Connect with us


The 6 Golden rules of building true wealth | You need to know



The 6 Golden rules of building true wealth | You need to know 1

The 6 Golden rules of building true wealth | You need to know 2

If wealth creation was so easy, why is it that people don’t retire comfortably? I believe the recipe for building true wealth rest on 6 golden rules, which I have outlined.

My wish for you is to apply the information to prosper.

Rule1. Use passive income to build time

There are plenty of ways to build wealth.

Which one are you relying on?

  • The stock market
  • A pension fund
  • Retirement annuities
  • A job
  • A new business
  • The lotto
  • Wealth is not about money, it is about time and realistically the only way to free up time is to increase your income and reduce the amount of hours you work.

    Would you rather work 8 to 10 hours for a boss each day or spend more time at home with your family? Drop your answer in the comment box.

    How about dedicating more time to your hobbies, travelling, or starting a business? Sounds great, but some of you may view this a wishful thinking considering that there are debts to pay and mouths to feed.

    Middle class individuals work 8 to 10 hours each day.

    They work for an income which functions on a no work no pay basis income is linear in nature- the more you work the more you get.

    Free time is limited and comes in the form of annual leave.

    Promotions mean more responsibility and more responsibility means higher stress levels.

    The bottom line is that middle class work harder for little reward.

    So why invest time and effort in a lifestyle that forces you to get out of bed every morning?

    Active Income: income earned when you work for yourself or somebody else when you stop working your income stops.

    Passive income: Income earned without actively working for it. Examples includes interest on your bank account, rental income, dividend’s, royalties and business income

    Robert kiyosaki, author of the New York Times International bestseller “Rich Dad Poor Dad”, offers the following definition of wealth.

      The number of days you can survive, without physically working (or anyone else in your household physically working) and still maintain your standard of living

    As the definition indicates, real wealth is measured in time, not currency.

    For example. If your monthly expenses are $10,000 and you have $40,000 in the bank your wealth is 4 months ($40,000 ÷ $10,000).

    In other words, you can use your savings to maintain your standard of living for four months without earning an active income.

    The 6 Golden rules of building true wealth | You need to know 3

    Rule2. Assets create wealth by generating passive income and time.

    The wealthier you are, the more passive income you have in relation to your expenses.

    That all good but how does one create passive income? The answer lies with assets.

    An asset is anything that puts money in your pockets.

    So it goes without saying that the more assets you own, the more passive income you could potentially earn.

    If you are tossing your hard earned cash at furniture, vehicles, clothes, holiday homes, credit card debt for examples, you are accumulating liabilities, not assets.

    Liabilities creates debt ( more specifically, bad debt) and more problem for you.

    What you should be investing with your income is generating assets, which may include cash investments, real estate, shares, royalties, franchises and businesses.

    The 6 Golden rules of building true wealth | You need to know 4

    Rule3. Focus

    So how exactly does one create and concentrated thoughts? It is very easy.

    Foucus on setting goals by simply asking, How will I accomplish that? Let sat that your objective is to be financially free in ten years.

    How will you accomplish that? Add a goal to answer this, for example.

    I want to earn $1 million passive income per annum after ten years in today’s time value of money.

    How will you accomplish that? Goal: invest in residential property and sell intellectual property online.

    How will you accomplish that?

    Step1. Get comfortable. Sit on a chair or lie down on your bed try and clear you mind.

    Step2. Start by taking a few deep breath.

    Breathe in slowly through your nose and exhale through your mouth. Hold the exhale for a few seconds.

    Step3. As you breathe, focus your mind on your heartbeat. Continue to focus for the next two minutes.

    Step4. Feel your heartbeat in your chest. Notice how your heart rate changes between inhalation and exhalation.

    Become more aware of your heartbeat which enabled you to feel beating sensations in various parts of your body.

    It can be said that the more your focus, the higher your awareness and the greater the results.

    Did you know that the human brain produces approximately 70,000 thoughts on an average day? That means we have a thought every 1.2 seconds.

    How can you expect to accomplish big goals if your attention is spread across tens or hundreds of different thoughts each day?

    If you currently have a plate full of tasks to complete or goals to achieve, you may want to step back a bit to refine your focus in my opinion.

    You must have one challenging (yet realistic) goal that aligns with your purpose, and work towards that goal everyday.

    If your goal in life is to build wealth, you must focus on becoming financially free.

    To help you set your financial targets.

    The 6 Golden rules of building true wealth | You need to know 5

    Rule4. Leverage

    Leveraging means achieving more with less effort.

