon, 18 Mar 2019 13:21:42 +0000 https://nopassiveincome.com/?p=13093 Organizations need someone to oversee their finances. That involves not only collecting and recording the flow of funds, but also analyzing that flow to arrive at reasonable business decisions. If that sounds like something you’d be interested in doing, then you may want to consider a career in accounting. Before you dive in headfirst, however, take the time to learn what’s in it for you. Here are 7 real advantages of becoming an accountant:   1. Have An Excellent Understanding Of Finances Studying to become an account can teach you a lot more than just how to balance a checkbook if you enroll in reputable institutions such as the University of Alabama Birmingham. By […]

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Organizations need someone to oversee their finances. That involves not only collecting and recording the flow of funds, but also analyzing that flow to arrive at reasonable business decisions.

If that sounds like something you’d be interested in doing, then you may want to consider a career in accounting. Before you dive in headfirst, however, take the time to learn what’s in it for you.

Here are 7 real advantages of becoming an accountant:

 

1. Have An Excellent Understanding Of Finances

Studying to become an account can teach you a lot more than just how to balance a checkbook if you enroll in reputable institutions such as the University of Alabama Birmingham.

By taking up a bachelor’s degree in accounting, you could learn about the following courses apart from accounting itself:

  • Mathematics
  • Economics
  • Business administration
  • Marketing
  • Auditing

Combined with real-life applications, these courses will give you a deeper understanding of how money works and what it influences, in both small and big contexts.

They will also equip you with useful skills. You can choose to use that skill set to increase your value when applying for a job and also apply them in your own life as well.

 

2. Enjoy the Demand

A business without an accountant is like a car without headlights; yes, it can move along its path, but without something illuminating the road ahead, it’s very likely to crash.

In other words, every kind of business needs accountants, which is why you can choose to work in any industry that you want.

Now, try to remember that although the demand for accountants is more or less consistently high, it’s still up to you to seek out job opportunities and select the one that’s right for you.

 

3. Flexibility

Accountants are like doctors in the sense that they can get into different specializations. So don’t fret if there are a handful of things that you don’t really like about accounting since you are free to choose from any of these specific job posts:

  • Auditor
  • Budget
  • Analyst Certified Public Accountant (CPA)
  • Chief Financial Officer (CFO)
  • Controller Tax Accountant
  • Payroll Clerk

When deciding which specific accounting role to pursue, a factor that you can consider is which industries pay well. For instance, healthcare was the highest paying sector in the U.S. last 2017, with business leadership coming in at a close second.

Perhaps the profit of a particular industry could also be a huge factor in your decision. In that case, take note that software and IT services are leading in that respect.

 

4. Get Paid Generously

This benefit is probably everyone’s favorite, especially those who wish to have financial freedom. Indeed, it’s true: accountants generally get paid high salaries. However, that may still depend on things likewhere you live and how long you’ve been practicing.

On average, accountants can expect a starting annual salary of $50,000 when employed by large organizations. This figure will only increase the more you advance in your career. Additionally, accountants who work in the heart of a big metropolitan area can expect a higher figure than the one mentioned.

 

5. Fastrack Your Career Advancement  

Companies are under constant pressure to keep innovating their financial management techniques. In order to accomplish that, they would need to hire a skilled group of accountants.

When an organization sees your skills and hard work, they would be inclined to promote you to a higher position where you can enjoy even more benefits.

 

6. Venture into Your Own Business

It is not uncommon for the more experienced accountants to go out on their own and start a business, like consulting firms. After all, they’ve spent years weaving a great network of contacts and fine-tuning their skills in money management, so why not put all of that to good use?

Take note, however, that this is not a necessary step in being an accountant. You can still earn enough to live comfortably by being a regular employee who balances the books.

 

7. Understand tax laws better

Every decent citizen is obligated to pay taxes. You can use your knowledge of taxes to your advantage not only in your career, but in your personal life as well.

