The one thing I have learned, when it comes to building wealth is that there are no short cuts to instant riches. While there have been a few high profile events of what appeared to be extreme wealth being created almost overnight, you must recognize that even in these rare cases there has been huge risk and extensive capital expended over time.
In fact the most important factors which lead to success in business are the willingness to assume risk, willingness to expend capital, the ability to focus on an idea and bring it to fruition and some good old fashioned luck.
While I'll be the first to recognize there are some people who just seem to stumble into a situation and are in the right place at the right time. Winning the lottery, selling a stock at just the right time, or selling a real estate property for a quick profit is not the norm.
Most people who have built wealth have done so over time. A disciplined plan and the relentless pursuit of a dream are paramount if the desired goal is financial security.
Many people wish to own their own business and be an entrepreneur, but many may not have the "brilliant idea" that leads to a blockbuster business. Luckily, this is not necessary in order to succeed as an entrepreneur.
While it would be nice to come up with one of these blockbuster ideas, there are plenty of other ways to become the owner of your own business.
Purchasing an existing business is one such way to join the ranks of the business world. There are individual businesses and franchises which can be purchased outright, or financed by various means.
This is usually an expensive endeavor, and usually requires leaving your full time job in order to manage the business. This also involves a degree of risk, but if you do your homework, and devote the time it takes to manage the leverage of the purchase price, plus the day to day operations, it can be an excellent way to build long term wealth.
If the idea of owning a business while maintaining a full time job is more your cup of tea, there are many business models which can facilitate this. Again, there is no free ride, because nobody is going to provide you with all of the tools to run a profitable business, without some cost.
Unless you are strictly interested in doing a specific task at home for a fee, most of the business models I've reviewed for an at home or online business require money to be spent for hosting a site, joining affiliates, marketing, and business development. You should never feel you have to start anything from scratch.
Between outsourcing, existing technology and systems now available, your goal should be to build a team of virtual partners who can help you build the business you want. Leveraging existing systems is paramount.
Developing multiple streams of income is important and can be achieved by developing a home business along with your full time job. But be clear, you have to be willing to put some "skin in the game" and invest the necessary time and money in your business if you want it to take off.
There is no better accountability than an investment of your own time and money in a venture you believe in.
If building real wealth is your goal, then building income and equity through your own business and systematically investing in diversified assets will lead to ever increasing equity and financial security. One day you'll look at your portfolio of investments and realize you've built wealth faster than you thought you would.
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