It is an unfortunate fact of life that we have only a finite amount of hours. We trade them for all kinds of things like time with our families, sleep, eating, exercising, television, and (of course) work. Most of us trade these hours for a fixed amount of cash, and so the amount we can receive this way is as limited as the number of hours we can offer up. What an entrepreneur does is to find a way to leverage the finite resource that is time.
The first goal of the entrepreneur is to create some sort of product with that time, so that he or she can trade the product for cash rather than trading his or her time for it. Whether that product is a physical commodity, intellectual property, living space or the hired services of employees, the entrepreneur can substitute the commodity for his or her own time, freeing it up to be used in other ways (including the creation of new products).
The second goal is to form some sort of entity, system, or in other words a BUSINESS that can function to sell the product, rent the space, or provide the service with minimal supervision and direction on the part of the entrepreneur. This structure that is put in place to substitute product for time and sell it for cash effectively removes the cap on the amount of money that an entrepreneur can make from simply trading his time for cash at a fixed rate, and even allows time for several such endeavors to be run simultaneously with many different types of products and services.
Approximately 50% of small businesses fail in the first five years, according to the Small Business Alliance. Of these, the number one reason is under-capitalization. If you are able to access the money you need NOW, then when you need it tomorrow, you will have it. No waiting…
Current models for such entrepreneurship can be found in everything from writing a bestseller to online marketing strategies and IBO’s where the duplication of content, advertising and services can bring in many customers at once without requiring the individual attention of the producer.
Far too many of us struggle to get ahead by trading away our lives for money, but the entrepreneurs are those who have realized that they would do better to find a surrogate to offer up for sacrifice instead of their lives, one hour at a time.
Resource Author Francisco Rodriguez Higueras
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Category: Wealth Building