Since graduating from college at the age of 19, I started working as a web developer and through hard work, dedication, lack of sleep and grasping all freelance projects that I can grab, many doors have opened which greatly helped in building my career. But after working hard for more than 7 years, I needed to work harder the more I climb the corporate ladder – and this led me to the realization that if I stop working, I will stop earning.
My ultimate goal is to setup my income to auto pilot / passive and make my passive exceed our monthly expenses – that way me and my family has exited the rat race of get up, go to work and pay your bills.
Way back 2011, my entrepreneurial journey started. I signed up on a global health and wellness company named USANA Health Sciences. Some people call this venture MLM or Network Marketing and this kind of business model is an unpopular to many.
Here are five reasons why I chose the direct-selling business model instead of starting up my own IT-related business and develop my own app:
- Competition – it’s really hard to come up with a unique idea nowadays. A competitor can easily copy an idea and create a better product.
- Costings – it takes a fortune to build an IT company. The salary of a single developer is quite expensive not to mention the taxes, workstation, servers, software, etc.
- Emerging Technology – almost everyday technology is evolving and we have to keep up otherwise our product will be outdated and won’t meet the standards – No Leverage
- Titans in the Industry – if ever I succeed, what if the titans like Microsoft, Apple, Facebook, Google and other huge companies develop a product that’s identical to mine? That surely will crush mine and all the hard work may go down the drain.
- Inheritance – we all grow old and for sure we won’t be programming, managing and working on our business. If I pass this business to my children and they seem to be uninterested or skilled, what do you think might happen? It may go down the drain.
When choosing a business, I always refer to the B-Quadrant Quiz from Robert Kiyosaki’s book, Cashflow Quadrant:
Are you a true business owner?
Can you leave your business for a year or more and return to find it more profitable and running better than when you left it?
If your answer to this question is NO, then my friend, you are self-employed not a business owner.🙂
My recommendation is: Find an opportunity that can generate profit, focus on that and once you’re all good and comfortable, you can freely look for other businesses of your choice. What’s important is you have a road map to your goals and you enjoy what you are doing.
I hope you get value from this. I highly encourage you to start your own business. Here are the 8 reasons why it is perfect time to become an entrepreneur today.