    It one of the most powerful tools that one can use to create success and wealth.

    There are two ways to build wealth using leverage:

    1. Use more forms of leverage: develop you network. Become financially literate.

    Use other people power develop courage to act on good ideas, learn from failures and use your spare time to invest in property or start a part time business.

    2. Use financial leverage: how long do you think it will take to save $1 million in a bank account that pays 10% interest per year?

    Let assume that you open your account with $1, 000 and contribute $500 each month without making withdrawals it will take you approximately 30 years!

    how long will it take you to borrow $1 million at 10% interest and invest it elsewhere to earn a return of 30%? Do you see what’s happening here?

    Average people try and use their own money to become wealthy, whereas rich people use other people money to build wealth.

    Financial leverage is about using debt to get ahead. Be careful with this one.

    When I say debt, I am referring to good debt not bad debt.

    Do you know what the difference is Bad debt costs you money whereas good debt makes you money.

    Debt taken on to pay debt is a loosing strategy.

    It eventually spirals out of control and may damage all hopes of you ever becoming rich.

    Not only that it is one of the primary stress related suicides and health problem bad debt is extremely expensive, so the best way to manage it is to avoid it.

    Types of bad debt include:

  • Credit card with outstanding balances
  • Personal loans for holiday, quad bikes or boats
  • Retail store cards with outstanding balances
  • Overdraft on your cheque account
  • Vehicle financing
  • Any credit used for financing lifestyle, clothes, food, gifts and others consumable

  • The following scenario highlight two bad debt situations.

    Scenario1. Suppose you purchased the car of your dream for $250,000. The bank grant you finance at 15% interest per annum over five years.

    Your monthly repayment is approximately $6,000.

    As soon as you drive the car off the dealersfloor, it loses about 20% in value.

    This is a bad debt situation as you need to cater for a depreciating asset that doesn’t generate any passive income.

    Scenario2. Suppose you paid for a $40,000 holiday using your credit card.

    The debt will be paid over a three year period at 20% interest.

    Your monthly repayment is almost $1,500. After spending two weeks in Canada you return home feeling refreshed.

    Good debts is money that is borrowed from other people or institutions to purchase income generating assets.

    It may be a loan to start a business or purchase property.

    The rich use good debt as a tool to generate enormous wealth.

    However, it is a double edge sword. It can bring you great returns or kill your cash flow if you are not careful.

    Here is why good debt is so powerful

    Suppose a property investor is interested in buying a flat for $100,000.

    He/she has the option of paying cash or borrowing money from the bank (i.e using leverage).

    Lets assume he purchased property with cash.

    What is his return after one year if he makes profit of $20,000.

    His return is 20% (20,000 ÷ 100,000).

    Suppose our investor pay a $10,000 deposit and is granted a $90,000 bond.

    What do you think his return is now?

    After one year his profit is $12,000 ($20,000 less bond costs). His return 120% (12,000 ÷ 10,000).

    Not bad considering that you are likely to get 13% from the stock market in the long term.

    Do you see how financial leverage boosts the return on your money? This is what you are after growth.

    The quickest and easiest way to become a millionaire is to generate passive income without using your own money and time.

    The 6 Golden rules of building true wealth | You need to know 6

    Rule5. Build a surplus

    People struggle financially because they don’t know how to work with money. The harsh reality is that money creates problems.

    For most people, the more money they have, the higher the debt and the poorer they become.

    If you were given $5 million today, what will you do with it? Mail your answers to

    Some of you may quit your job, pay off your bond and go on permanent vacation.

    Others may leave it in the bank and live off the interest.

    The chances are that in five or ten years the average person will be in the same financial position or worse off.

    If you quit your job and start spending, your money will soon run out.

    If you leave the $5 million in the bank the cost of living will catch up with you.

    There are many stories of people who inherited or won a large sum of money only to end up bankrupt on the streets.

    I like to think of it this way. It is impossible to be financially free without learning how to take control of your money.

    Creating wealth is not about how much you earn, it is about how much you manage your surplus income or extra cash.

    In order to get to where you want to go, you need to know where you are financially today.

    By analyzing your personal income statement and balance sheet, you will begin to understand the state of your financial affairs.

    An income statement show how you are performing financially by giving a breakdown of your income and expenses.

    It shows you your net cash flow which may either be a surplus or shortfall.

    A balance sheet reflects your financial position at a given point in time.

    It provides details of where money is invested (assets) and method used to acquire finances (liabilities).

