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Random Thoughts

Owning A Business Vs. Owning A Job

21/8/2013

4 Comments

 
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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:
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4 Comments
Francis tamandani Chimalizeni
6/8/2016 09:03:28 am

yes wealth is a mindset.some of these things its all about how we think.success comes from within not from without.

Reply
Blandina
6/8/2016 09:04:07 am

Good analysis! Didn't think of that way at all....i need to read black girl getting to wealthy! How do i get it?

Reply
Ven
6/8/2016 09:04:37 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.

Reply
Heather KW
6/8/2016 09:05:22 am

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!

Heather xx




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