While it’s true that the road to becoming an accountant is riddled with numerous challenges, the hard work and perseverance that you put into getting through them could all be worth it.

If accounting is something that you want to pursue, then don’t forget that after all the hustle you can enjoy advantages like being in demand, enjoying a high salary, and having the chance to start your own business.

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How the Internet Can Help to Turn You into the Kind of Person Who Can Become a Successful Entrepreneur https://nopassiveincome.com/internet-entrepreneur/ https://nopassiveincome.com/internet-entrepreneur/#comments Fri, 08 Feb 2019 08:50:04 +0000 https://nopassiveincome.com/?p=12892 There’s no shortage of guides out there telling you how to become a successful entrepreneur. Whatever industry you’re interested in, you can find millions of written words, and thousands of hours of video, on the best way to make it in that field. Feel like creating your own start-up but unsure how? Don’t worry – […]

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There’s no shortage of guides out there telling you how to become a successful entrepreneur.

Whatever industry you’re interested in, you can find millions of written words, and thousands of hours of video, on the best way to make it in that field. Feel like creating your own start-up but unsure how? Don’t worry – there’s a limitless number of resources out there to explain the specifics for you to get a degree in business.

One thing which is often overlooked, is that to become a successful entrepreneur, you don’t just need to know what it takes to make it in business, or in your particular field. You actually need to be a certain type of person, with a certain temperament, and a certain work capacity, in order to pull it off.

But who is offering guides on how to become the kind of person who can then become a successful entrepreneur? Sure, self-development coaches exist, but they don’t necessarily tend to focus on tips for developing yourself into the kind of person who might make it as entrepreneur.

So, since there seems to be a “gap in the market”, here are some thoughts on how the Internet can help to turn you into the kind of person who can then become a successful entrepreneur.

Image via Pixabay

 

By Allowing You To Pursue Higher Education Regardless Of Your Other Obligations

Once upon a time, pursuing an education required you to go to a certain building, in a certain part of town, at certain points during the week, in order to attend lectures and seminars, and hand in your assignments. All right, all right, so correspondence courses did exist. But they were pretty few and far between, and not always very accessible at that.

These days, thanks to the Internet, it is possible to get an associate degree online fast, using your own computer, and working only in those moments which are suitable to your particular schedule.

“Knowledge is power” is a saying we’re all familiar with. It should go without saying that when you want to make it as an entrepreneur, having professional qualifications, and in-depth knowledge of a particular industry, certainly can’t hurt.

Even aside from this, though, pursuing education will help to train certain skills, regardless of whether or not the degree you’re pursuing has any direct connection to the industry you’re planning to work in.

For example, studying for a degree requires focus, time management, planning, and patience. All of these skills are the kind of things that you will need if you want to make it as an entrepreneur.

 

By Giving You All The Tools You Could Ever Dream Of, For Organising Your Tasks And Time

An entrepreneur needs to be organised, and has to have a seriously good grasp of time management. If you’re the kind of person who habitually spends every waking hour looking for new ways to procrastinate, well, you’re going to need to put in some serious work to correcting that before you can expect to make it as a business tycoon.

The Internet features a suite of tools and resources that you can use for managing your time, holding yourself accountable, and staying on top of your various tasks and projects.

What’s more, many of the tools found online for these purposes, automatically reduce a lot of the irritation, confusion, and complexity that goes along with trying to manage productivity and task management systems the old-fashioned way.

If you want to follow David Allen’s famous “Getting Things Done” system, for example, using a dedicated tool such as Nozbe certainly makes the entire process a lot more streamlined and effortless than trying to apply the system using an old-fashioned Filofax.

If your time management skills are abysmal, what you really need to do is start developing positive time management habits, in order to set things right.

Using tools such as Toggl to track how long you’re spending on specific projects, and Rescue Time, to see which sites and applications you spend most of your time on, can help you to identify problem areas and implement positive habits bit by bit.

