Tuesday, 15 December 2015

Top 5 Reasons to become an Entrepreneur


Forbes 2015 list of over 1800 billionaires shows that 1200 of them are self made or entrepreneurs. This is one of the reasons we ought to give more priority to our own business either fully employed, self employed or unemployed. These successful entrepreneurs started from somewhere and early. One common secret about them is that they have a product or service and are innovative about it.
Let look at top five reasons why your business should be your priority

Financial Freedom
Some Entrepreneurs before clocking age 40 has made so much money that given future unforseen circumstances, if they decided not to work again, will never go bankrupt. That is the joy of working for yourself. The question is how many years more do you want to work before gaining financial freedom? Yes it is possible if you believe! This can only be possible when working for yourself.

Wealth
There is a clear difference between been rich and been wealthy. Riches has to do with abundance resource to pay bills while wealth has to do with ability to generate more income while not working. Wealth is the only difference between successful Entrepreneurs and successful employees. Entrepreneurs are wealthy, they had been able to build many streams of income and systems and got people working for them even in their absence. Working for yourself will make you wealthy if you are passionate, innovative and master system building.

Secured Plan B
I have written extensively in the past why everyone needs additional  source of income. It is advisable to have your own business or what I tagged 'secured plan B' while working in case plan A which is full time job fail, plan B can easily be activated.There are so many businesses someone can do while working full time. Secondly, personal savings and reinvestment is the only way to prepare for the uncertainty in the Labour market.

Solution
Most of the successful Entrepreneurs are driven by passion to make the world a better place and make things easier. Take a look at Google, Facebook, Uber taxi, Airbnb- these companies are making their world better.  Try and identify needs, become a solution and contribute in making the world a better place. Entrepreneurship is beyond just enriching yourself alone, there  is joy when one has a product that makes process easier.

Innovation
Innovation is the ability to invent and reinvent. 2015 was tagged 'year of disruption'. Traditional business model is changing because of innovative entrepreneurs.  Skype and wechat became the biggest telecom company without any telecom infrastructures, Facebook became the biggest media company without personally spending any money on multimedia and video, Uber became the biggest taxi company without buying any taxi). Clearly, innovation is changing our world. Sticking to a paid full time job forever could stifles innovation. That doesn't mean you should quit your job after reading this, I Just want you to unleash the power of your mind, think towards your business, create the world of your dream.

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