Now, I am going to share one of my favorite article from Michael Masterson’s Newsletter.

I will plainly put what he wrote without any editing, and I will post it into 3 times, because the article is quiet long, so I hope it will be better and easier to be read in pieces.

Hope you can find something useful for your own “Financial War”.

Entrepreneur Spirit 3

being entrepreneur

Some people think becoming an entrepreneur is so difficult. They often think that to be an entrepreneur, money is the main factor. Actually, there is something else such as mental preparation that plays an important role.

Some people choose to be entrepreneurs because they do not want to suffer tight competition in the workforce, to have the desire for unlimited earnings, to have the freedom to determine their own destiny, and to be more independent or to have extra satisfaction on their personal achievement.

In the early stages of becoming entrepreneurs, however, people should realize that their income can be less than before, no more company allowances. Not mentioning that they have to work harder and longer hours, with the responsibility of employing their workers.

Moreover, they should cope with critics from their environment about how stupid they are for letting go such a good job with good payments and benefits.

People should have more than one income source, but by being entrepreneurs, they are working for themselves, and they alone will determine how much they want to earn and how.

Tips for new entrepreneurs:

• Start with a low working capital, so people can minimize their potential loss that may occur. The other advantage is to train to survive in the new business with minimum facilities.
• Be flexible; entrepreneurs should revise their business concept with current trends and economical conditions.
• It is recommended to have a mentor who can share knowledge and give advises on critical points.
• Start with your hobbies. By doing so, hopefully they can cope with the frustration and do not give up when they have to deal with difficulties.
• Sometimes it is a good idea to do a completely new business idea that might bring less competitors.

Starting a new business needs capital. It is a safe way to use their own savings, because they do not have to pay interests or risk their assets when taking business loans from a local bank.

Avoiding interests should be considered since it is hard for a new business to gain profits during its first months of operation. It can take their breath away to pay high interests.

For people with a strong network, they can look for partners to cooperate with, so they also can share the capital.

Having a business does not mean that people will earn profits right away. Entrepreneurs should think about getting loyal customers and give them competitive services.

After a business has been developed, entrepreneurs might need employees. it is important to put honesty as the first criteria. It is a fact that honest people become rare nowadays, and you do not want to be cheated by your employees.

Last but not least, entrepreneurs should understand that running a business is a process. There will be some critical moments before they can earn a stable profit.

Entrepreneur Spirit 2

Entrepreneur Spirit

As mention before, you really need to take a serious consideration as being an entrepreneur. Serious thoughts of how you want to spend your retirement days might motivate you to take your first step.

Try not to think too complicated, just make up your mind and take your first step, maybe you make some mistakes, but you will learn and get more experiences.

When you are looking for idea, you can always start from your hobby. Something you like the most and willing to spend times to do with a happy heart. Something that even when you are in difficulties and problems you may find will not make you give up and stop doing it.

If you are a housewife who loves to cook, you can start selling something from your kitchen… either pudding, cakes, soups, whatever your specialties are. Even when you do not want to make your kitchen dirty, why not selling your recipes and tips on the internet?

If your hobby is gardening, you can sell flowers, vegetables, seeds, whatever related to garden activities. You can even sell them through the internet, either the products or just the tips from your gardening experiences and knowledge.

When you like to read, you can promote e-books to others. In brief, any hobbies can make you money if you can find the idea to sell it. Be creative…. It is good when you can earn money from your hobby.

As a matter of fact, the internet business is growing nowadays. It gives you the opportunity to work at home, or wherever you are. You just need your computer and an internet connection.

Explore your potentials, anybody can be an entrepreneur, you just have to think and take your first step…. And go on.

Being an entrepreneur is all about a will and a commitment to work for it.

Entrepreneur Spirit 1

Entrepreneur Spirit

Earning money nowadays is not as easy as in the old times. In fact, looking for jobs is harder for lots of average fresh graduates. Due to oversupply of workforce, the salary is not meant to be as they expect.

Therefore, we should be thinking of being entrepreneurs, being self-employed which also raises one's self confidence.

For some employees, although they are in a good management level, they are still fragile with the issue of getting fired or being placed in early retirement program by their company. When the company they are working for is in a bad financial situation, well…. it is always possible to lay off somebody to reduce cost.

An employee can be fired because of company’s financial issues, old age (think slower, not competitive anymore, while his/her salary is too high compared to a fresh graduate), and many other reasons that result in the word “fired”.

Being an employee can never be safe, because you depend on other people called “Boss”. It is not bad being an employee, but it is better if you have your own business. Maybe it is only a small business, but it is yours, you are the one who takes control.

It is very common to hear when we were kids, “Study hard, be diligent, get good grades in school and so on…... so that you can graduate and work in a great company that grant you good salary plus all the benefits you deserve” But do you see what I see? That lots of us (including me actually) were grown up to work for somebody else, to be employees. We are just looking for good paychecks and benefits…. Not a financial freedom opportunity.

Maybe it is a better idea if we work for somebody else to get enough work experiences, and after that we should think of working for ourselves, being an entrepreneur.

In social terms, being an entrepreneur will give you a chance to employ other people, meaning you can help them find employment.

There will be lots of thoughts to challenge you when you are thinking to become an entrepreneur. Such as, low self-confidence that makes you think that you cannot do it. You do not have enough skills, knowledge, experiences or money to start. It seems impossible to see yourself as an entrepreneur.

Please, try to think of bad days you and your precious family members have to deal with when you are fired or you just cannot work anymore for any reasons.

Those thoughts will give you the spirit to learn skills, knowledge, experiences needed to start your own business. You will have ideas where you can get enough capital to create a small business. You might also consider the idea to cooperate with somebody else who you know well to be your business partner.

Just think like an entrepreneur, that you cannot wait for somebody to think for you. You are the one who takes control, it is your life, and it is your business.


Put your future in good hands, your own ……………(Anonymous)