Category: Empowerment

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4 Essentials for Achieving the Entrepreneurial Dream

lifestyle entrepreneur

Lifestyle entrepreneurs are truly living the dream. They work, make money and thrive online. Most do not have an established physical location (beyond a couch, coffee shop, or occasional home office), and they certainly don’t need one to succeed. A lifestyle entrepreneur just needs two tools: a laptop and a reliable Wi-Fi connection.

Of course, you need other entrepreneurial basics, too, like fantastic ideas, skills, and a jack-of-all-trades mentality. However, does it really matter where you do business, as long as it gets done?

In 2015 around 2.5 billion people went online every day, and according to earthweb.com, the latest data affirms that globally, 5.07 billion people use the internet daily in 2023*. The Internet is a nearly endless source of potential customers and clients for entrepreneurs. Already, there are many lifestyle entrepreneurs, but few are maximizing their potential in this realm (and there are probably many more who haven’t yet figured out this alluring lifestyle).

Some entrepreneurs have figured out how to legally and ethically work the system, and are enjoying some choice perks. For example, moving to another country with a much lower cost of living, scoring that foreign income exemption and maybe living a dream of working beach-side is very possible for some lifestyle entrepreneurs. Should they need to consult “in person” with a client or investor, video conferencing or a phone call usually suffices.

However, it isn’t easy to become a lifestyle entrepreneur, but it is possible for many. If this sounds like the right track for you, start by choosing the best, most profitable demographic. This isn’t a plea to choose a niche, because that is not always a necessity. It is better to have a specific idea rather than a specific niche. To make money, your target audience has to have money (I’ve tried the broke route and it’s a long one). If you have a great idea, but your target audience can’t afford it, it’s a long road ahead that won’t make money for a while. In my opinion, income generation potential is a key metric that you should make sure is present.

Here are four more steps to becoming the ultimate lifestyle entrepreneur:

1. Start from the ground up.

Your website should be the beginning, but it is never complete. Don’t over-invest in this arena. Instead, build a thriving online presence, work towards an emergency fund, engage with your audience, and seek out tools that can help your business grow.

2. Study what works.

Keep in mind that what works for others may not work for you. Figuring out what works for your business and you will involve research, trial, and error. Testing is your friend, and failure can be a great teacher.

Once you’ve achieved some success, evaluate it. Could it be made even better? Don’t let the white noise overwhelm you, but do acknowledge, evaluate your business and grow it.

3. Grow your audience.

The more exposure you get, the faster your audience will grow. Seek out different means, such as being a guest on a podcast, on other blogs or on authority sites. This will grow your lifestyle business daily.

4. Charge what you’re worth.

Many entrepreneurs accept less-than-great pay to gain experience or exposure. This can be a savvy move in the beginning, but do not be guilted into staying with a client because they gave you a shot. Charge what you’re worth, and realize that will steadily get higher as you gain more experience.

Being a lifestyle entrepreneur is likely more achievable than you think. However, it is not the best fit for everyone. Before even pursuing this track, make sure you’re the type of entrepreneur cut out for such a lifestyle because otherwise, you will stumble with every step.

Source: entrepreneur.com ~ Author: John Rampton ~ Image: Canva Pro

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5 Sources for Learning What It Takes to Become a Millionaire

To achieve your dreams you must become a student of success.

When it comes to learning the ropes of how to be a millionaire, nothing is as important as your education. Getting an education on becoming a millionaire may differ slightly from your traditional educational approach, but it is still all about the learning process. If you are interested in becoming a millionaire and earning substantial money that will cover you over the long term, then here are a few education techniques to consider.

1. Learning online with the right websites.

The Internet is a great educational resource for anyone seeking more information about earning money through their investments. However, it is important that you take the time to turn to the right resources. Websites such as Lynda, Udemy, and Profit.ly are all great resources for aspiring millionaires. Sites like this allow you to learn and interact with the best traders online so that you can take your trading skills to the next level. These online educational marketplaces are designed to help people hone their learning skills and are valuable tools for individuals that want to learn as much as they can about the market and different trading techniques.

