How Home-Based Business Entrepreneurs Think

Too many people are trying to start their home businesses with an ordinary employee’s way of thinking. This has become a common reason why not long after sitting down and giving it a fair look into even the most lucrative business opportunity they bump into, they put it away and decide not to take any chances.

What has happened here is that the most lucrative business opportunity has been looked into by an ordinary 9-to-5-worker, who appears NOT to be business-minded.

If you are like most people, you have probably considered starting your own business yourself. But above all, you have to understand that to make into a successful Business Entrepreneur, one has to change their way of thinking first.

1. DO NOT EXPECT FAST CASH!

Besides gambling or winning a lottery, working as an employee is the only way to get ‘fast’ cash… ‘fast’ as in ‘in-25-working-days’. This kind of cash is always certain to come in as long as you work from 9 to 5 for your boss. But as you probably already know it, as soon as you stop, the money stops. (See FinancialFreedomAwaits.com).

True entrepreneurship-minded people know that it takes time to develop an ‘attack plan’ for their businesses. It takes time to build a strong and solid business, which delivers ongoing income through many years.

True Business Entrepreneurs hold on to this truth, “We reap what we sow, but the harvest is never in the same season as the planting.”

Change your way of thinking:

DO NOT EXPECT FAST CASH!

2. AIM FOR JOB SECURITY OR FINANCIAL SECURITY?
Employees would rather have job-security. Why? Simple: the income is secure. As long as you loyally work from 9 to 5, you will for certain get your cash! The problem with a typical job is that when you stop, the money stops.

The stark fact is: one day you might get sick and won’t be able to go back to work. Sooner or later you will retire. Companies get broke and have to release their employees. No matter what the situation, as soon as you stop working, the money will stop coming.

So much for secure income…!

A job with secure income is necessary for those who has not set up their own business yet. True. But a true Business Entrepreneur won’t settle merely for job-security. He aims for much more, such as financial security. No, he won’t have fast cash. And no, he won’t have any secure income yet – at least not in the beginning. And often, he won’t have any income at all from his new business for the first few months.

Business entrepreneurs think of the big picture. What they do is building assets from which his money will come in month after month, year after year from work he is doing now! The money will not come now. It might not even come for the next few months. But as soon as his business is up and running, it will keep generating income for him, even when he chooses to stop working!

And THAT is financial security!

Change your way of thinking:

THINK OF THE BIG PICTURE: AIM FOR FINANCIAL SECURITY!

3. GENERATE PASSIVE INCOME

Financial freedom is not measured by how much money you earn by working, but how much money comes in with only little or no work at all. This later kind of income is called passive income. This fact has been known for decades by real wealthy people.

Successful and wealthy entrepreneurs do only little work and sometimes it is even possible to do the work only once but still generate recurring income on it. Imagine a song or a book writer. They write their songs or books once but get paid forever on it. This do-it-once-get-paid-forever type of income is called residual income.

Most people who have attained financial freedom have other people working to generate income for them. Earning money by other people’s effort is called leveraged income.

As hard as it may seem, to create leveraged income, you need to have your own business where other people work to generate income for you. Any business. Whether it is a traditional business, franchise, small business, internet based or home based.

Employees work to generate secure income. Business Entrepreneurs work to build assets with income streams which generates for him ongoing passive income (either residual or leverage income or both). In other words Business Entrepreneurs work to build himself -what I would call- a ‘money-machine’ which is designed to generate ongoing income.

Whereas the Employee can not stop working because otherwise he will lose his income, the Business Entrepreneur will have money coming in constantly, even when he chooses not to work, simply because it is his assets that generate residual and leverage income for him.

Change your way of thinking:
TAP INTO PASSIVE INCOME BY GENERATING RESIDUAL & LEVERAGED INCOME!

4. INVESTMENTS

It is common for people who seek job security to hesitate to invest. The reason is understandable: for some of us the risks of investing in a business are just too much to handle.

A true Business Entrepreneur understands that in order to build -what I would call- a ‘money-machine’, investments are necessary. There is just no such things as businesses without investments. He knows that it takes time and effort to develop a successful business. But he also knows that investing money is just as important!