    It indicates your net worth which is equal to total assets less total liabilities

    The 6 Golden rules of building true wealth | You need to know 7

    Rule6. Follow your life Purpose

    Have you ever wondered why some people are good at making money?

    Remember that odd-looking kid with serious halitosis in high school that seemed like he’d drop out at any stage?

    He received the D’s and you the straight A’s? in your mind you were destined to be great and that other kid, well, not so great.

    Yet ten years down the line he lands up being a multi millionaire.

    Where the hell did things go wrong?

    You are at the local Woolworths store, hoping to fill up a few gaps in your kitchen cupboard.

    Cash is tight and instead of your usual list of forty plus items, your wallet has restricted your shopping to a few essentials.

    At the check out line you run into an elegant looking woman. You recognized her as that weird kid at school who used to burn lunch money off you.

    It turns out that she is highly successful and there you are counting every cent while she is planning her next family trip to UK.

    Once again where the hell did things go wrong?

    While some people live glamorous lives, the rest work hard and struggle financially, for them, the rat race seems never ending.

    So what is life purpose? Ask yourself. What do I truly love to do? How could I use my talents to create something great or make a difference? Even better.

    How do I make money from what I love doing?

    These are tough questions, I know, but without a philosophy that reflects the way you want to live how will you ever be able to play your biggest game or make the right choice?

    It like planning your next vacation to somewhere.

    Unfortunately, too many of us get stuck worrying about transportation to the airport or which clothes to pack, rather than uncovering where that somewhere is.

    Most people go through life without understanding their purpose.

    It like trying to manage a project without knowing the ultimate end goal.

    As a result they start relying on others for support, follow their beliefs and eventually become part of the crowd.

    We do this because as human beings we seek comfort and security and besides, it is much easier to follow someone else recipe than build your own from scratch.

    Question for your mind

    • Why do you do what you currently do?
    • What get you up in the morning?
    • What is your passion?
    • What is your dream about?
    • What is important to you?
    • What things are you conscious about?
    • Do you believe in your dreams Why and Why not?



    Education in Real Estate for Newbies


    Continue Reading


    1. Vox

      May 9, 2019 at 8:48 am

      These sound like good ways to set the framework for wealth. I am more vigilant about my finances than I was before, so I am happy to get a mindset boost. Thanks for sharing.

      • Mitrobe

        May 9, 2019 at 10:24 am

        you welcome Vox/. we are glad we are off importance

    2. oprolevorter

      May 16, 2019 at 1:38 pm

      Respect to op, some excellent information .

    We will appreciate I'd you share your thoughts on this post with us


    How you can Make $100 Online Everyday with Zero Investment




    How you can Make $100 Online Everyday with Zero Investment

    Yes it possible, you can actually make over $100 online everyday with zero investment.

    Let this be as an inspirations to all bloggers, digital marketers, entrepreneurs, online business addict especially the newbie to keep on striving for more and researching, learning to increase their skills and productivity.

    Because the world is growing more digital everyday, more opportunities are online more than in the society these days and this seems alarming and every inspired youth or entrepreneur would know the importance in building up high income skills.

    And for those who don’t know what I mean by High Income Skills, here is a detailed guide of what high income skills are, and how they can help you create a side hustle and eventually make you go debt free.

    Let Get Started

    Life as an entrepreneur has never been so easy, day in day out entrepreneurs have to keep searching for

    what they will introduce that will be of great value to the public and inturn yield more income to them

    lot of researches are done and sometimes may lead to burnout.

    Giving up on making money online is not so strange to any one who strive to start an online income stream,

    because of the rate of false site, scams, trials and errors, investing much and getting little to no income.

    I have gone through trials and error in search of a way to make my first $100 online just like you, but I never gave up because i never recorded a failure.


    Yes, I don’t believe in failure, giving up and to me failure doesn’t exit.

    A short scenario

    If you are eager to make money online, to have an extra source of income online or to turn hours you spend online productive, and you were able to try out over 30 websites and applications and you could not make money from it.

    You discovered that there were all scams.

    Now it doesn’t mean you failed in your research, it means you have actually gained knowledge. You discovered over 30 websites and applications that cannot make you money.

    Don’t you think that an achievement and that the kind of mindset you should have if you really want to be successful in online business.

    Before i will show you how you can actually make over $100 online everyday you have to change your perspective when it comes to making money online, you have to understand there will be surely time for higher income and time for lower income.

    This is what is required of you.

    1. Thought and Emotion

    You must realize that the root of all your pain, suffering and negativity is solely tied to the recurring thoughts you entertain.

