Chicken Entrepreneur-The Low Risk Way To Start Your Business
A chicken entrepreneur is somebody who keeps his day job while he gets his ideal career going in the evenings and on weekends. He is an entrepreneur because he is taking the initiative to start his own business. He is chicken because he is not willing to quit his job and lose the income. -Michael Masterson When it comes to business success stories, the media will make you believe that most successful entrepreneurs are risk takers-who quit their jobs and bet their last savings, house on starting their business. We have heard some inspirational stories of such entrepreneurs like Hugh Hefner, Mary Kay Ash -because they stand out from the norm. These stories are the exceptions not the norm. Majority of successful entrepreneurs started out the “chicken entrepreneur” route. In his book the millionaire mind Thomas J Stanley cautions that most millionaires have the courage to start a business but they are not gamblers. He goes on to point out that, the higher a millionaire net worth the less likely he is to gamble. Who is a chicken entrepreneur? A chicken entrepreneur is someone who starts a side business while pursuing his chosen career. Becoming a chicken entrepreneur is the route most successful entrepreneurs have taken to success. I first became aware of this concept while reading an article by Michael Masterson best selling author and founder of Early to Rise newsletter He talks about two qualities you need to be a chicken entrepreneur: brass loins when it comes to risk discipline, tenacity faith and a very understanding family-if you are already married He concludes by saying” anybody with modest intelligence and drive can be a chicken entrepreneur”. When I read this article, I was free of the guilt of not quitting my job and striking it out in business. This also made sense to me because I had experienced the pain of losing my money in my first start-up venture. I was able to cushion the loss of my businesses in the past because I had a regular job. The idea of being a chicken entrepreneur supports the investing mindset…. Let me explain When the investing mindset becomes aware of opportunities he realises it’s an opportunity to become poorer or richer. The next thing an individual with an investing mindset does is to- analyze the situation. The bottom line for the investing mindset is to take smart risk. He does not have to quit his day job -because he cannot predict if his ideas will work out. The Essential Business Skills You need to Succeed Mr. Masterson’s article identified the essential skills you need to succeed in any business. You need to master the fundamentals of direct marketing. You need to know direct marketing because it’s by far the most efficient way to sell products and services profitably You must learn about marketing on the internet. internet marketing is the easiest and least risky way to enter any market and the reach is global You must learn about the kinds of products your marketplace desires. You must know how your business makes the first sales. this means how you can generate a sale without spending too much money to get a customer You must understand how to upgrade a new customer into buying higher-profit-margin products. he call it the “back end” of the business The good thing is you can acquire these skills before you invest any money in your new business. Here are some tips to learn these skills. Use the internet to research and test new products. EBay is a great place to test your new product online. if you have physical product you can go to flea markets You can learn the back end of the business by becoming a customer of companies selling products similar to the one you want to sell. you can create your own back-end strategy by seeing you get from these companies after you make your first purchase Common Start-up pitfalls you want to avoid. Wasting precious time and effort to bring something brand- new and exciting to the market place. You should avoid this. it’s better to start with a better or cheaper version of a product that has proven demand Spending too much time on non-essentials, (like business cards and office furniture). Devote 80 percent of your initial resources to making you first sales This article made me wiser in my business ventures. I am grateful to Mr Masterson for this insight. Have you reached the fork in the road of your career? Before you take the leap to start quit your job, I want you to think about what I have just discussed. Listen to Mr. Masterson’s simple advice. Master the essential skills. avoid the pitfalls. But don’t quit your job yet. Start small and build your business gradually. Think rich and grow rich Related links To this article Early to rise.com Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire (Agora Series)
How To Get Wealthy Buying Marshland-The Donald Soffer Story
Do you know you can get wealthy buying marshland? Yes, you can if you think like Donald Soffer. The story of how the most exclusive area in South Florida developed ….is a classic example of how a wealthy mindset can spot an opportunity, act, and create wealth in the process. The Fairmont Turnberry Isle and resort is one of Florida’s most exclusive luxury hotels. I am presently staying here for a conference. It’s fantastic to stay where the rich and famous hang out! It is also ranked as one of the leading hotels in the world. It has an 18-hole world-class golf course. You can practically bump into one of the Golf Pros while on vacation. Aventura city has made a family wealthy and ranks as one of the most prosperous families in the United States. Donald Trump has three luxury condominium developments in Aventura. Mr. Trump is a shrewd real estate investor with a track record for creating value in the real estate market. His investing in Aventura is a further testament to Aventura’s value as a real estate hot spot. How did this happen? …..because one man, Donald Soffer vision to buy 1,000 acres of marshland over 40 years ago. The story of how Mr. Soffer turned 1000 acres of marshland in North Miami into a highbrow area is a classic example of the investing mindset……. which is having the ability to create value to build wealth and create value in the marketplace. Here is what Turnberry Associates had to say about Donald Soffer: Donald Soffer’s ingenious plan to transform a mosquito-infested swamp in North Dade County Florida into an upscale, planned community began more than 50 years ago when he purchased a 785-acre tract of marshland and sketched his vision on a cocktail napkin. Today, that parcel of land stands in the heart of the City of Aventura, one of Florida’s most prestigious addresses. Donald Soffer, son of Harold Soffer, was born and raised in the small, poor steel town of Duquesne, PA. Harold Soffer sold cars and appliances before starting a successful real estate and development business. As a young man, Donald strived to develop the “street smarts” he inherited from his father and combined them with a college education. In 1951, he left home to study and play football at Brandeis University in Waltham, MA. After graduating with a degree in Economics, an interesting opportunity arose for Donald when he was drafted by the San Francisco 49ers. But his passion was in the real estate development business and he declined a career in professional football. The good news is you can achieve Don Soffer’s feat. Here are some actionable tips to get wealthy using this great idea: Make a list of possible areas in your city you have previously thought of as a wasteland Ask yourself how I can create value out of ” wasteland.” Look for role models or mentors to help you meet your goals Many of your ideas may not see the light of day, but keep trying When you find an area, spend time studying the area and following the trends When you spot an opportunity, act no matter how small Keep on trying great fortune comes from persistence It’s about having a wealthy mindset Think rich and grow rich To a more prosperous mindset.