doesn’t that mean that there will be alot of competition that I don’t need to have.
The Alan Sugars and Bransons of this world grew their businesses at a time when it was not fashionable to be self-employed. And they made alot of money.
I fear that those people who follow in their footsteps will be the mugs of the future, just as much as the mugs who they made money from themselves when they started out.
So the real question is: In 20 years time, how will the neauveu rich have made their money?
10 Responses to I’m thinking of starting my own business. But as being an entrepreneur is so much in fashion at the moment.
as if i’m gonna tell you
I am very sure it will be the same way
Running your own business, money get money and through inheritance and real estates
I don’t know about 20 years from now, but if YOU are concerned (and interested) in starting your own business, the best way is to seek mentoring. Learning from someone who’s been there and done that (and making money as well) should be your goal. Don’t be intimidated by the Alan Sugars and Bransons of the world… the world needs MORE entrepreneurs. There’s always a need that’s yet unfulfilled and markets that haven’t been tapped.
Entrepreneurs are amongst the most innovative people in the world. And entrepreneurship is the most satisfying business you can ever have. If you want an example, here’s one for inspiration.
More than likely online at the rate is growing!
It’s not like you would be in competition with every entrepreneur, you know. Only in competition with those in the same market and the same service or product, whether those are entrepreneurs or big fat lazy companies.
But yes, to your other question, a number of people who fancy themselves entrepreneurs today will be ‘mugs’ and poor tomorrow. And others will be successful. Same as it’s always been. Your skill, your capital, your knowledge — particularly self-knowledge — will tell which group you’ll fall in.
20 years from today, entrepreneurs will make money they same way they always have – providing a new and better solution to a real problem. Being an entrepreneur is not a choice any more than being a musician or dancer is a choice – it is something you do because you enjoy the journey.
Check out my blog (listed in my profile) for more pithy advice!
No business is going to grow and florish if you don’t have the excitement about doing it, the passion to continue it, and the self drive to keep things on track.
Why not start slow with one thing you really, really like, and see how you get your feet wet, how serious you want to be about it, and if you can do this for the long haul.
And as they so WISELY say—Don’t quit your day job!!!
An entrepreneur is someone who has a flair for setting up ‘money engines’. A business is an arrangement that generates money of course. Some ‘engines’ are better than others. This is the essence of the entrepreneur…The biggest joy for them is the beuty of the thing they have set up: how efficient it is, how well it turns a profit. All other business people are in it for other motivations: Dyson loves design and is creative primarily, Branson & Sugar are good examples: they are not inventors or designers they are good at setting up viable business concerns.
Well if you can start a modest business first and slowly save up to setup something else that can act as a cash cow, pool halls are always good, then invest in property and slowly but surely you will see your net worth increase and you can just keep on going till you get bored, sell up and live off the cash lol.
Being in business is as old as the hills. The only difference is that we’re currently subjected to media desperate to sell newspapers and increase viewer ratings. Despite them, being entrepreneurial is fun and well worthwhile.
If you’re looking for inspiration, read Felix Dennis’s book How to Get Rich. He talks about the mistakes he’s made and the successes he’s had. He doesn’t mince his words but he does dispense a lot of words of wisdom.
The answer to your question about how the nouveau riche will have made their money in 20 years is much as they always have done, through owning and running businesses, including property. The important thing that these guys know is to be flexible in their approach to business, to have an eye for an opportunity and to get out of something that’s not working at the right time.
We’ve just brought in a younger director to our business – – who already has diverse business interests. By the time he’s our age I expect him to be a lot wealthier than we are now, just because he’s learned the rules about diversity and opportunity earlier than we did.
Good luck with whatever you go for