Sometimes it takes the Business Entrepreneur a year or two before he can finally reap the big success. Sometimes even a bit more. It takes a couple of years of investing time, effort and money. But this is not too hard for him to handle. A true Entrepreneur thinks long term. He knows that in the end, his working and money investing will finally pay off!

A Home Based Business Entrepreneur would only have to invest just 5-10 hours a week for a couple of years and he would only have to make low budget investments into his home based business. And at the end of the time of working and investing, our Entrepreneur would have turned it into a significant amount of residual income stream!

I’m not talking about money that comes in today and is gone tomorrow but income that keeps coming in month after month, year after year… money that -as Gery Carson has put it- “when you’ve left this planet continues to provide for your spouse, children, or grandchildren.”

By then you would think that all your valuable time and money you have spent would be worth it.

Commonly an ordinary employee, who fears too much to invest, works hard to receive his pay check every month. Most likely he even retires broke. Before he knows it, he leaves the planet with nothing to leave for his family.

A true Business Entrepreneur is prepared to invest. He knows by investing in his business he is building assets that would generate passive and residual income for him throughout his years on this planet and the years of his grandchildren.

Change your way of thinking: THINK LONG TERM: START INVESTING!

Traits of a Successful Internet Business Entrepreneur

The art of succeeding in any given task just like in the internet business does not require exceptional persons but rather people who abide by certain principles which over time come to be associated with their character traits.

For any business person or manager to succeed they must display these sterling qualities expected of an astute business man which is their hallmark.

We shall be highlighting those common traits associated with most successful internet business entrepreneur so that anyone thinking of venturing into this terrain will take a cue from this tips.

One of the first principles of success in life is determination and so is it also in the business world. The world of business is just like an unknown territory which we are ploughing through armed with only our
knowledge of the immediate business environment.

We are all prone to failure in the business world but with determination and perseverance there is always that believe which sees us all through when it matter the most.

With determination comes commitment to what you love to do and that is why the most successful online businesses like Google and Amazon never quit after all they have come to achieve and be known for.

The online business is not for regular worker who just want to earn a living working for someone else rather it is best suited for people who want to drive their own business and watch it grow.

That is where ambition comes in to the equation, for any serious minded entrepreneur aspiring to invest and develop an online business they must pack a lot of ambition in their arsenal.

Asides ambition, also have your clients in mind at most times because they are the reason why you are in the market place so you need to inquire about where their interest lies and ensure that you serve their needs effectively in order to remain in business.

Any aspiring online business entrepreneur must cultivate the spirit of prudence because in consideration of the size of his investment he needs to ensure that he operates within his budget.

Even when there are windfalls from the investment it is wise to keep a low key operation in place and manage profits judiciously by not getting carried away on the spur of the moment.

It is not advisable to expand the business quickly on the basis of improved earning as you might not be ready to cope with the demands of high business stakes. So why not just keep it simple and watch your business grow still.

A successful business man is a man who is not into the business only for the money but because he derives a pleasure or passion from what he does to earn that money.

You need to be original and creative and this is borne out of the need to express yourself through new ideas and not just what others think is right for the market. From expressing yourself you will take risks with new ideas which will definitely lead you one day to that breakthrough.

Home Based Business Entrepreneurs and the Internet Affiliate

Home based business entrepreneurs are ahead of the recession and its crushing effect on big corporations. Average working men and women, in the spirit of the entrepreneur, are stepping up to the plate to beat the odds and start their own home based business.

In Canada, small and medium sized business is the hope of the future. This segment of the population has been described as the backbone of the economy. Making the decision to take control of their financial future by supplementing or replacing their employment income is more prevalent today.

More emphasis is being placed on entrepreneurial endeavors to stimulate a sagging economy. Governments are offering tax benefits and incentives to develop work at home initiatives. There has never been a better time to look at alternative income choices.

