An economist is someone who didn't have enough personality to become an accountant.

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Money is like manure. If you spread it around it does a lot of good. But if you pile it up in one place it stinks like hell. - Jr Murchison

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Starting your own business.

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Starting  your own business.

Starting your own business

Owning your own business is one of the best ways to make money and a career. Robert Kiyosaki (Rich Dad,Poor Dad) says owning your own business is one of the best ways to increase wealth. It also has preferred tax treatment over working as an individual.

Working as an individual you can only earn as much as the hours you work. Selling something repeatedly in a business is a brilliant way to generate income. A book, CD (record) or ebook requires only one piece of effort but the rewards can be endless. Look at the amazing income of some famous musical names, Paul McCartney, Elton John, Sting, who all had their premium sales times many decades ago. I know they are all extraordinary men but they had an idea, a passion and they were motivated to see their passion become a reality. Any time you hear their songs on the radio even after all these years, they are still making money from every play.

Garage Businesses

Here in Australia, we have many businesses that started from humble beginnings (many from the home garage) that have gone on to become large publicly listed companies. JB Hifi, Seek.com.au, and Carsales.com.au. Also, internationally the best known garage operations were Apple and Amazon- both need no introduction, of course. The proprietors of both these companies also had a passion and turned what was a humble idea many years ago into a thriving corporation. Even though both Apple and Amazon sell products and services it is interesting that so much time was spent on promoting both names as a brand. To many companies the brand name is as important as the products they sell. CocaCola for instance has a very important brand name that is easily recognisable.

An idea is all you need!

Do you have to have a huge idea and the thought it may one day turn into a corporation? Of course not. A small idea, any good original idea, will do! I came across an article in the newspaper in 2010 about Natalie Tran a Sydney woman who started writing and acting small “skits” on video from her parents home. She uploaded them to YouTube and became a sensation and now makes an income from the advertising revenue YouTube pays.

She started her own business just following her passion like many of the other examples I have mentioned in this post. The fact the business started producing an income was secondary to having fun and doing something that they loved.

Good luck with your thoughts!

 

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