Life & Business
~Entrepreneurship is not a 100-meter race, it's a marathon.
One of the biggest mistakes people make starting a business is that they start spending as soon as they make some money.
The Latest Cars, Shoes, iPhone, Branded Clothes, these things are just for Employees who make some money, not for Entrepreneurs.
* Luxuries are not for those who have just started out a business.
Business is like a Baby where you have to nurture it for years before you can expect to get anything out of it.
Even after you start making a good money you still don't have right to spend such money, you must reinvest each and everything for as long as you can. And if if scares you, trust me you are not meant to be an entrepreneur, cause it's a game of patience.
If you are earning around 1000$-2000$, then the dividing ratio for spending and saving should be according to the need. Make sure you spare enough to invest 30% with investors for further growth.
Wants V/s Needs
Want: It is whatever you desire and have dreamed of for quite some time. It includes your luxuries, your wishes, and these are mostly related to your personal comfort. If somehow you are unable to get your wants, your life will remain unhindered. Wants are mostly very short-lived.
Need: Need is something which is important for you attain and these are basics for your living. Not getting your needs will have an impact on your life as well as the life of people around you. Needs have long-lasting effects.
Remember as an employee you are allowed to look rich, but as an Entrepreneur, you are not allowed to look rich until you are really rich. Let me repeat this once again that As an Employee you are allowed to look Rich, but as an Entrepreneur, you are not allowed to look rich until you are Really Rich.
So Remember in Start:
No expensive luxuries
No Expensive Clothes
No expensive watches
No Expensive nothing
For several months, even for several years.
So remember one thing, if your next goal as soon as you start a business, is to buy a belt of Gucci, a watch, or a luxury car, any other expensive thing, then you still have not developed an Entrepreneur Mentality as these are all liabilities.
Whereas Rich People don’t think like this, they have a passion to build their Assets and not Liabilities. They always think about how to reinvest their money to make more money and build assets that grow in value with the passage of time. It is like an addiction, which unlocks their subconscious genius and makes them creative.
Not only in business, let's take this platform as an example. Some people do not have the habit of savings. All they are after is earning and spending it immediately. Such kind of persons can destroy themselves and regret later. Many people are of the mentality that once they start working for some months,they would do this, that etc They forgot to sit down and understand the difference between an asset and liability. These kind of people would run out of cash soon and their eyes would be opened.