2. Books.

Reading is the cheapest but most effective way to learn the valuable tools needed to trade smart and earn a great deal of money. You can buy books online or in bookstores, purchase e-books for a discounted price or even get a library card and check them out from your local library. The point is that investing in books will provide you with a more applicable amount of knowledge on investing than a college degree (and it is much cheaper as well!). You should see top-rated stock market books here. Never underestimate the power of a good book.

3. Follow other successful people on social media.

To learn how to be successful you need to know what other successful people are doing with their time. Get on all of the major social media sites such as Twitter, LinkedIn, and Quora and start following successful and established investors. Learn what these people are doing and saying, and how they think. Learning from individuals such as these is a great way to see first-hand what the best in the business do. You may be surprised to find just how much they reveal from their social media accounts.

4. Become an expert in niche categories.

To become rich you need to become a specialist in a niche category few other people specialize in. To make a significant amount of money focus on non-traditional ways of earning that type of income. You don’t need to be a doctor or a lawyer to make money. In fact, you don’t want to be a doctor or a lawyer if your focus is on making money. In addition to having hefty school loans, these individuals often have a set ceiling on how much they can make. Think outside the box and you can open up your earning potential much more.

5. Failures and mistakes are a crucial part of your education.

One of the biggest parts of your education is actually in the failures and mistakes that you make. They are essential to your development. You shouldn’t fear them, but instead, embrace and learn from them. You are going to fail. The key is to fail fast, fail often, and fail forward, meaning that you adapt to your failures, learn from them and look to the future. The sooner you make your mistakes and the quicker you move on from them, the sooner you can adapt in your pursuit of success.

Your education in becoming a millionaire is about more than courses, classes, and homework. It is about learning from the world around you and adapting to your journey so you can make the most of your experience and learn from both your mistakes and your triumphs.

Source: entrepreneur.com ~ By: Timothy Sykes ~ Image: Pixabay

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3 Ways to Become a More Effective Learner

How to Learn

We may graduate from school, but we never stop learning. New jobs, new roles, and new relationships: all require the acquisition of new knowledge. To stop learning is to stop improving.

Despite its importance, so many of us develop bad habits and faulty techniques that undermine our ability to learn effectively, says Nate Kornell, an associate professor of cognitive psychology at Williams College who studies learning strategies.

Below, Kornell outlines three fundamental principles to learn by.

1. Embrace discomfort

One of the most common – and detrimental – mistakes Kornell often sees is our collective tendency to equate performance with how much we are learning.

In reality, these two metrics are often in direct opposition. Kornell offers the following example: say you’re at the gym, attempting to work out with 10-pound weights. Even a few reps are exhausting, so eventually, you swap them for 5-pound weights. Suddenly, the workout is easier. You can do more reps. You feel instantly stronger. The problem, of course, is that while the lighter weights make you feel better about your performance, the heavier ones were providing a better workout.

“The same thing happens with learning – when it’s easy, you feel like you are learning more,” says Kornell. In reality, “you actually learn more when you are struggling.”

According to Kornell, effective learning feels difficult. It’s this ability to embrace continuous discomfort that separates ultra-high achievers from everyone else. For most people, once they’re pretty good at something – be it public speaking, writing, or Excel – they become complacent and comfortable, unwilling to continue to challenge themselves. “You reach a plateau where you don’t experiment and you don’t practice new techniques because you’re satisfied,” he says. “The people who achieve the most in life are the ones that aren’t satisfied with 8 out of 10; the people who don’t stop until they are a 10 out of 10.” That requires risk-taking, uncertainty, repetition, the pursuit of criticism, and, yes, discomfort.

Learning is many things – challenging, eye-opening, exhilarating, motivating, and tiresome. It should never be a cakewalk. “If you are having too easy a time, you’re doing it wrong,” he says.

2. Stop cramming

A favorite study technique of college students everywhere, cramming – or the last-ditch effort to memorize as much information in a condensed time frame– is effective “if you want to remember something in the very short term,” says Kornell. Cram before a test, and you’ll likely remember much of the information when you sit down to write the exam. A year, week, or even day later, however? Not so much.

