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Key Factors of Entrepreneurs
Some people have what is considered the entrepreneurial gene. Elon Musk sold his first piece of software when he was 12 years old. Warren Buffet made his first stock investment at the age of 11. At 12 years old, Mark Cuban was selling garbage bags door to door. Richard Branson started his first business at 16. And we can go on like this forever. If you don’t have a rich father to give you a small loan of 1 million dollars, you’ll have to earn your first million yourself. The sooner you start the bigger the advantage you have because you’re learning the most valuable lesson in business: How to get people to give you money! Think about it like this: it will take a couple of years before you identify a business that has a chance of success. Then with hard work, it will take roughly 7 years for the business to mature. If you start when you’re 16, by the time you’re 25, money is no longer an issue. If you’re a teenager, your time is now. If you’re older than that you just have to push yourself harder for the time you wasted. Books, interviews, documentaries, case studies, analyze other people’s businesses, analyze how other successful people behave, and then emulate everything you learn. Fortunately for you, quality information is cheap or even free. In this phase in your life, you need to master the fundamentals: becoming a self-learner, how to self-motivate, self-discipline, time management, sales, how to talk to people, how to build things, how to market, how to scale, how to manage people, how to speak & understand money. This is why investing in yourself pays the best dividends.
Some Most Effective Ways:
You will fail and this is a fact. You are too early in your journey, you don’t have enough knowledge, you don’t have enough skills, you don’t understand the markets or the consumers well enough and you don’t yet have people to guide you or save you. the only way to become a billionaire, especially when you’re starting from scratch, is to absorb as much information as possible and transform it into actionable wisdom! Do not be afraid to fail and do not give up if things don’t go your way. Learn, adapt, overcome! Every time you’re faced with a challenge, the market is testing your ability to perform. Failure is not the goal, but it’s part of the journey! We told you we were going to keep it honest. You simply can’t do both.
It will take so much energy, so much drive that there simply isn’t room for anything else. Just like a rocket, you’ll have to burn most of your fuel trying to escape the gravitational pool. It will keep you fed and warm, but it doesn’t bring that lifestyle you’re looking for. The time you put in over that goes to your success. Relationships, family, and sometimes even health will suffer in the process and there’s still a massive chance that you’re not going to make it. This is why most people never do. They’re not willing to pay this high of a price and it’s understandable. You can still be like everyone else and be happy. It’s your call to make. In the first 10 years, you learned a bunch, you studied success in many forms, you understand how the market is changing. Inevitably you’ve identified businesses that are within your reach and took that idea to the market.
It shows people that you can take an idea and execute it flawlessly until completion. If you did everything right, a 7 figure payout should be within reach. If previously geography played a decisive role in your success, as of 2020 you can no longer use that as an excuse. A laptop and an internet connection is the minimum barrier of entry in this race and considering you’re consuming this piece of content right now, you’re way past it. Here’s the deal! A million dollars is no longer a lot of money! It’s just a mental milestone you need to pass in order to move into real money territory. You have to enter this stage as quickly as it is legally possible. Only at this point, you can finally start your race to 1 billion. As you move into this new level of business you’ll discover things are quite different. The stakes are higher and now you’re competing with the big boys. They have all the money in the world, they have the infrastructure and you’re just a cockroach who’s trying to take some of their breadcrumbs. Because you have your network, you have your track record, you now have access to other people’s money.
It’s a race, between and how much the market you can acquire before big business catches up. This is why Elon is so aggressive with his electric cars, Volkswagen and Ford are breathing down his neck, so he needs to secure his position as a big player before they retrofit their production line.
Some Final Steps to Follow:
You can start foundations or help charities change the world for the better. You can divert some of the money your investments are making to research or whatever you feel passionate about. You’re surrounded by the right people who make sure you get every deductible possible so that the wealth is secured. Now, it’s up to you on what you want to do next.
Find people with the same spark you had in yourself and help them do the same. That’s what venture capital funds are all about. They are the driving force behind the change-agents that are shaping the world. Governments have fallen way behind on innovation and at this moment in time, the private sector is what’s pushing humanity into the future.
If you’re smart, that’s more than enough to feel secure and enjoy a rich lifestyle. No, you don’t have 2 private jets, but you’re super comfortable renting one whenever you need. You have solid investments that are covering every reasonable expense and you’re still left with more. If you chose to, you could stop working for the rest of your life and you would be fine. We know you dream of retiring on a beach sipping mojitos, but surprisingly, it gets boring really fast, especially if you’re the type of person who built his fortune from the ground up. You can never really stop your mind from being what it really is. The mind of an entrepreneur. Only this time, you’re solving business problems just for the challenge of it all. That’s where we wish all of you to become: So rich, that you solve problems just for fun! It’s been a crazy year Aluxers, and we could’ve only imagined such a thriving community when we began on this journey.
Esper Centeno on July 04, 2020:
Thanks for this awesome information.
Arslaan Akhtar (author) on June 24, 2020:
yes, it is.
nancy on June 24, 2020: