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On Being An Entrepreneur…Fishing rod wealth creation
(NNPA)—U2’s lead singer, Bono, was quoted as saying in a recent interview: “You know that mantra, “Give a man a fish, he’ll eat for a day. Teach a man to fish and he’ll eat for a lifetime.” Maybe the mantra should be: “Give a man a fish, he’ll eat for a day. Give a woman micro credit, and she, her husband, her children and her extended family will eat for a lifetime.” (New York Times Magazine, September 2005) Mother Teresa was known to say, “Don’t give them fish, and give them fishing rod.”
These days, ideas and time are more important and scarce than money. Look at the wealth creation initiatives from people such as the late Chicago community banker, Milton Davis, co-founder and chairman emeritus of ShoreBank Corp. whose mission is to strive to building wealth for all in economically integrated communities who worked with Muhammad Yunus and won the Nobel Peace Prize in 2006 along with his Grameen Bank for pioneering the concept of micro-finance in his native Bangladesh. Selling street newspapers called “Real Change,” “Spare Change,” and “Street Roots” are an idea that helps homeless people generate income opportunities.
The vast majority of people located in inner cities are willing and able to work. Inner city businesses should be able to achieve economic viability—they have the advantages of being close to major transport routes and having large populations in their urban area, generating local demand.
An entrepreneurial mindset is re-emerging in Black America. New-breed entrepreneurs are no longer obsessed with lack of opportunities, but with creatively creating their future out of nothing into something. Necessity is the mother of invention! Becoming self-made gives you a fighting chance.
Is it your dream to become successful, achieve financial independence, earn a lot of money and become a millionaire in five years? My advice? Become an entrepreneur. History is full of entrepreneurs who saw a need, met it and made a fortune in the process. More than half of the world’s self-made millionaires are entrepreneurs or self-employed professionals.
What makes an entrepreneur successful? What traits and characteristics best describe that unique person who directs his rags to riches story through sheer grit, perseverance and enterprise? Here is what people, businessmen themselves, have to say about what it takes to become a successful entrepreneur.
They are fast moving and flexible, and adaptable. Entrepreneurs are persistent and determined to succeed, because their own money and self-esteem are at stake. Successful entrepreneurs are passionate about their business. Their overwhelming passion for their work helps them overcome exacting challenges and find solutions for insurmountable problems that come in their way.
You don’t need to possess an MBA or Ph.D. to succeed in your own business. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reach their full potential and achieve financial and personal goals in business because they are open to learning new things.
Entrepreneurs think of problems as opportunities for improvement and sources of new ideas. With the traditional employment track seemingly on the decline, entrepreneurship is fast becoming a catching trend. Running your own business is a creative, flexible and challenging way to become your own boss and chart your own future. But, before you take the plunge, do understand what it will demand of you and whether you are prepared to give what it takes.
The lure of entrepreneurship is undeniably strong for many but it is important that you go into it for the right reasons. Being miserable in your job does not automatically make starting your own business the best idea in the world.
In fact, it could be the worst reason of all to get into business. Do remember, finding another job is certainly far easier than running a business. But if taking into account everything that’s been said above, and you still sure that you have courage, determination and foresight to become a successful entrepreneur, go on, exploit your ideas on your journey of wealth creation.
(Farrah Gray is the author of Get Real, Get Rich: Conquer the 7 Lies Blocking You from Success and the international best-seller Reallionaire: Nine Steps to Becoming Rich from the Inside Out. He is chairman of the Farrah Gray Foundation. Dr. Gray can be reached via e-mail at fg@drfarrahgray.com or his website at www.drfarrahgray.com.)
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