    These recurring thoughts act to alter your perception that both the emotion you feel during the thoughts you experience and the subject of that thought.

    This mean, not regarding to what business trial and error you have encountered online, the times you have been scammed, the times you profited and lost.

    Should affect your motives when it comes to securing more business opportunity online and taking actions when required.

    2. Words.

    You have to understand that people are evolved to judge others on their emotions as a evolutionary tool to quickly determine. If a person is trustworthy.

    People judge the authenticity of your character to see if you legit in all circumstances.

    When you are the words you present don’t match the words you are saying and the actions you are doing (including your online post, online profiles, past records).

    So this implies that you have to be bothered in securing and maintaining a legit business name.

    3. Action

    To be able to make over $100 online everyday you should be able to determine when to take actions when opportunity strikes and when not to take action.

    What kind of business to take action on, the kind of investment opportunity to venture in that will yield more money and the one to spare that may actually seem productive but will eventually lead no rewards.



    Listed here are online business opportunity that will make you a fortune.

    1 Blogging.

    Now what a blog, a blog (shortening of “weblog”) is an online journal or informational website displaying information in the reverse chronological order, with latest posts appearing first.

    It is a platform where a writer or even a group of writers share their views on an individual subject or niche.

    You may be conversant with the word Blog, but the fact is that not every blog you see makes money, there are some tactics that need to be employed before a blogger can start streaming making over $100 on a daily basic or more.

    There is no limit to the amount you can earn with a blog, you can earn thousands to millions of dollars daily with a blog.

    And the most amazing fact is that you can start a blog business below $100 or zero income depending on the blogging platform you want to start with.

    But there are certain areas that bloggers need to be clear about when it comes to starting a profitable blog, and this affect their blogging business not been able to generate rewards.

    A blogger can make $100 everyday with a blog either by running sponsored adverts, adsense adverts, selling backlinks, writing reviews, branding, selling personal course, ecommerce integration and other various means.

    Start your blog business now with this two guide.

    This is a guide to show you how you can actually make over $100 blogging even as an newbie
    This will show you everything you need to know before you start up a profitable blog.

    2. Affiliate Marketing

    Affiliate marketing is a way you get paid from promoting and successfully selling products.

    It quite simple, you find a product you like advertise it and get commission for any sales through you.

    You can advertise the product either offline and online based on your location and make over $100 daily from sales.

    They are lot of affiliate company out there, and you can be a full member of more than one affiliate and promote any product of your choice.

    The other of it kinds is MLM marketing, this is a pyramid selling, network marketing and referral marketing, is a marketing strategy for the sale of products or services,

    where the revenue of the MLM company is derived from a non-salaried workforce selling the company’s products/services.

    while the earnings of the participants are derived from a pyramid-shaped or binary compensation commission system.

    Visit here to know more about MLM marketing and the Top MLM marking companies in the world to join today.

    Also other of it kind is CPC affiliate, in this case you don’t need to even sale a product before you get your commission.

    This is a guide for you to know more about CPC affiliate and listed in this guide is the best CPC company to register with.

    With any of this affiliate marketing online business you can be able to make over $100 everyday.

    The good part is that you can even works as a CPC Marketer and the same times as a multilevel marketer.

    3. Taking Online Surveys

    Online surveys can be a quick way to make over $100 online everyday from home.

    There are plenty of reputable online surveys sites that you can sign up and do regular surveys for cash.

    You can make $100 daily from signing up with several surveys platform, to get unlimited surveys which will sum up to over $100.

    But in this case there seems to be a limitations of countries to partake in survey, and also some people don’t know how online survey works.

    I have created a telegram group where guide and free training on taking online survey irrespective of your country location.

    There are lot of survey companies, but before signing up with any of this companies,

    You need to know the rate at which they send surveys on a daily or weekly basis.

    I have created a twitter channel to lecture about Survey and the best Survey companies to join, you can join if you want to really take action today. Telegram Channel

    4. Becoming an Online Micro –Worker

    Microwork is a series of small tasks which together comprise a large unified project, and are completed by many people over the internet.

    There are lot of Microtasking companies which you can signup with, the only limitation is that they require specialized skills.

    The wage paid range from a few cents per task is tag $100 per project.

    If you are able to complete more than one task a day you can definitely make more than $100 everyday, or likewise you sign up with more than one micro tasking company to get more micro task callup.

    A guide for you to get started with Microjobs, and the Best micro jobs companies to apply.

