One of the biggest failings of the American school system is that they never teach us about money. We learn to become employable, but we don’t learn how to make and manage money to gain financial independence.
There's no perfect way to do anything, and there is usually more than one way to skin a cat. If you're going to ease into entrepreneurship by going the side hustle route until your business gains enough traction for you to be a full-time entrepreneur, these tips should help you get the most out of your efforts.
Look, I get it. You've decided to become an entrepreneur, so you want people to recognize your swag, and nothing gives you street cred as a business owner quite like business cards that announce your presence to the world as a 'Founder' or 'CEO'. However, you can't lose sight of the fact that the most basic role of an entrepreneur is to sell. As an entrepreneur, if you can't sell, you won't be in business for very long.
Because people value their time so highly, they are willing to pay a premium for the convenience of saving time. If you want to make a big splash as an entrepreneur, you will want to develop an idea that will solve a problem by saving customers' time. Here are a few simple steps to get you going in the right direction.
Generally speaking, most small scale ventures can be used to teach your kids about entrepreneurship and develop key skills that will be useful for the rest of their lives. Financial literacy is a necessary life skill that can significantly influence the fortunes (pun intended) of the youth and help pave the way towards financial freedom.
The temptation for many inexperienced entrepreneurs, especially for solopreneurs, is to sort of pool all of their money together and pay what needs to be paid whenever things need to be paid. Sure, that seems logical at first, but it opens up the door for a huge financial mess down the road - not to mention potential tax and liability issues.