To acquire new knowledge with a long expiration date, it’s crucial that you space out learning events. Interestingly, it’s the act of forgetting that makes multiple, spaced-out study sessions more effective at forming long-term memories than a single marathon session.

Kornell, who has researched this topic extensively, believes that the act of forgetting information and then re-learning it, ideally multiple times, is what cements memories in the brain. The process of forgetting, and then repeatedly filling in those memory gaps, makes them stick. “You can’t add to your knowledge unless you give yourself a chance to forget,” which is why cramming produces such fleeting results.

3. Make connections

The more, the better. If you want to remember the information in a passage you are reading, root the text to as many additional contexts as possible. Pause frequently and think about how what you’re reading now relates to what you read earlier. But don’t stop there. If you really want the material to stick, make personal connections as well: relate the text to events that have happened in your own life, or the life of a friend or acquaintance. The more individual threads you can tie from the material in the book to other, independent realms of pre-existing knowledge, the more likely it is to stick around.

Admittedly, pausing every few sentences to contextualize material can be an incredibly time-consuming and mentally exhausting task. This just ties back to Kornell’s earlier point: effective learning is difficult. Because of the time commitment, he says, “it’s not a popular technique, but it really does work.”

Source: entrepreneur.com ~ By: Laura Entis – Image: Canva Pro

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Network Marketing For Retirement Income?

financial freedom

At some point in your life you’ve been pitched a multi-level marketing (MLM), direct selling, or network marketing business opportunity.  While the pitch varies from company to company, it basically promises a chance to ditch your 9-5 work schedule, be your own boss, and make lots of money while making new friends in the process.

It all sounds good on paper, yet there is a seemingly endless debate over whether these companies and programs are legitimate business opportunities or not, so I dug in and got the real scoop.  As a result, I believe that the entire industry is poised for explosive growth and can be one of the most significant solutions to America’s current retirement savings crisis.

Initially, that may sound like a bold statement, but it’s not if you understand retirement the way I do.  The reality is, making a successful transition into retirement has more to do with psychology than with money… and the same may hold true for multi-level and network marketing.

Don’t get me wrong, money has a role in retirement, but it’s not the primary one every one gives it.  Combine that concept with eye-opening statistics like AARP’s estimate that half of all baby boomers (76 million) are interested in starting a business and the makings of a massive trend are in place.

As far as the retirement saving crisis is concerned, more and more people are coming to terms with the fact that they probably aren’t going to be able to save enough money to just sit around and slowly deplete their nest egg from age 62 to 100.  With the average 50 year-old estimated to have less than $50,000 in retirement savings, there is an obvious need to find alternative ways to either save more or generate supplemental income starting now, and continuing throughout retirement.  Moving beyond just the dollars and cents, boomers are growing tired of feeling guilty or bad about their past savings habits and are interested in moving towards possible solutions.

Another growing reality that could benefit MLM and related businesses is the increasing number of baby boomers who are disenchanted with their current careers.  They’re worn-out from years of the corporate grind and don’t feel the connection between their job and the people it impacts outside their office walls or company grounds.  They’re shifting their focus from accumulating a giant nest egg to a desire to be part of something bigger and better… to have a positive effect on others… and working in retirement.  Facets of life that can be fulfilled with specific types of products and service available through some MLM or Direct selling opportunities.

MLM and direct selling programs also offer very low barriers into entrepreneurship, often providing training, support, and ample encouragement along the way.  As retirees begin to realize they need activities that keep them busy, relevant, in good health, and connected to others, the time, energy and cost to participate in these kinds of companies make them very appealing to large segments of the population caught up in these dynamics.

This is not a ringing endorsement for the entire industry.  Like any investment of time, money, and energy, people need to be aware of what they are getting into and do their homework.  That’s the primary reasons I began researching the topic by reaching out to regular everyday people involved in these types of businesses and who were willing to skip the hype and offer a transparent view of the programs and give their opinions as to whether this can be a realistic source of retirement income.

