Choices: The right choice between starting up a business or having a job is crucial at the start because it will be very hard to make the switch at a later point in time. For this reason, it is important to audit yourself. Get a handle on your personality, your values and your skills to really get an idea which route to take..
Deciding when the time is right to start a business is often the biggest challenge. How do you know when to take the plunge? Should you go all in, all at once—or take it more slowly?
This can be an extremely difficult question to answer, and doing so involves a careful assessment of your own strengths and weaknesses, your position in life, and (of course) your financial situation.
Generally speaking, it comes down to a decision between “jump right in,” and “slow and steady.” That is to say, some feel it’s better to quit your job and start your business right away, while others will advocate for a more measured approach, involving building up your new business on the side before transitioning into the role of full-time entrepreneurship.
So, you want to…
…quit your job and start your new business right away:
You have a plan, a passion, and you’re ready to do whatever it takes to make it happen.
That’s all great—but, the reality is that quitting your day job cold turkey to start a new business is definitely the riskiest path available.
That being said, there are huge advantages to quitting your day job and starting your new business right away. You’ll have the luxury of time and energy, and you’ll be able to throw yourself wholeheartedly into your new venture. You’ll also be doing what you love, and that alone is an important consideration. Plus, unless you have a substantial financial cushion to fall back on, you’ll likely have a bit of urgency to spur you toward success.
So, if you think this is the right choice for you, let’s look at some of the questions you should be asking yourself:
Do I have any savings? What about investments? Can I get a loan?
Do I have the motivation to make things happen quickly?
Do I have people relying on my ability to bring in a certain income?
Do I need to get out of my current job or career ASAP? What is the happiness cost-benefit?
Or, maybe you’d rather… …save up, have a side hustle, and quit when the timing is perfect: Well, no one can knock you for being reckless.
Can I function well under an extremely heavy workload?
Do I have the social and emotional availability to allow me to do this?
Is my new venture time-sensitive?
Will I ever be able to execute?
Still unsure? Luckily, there’s no right or wrong answer
How you choose to proceed depends on so many unique factors. Your position in life, the state of your finances, your industry, your personality type, your relationships and family needs, and so many other facets of your life will all come into play when it comes to making this decision.
The good news is, there isn’t a right or wrong—only a right or wrong for you.
Still unsure? Is it true that the only path to “Real Wealth” is Entrepreneurship?
Most private business owners fail.
One reason for the failure is that even very successful firms tend to face external shocks they don’t prepare for.
In 2020, it was the turn of restaurants, travel firms and airlines:
The majority of millionaires, and even multimillionaires, come from salaried positions. The middle income (teachers, accountants etc) and higher income (some dentists, doctors and so on). Most have just saved and invested for decades, avoided divorces and lived below their means.
With that being said, a very tiny fraction of private business owners become super rich.
So, if you define “real wealth” as being a billionaire, you do have a better chance by starting your own business.
It is still a very small chance, but most self-made billionaires started their own business.
What will be interesting is to see what happens in the future. We are moving into a world where starting your own business is getting easier, and fewer people want the traditional career path.
That could mean that in twenty years, the lions share of millionaires are business owners, because more will try, which means more will fail but also succeed as well.
MASTER KEY SYSTEM SMALL BUSINESS APPLICATION
The Master Key System recommends when making a decision to build a business you consider the following activities.
: Master Key System Chore and DMP Cards
Pivotal Personal Needs Statements: Legacy ad Health
Read PPN Card 25 times daily with “I promise to manifest Legacy ad Health”.
Chore Card Daily Actions are:
- Presentations-Showing the Plan
- Getting Others Started
- Business Education
- Personal Development
- Read Card 25 times daily with “I will Do It Now!
- Revised Major Definite Purpose:
Build A. Business and Earning $56,298 to $561,447 Annually.
- To build business to rank of EDC for the purpose of earning a substantial income and being experienced to teach my business to others.
- To build a Diamond Business with 10 downline Platinum, to have a team of more than 1 million people and earn more than $561,447 annually.
- To help team get healthy, wealthy more prosperous and abundant earning $56,298 to $561,447 Annually.
