Why Am I A Home Based Entrepreneur?
by Yank Elliott, MBA and IAHBE Staff Writer
"It's the money, silly!"
That's the basic reason anyone goes to the trouble of organizing and running any kind of commercial enterprise. Even charitable and non-profit organizations exist to make money to spend on their humanitarian or other efforts.
This begs the question "What am I going to do with the money I make?"
Every MLM or Network Marketing course I've seen has a lot say about determining why you want to be in this business. The reasons always include extra money, a new home, a new automobile, a boat, a fabulous vacation, freedom from financial worries, and any other material benefit one can imagine. These ideas would seem to drive almost anyone into one of these businesses. They all fit the concept of "It's the money, stupid!" But these beliefs overlook a basic principle of business success.
About 2,000 years ago it was written in Acts 20:35 that Paul told people "to remember the words of the Lord Jesus, how he said, 'It is more blessed to give than to receive.'" A possible meaning of this is that the giver, if the gift is given in the right spirit, will receive more than they gave.
This is a common trait among millionaires: they have a regular program of giving and they teach their children to do this as well. John D. Rockefeller was one of the wealthiest and most powerful men in recent times. He imparted the idea to his children and grandchildren that 10% of their allowance should be given away to repay society for success.
Joe Vitale discusses the concept of giving as a way to enrich one's personal and business life, perhaps in ways other than financial rewards. His idea of anonymous giving just for the feeling of helping others is dynamic. Joe's book, The Greatest Money-Making Secret In History!, develops the idea of the real benefit from giving derives from not feeling the gift is an obligation. Many feel tithing in the biblical sense is something they owe, not something they just want to do because they enjoy it..
The idea of helping those less fortunate is deeply ingrained in American culture. How significant is evidenced by the fact that Americans gave, in 2003, 2.2% of the country's gross national product. That amounted to almost $241 billion. This money enabled non-profit charities to do many things for people needing help and brought untold blessings of whatever nature to the givers.
A CBS News report quotes a Yale Law School professor as saying giving and philanthropy are significant parts of American life. The professor further said, "Americans aren't generous because we're rich, we're rich because we're generous."
Because generosity is so ingrained in all of us, why should that not be a significant reason for wanting to succeed and make money from our businesses?
It is also said that "charity begins at home". A successful home based business can enable you to do just that. Consider how you might use your extra earnings to provide for those you love:
Because you can now pay your bills your stress level is decreased.
Your mental and physical health improves.
Family members and others close to you appreciate your new happy feelings because you can give them your willing attention without distractions caused by financial pressure.
More money provides better health care for your family.
Advanced education for your children is assured.
You have more quality family time because you aren't tied to your work all the time.
The joy of being with your children and all their activities while they grow up will repay every effort you may have exerted to make your home based business succeed.
The ability to see your child perform in some unscheduled activity on the spur of the moment is priceless.
Over time your business can provide the means to help your family members start their own businesses or other activities.
Another serious life event your home based business can help is retirement. In May, 2004, Merrill Lynch released a survey showing that most Americans only have savings averaging about $51,000. Even worse is the finding of the Employee Benefit Research Institute in Washington, D.C. that 45% of all workers have less than $25,000 saved for retirement.
Less than $25,000!
Many experts say with today's life expectancy over 77 years a person needs 10 to 20 times their current annual income for retirement. If you are making $50,000 annually you will need $500,000, to $1 million.
An article on the Louisville Courier-Journal.com Website quotes Ben Stein as recommending young people immediately begin saving 10% of income for retirement. The older you are when you start the more you need to save.
CBS News, in an article on their Website April 21, 2004, quotes Stein as saying that even if people save, they put it all in one basket, and that basket may have a hole in it. There are probably very few people who enjoy managing their investments even if they have them.
With income from investments people are able to indulge in things that really fulfill their lives and give great happiness not only to themselves but to many others. Money allows you to give to your favorite charities, buy food for starving people, fund projects like Habitat for Humanity and a host of other feel good things.
One of the best ideas for your money is to help people in need even when there is no tax deduction available. You just see an individual needing help and you directly help them without going through any eligible charity.
Isn't that a great thing to do? Imagine the wonderful feeling inside!
I'm an incurable optimist and I believe in the Tooth Fairy. But many people may feel it's impossible to get in such a position of financial freedom. Isn't this what we are told from earliest childhood?
Forget that. In Create Your Own Luck, Azriela Jaffe explores eight principles that tend to attract good fortune in every aspect of daily existence. Pay attention to these ideas to get into a positive attitude that says you can do many things you always thought to be impossible.
The first step in influencing what happens to you (your luck) is the title of Chapter 2, "Ask for What You Want and Be Willing to Work to Get It!" An important Luck Builder is entitled "Expect Good Luck" and quotes Laurie Beth Jones:
"Expectation carves a path for the universe to come to your door. In so doing, it becomes prophetic, helping to create the future."
I recommend the use of one's luck as a valid tool to help with your business, your personal life, and your daily relationships. Your attitude will become much more positive when you recognize there is a possibility to influence events and circumstances that often seen beyond control.
In The Richest Man In Babylon, there is a list of Seven Simple Rules to Acquire Money. No. 6 says "Insure a future income" and No. 7 is "Increase thy ability to earn." Ancient Babylon was the richest and most powerful city of its time; all will do well to heed what the ancients did.
There are many avenues for the home-based entrepreneur using the Internet to execute Nos. 6 and 7. A business started as a sideline to one's regular occupation can become a significant extra income stream as a diversified investment. These are real businesses and require some time to mature; they require some effort as well.
If properly used they will "Ensure a future income" and "Increase thy ability to earn."
Using your IAHBE subscription as your base product as well as promoting the many other SFI items you can have a going business in no time using not much money. Here's what it might cost to build such a business:
Monthly subscription: $29.95
Leads: 100-200 for about $150 (price varies with quality)
Autoresponder: $18 and up
Pay-Per-Click Search Engine Promotion: $100 (as much as you can afford)
Website: (The WOW System Free Setup)
Total monthly cost: $297.95 (Let's call it $300)
Annual cost: $3,600
Isn't this close to the 10% Ben Stein advocates? It's also a diversified investment.
You only need to sell 10 IAHBE subscriptions to cover your cost; when you achieve this breakeven amount you should begin to significantly make more than this. One reason is you will have some of your subscribers working with you in their own businesses.
What if you made $1,000 a month? That's $12,000 annually with a cost of only $3,600. Your profit is $8,400. And you may make much more.
You could also do this with just your $29.95 IAHBE subscription and your free SFI Website. Many people have figured how to generate traffic for free. It's certainly possible, so try it if you are very short of money.
Here's the point. We're all entrepreneurs for the money, silly. The money lets us do things that make life worth living.
Disclaimer: The information presented and opinions expressed herein are those of the authors
and do not necessarily represent the views of Work-at-Home-Business.com and/or its partners.