Welcome to my series on entrepreneurship, I am posting on the topic each Wednesday of this month. I’ve had such great questions, praise and comments on this series that I will likely keep it going beyond this month!
So far we have discussed wanting to be an entrepreneur, building the foundation, and ideas on how to create your own products to sell. Again, I’ve really appreciated all of your comments, it has led to great discussions.
Oliver Tausend brought up a very important point that I want to highlight. He mentioned that there is a distinction between being an entrepreneur and being self employed and that many people miss the difference. It’s very true, I had used the words interchangeably myself for a long time.
A self employed person is still employed, only they are their own boss. An entrepreneur is someone who does not exchange their time for money, they can make money on work that they did years or even decades ago. A perfect example of this is the home preschool that I own and run. I am paid as long as a child is enrolled, as soon as they move onto kindergarten or their family moves away I obviously receive no more money.
I’m not investing in my future in this line of work (short of creating some sort of savings fund) and actually because of the licensing regulations I often feel more like I am working for the state than myself. I’m still trading my time for money which is why I am so eagerly working on true entrepreneurial endeavors, awaiting the day that those will replace my self employed income.
How do I earn money years after I’ve done the work?
You may be asking yourself how an entrepreneur can make money years or even decades after doing the work. Coming from the employee mindset that we discussed last week it can be very hard to imagine making money for work done after the initial paycheck is received. You can even earn money while you sleep!
Again, as with so many things in entrepreneurship, your imagination is your limit. There are many ways to accomplish this, if you have a blog you are set up to begin. You can:
- Create an ebook to sell, once you complete the ebook your work is done but people can buy it any day, any time – even while you are sleeping!
- Create audio and video downloads to sell.
- Sell affiliate products (discussed last week) on your site and the only work you need to put in is to sign up to be an affiliate and then place the link on your blog, perhaps with a post reviewing the product.
- Create a membership site for people to join for a fee.
- Whatever else you can imagine to create!
If you like the book idea you can write a book to sell on Amazon kindle, it’s an easy and free process that I will write about soon. Once you write the book people can purchase it from the world’s largest bookstore anytime day or night. You can also create a physical book to sell if you would like.
If you don’t like the idea of creating something or even selling affiliate products there is another great way to be an entrepreneur by going into business for yourself through a company that is already well established and offers you the ability to run your business as an entrepreneur. In other words you buy into the company for a low investment with the opportunity for a very high return – if you work hard in the beginning it will pay off later with both time and money freedom.
Wait!!
You may be saying to yourself, I hope she isn’t talking about one of those pyramid things! No, I am not talking about “one of those pyramid things”. Pyramid schemes are illegal and the only people who make any money are those who are on the top. Pyramids do not actually sell a product or service.
What I am talking about here is a legitimate field where many hard working people are able to make enough money to create the lifestyle that they dream about.
It’s called Network Marketing and Donald Trump and Robert Kiyosaki endorse it!
Todd Falcone always tells people, “If it wasn’t network marketing then I wouldn’t do it!”
I love network marketing companies and I support them when I can. I would prefer to buy my products from a network marketer over a store any day of the week. Many products that I use are from a network marketing company – companies which I am not selling or otherwise involved with.
If you still aren’t sure about network marketing, I have written some posts on the topic that will really help you out. If you are still questioning the pyramid aspect you will like the video in the 5 Reasons post:
5 Reasons Network Marketing Isn’t For You and 5 More Reasons Network Marketing Isn’t For You
What to Look For in a Network Marketing Company – I am not going to endorse any company in particular though my husband and I are involved with one that we love. I won’t stop you from using my contact form to ask me about them, though.
Stay tuned for next week when I will share some very hot tips on marketing your entrepreneurial endeavor! I got these tips directly from a very successful entrepreneur!
I would love to hear your thoughts and questions, please post in the comments. You never know, you may just be featured in my next post!
If you found this post valuable please share and vote! Thank you!
To Your Success,
photo credit: Pink Sherbet Photography
I think that the most important thing for an entrepreneur is to have strong skills in marketing and be a professional in his business field.
Terje Sannarnes invites you to read… How Personal Development Can Help an Entrepreneur Start a Business
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Stacy Reply:
June 28th, 2011 at 9:15 pm
Terje,
Yes, those are very important assets for an entrepreneur!
