WHY BUSINESS OWNERSHIP IS THE KEY TO CREATING INCOME IN 2021

5 things to consider before applying to your next job

By Edward Emono

I once heard Gary Vaynerchuk say in an interview that it’s never been easier for any individual to become successful than it is in this day and age.

Why is this true? Well it is because Technology has come real far real fast and has been a major catalyst for innovation in the 21st century.

In addition to that, innovation has lead to the exponential progression of our survival and well being as evolutionary beings.

Therefore with innovation at the forefront of our survival, our abilities as individuals to create and distribute value to masses has never been easier than it is today.

Think of it in this comparison: A bird needs to build a nest for survival has to manually fly to get building materials and put in a lot of time and effort daily to build a nest. This eventually takes up 3–4 days of…bird hours.

Now imagine a man who wants to build a small house on a beach-front property he purchased for retirement. He has a design in mind and in just one hour he can have an architect design a structurally sound house for him.

Not only that he can also buy a prefabricated house in less than one hour and have it in erected in his property in very little time. What’s the takeaway here?

Aside from biological differences, what separates us from the other species is our ability to create(invent and innovate) through communication and collaboration.

A bird spends what seems like a life time building temporary nests (subject to environmental destruction) for survival. The man in this case has an idea for a house he wanted for retirement and gets one built.

Let’s call the brains behind this operation “Latte Larry” [from curb your enthusiasm].

If this new house was a business idea or a product the “success” of this “idea” would be achieved upon completion of this project, contextually speaking.

Latte Larry, in the aftermath of the pandemic realizes that his coffeeshop business might be slow for obvious reasons.

This makes him accelerate retirement plans so he can move to his beachfront property where he can isolate himself from the madness, listen to the waves of the ocean while he smokes his cigar, and do his favorite thing; write books.

He gives himself a day to internally create a vivid image of how he wants his house to look and goes with the shape of a “7” and sets his target for 3 months from design to building to moving-in.

Latte Larry has no skills in designing and building houses so he calls an architect and an acquaintance in his network Kim for advice.

Kim who happens to be a reputable architect suggests that a semi complex shaped house might take longer to build. She advises Larry that it would be easier if two prefabricated structures were attached like “legos” to optimize time and cost efficiency.

She proceeds to refer him to an affiliate, a prefab home building company in her network. Within 12 hours of establishing contact Latte Larry is the owner of a brand new home, a week later the building is installed and his property is move-in ready.

I use this elaborate analogy for a reason. Mr Vaynerchuk is correct, there has never been an easier time to get rich or have a successful business. Although building a successful business might not be as straightforward in every scenario the blueprint remains the same.

The only difference is the increased availability of resources you need {from conception to execution} regardless of what stage of business you’re in.

With this being said, the only thing stopping you from creating income for yourself is your next business idea. Here are FIVE reasons why;

WE ARE MAKING SHIFTS OF SEISMIC PROPORTIONS

Did you have a zoom call with co-workers, friends or family at some point while observing the stay at home order? Yea everyone did. The urgency to be productive and maintain routine while at home forced the majority of the masses into the digital space for various reasons.

I saw zoom go from “just an app” I used for the last three years to interact with my trading buddies on other parts on the world, to the most popular means of communication for work related purposes.

As you can see from the chart above Zoom became very popular during the pandemic.

So widely known it was probably one of the most popular words next to “COVID/Pandemic and Toilet paper”.

Partially because a lot of office based workers had to stay in contact for company productivity, schools transitioned to online education, individuals who got forced out of a job were meeting with new potential employers or clients. All online!

The pandemic created a digital shift of seismic proportions.

THIS LED TO A LOT OF NEW OPPORTUNITIES

I remember seeing an increased amount of advertisements for platforms like masterclass and cameo with endorsements from big celebrity names.

Then it hit me; They are just as panicked as everyone else!

The pandemic created a distortion in reality for everyone. This resulted in worldwide angst about the potential crash of the economy and job safety or income. Watching celebrities seek out new opportunities within the digital space was confirmation of this observational bias.

Not all of them need the money, however it is relevant to their brand that they stay up to date with shifting trends. It was also a means of securing income because of that lingering fear of the unknown.

This increase in job insecurity created an initiative for individuals to rely more on their accumulated skills rather than their current job alone.

With the rationale being; “a little gig here and there supplements my income” there has been a significant rise in skillshare and commodification of knowledge.

MAKING IT EASIER TO EMPLOY ONESELF

As an employee or job seeker, your range of skills needed are narrowed down by the field and availability of a particular job position.

As a business or business owner your range of skills are expansive, and you can employ as many skills as you have to create income.

In other words you can create a multifaceted business with a lean budget.

For example an English teacher who has a lot of free time because of the re-structuring of the education system.

She can employ herself by starting a tutoring business for foreigners looking to learn or improve their English. She can also write a kids book and put them up online for sale.

With two skills alone she can generate 2 streams of income for herself outside of her everyday job.

The best part is she can always scale this business by hiring others and outsourcing some of her workload or demand for expertise.

IT’S NOT AS INTIMIDATING AS IT SEEMS

While business ownership is not for everyone, the ability to build and run a successful business is inherent to us humans because of our ability to create. All it takes is the right idea, support/resources and execution.

If there’s one thing Benjamin Franklin’s Wealth of nations taught me it is that; as long as you can provide value to your surrounding, you can start a business.

Therefore brainstorming a great and winning idea doesn’t take much. What does take some mmph is the leg work and resource development that comes in. Luckily that brings me to my final point…

THE AVAILABILITY OF RESOURCES

The ever growing availability of resources being created to facilitate innovation from start to finish is outstanding. Thanks to the power of the internet valuable information is available to anyone, and special thanks to social media, access to a broader network is available to anyone.

While a high value network can be pertinent to the availability of resources, the emerging technological trends are disruptive in nature.

This disruption proves conventional methods obsolete and provides massive opportunity for anyone with a great idea to get ahead much faster than they will when taking the conventional route. Which in turn supports innovation as stated earlier.

Here are some examples of resources available to incentivize your business idea in 2021

  • Easy setup through online platforms like legal zoom and other third party licensing companies
  • Collaborative efforts through access to Private Equity and Venture Capitalists like Startengine; a two way company for entrepreneurs to get funded or invest in start up companies. OR Cameo a social platform that gives you direct phone access to several celebrities and high net-worth individuals
  • Small business funding and Business Credit with high limits and massive rewards at 0% interest rates for 12–15 months
  • Rewards that help business owners can take advantage for scalability
  • Corporate Tax structures and deductions that help the you balance expenses
  • Favourable retirement plans to help you get that beach house like Latte Larry after achieving success.
  • Social media advertising, gig based services, affiliate marketing are all ways to create income within one business and scale that business with a lean budget.

The road to financial stability and abundance has been paved and repaved so much that the journey to success hasn’t been any smoother to walk than it will be in 2021.

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Author-

Edward Emono

Trader, Investor Analyst

CEO- www.goldenratioclub.com

Lead Sales Analyst- www.phiwatch.store