    Continue Reading

    Business ideas

    My Business in a Nutshell




    My Business in a Nutshell 8

    They say that success lies in doing business and not in pursuing better employment.

    And while it is true that some people who pursue better employment did achieve success, they are very few.

    After all, not everyone can be managers, supervisors, executives and such.

    Only a small portion of employed people will make it to the top.

    Because of this I ditched the idea of employment and turned to entrepreneurship instead.

    And yes, it is true that many people did find success in doing business.

    And the sweet part is that they get to be their own boss and many others get to work from home.

    But just like in employment, not everyone who goes into business will succeed.

    In fact, there are probably more people who will fall than those who will succeed.

    Yes, doing business is also tough game. You have to know the tricks, strategies if you want to be successful. (Do the Hustle)

    Does this mean that you have to get a college degree in business or marketing in order to be successful entrepreneur? Well, that is definitely going to help.

    But there is a less time consuming way.

    My Business in a Nutshell

    I refuse to be paid 12 times in 365 days. There is no certainty in business.

    Even the best entrepreneurs fall from time to time. Even prestigious businessmen did suffer some failures and set back.

    With my desire to become a millionaire as an entrepreneur I decide learn and put my High Income Skills to work.

    My tops High Income Skills

    • Digital marketing
    • Blogging
    • IT Consultant
    • E-commerce
    • Websites Design
    • Graphic Design
    • Advertising Agent

    Here are drop down list of high income skills you should perfect.

    Effective E-mail Marketing
    Becoming a Blogger
    Effective E-commerce Setup Strategy
    Effective strategy in Lead Generation
    Generating and Closing of Sales.
    Digital Marketing Skills | Must know

    How do I leverage my skills

    There are business secrets that very few people, and almost very few aspiring entrepreneurs, know about.

    But with the great information’s I will share for you listed in this eBook, (Release The Inner Entrepreneur in You) you will be able to lower the chances of failure and increase productivity.

    Release the inner entrepreneur in you

    My business in a nutshell

    There are lot to learn from this E-book, of which I wouldn’t be happy if you miss out, the same Ebook is listed on Amazon Kindle for approximately $5,

    here is proof

    My Business in a Nutshell 9

    but to cut down expenses I will be auctioning it for $2.99. only TAKE ACTION GET YOUR COPY AND INCREASE YOUR KNOWLEDGE.

    If you apply all the tips in this eBook provided, you will be able to

    • Leverage Your working time.
    • Acquire more high income skills
    • Increase your work force
    • Become a better businessman/woman
    • Think like an entrepreneur
    • Plan like an entrepreneur
    • Manage like an entrepreneur
    • Advertise like an entrepreneur
    • Do marketing like an entrepreneur
    • Manage sales like an entrepreneur
    • Manage risk like an entrepreneur
    • Grow your business like an entrepreneur
    • Absorb losses like an entrepreneur
    • Reduce productions/operations cost like an entrepreneur
    • See problems even before they happen.

    Above all you could even do more better than me. This way, you will be able to make necessary steps that will prevent the problem from occurring or from causing significant damage.

    Of course, it is advisable to keep this copy and read it again and again whenever you have the time.

    This is the best way to still the principles in this eBook to your mind.

    And if it is your first time venturing into business, it is advisable that you start small first.

    Do not jump ahead into making very big investments. This is because you are still learning.

    And this eBook is not enough to teach you everything. You could also option for P.U.M.P MARKETING STRATEGY.

    Take note, there are many things that you can learn from on your own. So start small first and learn.

    Once you gain more experience, you can then aim for higher goals ( but this doesn’t stop you from imagining big).

    This eBook is not a solution to the problems that you will face as a businessman.

    Rather, this eBook is designed to make you a better entrepreneur – the kind of entrepreneur that can handle problems based on situations.

    Goodluck with your business venture. Keep pressing forward and keep aiming high.

    Subscribe to our blog, register for free, and get automated effective guide to get you going as an entrepreneur You can Join the business groups. Use any link below.

    Facebook Page

    Pininterest Page

    Continue Reading

    Business ideas

    Aliko Dangote | why you should start a business




    Aliko Dangote

    “I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight.

    It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight.

    It’s not going to work. To build a successful business, you must start small and dream big.

    In the journey of entreprenuership, TENACITY OF PURPOSE IS SUPREME” (Aliko Dangote. Businessman and Entreprenuer)

    Why you should start a business | Aliko Dangote

    These principals are documented to give you the reader an insight on how every day

    business can be conducted to keep your business flourishing.