I initially spoke to a retired friend who said she joined a health and beauty direct selling company as a means of meeting new people. She had recently remarried and moved to a new location, so she combined the practice of meeting new people with making extra money.  After almost a decade in the business, she’s built a small niche business with family and friends despite switching to from one company to another competitor after three years.

She admits she doesn’t attend all of the company’s local meetings and goal-setting sessions because she’s not interested in becoming a top producer.  She just likes to use the business activity to keep busy (particularly in the winter) and use the extra money she earns to travel and spoil the grand kids.

Having studied the psychology and behavior of boomers, this example represents a major shift in my thinking about the industry.  I no longer perceive these types of opportunities as money-making pyramid schemes.  Instead, I now see it as a way to enhance many of the personal aspects of retirement that are rarely discussed let alone planned for, with the added benefit of supplementing other popular retirement income sources such as pension and social security.

Daria M. Brezinski Ph.D, a practicing psychologist and former marketing director for a multi-level marketing magazine, echoes these sentiments.  “Many people don’t realize that multi-level marketing companies are successful because they help people satisfy a number of important human needs, including feeling significant, having connections, learning something new, and making a difference.  I have heard people in network marketing say again and again, ‘I’m doing this because I’m meeting amazing people … making so many connections … and I feel so good about myself.’”

Dr. Brezinski’s point is well taken and easy to see practiced by popular network marketing companies.  Many MLM and NM companies tout a three-to-five year plan to attain freedom and wealth, yet many of the people running company meetings have been in the business for five or ten years and still haven’t left their full-time job or landed on easy street.  “As it turns out,” Dr. Brezinski notes, “when other human needs are being met, the members and consultants don’t focus solely on the financial aspects.”

Continuing my interviews, I challenged three others who are in the business to be straightforward, and prove to me that the process really works.  What I found was good, consistent business advice applicable to any new business.

Lorene Hochstetler, from Ohio, recommends keeping your current job while slowly making the transition into MLM.  She’s been able to replace her full-time income but explains, “It didn’t happen overnight, and I still work every day.  I am very disciplined with my business and wake up every day knowing what I have to do in order to succeed at this.  You have to treat it like a business and be willing to follow advice from others who have made it.”

Tracy Willard of California began her MLM career out of necessity.  “Prior to getting involved in my business, I told my friends to never let me join one of those things… but when our family was hit by the mortgage crisis I had to do something different.”  She started her business with the intention some retirees may also find themselves.  “I started with the idea that I just needed to make my month easier.  My company helped me figure out what I needed to do in order to make an extra $500 per month.”

She reiterated a common theme I heard throughout the interviews.  “If you treat it like a hobby it won’t pay you like a business.”  She also acknowledged that, in spite of her success, she doesn’t sit around eating bonbons every day waiting for residual checks to hit the mailbox.  “That’s a common misconception,” she said.  “I work hard at my business every day, although it doesn’t always feel like work.  Similar to other entrepreneurs who profit from their passion, she says “It’s rewarding because I found a product that has made in difference in how I look and feel… and I love selling it and helping other people start a business.”

Staci Cahill runs her Washington MLM company in a way many people can appreciate.  She keeps her personal life separate from her business life by avoiding home parties, offering instead workshops that educate prospects on the products she offers.  “I didn’t want to be that person others hid from because they thought I was going to ask them to host a party.  I like to keep my business life and personal life separate.”

When I asked her if she was successful at her craft, she pointed out an MLM approach different from what many might expect.  “Yes, I am very successful given what I wanted to get out of it.  I’m a single mother who used to work 50 hours per week outside the home.  Now I’ve cut it to 20 hours, which is a major upgrade for me and my family.”

As a five-year veteran of MLM, she attributes her success to the fact that, “I switched companies a few years ago once I realized that pots and pans don’t change people lives.  The products I now offer has changed my life and that of others… and I find a lot of value in waking up and going to bed knowing that.”

