There are many ways to grow your wealth. The best way the rich people choose is to build a business or invest in one. We know that investing in business means investing in the share market or buying a stake of the business. But in today’s post, we will talk about the first option. Building a business – becoming an entrepreneur.
The things that they show on TV about an entrepreneur is when they have actually have become one. Nobody shows the path to becoming one. In this post, we will discuss what it takes to become an entrepreneur.
Who is an entrepreneur?
By definition, an entrepreneur is a person who has paid employees to run a business. It does not define if the business is profitable or not. But to stay an entrepreneur the business that he/she runs needs to be profitable. A profitable business needs a good model and constant attention. This means that the entrepreneur cannot just turn off being an entrepreneur.
And a normal person when they come home they wish for no more work. Because they are done with it. They can see themselves detach from work. Any problems that happen with the work can be handled the next day. All these traits are totally opposite for an leader. His/her world totally revolves around work.
An entrepreneur has to think differently about financials. Now no more he can depend on a constant source of income. One month the business can make a lot of money while the next can be an utter loss. He has to keep reserves to face the hard times. The government in India also has added a lot of rules that a business should comply. It makes it difficult to run the business.
Just like in any learning process the person is bound to make mistakes. At times like that the person should wake up dust off the mistake and attempt it again. For the person who gives up is a failure.