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"Some people regard private enterprise as a predatory tiger to be shot.
Others look on it as a cow they can milk.
Not enough people see it as a healthy horse, pulling a sturdy wagon." -
Winston Churchill
To commit to starting a new enterprise in
the UK currently, you must be brave, desperate or have an absolute belief
that there's a significant demand for your product or service.
That is, if the company is to be a
'conventional' operation with staff, office/s, possibly production
facilities, warehouse/s and vehicles.
In most cases the potential benefits - and
profits, are outweighed by the risk and high costs of compliance with the
rules, regulations and probable administrative overload which prevail
whether you sell anything or not.
On the other hand, todays' technologies
enable almost anyone to start and run or partake in 'small' business/es
which don't demand the staff levels and outgoings associated with
'conventional' set-ups and whilst defined here as 'small' business, this
doesn't imply small earnings. Indeed, many of the over 500,000 'new
millionaires' worldwide in 2003/4 are individual investors and
entrepreneurs - as opposed to corporate leaders.
According to the Merrill Lynch/Capgemini
World Wealth Report, fewer Europeans gained millionaire status compared to
those in North America, China and India due to burdensome tax regimes, but
there was still a 2.4% increase - to 2.6 million.
Are you already a millionaire? How
many millionaires do you know?
The chances are good that a number of them have built their wealth without
having to be major employers.
How?, What? and Where?
You may need a job to cover living
expenses, but except for the few, conventional employment won't take you
much further... Read - or listen to
Robert Kiyosakis 'Rich Dad, Poor Dad'
and grasp his concept of the cashflow
quadrant for a clear understanding why you have to be in or move into the
second (self-employment), third (business ownership) and/or fourth
(property) quadrants for financial freedom.
As for What, unless you want to (continue?)
work/ing yourself into the ground, then something that produces a
passive or residual income!
Property can be good (mostly)... for both capital growth and income:
However, if and whilst you're building a portfolio, you should also be
building your alternatives. Sticking with Robert Kiyosaki for the moment,
get a copy of his
'Business School - For People Who Like Helping People'.
Where is the simplest to answer... Wherever
you are! You don't have to stop whatever you currently do, until
you're part time income is enough to support you or unless it suits
you.
Look for products or services that are
established, in regular demand and don't need to be stocked.
Utilities, eBooks and many items that you can earn commission on -
particularly through the Internet, all fall into this group.
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