 

By Helping You To Free Up The Money Required To Invest In A Business

A successful entrepreneur needs to be, more or less, a master of money management. This is certainly true with any given business venture that the entrepreneur might engage in – but it all begins with good personal financial habits.

Budgeting isn’t necessarily easy in practice. Many of us have vague ideas of how we should be spending our money, and plan accordingly, only to see everything fall apart.

The web offers various solutions to this problem, including a suite of budgeting tools that will handle various calculations for us, and that result in a streamlined and adaptive experience. You Need A Budget is easily one of the premier tools for personal finance – and allows you to apply zero-based budgeting principles virtually effortlessly, in order to start freeing up money that you never knew you even had.

In addition to specific budgeting tools, the Internet also features many resources on the theory behind different budgeting approaches, as well as assorted tips on the best financial management strategies.

 

By Helping You To Identify Your Niche, And Refine Your Professional Vision

It’s not exactly a mystery that most people spend a whole lot of time surfing the web, looking for interesting things that might grab their attention.

Sometimes, this can clearly be pretty detrimental. If you spend hours a day mindlessly surfing Instagram, for no real reason, and with no real payoff, you’re short changing yourself out of a lot of life.

Consider, though, the fact that the Internet can also be used to help you identify your niche and refine your professional vision. Any entrepreneur who wants to have a hope of being successful, needs to have a clear professional vision in place. They need to know what it is they want to achieve, in what field, according to what standards, and in what time frame.

 

If you can use your web browsing time to help you to refine and answer these questions, you’re in a much better position to become a successful entrepreneur.

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Are These Things Holding You Back From Making Money? https://nopassiveincome.com/holding-back-from-making-money/ https://nopassiveincome.com/holding-back-from-making-money/#comments Thu, 07 Feb 2019 13:40:49 +0000 https://nopassiveincome.com/?p=12887 Everyone wants to make more money, but things are holding them back. You probably agree with this and can think of a ton of features that aren’t conducive to earning power. For example, some people don’t have the right qualifications while others lack the opportunities to grow. While these are pitfalls, it’s usually the small […]

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Everyone wants to make more money, but things are holding them back. You probably agree with this and can think of a ton of features that aren’t conducive to earning power. For example, some people don’t have the right qualifications while others lack the opportunities to grow.

While these are pitfalls, it’s usually the small stuff which has the biggest impact. Plenty of people go about their daily routine without realizing they are inhibiting their finances. Yes, you might be the main cause of your lack of wealth.

To help you take action, underneath are the things that are holding you back that you wouldn’t have guessed.

 

Your Commute

The worldwide average for a commute is close to fifty minutes; however, it differs depending on your location. Some people have to wait for a full two to two-and-a-half hours before they reach the office. Apart from being tiresome, it’s also an excellent way to lose money. Without enough time in your schedule, it’s almost impossible to put plans into action.

A tip: try and be productive in the morning. Rather than reading the news or listening to music, you can send emails relating to your side hustle. Once it gets off the ground, your earning potential will skyrocket.

 

Your Bills

Although debts are obvious, it’s tempting to see them as short-term problems. As soon as you have the capital, you’ll pay them off and they won’t be an issue. Of course, the fact they are still around and have been for years is a bummer. And, it means there is a chunk of your already small budget that is set aside each month.

You could use it on investments but you have to pay back your creditors. People with several debts can use a consolidation loan to their advantage. By turning it into one arrear, you won’t waste as much money on interest and you’ll pay the advance back quickly.

 

Your Qualifications

Qualifications are supposed to help you boost your wealth and eliminate debt. In some instances though, they are counterproductive.

Think about the length of time it takes to acquire a certification. Then, you need to find an employer who will see it as a positive and reward you with a proper wage. This is a long time to wait, which is why you need to cut your studying time in half.