Stacy
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Thank you for an intresting topic and a little food for thought!
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Stacy Reply:
June 28th, 2011 at 9:16 pm
Thanks, Kathy!
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Also, I would like to say that sometimes people become successful entrepreneurs ocasionally just by appearing at the right place at the right time. However, there is no guarantee that this will ever happen with you. So, if you want to become successful entrepreneur then you should constantly search for great business ideas and later or sooner you will find your way to success! Just keep in mind that it is possible to become a successful entrepreneur.
Terje Sannarnes@Entrepreneur invites you to read… How Personal Development Can Help an Entrepreneur Start a Business
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Stacy Reply:
June 28th, 2011 at 9:18 pm
Yes, that can happen but it is not the norm so people really shouldn’t be able to hope for that or they will be waiting for a long time. Also I wonder how well one would sustain their success if it comes that easily? Thanks for another great comment!
Stacy
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How to Choose the Right Entrepreneurial Path for You « Grow With Stacy…
There is a difference between being an entrepreneur and being self employed. Learn the difference and how to choose the right path for you and your life….
How to Choose the Right Entrepreneurial Path for You…
There is a difference between being an entrepreneur and being self employed. Learn the difference and how to choose the right path for you and your life….
Hi Stacy,
This is exactly why I’ve been reluctant to offer coaching on my site. I do it, but not full time, mostly because I don’t want to fall into the trap of creating an hourly job for myself. On the other hand, I really enjoy it, so it’s hard to say no. But it’s not in line with what I want lon term…
Also working on an Ebook, which is scalable, so really inline with my goals.
Thanks for another valuable post.
Hugs,
Melody
Melody | DeliberateReceiving invites you to read… How Saying Grace Can Help You Lose Weight
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Stacy Reply:
June 28th, 2011 at 9:20 pm
Hi Melody,
I too have had people suggest coaching to me but I have had the same reservations! That is why I have been leaning toward the ebooks, it’s almost like coaching but with leverage!
Thanks,
Stacy
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I,like Oliver, find the interplay between business person, business owner, and entrepreneur annoying. An entrepreneur has the desire to build an enterprise that does NOT rely on the founder’s efforts. A system is designed, built, tested, and deployed to make the service/product/process repeatable, at high quality, and aimed at satisfying a customer/client needs.
I, personally, am not constituted towards network/multilevel marketing. I have clients who are so inclined- more power to them.
Roy A. Ackerman, PhD, EA invites you to read… Whither (or is that wither) the Entrepreneur…
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Stacy Reply:
June 28th, 2011 at 9:21 pm
Hi Roy,
Thank you for sharing your thoughts, there truly is a difference between self employment and being an entrepreneur. At first they seem to be the same, but truly they are worlds apart!
Stacy
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Another great post in this series Stacy. Oliver is so right, there’s a big difference.
During my time here online I’ve been told I need to do coaching. I have never pursued that direction either for the same reasons Melody stated. I don’t want to trade my time for money. I prefer continuing down the path I’ve chosen and all is going well.
Will look forward to your next post on this topic to see what you’ll be sharing with us.
Adrienne
Adrienne invites you to read… How To Never Run Out Of Fresh Content For Your Blog
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Stacy Reply:
June 28th, 2011 at 9:22 pm
Hi Adrienne,
Thank you very much! Those are the same reasons that I have not chosen to pursue coaching. Ebooks meet that need for me, it’s similar to coaching as I’m helping people in a certain direction but I only have to do the work once!
Stacy
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That’s a very interesting distinction between being self-employed and being an entrepreneur! I think it’s good to do both, be involved in or with something that pays well now and create something long-term for passive income.
Jeanine Byers Hoag @ Dressing My Truth invites you to read… The Capsule Wardrobe Book: 7 Things You’ll Learn about Creating a Summer Capsule Wardrobe
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Stacy Reply:
June 28th, 2011 at 9:23 pm
Hi Jeanine,
That’s where I am at currently. I look forward to being able to solely do entrepreneur work!
Stacy
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Hi Stacy,
At the moment I have one foot in being self-employed and the other being an entrepreneur.
I prefer the entrepreneurial path because that feels natural to me. I have several inventions that I have created and pitched but no takers yet.
