Are you Capable of Making Money?
Are you willing to put in the time, stay dedicated, and prepared to make pennies for a while? If you answered NO to any of those questions, then your best bet is to update your resume and go look for a 9 to 5. Contrary to what many people believe it takes much more time and effort to make money on your own, then it does for a typical job where money is guaranteed for you through some sort of salary. Although you might hear off all those glamorous lifestyles entrepreneurs have, usually you never see the story of what it took for that person to get there.
The Dilemma
I bring this topic up because lately I have seen many people consistently fail at making money off their own ideas (e.g. real estate, stock market, business), and it is not because they necessarily did anything wrong, but they just weren’t patient enough and didn’t want to put in the time that they weren’t getting paid for.
To some, that whole notion of putting in the work doesn’t automatically click in people’s head. They wonder if I put a house on the market, then how come nobody is coming to see it? If I created a website, then how come nobody is coming? If I invested money in the market, then how come I am not seeing any returns?
The Solution
You have to put in the time, you have to stay dedicated, and you have to be prepared to make pennies or possibly even lose money. You just have to. “You build it, they will come.” That statement is 95% false. You can build it, but then you have got to change it and change it until you get something that works.
If you are selling a house, then you might need to adjust the prices, renovations, and whatever else until someone puts in a offer. If you created a website, then you will have to change the design, alter marketing techniques, and play around with the monetizing schemes. If you invested money in the stock market, then you may have to come up with new trading techniques, create different alerts, and so on.
The one key aspect that many wishful entrepreneurs seem to forget, is that if it was so easy, then everybody would be doing it. Eventually if you are lucky to break out, then you can live one of those glamorous lifestyles aspiring entrepreneurs think they can easily have to; however, until then, you just have to.
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I like the attitude here. I have seen this principal at work in my own life as I build a foundation through education, experience, and plain old elbow grease that doesn’t pay nearly what it should to start with. But in the end, the long-term value that is built definitely outweighs the first few years that were less than profitable.
Good insights!
Even the most successful of entrepreneurs don’t get a return from every project. However, one great project can pay for the time and money spent on several failures.
What a great topic. It is amazing the amount of work it takes to get a successful venture going. I’ve had the opportunity to be a part of two businesses and it takes work. There are few overnight successes.
I like the mention of the fallacy of the “build it and they will come” mentality. This concept is known all to well to bloggers who struggle to get traffic.
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