An online MBA without GMAT tests is the answer as students learn the tricks of the trade without wasting time. That way, you can start making money asap.

 

Your Family

Nobody gets to the top of the ladder without help. Your family is the key because they have resources which they are happy to share.

Whether it is money or childcare, you need to cut costs while spending wisely and parents and siblings are helpful in this regard. So, being estranged can limit your options and make your finances vulnerable.

Although it’s harder than it sounds, making up will give you the opportunity to double your earnings.

 

Do any of the above hold you back? Are you ready to make a change?

 

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How to Become a Commercial Real Estate Broker https://nopassiveincome.com/commercial-real-estate-broker/ https://nopassiveincome.com/commercial-real-estate-broker/#comments Wed, 17 Oct 2018 07:15:07 +0000 https://nopassiveincome.com/?p=12269 You may be interested in learning how to be an independent real estate broker if you have an affinity for this sector, a solid knowledge of the business and you feel comfortable negotiating deals that involve large sums of money.   Analyze the Business What I learned over the years is that we should not […]

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You may be interested in learning how to be an independent real estate broker if you have an affinity for this sector, a solid knowledge of the business and you feel comfortable negotiating deals that involve large sums of money.

 

Analyze the Business

What I learned over the years is that we should not be generalists in a specific world. In what area of ​​the business do you plan to specialize?

Whether by type of property, geographic area, market segments, niches and sub niches, specializing is an essential requirement to be successful in real estate.

There are brokers who specialize in real estate in residential areas, in commercial real estate, in national real estate, in international real estate or in a combination. It is better to specialize in a particular real estate niche instead of trying to market your brokerage service as a business “for all tastes”.

In what determines you specialize, may vary according to the time you have in the business, age, experience, sometimes, we simply want to change roles and experiment in new areas, seeking intellectual and professional growth.

 

Evaluate the Demand for Your Service

  1. Does the market in your community justify the existence of your business?
  2. How much demand is there in your area for the real estate services you will provide?
  3. Is this demand expected to grow over the following years?
  4. What are the general prospects of the real estate market in the vicinity?
  5. Who are your competitors and how effective are they to penetrate the market?

To be a real estate agent, the important thing is not to have a title on the wall that certifies us as valid, but to know the ins and outs of the profession and possess a series of personal qualities that are not learned in any university.

However, as in many other professions, APIs have the imperative to be in continuous training.

First, the popular saying “experience is a degree” and second because only in the exercise of the profession independent real estate agents will be aware of their shortcomings to solve.

To be an Independent Real Estate agent you first have to take these steps:

  1. Register as self-employed
  2. Create a business plan for real estate
  3. Take a course for real estate agent
  4. Know the area where you will develop the activity
  5. Make a real estate marketing plan
  6. Design a good website for real estate
  7. Advertise your real estate in online media such as Facebook and Instagram to attract customers
  8. Learn how to capture real estate for sale
  9. Acquire knowledge about Mortgages
  10. Know about Valuations
  11. Prepare real estate brokerage contracts

To summarize, let’s discuss some of the elements necessary to take your real estate careers to a productive level of excellence.

 

Strategic Plan

Every Broker, Vendor or Company must develop a Strategic Plan, which must be evaluated and renewed at least once a year. Said plan will allow us a greater return of our efforts and obtain greater benefits.

One of the objectives of the Plan is to focus on our strengths and minimize our weaknesses. The first step in that direction is to establish and periodically redefine your Mission and Professional Vision.

 

Identify your Passion and Strengths

Understanding your professional vision and mission as well as your passion and strengths, be it direct contact with sellers and buyers, the direction and supervision of personnel, the administrative or corporate focus, if you like teamwork or prefer to work independently, you will be in a better position to go to the third step.

 

Philosophy

What will your business philosophy do? Are you going to work on exclusive listings or all kinds of listings including open contracts? Are you going to work receiving any amount of commission or will you establish a minimum commission for your services?