Home based entrepreneurs can start a work from home enterprise at a fraction of the cost of traditional business start ups. Many entrepreneurs have a product of their own creation they wish to sell. Developing a product requires a lot of commitment and dedication to get the product ready for the marketplace. You are responsible for all aspects of developing your marketing plan and the costs involved can be substantial. In fact, the costs involved can be prohibitive for most people.

There is another way. The Internet offers a multitude of ways to start work from home. Many companies who have realized the power of the Internet as a marketing tool have developed opportunity plans to include the Internet. Affiliate programs come in all sizes and shapes, so to speak. Each company has their own unique way of compensating their affiliate members. Taking the time to research the company, its products and its compensation plan makes sense.

A well developed marketing and compensation plan creates a win-win-win situation. The company builds a workforce that doesn’t get paid unless product is sold. The distributor or representative of that company has market ready products, professional marketing and promotional information, flexibility to work their own hours and can earn compensation when product is sold through their network. The customer or end user gets quality products at competitive prices.

Advantages of an Internet home based business vs brick and mortar storefront:   

    * Low start up costs – often less than $5000      

    * Low maintenance costs – many under $500 a month   

    * Global marketplace

    * Low advertising costs    

    * Business partners instead of employees     

    * Schedule your time around your family needs   

    * Online cost effective marketing resources      

    * Tax advantages

More and more companies are becoming exclusively Internet based. Developing an online home business has some definite cost saving advantages. Once you have made your decision to build a business online, be sure it is a business to be proud of. After all, you will have to put in considerable time and energy to create a long term online presence to make money online.

Affiliate marketing is popular with entrepreneurs who don’t have their own product or service to market. A company that offers affiliate programs will pay you a commission to sell their products. They generally include marketing web sites, promotional tools and marketing information to get you started. The biggest advantage is instant start up. Once you have entered into an affiliate program you have everything you need to be successful in your home based business.

How to Stay Motivated As an Online Home Business Entrepreneur

No matter how dedicated and passionate you are about your online home business, as an entrepreneur who works from home it is inevitable that at some point you are going to find that your motivation levels begin to drop. This is something that will happen slowly over a period of time, so that you don’t realize it until you find that your productivity has almost slowed to a standstill.

Because this happens over a period of time, there are ways to maintain your levels of motivation by developing some daily habits. If you fail to do this what will happen is that your online home business is going to crumble, so it is essential for you to keep up on your daily tasks and keep your head in the game.

The best thing to do when you begin to lose focus is to just take a short break. Depending on your preferences you could either go for a walk to clear the cobwebs from your mind or maybe just take the whole day off.

Some people find that the best thing for them is to just change from the project they are working on, to something else for a short while but irrespective of how passionate and driven you are to succeed, there will be times that you find your motivation to carry on faltering, and just trying to push through it can do more harm than good. If you are not sufficiently focused your chances of making mistakes will increase or alternatively you may find yourself just not working efficiently. When you take a break it gives you the opportunity to refresh your mind and come back to working enthusiastically.

Two hours of focused and efficient work will reap better rewards than eight hours of trying to work and losing focus all the time. A break can help to get you feeling energetic and focused and you will achieve far more.

Another option to remain motivated is to set boundaries on the time you spend working. One of the difficulties faced by many online home business entrepreneurs is that they tend to spend most of their time in front of their computers. If you plan your time so that you allow time for family and friends in your schedule, just as you would if you worked a 9-5 job then you will have more motivation and focus when you are working. Let’s face it you wouldn’t spend 60 hours or more per week working in a regular job and just because you are working from home doesn’t mean you need to increase the hours you work.

Keep your motivation high by making sure that you really enjoy your free time. Many people feel guilty when they take time off and end up spending that time worrying that they are not working. One of the main reason why people choose to work from home is the freedom of choice that it allows, so enjoy the time when you are free, it will benefit both you and your business in many ways.

A big issue in the workplace and one that is regularly addressed is motivation and there is a good reason for this. When you are not motivated you will make more mistakes, you will not enjoy what you are doing and your work performance will suffer. This applies equally to running an online home business. Be pro-active, take regular breaks, set boundaries for yourself and enjoy the free time you allow yourself. By doing this you will keep your motivation levels high and you will find greater success for your online home business.