Advice to a New Entrepreneur

I’ve been an entrepreneur in one form or another most of my life and so has my family. With rare exception, there’s no secret to being a successful entrepreneur. The path is laid out for many of use to see. Just pick any book in the self-help or financial section written by a successful entrepreneur explaining how they became successful and you have an example of what it takes to become one. There’s just better practices and of course a lot of hard work and dedication – and when say hard work I mean obsessive workaholic type of hard work. In essence you have a better change at staying the course if you enjoy what you do so that it does not feel like you’re working all the time. However, At the end of the day you choose a route that will get you there. Whichever route you choose, it has its pros and cons. The route I chose was being in business for myself and then investing the gains in a more passive form of income. I own a hotel business and have invested the profits into multi-family residential real estate which is my passive income investment. This seemed, to me, the best route at least from my experience and from what I’ve read in terms of speed and the clear path. By clear path I mean you have control of your domain based on the decisions and effort you place towards meeting your goals. If should you decide to go this route, you will need to learn how to develop business systems to run your business or else you’ll be stuck running your business what will feel like 24/7. As a result, you’ll cap your earning potential and thus lessen the frequency of your investments. The important part of this equation is the investment in a passive-income entity such as real estate rental properties. You’ll eventually want to retire with steady cashflow coming your way without your having to go to work every morning.

Many speak of finding the “why”. I still can’t figure it out entirely as to “why” I’ve decided to be an entrepreneur (because it is not easy). The main thoughts that come to mind are that I don’t want to be without resources such as a home, a car, food, college for my kids, entertainment, etc. And I also want the liberty to not have to work for someone else or I will not eat. These things require a monetary transaction into my bank account. Hence the money is at the core reason of the why.