Entrepreneurship has been the major tool for everyone who has made billions of dollars for themselves. But not everyone can make money from home.
It is not how you start, but how you finish, a quote by Mccormack that should be placed on every entrepreneur’s desk. If you really care to know about how to create multiple streams of passive income, read this article to the end.
What makes someone an entrepreneur
I had read dozens of books on entrepreneurship. I want to make money. After all this reading and knowledge I have come to realize that the key to becoming a millionaire or even a billionaire like Zuckerberg, Gates, Musk, etc is to be a business mogul.
Entrepreneurship is a personal journey Regardless of how you got started, don’t let fear or even limited income keep you from following your passion.
Achieving a high-paying income, staying motivated when you are down on your luck is not easy. But if you have the perseverance and determination to achieve financial freedom, you will succeed. How to build a solid personal brand has been the backbone of many highly successful entrepreneurs.
Tips on How to create multiple streams of passive income
1. Get a Plan
You need good business skills, good knowledge on how to write a bankable business plan, and access to resources in your niche. Perhaps these are very common issues that a lot of people struggle with when they start their business.
Many investors and entrepreneurs often want to make money with a business plan but keep failing in the execution stage.
2. Create a Valuable Product or Service
You must be at a different level than the average Peter to be successful in this game. If you are reading this, it means that you are willing to try, even at the risk of failure.
All you are required to do is to create a product or service and get it to people who can be made to buy it. This requires market research, refining, and experimenting. To get your product to the market. You must create demand in the market.
The best thing about this method is that, when you create money, your job is to enjoy it.
When you create a unique and problem-solving product, you get paid at all times of the year because you just created a passive income. At the moment you find something that you’re perfect at, and that’s really financially lucrative, you’re in. For example, when you create new software, you get paid not just at the time you’re creating it but also at all other times when you’re selling it.
3. Learn New Skills
Learn high-paying skills like programing, skit making, blogging, video editing, social media marketing, among others. These skills can help you develop a lifetime passive income. An android app hosted on google play store which is minimized with Google AdMob.
Another example is creating a blog like the one you are reading now. I have a salaried job and this blog remains my source of passive income.
Conclusion: Pull all resources together to make multiple passive incomes
The most important question which many entrepreneurs fail to answer is: What should I do? “For those who want to make money, I have one general rule that I keep reminding myself, and it helps me.
Make an income stream that you love!”Abdul Halim Khan
You might want to read about: Frictional unemployment and structural unemployment (Wayout)
You can start your own side hustle doing something you are good at. Don’t let fear keep you away from doing the new thing you want to do. Your startup must have funding. To invest your money, you should look for high-quality skills to invest in. There are so many opportunities available, both online and offline.
Be patient, success isn’t instant, and your goals will take time to achieve. All the billionaires started from nothing, and today they are billionaires. That is what hard work is all about. Invest your money and time in new things, be innovative. The key to making money is changing views and acquiring new skills.
I believe by now you already know how to create multiple streams of passive income. You can start today!