Justin@Mazzastick invites you to read… Make Money Online Through Blogging
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Stacy Reply:
June 28th, 2011 at 9:24 pm
Hi Justin,
I like how you phrase that, one foot on one side and the other foot on the other! That’s how it feels too!
I’m looking forward to having both feet in the entrepreneurial side!
Stacy
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Good article and suggestions Stacy.
Remember that there’s a difference between having an entrepreneurial mind and carrying out entrepreneurial activity.
Almost anyone can carry out entrepreneurial activity. But if you have an entrepreneurial mind you are not afraid to take risks which is essential in order to be really successful. And that is extremely difficult to learn. You either have it or you don’t.
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Stacy Reply:
June 28th, 2011 at 9:36 pm
Catarina,
Thank you for sharing that very important distinction!
Stacy
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Hi Stacy,
Having been all of the above: a traditional W-2 employee, a 1099 self-employed individual, and a corporate entity, I agree with Oliver in that, there are very distinct differences for each. Over time, and through much self evaluation, I recognize that I am far better suited for entrepreneurship. However, I also realize that being an entrepreneur is not for everyone. I am aware of many people who have tried and given up simply because they didn’t realize the accountability, creativity, time, patience, persistence and flexibility being an entrepreneur requires. They also did not realize how it would feel to live without a steady paycheck with all the fringe benefits (taxes, insurance, corporate perks: cars, AMEX and etc.).
I truly believe that entrepreneurs are born…it’s something that you just “feel” inside and nothing else resonates. In this journey called life, we all must travel our individual journey — after all it’s how we learn who we are — and we certainly must do what we have to do, in order that we can eventually do what we want to do. But, if being an entrepreneur is truly what you want to do, it won’t be denied. Through focused energy, and trial-and-error, your will align with your calling and the rest will be history with gratitude for the entire journey.
A. Leigh Edwards invites you to read… How to Set “Crystal Clear” Intentions with an Easy-Peasy Technique
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Stacy Reply:
June 28th, 2011 at 9:41 pm
Hi Leigh,
I agree that not everyone is ‘cut out’ for entrepreneurship. There are many jobs that this world needs filled and many people are very happy to have those jobs! It works out for everyone.
Thank you for sharing!
Stacy
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Hi Stacy,
I love your explanation of self employed vs. entrepreneurialism. You used a great example of your home preschool. You are still enslaved in many ways, although being your own boss can feel good in a misleading kind of way. At the end of the day, no clients, no money. There is no leverage or residuals in this business model.
Thanks for Oliver for bringing this interesting discussion to the forefront.
As far as the “pyramid thing” reference, I will only say that almost EVERY successful company has a similar heirarchy or structure… the president (CEO, etc) at the top, his lieutenants, their assistants and so forth… until the pyramid structure is in place. It’s not just Network Marketing folks, so stop using that excuse.
Dr. Bob Clarke@Part Time Networker invites you to read… Understand Your Niche: Are You Asking the Right Questions? (Part 2)
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Stacy Reply:
June 29th, 2011 at 7:48 am
Hi Dr. Bob,
Thank you, I agree that the lack of leverage and residuals in the self employment business model is a downfall. Especially knowing that people can lose their retirement savings in an instant dependent upon the economy. I know people who lost hundreds of thousands and were devastated.
Stacy
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Everyone always says” do what you love” but that doesn’t always work out! I say choose what you can that works the best for you, and love it if you can.
trudy invites you to read… watch a live tv internet stream
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Stacy Reply:
June 29th, 2011 at 7:49 am
If we can find a way to make what we love profitable then it can work, but not everything that we love is necessarily profitable.
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Hi Stacy,
thanks for weaving my ideas into your awesome blog post, I appreciate that, as well as the other commentators’ appreciation.
The goal is absolutely to the work once and to build a system or even more systems. The self-employed mentality is harmful also in other areas, for example when it comes to investing in real estate. People with a self-employed mentality who invest in real estate for example create a new job for themselves because they think they have to do everything on their own inluding fixing the toilets at 2 AM.
Take care
Oliver
Oliver Tausend invites you to read… What Are Your Beliefs About Work ?
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Stacy Reply:
June 29th, 2011 at 7:51 am
Hi Oliver,
Thank you for sharing your insights, I really appreciated them! You make a great point about how the self employed mindset can be harmful in other areas.