The interviews and psychological connections lead me to conclude that MLM and NM companies, along with other small businesses opportunities, are important considerations for anyone entering retirement.  In fact, I believe the concept of starting a business for retirement income will become one of the most significant trends impacting retirement in the 21st century.  But it has to start with redefining entrepreneurship and framing it into a retirement lifestyle.  That means helping people find ways to turn a passion, hobby, or personal desire into extra money in their pocket… not to mention helping people see the importance of  planning for the non-financial aspects of retirement such as replacing a work identity, staying relevant and connected, as well as keeping mentally and physically fit.

Something multi-level marketing as well as network marketing companies are poised to capitalize on.  As a result, the industry could soon experience larger than life growth, spurred by baby boomers looking to adjust their retirement feelings and plans.

Source: forbes.com ~ Contributor: Robert Laura ~ Image:

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Would You Join A Multi-Level Marketing Company For Retirement Income?

Multi-Level Marketing

At some point in your life, you’ve been pitched a multi-level marketing (MLM), direct selling, or network marketing business opportunity.  While the pitch varies from company to company, it basically promises a chance to ditch your 9-5 work schedule, be your own boss, and make lots of money while making new friends in the process.

It all sounds good on paper, yet there is a seemingly endless debate over whether these companies and programs are legitimate business opportunities or not, so I dug in and got the real scoop.  As a result, I believe that the entire industry is poised for explosive growth and can be one of the most significant solutions to America’s current retirement savings crisis.

Initially, that may sound like a bold statement, but it’s not if you understand retirement the way I do.  The reality is, making a successful transition into retirement has more to do with psychology than with money… and the same may hold true for multi-level and network marketing.

Don’t get me wrong, money has a role in retirement, but it’s not the primary one everyone gives it.  Combine that concept with eye-opening statistics like AARP’s estimate that half of all baby boomers (76 million) are interested in starting a business and the makings of a massive trend are in place.

As far as the retirement saving crisis is concerned, more and more people are coming to terms with the fact that they probably aren’t going to be able to save enough money to just sit around and slowly deplete their nest egg from age 62 to 100.  With the average 50-year-old estimated to have less than $50,000 in retirement savings, there is an obvious need to find alternative ways to either save more or generate supplemental income starting now and continuing throughout retirement.  Moving beyond just the dollars and cents, boomers are growing tired of feeling guilty or bad about their past savings habits and are interested in moving towards possible solutions.

Another growing reality that could benefit MLM and related businesses is the increasing number of baby boomers who are disenchanted with their current careers.  They’re worn out from years of the corporate grind and don’t feel the connection between their job and the people it impacts outside their office walls or company grounds.  They’re shifting their focus from accumulating a giant nest egg to a desire to be part of something bigger and better… to have a positive effect on others… and work in retirement.  Facets of life that can be fulfilled with specific types of products and services available through some MLM or Direct selling opportunities.

MLM and direct selling programs also offer very low barriers to entrepreneurship, often providing training, support, and ample encouragement along the way.  As retirees begin to realize they need activities that keep them busy, relevant, in good health, and connected to others, the time, energy, and cost to participate in these kinds of companies make them very appealing to large segments of the population caught up in these dynamics.

This is not a ringing endorsement for the entire industry.  Like any investment of time, money, and energy, people need to be aware of what they are getting into and do their homework.  That’s the primary reason I began researching the topic by reaching out to regular everyday people involved in these types of businesses who were willing to skip the hype and offer a transparent view of the programs and give their opinions as to whether this can be a realistic source of retirement income.

I initially spoke to a retired friend who said she joined a health and beauty direct-selling company as a means of meeting new people. She had recently remarried and moved to a new location, so she combined the practice of meeting new people with making extra money.  After almost a decade in the business, she’s built a small niche business with family and friends despite switching to from one company to another competitor after three years.

She admits she doesn’t attend all of the company’s local meetings and goal-setting sessions because she’s not interested in becoming a top producer.  She just likes to use the business activity to keep busy (particularly in the winter) and use the extra money she earns to travel and spoil the grandkids.

