An entrepreneur. The dictionary definition goes like this:
A person who organizes, operates, and assumes the risk for a business venture.
Here’s my definition:
An entrepreneur is someone who starts successful businesses. People are not very kind to those who start unsuccessful businesses. The instant you are successful, however, you are a hero and they start calling you an entrepreneur.
The whole point of creating a successful business, of course, is to have it generate money. There are two ways to extract the money from a business you create. You can either take the money out as you go along, in the form of a salary and dividends. Or you can sell the business and take your reward in a lump sum. Or, in the ideal case, you do both.
In the ideal case, the money that you pull out of the business is being generated as passive income. For example, let’s say you start a restaurant. You hire all of the staff, and then you hire someone to manage the staff so the restaurant “runs itself” without you ever having to actually be there. That is passive income. A house you own that generates steady rental income every month is another example.
Note that the dictionary definition of the word “entrepreneur” includes the word “risk.” That is important. If you are starting a business, you are going to have to invest both your time and (in many cases) your money in getting the business going, There is some chance that the business will fail without generating anything. Businesses fail all the time. That’s part of the game. There are three things that you should keep in mind…
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Million Dollar Table of Contents
- Easy ways to make a million
- Save $5 a day
- Start a business
- Three important quotes
- Understanding the quotes
- How America works
- Examples from my Life
- More examples
- Getting yourself in motion
- How to Raise Money from Angel Investors and Venture Capitalists
- How to turn your ideas into successful products