The Problem With Entrepreneurship

Reading time: minute(s)

the problem with entrepreneurship

In today’s covid world, everyone seems to be looking for a side gig or even a full time business because of the stay at home work options.  This is a great opportunity for many people to change the way they’ve been running their lives, however, it comes with a few problems.

Patience & Cashflow

Entrepreneurship is defined as the activity of setting up a business or businesses, taking on financial risks in the hope of profit.  We all want profits, but do we understand what it really takes to get the business off the ground?

Some businesses take years to show a profit (like my franchise business that I owned back in my 20s) and other ones, such as direct selling businesses can show a profit in the first month.  The mindset of instant gratification is the culprit and so we have to realize that profit and patience work hand in hand.

Work Smart & Work Hard

I grew up on the family farm, so hard work was not an issue for me, but at the same time, it was ingrained in me that hard work was the only way to get ahead as an entrepreneur.  It wasn’t until I came across Robert Kiyosaki’s concept of the cashflow quadrant, that I realized there was a better way to work smart and work hard at the same time.  It’s the concept of leverage and building passive residual income.

This is why I chose to operate a direct sales business, so I could leverage the company systems, marketing tools, products, pricing, online stores, and research and development.  Basically everything is done for you and all you have to do is serve your customers and team members.  So, once my business grew, month after month, I took some of the business profits and invested in real estate properties, which then created multiple streams of passive income.

Personal Growth & Development

This is not obvious to a lot of people when they start in business, part time or full time.  I know when I started my franchise business, I thought I just had to operate the business and all would be fine, but I soon realized that I needed to do some work on myself to take my business to the next level.

I started doing personal development in my mid 20’s and I know without a doubt, it helped set me up for future success.  Don’t be afraid to hire a coach to help you grow your business. I have done this several times and now I’m helping the leaders on my team grow into the best version of themselves.

So click here to schedule a call or text me at 613-601-5601.  Let’s work together on these problems with entrepreneurship to help increase profitability in your business!

“The hallmark of successful people is that they are always stretching themselves to learn new things.” – Carol S. Dweck, Author Mindset, The Psychology of Success

About the author 

Deborah MacDonald

After almost 25 years as an entrepreneur, I continue to grow my business, my passive income streams and my wealth. And now I mentor others on their wealth journeys by teaching them how to fund their own freedom lifestyle.

7 Secrets To Achieving Your
Dream Lifestyle