The mystery of money for entrepreneurs
“Money is just a tool. It will take you where you want it, but it will not replace you as the driver, ”philosopher Ayn Rand once said.
In business, the number one problem for every entrepreneur is money. So, getting money, raising funds, convincing investors to give you money becomes essential.
Whether you’re a start-up, a small or medium-sized business, or a $ 100 million business, your biggest problem is always money.
There is currently a mad rush for private equity which is the new and hot way to get financing, but it remains a mystery to most entrepreneurs and owners or managers of small and medium-sized businesses.
One thing you need to understand is that the Money Magnet unlocks the private equity financing puzzle and shows how understanding private equity is the first step to increasing your business wealth.
Historically, the most common means of raising funds for SMEs have been through bank loans or the stock markets. But banks are notoriously risk-averse and conservative in lending to small businesses, and the big bull market is over.
Looking at the influence of social media, over the past few days I’ve spent a lot of time talking about ways to get attention, make money, and build an following.
What often gets lost in reshuffle, however, is why so many of us try to do it in the first place, which is to make more money.
In her latest book “Entrepreneurial You,” author Dorie Clark picks up where so many other business writers leave off.
No matter how amazing you are at what you do, and even though you are recognized by your peers and clients as excellent, you can’t have a sustainable business unless you learn how to monetize effectively – and that’s a set of very different skills, and one we don’t talk about much in our culture.
This week I decided to focus on unmasking some of the mystery and baggage about how entrepreneurs actually make their money.
What exactly are their business models? What is working and what is not? How much do people really earn? These are things that have always been talked about behind closed doors, but which have often been opaque to foreigners.
Why are more people than ever becoming famous but still not making any money?
Thanks to the Internet, ordinary people have the opportunity to build an audience and reach an audience.
But many of these activities, however glamorous, are not that lucrative.
YouTube stars often get millions of views and receive a pittance because the ad sponsorship rates are so low. So nowadays there is often a disconnect between being well known and making money from your expertise.
One does not necessarily lead inexorably to the other. You must consciously learn to do both things.
Why are some “thought leaders” better than others at making money from their expertise?
Professionals fail to fully monetize their business for several reasons.
Some doubt themselves and fear that if they charge for their expertise, it will expose them to criticism or to be “discovered”.
They usually have a source of income, such as consulting or providing some other professional service, and it has not occurred to them that there are opportunities for expansion into other related areas.
They may be interested in exploring a new source of income, such as podcasting, but don’t know where or how to start.
They have seen the visible outliers – the hucksters and charlatans – in the online marketing space, and fear that if they start marketing online they will be seen in the same negative light and want to protect their brand. .
Some people once said, “People make money with something. Now they are making money from something.
Another problem is that market conditions can change, and if a competitor enters the market or starts to undervalue you, everything you offer is no longer relevant.
I always say that there is a difference between money and its expression (banknotes): money, talents, gifts, potential and the value that we carry within us.
So we go looking for something. Real value is deposited in us and our goal is to extract the value that we carry in us until it becomes translated information banknotes, which are universally accepted as a method of payment.
The goal of every entrepreneur is to go on this journey of discovering the value that is in them and to offer it as a solution to the problems facing humanity, then in return you get the expression of your value that are these notes. .
Here are the main takeaways from my research
One of the most important things an entrepreneur can do when making a windfall is to protect their hard work through patents and the acquisition of copyrights.
The sector of a given product or service dictates the term of the patent. Being aware of these special requirements is important in any entrepreneur’s plan for success.
Entrepreneurs will experience growth and success with a general schedule that adjusts based on the type of product or service provided.