Reasons for establishing a business and how to do that

Most of the wealthiest people in the world make their fortunes by starting a business.  A business allows you to learn to scale up your finances much faster. One of the fastest ways to become super-rich is to start your own business.  It will enable you to set things up your style, set your own deadlines, make critical decisions, and pursue something that you have a passion for. As you can see, many of these features are specific to you.  Therefore, if you're well-disciplined, your business will be likely to succeed. If you're not, your business will have a flaw in it from the beginning that could doom it further down the line. 

    Being someone flexible, adaptive, and willing to work as hard as necessary are also essential traits to develop to be successful.  When you own a business, you have to be able to adjust to everything that comes your way, often working under pressure. This allows you to learn details that you're not going to learn as an employee; in other words, how to survive.  While in business school, we were taught the framework for how to best run a business; however, 90% of how to run the business, we'll learn on the job. What I learned is that everything depends on you, and new opportunities and challenges present themselves to you daily.  Some people thrive in this environment as they like the chance to always be learning new things and the opportunity to learn from problem-solving. The significant difference between being an employee and an employer is that an employee's duties are similar from day to day, but an employer has to figure out how to do the new things presented each day to survive and keep the business alive.  

    The way to get started with a new business is to think of yourself as a two-sided scale.  On one side, it's you the employee working, and most of the weight of your income comes from this activity. This side will be the heavy side so 10 lbs will be on this side of the scale, and the other business side will have 0 lb because you haven't started yet.  As you earn money and knowledge through your work, you decide to start a side business. So now you move 0.5 lb from the working side of the scale to the business side, and the scale tilts slightly.  As you work as the employee and earn money, you keep investing your extra cash and grow your business.

    The more confidence you gain, the more money and time you'll shift from the employee side of the scale to the business side, till the scale starts tipping to the business side and most of the weight is now on the business side.  As you learn more and more, this trend continues, and now you're investing more of your time and resources towards your business which is working for you, and you end up working less as the employee. This gradual process of skill and knowledge acquisition is what leads you to be financially independent and not having to depend on others to earn a living.  Instead, your business is earning income to support you and your lifestyle. Giving you more time to pursue things of your interest.   

For more entrepreneurship tips, check out my latest Amazon book.

How to Become Rich and Successful. The Secret of Success and the Habits of Successful People.: Entrepreneurship and Developing Entrepreneur Characteristics