Stacy
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Hey Stacy.,
This is a great series. Oliver is spot on. Thanks for such a great explanation of being self-employed vs being an entrepreneur. Many people miss the difference.
Thanks for sharing.
All the best,
Mavis
Mavis Nong | Free Marketing Training invites you to read… Blogging Success – Let’s Talk If You Dream About Having a Money-Making Blog!
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Stacy Reply:
June 29th, 2011 at 8:04 am
Hi Mavis,
Yes, a lot of people do miss the difference – myself included for a while. Entrepreneurship is the way I want to go!
Stacy
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Talking about the difference between being an entrepreneur and being self employed, I would like to say that a self employed person is considered to be an entrepreneur. If you work and provide some product or service than it means that you are an entrpepreneur. If you work for a company and fully depend on your employer this means that you are an employee, but not an entrepreneur. Being an entrepreneur menas to be independent.
Terje Sannarnes@Entrepreneur invites you to read… How an Entrepreneur Can Find New Business Ideas
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Stacy Reply:
June 29th, 2011 at 8:04 am
Terje,
So true! Your last sentence sums up the difference perfectly!
Stacy
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Interesting delineation between the self-employed and the entrepreneur. A lot of big companies were started by an entrepreneur who no longer has to work hard for a living! Hopefully, some of the self-employed will read this and realize there’s a better way to make a living.
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Stacy Reply:
June 29th, 2011 at 8:24 am
Lauren,
Yes, there is definitely a better way!
Stacy
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[...] How to Choose the Right Entrepreneurial Path for You [...]
I am not ashamed to admit, but I too use them interchangeably. I never really imagined there was a big difference between the two. Hopefully, next time I use these words, I am able to at least identify the correct one.
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Stacy Reply:
June 30th, 2011 at 5:07 pm
Hi Felicia,
Many people do use them interchangeably, the difference is somewhat subtle but actually very profound!
Thanks,
Stacy
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Hi Stacy,
I think the 2 most important things an entrepreneur should have are an open mind and determination.
You need to think outside the box as an entrepreneur. Come up with the next big thing in your niche. The ones who do this, are the ones who will make alot of money down the road.
And since alot of the work we do as entrepreneurs is setting up our future. We may not make much money the first year or two. Having the determination to keep at it, is what separates us from the 95% of people who fail as network marketers.
Chances are if they had just stuck it out a little longer, they would start to see that success, even if it was just a little at a time. Although some people just like to follow the herd and do what the majority does. Which is working for someone else, making them rich, while you get your meager paycheck each week. Not Me!!
Thanks for sharing Stacy and have a great day!
Ian Belanger@Network Marketing Success invites you to read… How To Improve Your Page Rank In 8 Steps
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Stacy Reply:
June 30th, 2011 at 5:32 pm
Hi Ian,
You make a lot of great points! It reminds me of one part of Think and Grow Rich where he shares about how the biggest struggles are right before the success and how people have walked away inches from a literal gold mine.
Thanks!
Stacy
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Hi Stacy,
I completely agree about the distinction between being self-employed and being an entrepreneur. I must say that, Jeanine made a great point that we can be both initially, until we are able to grow our residual income from the business. It sounds like a lot of hard work, but as the Slight Edge (you know I’m a fan) says, the people who are uncomfortable today are the ones comfortable later on in life
Thanks for also presenting different means to earn residual income that can pay us while we’re sleeping or ‘vacationing’.
- Rowena
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If we are on the right path we can reach to our goal, it’s because we know our direction.So if you are an entrepreneur you must first know where you are heading for, stay on your path because so much factors is waiting as you go forward. Feasibility studies is what you need to be able to decide on which field you will succeed.It’s true business is a gamble but if you see where you are going to you can determine if you are going to win or lose.
Roland@rome hotels invites you to read… Main Page
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It’s not that difficult to get an income for a long time after you’ve done work, but you do need to have a solid plan and have a solid product. That’s why it’s worth the time put into research, you’ll get more from it on the long term.
Amit@Forklift Training invites you to read… Medical Requirements for a Forklift Operator
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Hi Stacy, Thanks for information I think these are the best ideas for a marketing professional, I want to get admit on top MBA schools for On-line courses can you please provide me some information regarding to this. Thanks
Distance learning MBA invites you to read… Prof Uday Salunke of Welingkar Faculty Recognized at Higher Education Forum Awards
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