Chapter 5
New Opportunities for Entrepreneurs and Home-based Businesses
New Opportunities for Entrepreneurs and Home-based Businesses
The number of people running businesses from home is increasing dramatically as we move out of the industrial age and experience the re-emergence of the entrepreneur as the predominant business structure. The corporate monolith is on its way to oblivion as the barriers to entry for new businesses collapse.
During the Agricultural Age when productive land was the primary measure of value, it was almost impossible for the average person to acquire wealth because the kings owned all the land while the rest of the population struggled to survive on what they could grow or earn in small cottage industries.
When manufacturing was the greatest source of wealth, more people built fortunes, but the high cost of building factories and installing machines meant that few people could enter the game. The barrier to entry was high because few people could raise the necessary capital to start their own business.
We now find ourselves in the era of the virtual corporation where technology, ideas and access to information are more valuable than manufacturing facilities, stock and hard assets. In this new idea economy the barriers to entry have dropped dramatically and whereas traditionally a business required premises, equipment and usually a large workforce to generate wealth, the businesses of the twenty first century can often start from a simple two bedroom apartment with a website and generate millions, even billions of dollars of wealth within a few years or less.
With the help of technology, employees can now live in areas that were previously considered to be too far away from the office and can commute to work via the computer. In fact, they can communicate globally at times to suit their personal schedule. Data, documents, images and files can now be transmitted electronically around the world in a matter of seconds, whereas previously they took days and even weeks to reach their destination by courier or post. While corporate downsizing is threatening jobs, the opportunities for entrepreneurs are increasing and the cost of starting a business is declining. Through the Internet, it is possible for a small, single-person business to appear as large as a multinational. Rather than having many employees, small businesses can have strategic alliances with associates and business partners for their mutual benefit. Often this allows the smaller operator to compete more effectively with the large conglomerate because they can be more versatile, more responsive and more economical in delivering their product or service.
The biggest distinguishing feature of the new millennium corporation is the increasing importance placed on intangible assets, particularly intellectual property, and on a global marketing and staffing vision. What make it different from its competitors are things like know-how, systems, procedures, brand names, trade marks and copyright. Intellectual property is the benchmark of the new millennium corporation. The modern corporation is not tied down by traditions and significant capital investment in hard assets. It is willing to reinvent itself quickly to take advantage of new market opportunities; it is flexible, technologically astute and continually innovative. Regardless of their size, companies can become global, thanks to the Internet, e-mail and sophisticated telecommunications equipment. Horizons and business plans for the new millennium corporation have also become much shorter. Technological advances and new market opportunities are moving so quickly that planning beyond six to nine months is difficult and modern corporations are rewriting business plans around three times a year.
The barriers to entry for starting your own business have never been lower! Building a valuable, successful and saleable business asset is probably the fastest method of creating wealth in this new economy, - if you get it right.
The most important ingredients in this entrepreneurial age are knowledge or skill and a strong desire to succeed. Whether you want to trade shares (or stocks), commodities or derivatives, sell or buy real estate, or build internet based businesses you can create a fortune. The barriers to entry are low and the potential is high. The only real requirements are not capital, or influence or wealth. The only two requirements that count is desire and the ability to add value which others are willing to pay for.
Have you considered how you can create your fortune by adding value for others?
During the Agricultural Age when productive land was the primary measure of value, it was almost impossible for the average person to acquire wealth because the kings owned all the land while the rest of the population struggled to survive on what they could grow or earn in small cottage industries.
When manufacturing was the greatest source of wealth, more people built fortunes, but the high cost of building factories and installing machines meant that few people could enter the game. The barrier to entry was high because few people could raise the necessary capital to start their own business.
We now find ourselves in the era of the virtual corporation where technology, ideas and access to information are more valuable than manufacturing facilities, stock and hard assets. In this new idea economy the barriers to entry have dropped dramatically and whereas traditionally a business required premises, equipment and usually a large workforce to generate wealth, the businesses of the twenty first century can often start from a simple two bedroom apartment with a website and generate millions, even billions of dollars of wealth within a few years or less.
With the help of technology, employees can now live in areas that were previously considered to be too far away from the office and can commute to work via the computer. In fact, they can communicate globally at times to suit their personal schedule. Data, documents, images and files can now be transmitted electronically around the world in a matter of seconds, whereas previously they took days and even weeks to reach their destination by courier or post. While corporate downsizing is threatening jobs, the opportunities for entrepreneurs are increasing and the cost of starting a business is declining. Through the Internet, it is possible for a small, single-person business to appear as large as a multinational. Rather than having many employees, small businesses can have strategic alliances with associates and business partners for their mutual benefit. Often this allows the smaller operator to compete more effectively with the large conglomerate because they can be more versatile, more responsive and more economical in delivering their product or service.
The biggest distinguishing feature of the new millennium corporation is the increasing importance placed on intangible assets, particularly intellectual property, and on a global marketing and staffing vision. What make it different from its competitors are things like know-how, systems, procedures, brand names, trade marks and copyright. Intellectual property is the benchmark of the new millennium corporation. The modern corporation is not tied down by traditions and significant capital investment in hard assets. It is willing to reinvent itself quickly to take advantage of new market opportunities; it is flexible, technologically astute and continually innovative. Regardless of their size, companies can become global, thanks to the Internet, e-mail and sophisticated telecommunications equipment. Horizons and business plans for the new millennium corporation have also become much shorter. Technological advances and new market opportunities are moving so quickly that planning beyond six to nine months is difficult and modern corporations are rewriting business plans around three times a year.
The barriers to entry for starting your own business have never been lower! Building a valuable, successful and saleable business asset is probably the fastest method of creating wealth in this new economy, - if you get it right.
The most important ingredients in this entrepreneurial age are knowledge or skill and a strong desire to succeed. Whether you want to trade shares (or stocks), commodities or derivatives, sell or buy real estate, or build internet based businesses you can create a fortune. The barriers to entry are low and the potential is high. The only real requirements are not capital, or influence or wealth. The only two requirements that count is desire and the ability to add value which others are willing to pay for.
Have you considered how you can create your fortune by adding value for others?
| Overview | Only You can Make You Rich | Earn the Right to be Wealthy | Knowledge and Actions | Understanding Money |
| Entrepreneurs and Home-based Businesses | Meaning of "Making Money" | Season to Sow, Season to Reap |
| Developing Your Wealthy Mindset | Don't Throw Your Money Away | Pay Yourself First | How Money Grows |
| Teaching Your Children | Top 10 for Children | Top 10 Steps | Your Next Step |
| Entrepreneurs and Home-based Businesses | Meaning of "Making Money" | Season to Sow, Season to Reap |
| Developing Your Wealthy Mindset | Don't Throw Your Money Away | Pay Yourself First | How Money Grows |
| Teaching Your Children | Top 10 for Children | Top 10 Steps | Your Next Step |