Your business philosophy is derived from the added value that you offer, that which you represent and that the competition cannot match. For example, cooking, specialty in a specific area. When the client does not perceive value in you or in the services you offer, your only option is to compete based on prices.

 

Business Model

There are different business models, then a brief explanation of the most common and known:

 

Traditional model

General agents pay between 50% to 70% and the company pays traditional market, rent and operational expenses. The more expenses the company assumes, the less the agent’s commission will be and vice versa.

 

Non-traditional model

Payment of up to 100% commission where agents receive all or almost all of the commission, typically between 70% and 100%. In this model, in general, the agents pay the operational expenses of the company, that is, rent, electricity, marketing through items that are commonly known as desk fee, transaction fee and monthly fee, among others.

 

Fee for Service

In this model the company invoices for the type of service provided. Generally, the fee increases as a result of the amount of services offered. Instead of charging a commission based on the sale price, the client pays according to the services requested and offered by the company, i.e., marketing in the MLS, written press, web, if any other is desired service is added another fee.

 

Know It All Philosophy

Today many new real estate agents in this sector, (with less than 1 year of experience), believe that dominating social media, having extensive knowledge of the internet or being a “Community Manager”, positions them to sell real estate and earn good fees. Until they discover how crude reality is and attribute their failure to the crisis in the sector or that competition is disloyal.

Being familiar with the internet and mastering these tools helps a lot; However, if you lack adequate real estate training in marketing and real estate sales (why people buy, how people buy … and the particularity of a real estate product), you will not be successful in this sector. Sales will be achieved, but the high commissions earned by the expert real estate agent will never be achieved.

 

Learn Continuously

To be an expert and remain an expert, you have to learn continuously. The quiet learning, without hurry, but without pause is always one of the objectives of the expert real estate agent.

Open the mind to new techniques of recruitment, negotiation and real estate commercialization, recycling and taking calculated risks is part of the entrepreneurial spirit.

 

Becoming an expert real estate agent is easier than you think when you access quality training and are committed to specialization. To become an expert, you do not need years, what you need is training and that you like this profession.

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Accidental Entrepreneurs- My Inspirations https://nopassiveincome.com/accidental-entrepreneurs/ https://nopassiveincome.com/accidental-entrepreneurs/#comments Thu, 29 Mar 2018 05:15:05 +0000 https://nopassiveincome.com/?p=11135 As it is my ambition to build a portfolio of passive income, I’m always looking for the next piece of inspiration to click and hopefully be the start of a fruitful venture. As well as just getting out there and trying to learn as much as possible, I also read and look up people who […]

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As it is my ambition to build a portfolio of passive income, I’m always looking for the next piece of inspiration to click and hopefully be the start of a fruitful venture. As well as just getting out there and trying to learn as much as possible, I also read and look up people who have had an initial eureka moment and taken the idea on from strength to strength.

Many of my biggest inspirations never had dreams of owning huge companies but knew they didn’t want to be an employee making someone else rich. They had a great idea, worked hard to set it up and then sat back as it grew and grew.

Here are four of my all-time inspirations in building a passive income.

 

Block by Block

In 2004 Alex Tew from Wiltshire made his first million dollars by renting out ad space on his webpage. The whole page was simply a massive online billboard made up of 1 million pixel blocks. He offered the pixels for 1 dollar each and from that companies could advertise by making up their logos or ads out of the blocks.

In four months he had achieved his goal and moved on to other projects. I guess the bad thing about this is that once all the pixels are full, that’s kind of the end of the game, but so many companies got behind the gimmick I guess Alex didn’t care so much long term- he’d just made the easiest 1 million dollars ever!

 

Like by Like

Contrary to the film the Social Network, Mark Zuckerberg actually set up a peer-study platform at college where people could add information about their shared classes. He had this idea when realizing he had spent too much time on computing and not enough time studying.

