By Timothy Sanchez
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What is entrepreneurial disease? For some it is a desire to invent and create along with an intense craving for independence that can be so strong that it makes working for other people and doing a “normal job” nearly impossible. Many people with this bug feel confined and restricted working a 9 to 5 clock out in and clock out job.
An entrepreneur is an artist, we are always observing things and thinking of how we can create a business or make money. For example; an entrepreneur will see a guy washing his car and he will think, I can wash a car, ‘I wonder how I can make money washing cars for other people?’ To an artist this type of thinking is an obsession, these thoughts cannot get out of our head unless we try and create our own way to have an independent businesses to create our own self reliant income. One might have a good job but may be thinking;
‘Why should I do all this work and give away my talent and skills so that someone else can get rich while I am earning peanuts?’
This is entrepreneurial disease.
Entrepreneurship in the fourth quarter of life is a new challenge. Entrepreneurial disease does not go away when your older. However with age comes wisdom and fourth quarter entrepreneurs are typically more cautious, less willing to take big risks. Fortunately, many can easily simplify things and learn to live with less and with the internet, services and consulting there are many businesses that have low start up cost. The key is to be able to satisfy the desire for independence while insuring a sustainable retirement income or supplemental income. An endeavor that aligns with what you want retirement to look like. For example; do you want to retire and enjoy where you live? Or are you filled with wander lust and want to travel?
The Fourth Quarter is the time to arrange for working less or not at all while maintaining a fulfilling lifestyle. Business owners may arrange their business so that it can be ran by employees while setting aside a percentage of profits or a salary for the absentee owner as an income. Some may plan to sell the business and live off the proceeds. Other entrepreneurs might scale down their business or start a new small business that can be operated part time.
There are many ways to create passive or massive income especially with online marketing and / or virtual business. For those who wish to spend their golden years traveling, RV living or who just want the flexibility to work when and where they want to; internet based businesses are the way to go. If you have writing ability and some computer savvy, affiliate marketing is a great way to earn money promoting other people’s products through a variety of avenues like blogging, social media, content marketing or other ways too numerous to list.
Selling on Ebay is a good way to earn some extra cash especially if you have a knack for finding deals so you can buy items at a great discount and sell them for a profit. It is called arbitrage and there are ways to find good deals going to yard sales, auctions or to close out sales at retail outlets. There are some handling challenges with Ebay as you need to be able to pack and ship what you sell, but it is doable even for road warriors living in an RV.
For those who don’t want to fuss with handling merchandise and shipping product, you can sell goods on Amazon. If you are good at finding deals on merchandise by buying in bulk; you can ship loads of product to Amazon and they will do all of the packing and shipping for you. It is called Amazon FBA; or fulfilled by Amazon.
Another way of selling merchandise without handling it is drop shipping. You can build an online store using a variety of platforms that are easy to set up, and you can sell a huge variety of merchandise that will be packaged and shipped by a warehouse directly to your customer. You never have to see or touch the merchandise and you don’t even have to buy inventory in advance. The drop shipping warehouse will charge you for the product after it sells and you keep the profit. There are several companies that do this as a service and represent a large variety of products. These drop shipping services typically charge a monthly fee but if you have marketing skills, you can make good money at it. SaleHoo is the biggest and best drop shipping service provider they have plenty of resources to help you succeed plus there are other good training and advice from successful dropship entrepreneurs. It is possible to find a company who makes a product that you can negotiate your own drop shipping agreement with and that is the most profitable way to go. You market their product and they ship it, you both make money.
I will go into more details on each of these avenues of internet based businesses and many more in future articles.
Please stay tuned and follow The Fourth Quarter blog.