Major Definite Purpose Annual Business Goals
- Enroll 20-24 personal IBOs in my business
- Reach designated pin levels
- Earn $3,000 or more per month and achieve the title of Silver/Gold
- Add 78+ new team members
- Attend all major events three times this year
- Attend all weekly meetings 3 times a week
Major Definite Purpose Business Plan:
- Build business through personal contacting, online via blogs, videos, podcasts, and email marketing. I lead with the business, recruit lots of people, and let serious people identify themselves.
- Reach EDC-Diamond by 2023
- Earn $400,000 or more and achieve the title of $500 K earner.
- Personally add 150,000 new people to my team by 2023
- Attend the company’s 3 annual events.
- Do these daily activities: create list, contact people, show the plan, follow-up enroll new people, get new people started.
- Spend at least 10 hours a week working in my business
- Do these actions every day no matter what include these income producing activities: meeting people, retailing, recruiting, following up, closing, launching people, building my network, and training my team.
- Share my Major Definite Purpose with my spouse, partner, and coach.
- Read my Major Definite Purpose 3x daily sure I stay on track.
- Complete MY DMP August 24th, 2023
- Incorporate the 10 Scrolls of the World’s Greatest Salesman in my Life and Business
Major Definite Purpose Strategies:
- Build a healthy business to Pacesetter monthly
- Personally register at least two new frontline IBOs on my team monthly
- Do Core in every calendar month.
- Show the business plan 8-15 times per month, subscribe to CEP and listen to at least one training audio daily, read at least 15 minutes every day from a recommended book, attend all functions, generate at least 150 points with a minimum 50 points from registered retail clients, and be a team player (counsel, edify, and no crosslining).
- Use 100% of my company products
- Serve 10+ customers a month [100-300 PV]
- Read 10 pages per day from our book of the month club
- Attend all events and functions in my business
- Participate in counseling with my leaders
- Practice the Principle of EDIFICATION
- Practice the Principle of NO-CROSSLINING
- Set my dreams and goals
- Help people get healthy and wealthy.
Use Major Definite Purpose Tools
- One-Minute Presentation
- Two-Minute Story
- 20-30-minute plan presentation
- Phone System
- A three-way call system with our sponsor
- Prospecting System
- Invitation to a meeting System
- One-on-one presentations
- Power Point presentations
- Team Online presentations and Videos
- Website Training Systems
- Training and Company Brochures
- Word pictures
- Personal story
- And more!
- Perform Major Definite Purpose Single Daily Actions
- Presentations-Showing the Plan
- On Boarding
- Business Education
- Personal Development
Create Product Sales by
- Using products
- Getting at least 10 people as my customers
- Retaining of Existing Customers
- Recruiting-Enrolling, Educating and Inspiring my Team Builders
Major Definite Purpose Pin Level Earnings
ANNUAL COMPENSATION: AVERAGE INCOME (USD): HIGHEST INCOME (USD):
Q12 PLATINUM $56,298 $180,860
FOUNDERS EMERALD $123,243 $790,415
FOUNDERS DIAMOND $561,447 $2,876,495
See Yourself Completing Major Definite Purpose:
- All my hard work was enough to accomplish my Major Definite Purpose,
- The end many years of a long journey.
- An end of all frustration, concern, questioning, self-doubt, time, and money loss.
- Talking with people, building my business, feeling great all the time.
- Telling my dream to people and holding myself accountable for my MDP.
- Following my plan on a daily basis following my plan and planning out my strategy for achieving my MDP.
- Working on my MDP each day achieving my dream.
I feel the joy of my accomplishments, giving myself rewards. I am gracious and thankful to God and for all who helped me reach my Major Definite Purpose.
My Major Definite Purpose Statement 3x daily.
The Scrolls in the Greatest Salesman in the World 3x daily.
The Blueprint Builder Statement 1x daily.
My Legacy ad Health Card 25 times daily and say, “I promise to manifest Legacy ad Health”.
My Daily Action Card 25 times daily and say, “I will Do It Now!”
See and feel and believe you already in possession of the business and income desired.
Say constantly, “I always keep my promises”.