The online study group gave him a platform for his class mates to share information from the classes and Mark could pass the tests by just looking up what they gave him. Later, he took this further as he was obsessed with the internet and thought it was annoying he could research anything from reference sites, like history on Wikipedia or the News, but there was no way to research people.

In the present day, he’s mining our voluntarily surrendered info to target Google paid ads and rank up Facebook’s revenue just like he used his classmates back in his college days.

 

Take the Skies

The story goes that Richard Branson was stuck at the airport trying to fly back to his private island in the BritishVirgin Islands. Already a millionaire and fresh from his confidence as a successful entrepreneur, he asked about renting a private plane.

He managed to get one and then charged the other stranded passengers $40 for a seat on his flight. After that, he thought “How hard could it be?” and set up Virgin Airlines that took off to take on the big boys of BA for top spot in the skies.

 

Hit the Slopes

On a slightly smaller scale, Richard Downs, founder of iglu.com, found himself in a similar situation. Fed up with the lack of expertise from local travel agents, he set up Iglu Ski, an online travel agency specializing in skiing holidays.

Using email and a website instead of high-street property and printed ads Downs had success riding the wave of the early dot com boom. A few years later he expanded into the cruise holiday market. Things went global when he bought rival Planet Cruise to give the brand a truly international name.

Initially calling his start-up website Iglu, he never imagined he’d go on to dominate the cruising holiday industry and need a new, more universal name.

 

Eureka!

Whether it was quick ads, chartered flights, good value holidays or digging for information, what unites all these guys together is that they had a great idea right at the right time and used their ingenuity to make it work and be even more of a success than they ever thought possible.

When Mark Zuckerberg first started, I bet he never thought he’d get brought up before governments when he was almost expelled from Harvard or Richard Downs went from trying to sell good ski holidays to filling out cruise ships from his website.

I bet Alex Tew thought he’d never be able to monetise his idea so fast or Richard Branson go from one flight to a whole airline. That’s why these guys are my inspiration and testament to why we should always be open to every opportunity, as you never know what’s waiting round the corner and how things can develop.

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Top Books an Entrepreneur Should Read https://nopassiveincome.com/entrepreneur-books/ https://nopassiveincome.com/entrepreneur-books/#comments Mon, 12 Mar 2018 09:44:49 +0000 https://nopassiveincome.com/?p=11009 The most successful entrepreneurs are usually voracious readers. As we know that if we have information regarding everything, then our life is easier to live. But where we can take these information regarding different things? By reading books, you can gain a deep knowledge. However, these are the days of advancement and latest technologies in […]

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The most successful entrepreneurs are usually voracious readers.

As we know that if we have information regarding everything, then our life is easier to live.

But where we can take these information regarding different things? By reading books, you can gain a deep knowledge.

However, these are the days of advancement and latest technologies in which people has lost interest in reading books.

Books can be useful for many purposes, like for learning how to cook or how to bake. If you want venture yourself in the entrepreneurship world, there are many books available that will help starting your career.

If you want to be an entrepreneur, you should read the best books available in the market. And once you able to understand the basics of business, you can start reading further. With next editions of books, you will able to know that how you can contact number of clients available, how to deal with them and how to expand your business.

Your business can be of any type like manufacturing, supplying, IT business, property, interior decorators or any other. By reading books, you will get knowledge of all type of business.

All things are available on the internet these days. So, if you have interest to read books but you don’t want to go out to buy it, then you can order online these days. The book will be delivered at your address.

To make your search simple, you can refer these books, which are the top ones an entrepreneur should read.

 

The Power of Broke (Daymond John)

Do you want to start a business, but you are afraid to fail? Then, use this book to crush those excuses. If you want to become an entrepreneur, this is what you need to read.

In this book, you will learn that your success is calling you. Be ready to grow your empire!

When your back is up against the wall, your bank account is empty, and creativity and passion are the only resources you can afford, success is your only option. 

Here you’ll learn how to tap into that Power of Broke to scrape, hustle, and dream your way to the top.

 

Think and Grow Rich (Napoleon Hill)

This book will guide through what you will need to achieve everything yo have ever desired in life.

When you expose yourself to the influence of this book philosophy, you may experience a changed life.

Prepare you for the accumulation of abundant material riches.

 

The Fountainhead (Ayn Rand)

If you want to start any business, then this book will give you the passion and spirit that you will need.

“A writer of great power. She has a subtle and ingenious mind and the capacity of writing brilliantly, beautifully, bitterly…This is the only novel of ideas written by an American woman that I can recall.”—The New York Times

 

The Millionaire Real Estate Investor (Gary Keller)

From this book, you will learn about the myths and truths of the real estate industry.

The Millionaire Real Estate Investor is about you and your money. It’s about your financial potential. It’s about discovering the millionaire investor in you.

Be ready to grow your real estate business!

 

If you want to read these or any book of your interest, then you can visit booksrun.com to make your purchase any day at anytime. The best part of this website is that you can sell your own books as well. Give it a try now.

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Getting Your Finances In Order Before Your Self-employed Journey https://nopassiveincome.com/finances-before-self-employed-journey/ https://nopassiveincome.com/finances-before-self-employed-journey/#comments Wed, 17 Jan 2018 14:15:11 +0000 https://nopassiveincome.com/?p=10717 It’s one of the most exciting times for some people, but at the same time it has plenty of uncertainties which make it utterly scary. Going self-employed, and ultimately making money your own way, is something that everyone craves. However, if your finances aren’t in order, it’s asking for trouble and a lot of heartache […]

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It’s one of the most exciting times for some people, but at the same time it has plenty of uncertainties which make it utterly scary.

Going self-employed, and ultimately making money your own way, is something that everyone craves. However, if your finances aren’t in order, it’s asking for trouble and a lot of heartache down the road.

All of the above is why the following guide has been put together. If you are looking to plan ahead for your next steps ahead of your self-employed journey, read on to find what you need to put in place to make sure that the rest of your finances are taken care of.

 

Plan For The Long, Long, Long-term

So many people will have told you the size of the jump you’re about to take, and we’re not going to add to this list. Going from guaranteed income to doing it alone is not something to be sniffed at, but at the same time if you get your finances in place for the long-term things can be simplified.

When we talk about the long term, you shouldn’t underestimate your liabilities. Even if you’re middle aged, it can make perfect sense to plan for funeral care or elderly care costs – just so your immediate family isn’t affected when the time does come. It’s these sorts of expenses which are sometimes ignored from a financial plan, yet now that your guaranteed income has evaporated it needs to be something you consider.

 

Give Yourself Six Months Leeway

We’ve just spoken about the long-term, but in terms of the here-and-now you should always make sure that you have enough to pay yourself a livable salary for the first six months that you take your self-employed steps.

Most businesses make very little money during this initial period. Sure, you might have already covered the groundwork, but it’s usually only when you start on a project in a full-time capacity where the big difference is made, and the revenue starts to be generated.

In the meantime, make your life as stress-free as possible. You don’t want to be in a situation where you are making rash decisions just because of personal cash flow. With six months of a livable salary in the bank, you have bought yourself the elusive time-factor.

 

A Little Further Down The Line…

When you are in the world of work, something that is legally guaranteed is that you will be looked after when you retire. Sure, some people will be looked after more than others, but you will have at least some money when the day does come.

Suffice to say, the same privileges aren’t necessarily granted to the self-employed. Recent studies have shown that an alarmingly low number of self-employed people actually provide a provision for a pension, and this is obviously going to spark problems later down the line.

While you might argue that your business isn’t yet in a position to gift yourself a pension, this needs to be one of your actionable objectives. Remember, if you are not making enough money through your self-employed venture to cover a pension, you need to look at visiting other options.

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