Owning A Business vs. Owning A Job
Do you know the difference between the two? It’s an important difference.
If you own a business that business continues to make money whether or not you are there. If you own a job, yes, you’re still in control but once you go off on holiday your revenue stops coming in.
I learnt this way of thinking when I read Rich Dad, Poor Dad by Robert Kiyosaki in 2007. He says a lot of professionals like doctors and lawyers make this mistake when they start their own practice because they do all the work themselves.
If you want to actually own a business you need to thinking of a structure that gives you revenue even when you’re on holiday, e.g. a legal partnership where partners get a share of profits in addition to bringing in clients.
If you own a service business, you can franchise your business when it gets large enough. If you make a physical product you can eventually find a manufacturer for mass production - there are only so many "widgets" you can make yourself.
My whole life set up in a way that my current hard work will continue to pay dividends for a long time to come – even while I sleep! Through Black Girl – Getting To Wealthy I help other people do the same:
Francis tamandani Chimalizeni
19/8/2013 07:47:35 pm
yes wealth is a mindset.some of these things its all about how we think.success comes from within not from without.
19/8/2013 09:01:27 pm
Good analysis! Didn't think of that way at all....i need to read black girl getting to wealthy! How do i get it?
25/6/2014 05:13:11 am
It's on Amazon. It's a good read. Pretty basic but to the point. You'll realize most of it you've found on the internet but it's all in one place and it's a good reference. Instead searching the web like I used to I just go back to the book.
14/10/2014 11:34:27 pm
Thanks Ven. You're right, I consider the knowledge in the books to be very fundamental and basic but I am shocked at how many people do not know it!
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By Heather Katsonga-Woodward
I'm always thinking, debating, considering and revising my views - some of those deliberations will be shared right here.