Why You Can Succeed in this Decade of Entrepreneurship?
©2006-2009, All Copyrights Reserved Erfan Hettini
By Erfan Hettini,
We live in the most intriguing decade of all time-- The decade of entrepreneurship. A decade that presents a tremendously unlimited number of opportunities for the average person, with unprecedented success rate for the equipped one.
In a decade where mergers resulting in layoffs and job insecurity have become the norm. More and more people are choosing to start their own business today than any time in history. More and more people have reactivated the entrepreneur within and are realizing an unparalleled success and so can you .
Let’s take a look and see why the time is ripe for you to launch your own business and see what factors are on your side to help you succeed.
The best way to illustrate my point is to first ask yourself the following question: do you realize we live in a different age?
Never before in the history of the world has it been easier to start your own business than it is today. The internet has proven numerous times over that we have indeed entered the speed age, the age of information, those who have the right information and put it to use in the shortest time possible, benefit the most .Every 60 seconds, there is a new millionaire
born somewhere in the world.
There are certain success factors that are best explained through a contrast between the Industrial Age and the Information Age.
There are two key factors with different aspects of that Industrial Age vs. Information Age.
A) Demographics of millionaires and Billionaires of both ages
in relation to Age, Time, Wealth.
• In the industrial age it took more time to create wealth and the age of a wealthy person, and especially billionaires was on average almost in their fifties and sixties. In this information age there are plenty of self-made multimillionaires in their twenties and billionaires in their early thirties.
• In the industrial age, billionaires were very few, but in the information age: it’s not as seldom as before. The U.S. alone has well over 400 persons in the billionaire club.
• Achieving billionaire status in the industrial age took on average 20-25 years to accomplish versus 10-15 years for the information age.
• A contrast between Warren Buffet and Bill Gates illustrate the following point. Warren is a multi- billionaire of the industrial age mostly, and a gate is a multi- billionaire of the information age. Warren is much older, and a gate is much wealthier than warren and became a billionaire in his early thirties.
B) Benefits of Entrepreneurship
In terms of income, tax, time, security, income potential
• An income created through a job is called linear income which is trading time for dollars. An income created through a business is called leveraged -income which is leveraging the time of the employees, advisors and vendors to create income for the business owner.
• As an employee working a job you pay the maximum taxes and you are the last one who gets paid. In a business you pay minimum taxes and you are the first one to get paid.
• When you are an employee, your freedom of time and schedule are bound by what your job dictates. As a business owner, you have a large degree of control over your time.
• As an employee you could lose your job regardless of your performance. As a business owner your security is in your own hand.
• Your income has a ceiling as an employee, but as a business owner you determine the ceiling of your income.
©2006-2009, All Copyrights Reserved Erfan Hettini