Having studied the psychology and behavior of boomers, this example represents a major shift in my thinking about the industry.  I no longer perceive these types of opportunities as money-making pyramid schemes.  Instead, I now see it as a way to enhance many of the personal aspects of retirement that are rarely discussed let alone planned for, with the added benefit of supplementing other popular retirement income sources such as pension and social security.

Daria M. Brezinski Ph.D, a practicing psychologist and former marketing director for a multi-level marketing magazine, echoes these sentiments.  “Many people don’t realize that multi-level marketing companies are successful because they help people satisfy a number of important human needs, including feeling significant, having connections, learning something new, and making a difference.  I have heard people in network marketing say again and again, ‘I’m doing this because I’m meeting amazing people … making so many connections … and I feel so good about myself.’”

Dr. Brezinski’s point is well taken and easy to see practiced by popular network marketing companies.  Many MLM and NM companies tout a three-to-five-year plan to attain freedom and wealth, yet many of the people running company meetings have been in the business for five or ten years and still haven’t left their full-time job or landed on easy street.  “As it turns out,” Dr. Brezinski notes, “when other human needs are being met, the members and consultants don’t focus solely on the financial aspects.”

Continuing my interviews, I challenged three others who are in the business to be straightforward and prove to me that the process really works.  What I found was good, consistent business advice applicable to any new business.

Lorene Hochstetler, from Ohio, recommends keeping your current job while slowly making the transition into MLM.  She’s been able to replace her full-time income but explains, “It didn’t happen overnight, and I still work every day.  I am very disciplined with my business and wake up every day knowing what I have to do in order to succeed at this.  You have to treat it like a business and be willing to follow advice from others who have made it.”

Tracy Willard of California began her MLM career out of necessity. “Prior to getting involved in my business, I told my friends to never let me join one of those things… but when our family was hit by the mortgage crisis I had to do something different.” She started her business with the intention that some retirees may also find themselves. “I started with the idea that I just needed to make my month easier. My company helped me figure out what I needed to do in order to make an extra $500 per month.”

She reiterated a common theme I heard throughout the interviews. “If you treat it like a hobby it won’t pay you like a business.” She also acknowledged that, in spite of her success, she doesn’t sit around eating bonbons every day waiting for residual checks to hit the mailbox. “That’s a common misconception,” she said. “I work hard at my business every day, although it doesn’t always feel like work. Similar to other entrepreneurs who profit from their passion, she says “It’s rewarding because I found a product that has made in difference in how I look and feel… and I love selling it and helping other people start a business.”

Staci Cahill runs her Washington MLM company in a way many people can appreciate.  She keeps her personal life separate from her business life by avoiding home parties, offering instead workshops that educate prospects on the products she offers.  “I didn’t want to be that person others hid from because they thought I was going to ask them to host a party.  I like to keep my business life and personal life separate.”

When I asked her if she was successful at her craft, she pointed out an MLM approach different from what many might expect.  “Yes, I am very successful given what I wanted to get out of it.  I’m a single mother who used to work 50 hours per week outside the home.  Now I’ve cut it to 20 hours, which is a major upgrade for me and my family.”

As a five-year veteran of MLM, she attributes her success to the fact that “I switched companies a few years ago once I realized that pots and pans don’t change people’s lives.  The products I now offer have changed my life and that of others… and I find a lot of value in waking up and going to bed knowing that.”

The interviews and psychological connections lead me to conclude that MLM and NM companies, along with other small business opportunities, are important considerations for anyone entering retirement.  In fact, I believe the concept of starting a business for retirement income will become one of the most significant trends impacting retirement in the 21st century.  But it has to start with redefining entrepreneurship and framing it into a retirement lifestyle.  That means helping people find ways to turn a passion, hobby, or personal desire into extra money in their pocket… not to mention helping people see the importance of planning for the non-financial aspects of retirement such as replacing a work identity, staying relevant, and connected, as well as keeping mentally and physically fit.

Something multi-level marketing, as well as network marketing companies, are poised to capitalize on.  As a result, the industry could soon experience larger-than-life growth, spurred by baby boomers looking to adjust their retirement feelings and plans.

Source: forbes.com ~ By Robert Laura

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