There are so many business ideas, how do you decide which business opportunity to embark on and if it is the right one? Discover the mindsets you need to prepare yourself before embarking on this business journey.
… Discover the only 4 Critical Success Factors you will ever need to choose the right business.
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… I will also be sharing various business ideas that you can build on
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The other day I met a friend. I asked him what he does for a living. He said he is a freelance translator and explained how he manages his work.
He then asked me what I did. I said I have online businesses.
His immediate response was, “Good on you, you know, I cannot do business”
I patiently asked him… “aren’t you already working on your business idea?”
In fact, this is a common response I get from people.
Imagine not having to go to the office to work instead of having a work-from-home job? Would your life change?
Statistics has shown that 80% of people thought about starting a business idea. I remembered I had loads of business ideas running through me, things like
- Aha! I could sell this,
- Aha! this location needs this,
- Aha! people are looking for this
So why aren’t we building on that business ideas?
I guess a lot of us has a phobia about business. What are we afraid of?
- Uncertain income
- Having to sell
- Not knowing what to do
- business failures
It was during my holidays in Bali, I was waiting with my good friend, Edmund, for our flight. Over a cup of coffee Edmund asked me, “Denver, you are successful in corporate now, can I ask you a question?”
Do you have a retirement plan?
I returned a ridicule smile and said “what do you mean retirement plan? I am only 27 years old?”
Well, do you know how much you need to retire?
Edmund gave me a simple way to determine this…
He said what is your current monthly income now? When you retire, do you know that you will need at least that amount if not more? Lets also assume that you retire at 60 years old and lived on for 20 years. How much would that be?
$4000 x 12 X 20 = $960,000
That’s close to a million!! I was astonished! I have never thought of myself as a millionaire. Have you?
Then Edmund hit under the belt… he said, “So, how many percent of this do you have in your savings?”
I was embrassed to reply, as a young man, I spent almost every dollar I had.
“How do you intend to have amount for your retirement?” Edmund asked
I pondered for a long long time….
Then I boldly exclaim…. “The only way is for me to save $1000 every month!”
Edmund said “Thats a good start, lets see if it is a good plan…”
I was 27 years old. So, I would have 33 years old remaining before I retire at 60 years old.
$1000 x 12 x 33 = $396,000
What?? work for the next 33 years yet not having enough to retire??
Not having any other options, I tried that for a 1 year. Do you know how difficult it is to save 25% of your income every month? Extremely!
After one year of trying, it dawned on me. Hey, If I just worked on how much I can save, there is a limit. What about if I focused on my income?
I thought about getting promoted again, or changing jobs… I figured, it is not going to help much.
I realised that the solution is really starting my own business.
Today, 7 years on, I have quit my job, have a distribution network of over ten thousand spanning across 30 over countries.
blog by mr. bedral