Building Your Money Machine TES 093 - How to Go from Job to Entrepreneur
In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham, answers a question about whether it is time to quit your job and go from job to entrepreneur. As risk mitigators, entrepreneurs must weigh the risks before moving forward. If you do not get it right, you are living a dual life, there is no joy in earning, and you find yourself in no or low cash flow. If you get it right, you feel like you are in flow, you are monetizing your passion, and you find freedom and cash flow.
The 3 key principles you should understand:
- Committed vs reckless. There’s a difference between being committed and being reckless.
- Plan and test. Put strategies in place and get feedback.
- Set your scale threshold. Not everyone has the same transition point.
The Entrepreneur Transition Formula
- Preparation: It is about your thinking. Clarify what you are passionate about but passion itself isn’t enough. You must create value in other people’s lives with your passion. Also, interview the people you want to serve and know about the things that they are looking for.
- Evaluation: It is about analyzing. Plan your idea and how the journey looks like. Do micro-launches, test, get feedback and tweak it as needed. Finally, assess everything so you can move forward.
- Execution: It is about doing. Look at the financial viability and see whether it’s a viable commercial option. Understand who do you need to make it happen and form a team over time. Decide on your scale threshold. It’s the tipping point where you believe that you can make money at it, scale it if you dedicate more time on it, and it will allow you to fulfill your dreams and live your aspirations.
Get preparation and evaluation correct and you will find some comfort in the process. When you get evaluation and execution correct, you get clarity. Through evaluation and execution, we are living our calling. Transition is built on all of this.
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ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.
Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.
Meet Mel at http://melabraham.com/
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