    This is a way of bringing you basic business information to your finger tips.

    According to research majority of millionaires and billionaires are selfmade

    and have made it through creating or being part of a business.

    If you have already decided that you want to start a business of that one thing you are very passionate about,

    then consider the fact that with starting this business you need to understand

    that businesses take a lot of commitment, dedication, hard work and constant evaluation in order to flourish.

    Do not expect to get financially wealthy overnight.

    Below are a few reasons to start a business.


    Reasons for Starting a Business

    1. Reach your Dreams

    If you have always wanted to be wildly successful, starting your own business could be a great start.

    and if you are stuck of business ideas, check this 30 Profitable businesss ideas with low investment startup

    2. Leave an Inheritance

    Pass the business down to your children and grandchildren.

    3. Abundance of Resources

    With the dominance of the Internet, it’s easier than ever to find resources you need, including loans, grants, mentors and even startup capital.

    Don’t make excuses, that you have no capital, take a look at how to raise capital for your business.

    4. There’s Nothing Stopping You

    What’s really keeping you from being an entrepreneur?

    Of course there are risks, but there’s nothing forcing you not to take them.

    5. Make the World a Better Place

    This may seem like an unrealistic goal for you right now, but your business really could make the world a better place.

    Benefits of Operating a Business

    Millionaire Mindset

    There can be many benefits to starting your own business, including

    1. Rewards

    Not everyone defines reward the same way.

    For some it might be seeing a new venture grow and succeed.

    For others it may be conquering the unknown and striking out on their own.

    However you define reward, starting a new company might hold that promise for you.

    2. Being Your Own Boss.

    When you start a business and are self-employed, you are your own boss and ultimately control your own destiny.

    Income. Whether you view starting a business as an economic necessity or a way to make some additional income,T

    you might find it generates a new source of income,

    not to get your business in a nutshell, check out how to generate money making ideas for your business.

    3. Flexible hours

    Owning your own business is hard work and often requires long, odd hours.

    In some cases, having your own business may allow you to have more flexible hours.

    Many stay-at-home parents, for example, choose to become entrepreneurs.

    4. Purchasing an existing business

    While it may not be viewed as “starting” a business,

    purchasing an existing business has proven beneficial for many business owners—but it undoubtedly requires both financial and time investments.

    For businesses that are already profitable,

    these new business owners jump past the true startup phase into running a mature business.

    5. Income

    Whether you view starting a business as an economic necessity or a way to make some additional income,

    you might find it generates a new source of income.

    Challenges of Operating a Business


    Although there can be many benefits to starting your own business,

    you will also face challenges and some of these are:

    1. Loneliness

    It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens.

    Being an entrepreneur is lonely . It’s a singular position,

    so you won’t have teammates to rely on (completely).

    You’ll be working lots of hours, so you won’t see your family as often.

    And your employees will be forced to remain at a bit of a distance

    2. Decision making

    Believe it or not, this is probably the most stressful challenge on this list.

    New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones.

    Decision fatigue is a real phenomenon , and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.

    3. Being the Visionary

    As the founder of your startup, you’ll be expected to come up with the ideas.

    When a competitor emerges, it will be your responsibility to come up with a response plan.

    When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward.

    This demands on-the-spot creative thinking — which should be an oxymoron, but entrepreneurs rarely have the luxury of time.

    The less experience you have, the more pressure you’ll feel from this, and the harder time you’ll have coming up with acceptable plans.

    4. Rule Making.

    It’s fun to be the boss until you have to enforce something.

    Sooner or later, you’ll have to come up with the rules your business follows,

    from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker.

    These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business

    5. Abandoning another career

    Aliko Dangote said you’re going to dedicate yourself to starting and nurturing a business to success,

    it’s going to be nearly impossible to simultaneously manage another career.

    Walking away from a promising, steady long-term opportunity for something unpredictable is scary —

    especially if you’ve never run a business before.

    Unfortunately, there’s no easy way to address this.

    Just think through your decision logically, and don’t ignore your instincts.

    6. Team Building

    This is especially hard if you’ve never run or managed a team before,

    but even if you have management experience, picking the right team for a startup is stressful and difficult.

    It’s not enough to find candidates who fill certain roles —

    you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team.

    Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.

    7. Finances

    Experienced entrepreneurs don’t have it easy when it comes to funding a new business,

    but they do have a few advantages over newcomers.

    They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.

    Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise.

    As a new entrepreneur, you’ll be starting from scratch,

    which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.

    Continue Reading


    %d bloggers like this: