Your business model should reflect the life your want

Most people that I have helped staring their own business basically just want to create their own job. To be selfemployed. Therefore the set up a business that is completely dependend on their precense. That is fine with me, since I have had the experience myself to be selfemployed. It’s a great job, the best in the world, but it is still a job. You still need to go to work every day to get an income.

However the more entrepreneurial think in a different way. They want financial freedom. They want to build op income streams, that are independent on their precense. They want to create enough of such income streams to work for them, som they can do whatever they want with their time without worrying about their income for next month.

A simple and obvious example is writing an e-book and selling it on your website. Once the book is written and ready for download, it generates income without you moving a finger as long as people still download it. It is not always that easy, but in general it is an important part of the entrepreneurial mindset, that you create something that can generate income to you without you going to work every day.

Sterling & Jay – pseudonyms for a couple of internet entrepreneurs – speak a lot about this in their podcast and blog Internet Business Mastery that I strongly recommend for it’s focus on mindset. It has completely changed the way I look at my own business, that is going through a major transformation at the moment.

Sterling & Jay are in debt to the book Rich Dad, Poor Dad that teaches you how to make money work for you in stead of you working for money.

So what do you want? To create your own job or to create financial freedom. You’ve better decide now, cause what you think is what you get.

Filed under: mindset

It's up to you now…

After developing new ideas and concepts for the first half of the course, it is inportant, that we start focusing on the business plan.

And remember: A business plan is not somthing you put together in an intensive last week before deadline. A business plan is a process, where you make the first raw version, get feedback, research, change it and get feedback again. It is a long learning process that you cannot finish fast if you want a good result.

Since you have worked quite som time now on your ideas, I would like you to fokus on other parts of the business plan now. Especially describing the team behind the idea, the market and industry and the financial projections (budgets).

It is going to be chaotic, difficult and frustrating. You can’t alway find the information you need on the internet – and maybe not even by speaking to people. But then you need to find creative ways to answer your questions.

I will be there to help in class and support you with information on this blog, but you will have to take action yourself now…to get a feeling of real life….

Filed under: mindset

What makes entrepreneurs entrepreneurial?

Taking a big risk and investing millions in a great business opportunity is rarely the way entrepreneurs start their business. Most entrepreneurs start with at limited risk and often they only really identify the potential and opportunity once they are in the business.

A great introduction to the way entrepreneurs usually start new ventures is written by Saras Sarasvathy.

Download Sarasvathys article: What makes entrepreneurs entrepreneurial (pdf)

Visit Sarasvathys webpage Effectuation

Filed under: articles, mindset