The entrepreneurial mindset is different from that of most people. Not only are they comfortable taking risks, many of them are risk-seekers. But, they aren’t blindly seeking risks. No, they take carefully-measured risks. Here’s what you can learn from them.
Start Early
Entrepreneurs don’t wait around for things to happen to them. Most people get into trouble by going into debt, and never seeking out opportunities. In fact, many people mistakenly believe that opportunity will come knocking. All they have to do is wait around for it.
Entrepreneurs don’t wait for opportunity to knock. They go knocking for it. This is how Adrian Cartwood, 49, author of How To Make 7 million In 7 Years, made his fortune. He lived frugally while building up a tech-related business. If you can learn to live within your means, then you can build wealth simply by saving up enough money and starting a business that produces income for you.
Protect Yourself
Serial entrepreneurs often learn the hard way that they should protect themselves, legally. According to M-n-law.com, an attorney at Rhode Island, says that liability claims and personal injury lawsuits can easily wipe out a business owner who doesn’t protect themselves with liability insurance.
Lesson: with risk, comes responsibility.
Stay Out Of Debt
Of all the lessons successful business owners have to teach us, this one is probably the most important. It’s easy to get caught up in the glitz and glam of Wall Street telling us we should borrow money for this and that. But, the reality is successful business owners stay out of debt, pay off the debt they get into very quickly, and make sure that they do not overextend themselves.
Articulate Your Vision
Without vision, you’re not going anywhere. Millionaire Mommy Next Door, Jen Smith, says you need to be clear and precise about what it is you want to do. Instead of saying, “I want to be rich” for example, you should have specific income goals and an outcome you want to achieve.
For Smith, she wanted to be retired before she started a family. She spent significant time clipping out images of places she wanted to visit, people that looked like they were having a good time on beaches in far-away places with white sand and blue oceans.
Anything that keeps you motivated.
Advertise
You can’t get ahead in business if you don’t know how to advertise. Spend time working on your marketing message and what you want to say. Some of the best marketing is done online and offline using direct response-type ads. These type of ads focus on getting a response from your advertising.
Insure Against Disaster
Most people don’t buy enough life insurance, disability insurance, and liability insurance. All three are needed by business owners who want to protect their incomes. High cash value whole life or universal life can be an ideal way to stockpile cash for future capital needs (while also maintaining a death benefit for key person insurance needs), while disability insurance provides immediate income in the event you’re disabled.
Liability insurance protects your company from being devastated by a lawsuit.
Toby Randall was an entrepreneur before the term became commonly used. He has had much success in his business life and, now taking a back seat from day-to-day operations, is enjoying sharing his wisdom with others.
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