Hustle-Preneur

Which business should I go into? That will help me make a lot of money. I get asked this question so often that if I had been receiving $1 every time I am asked this question, I would have made a ton of money, I would have been a millionaire today.

Hello, welcome to the half hour with Jonah Mungoshi. And today we are talking about making more money as a Hustle-Preneur, or as a self-employed person. If you've been following this program for the past few weeks, you know that we've been discussing about making more money. And we looked at the SBI model: E for employee, S for self-employed, B for business owner, I for investor. And those are the four ways we looked at, in which you can legally make more money. In the past episode, we looked at E employee, and we discussed how you can advance in your career as an employee and make more money.

This week we are looking at S for self-employed or Hustle-Preneur. How can you make more money as a self-employed person? And this is where the question tends to arise: When people ask me, What should I go into? What business should I go for? I will tell you what, you can make money in almost any business. And you can lose money in almost any business. It depends. There are factors you need to take into account when you're going into business. Let me start by sharing with you one sure way of failing in business. If you're going to be self-employed, starting your own business, whether it's a registered business, or it's very informal. Yeah, a few things you need to take into account for things to avoid.

Number one, avoid complexity. If you don't understand the business model, who's going to buy from me? How many? How big is the market? What exactly are they looking for? How will I make that money, then don't go into that business. Go into a business where you understand what is happening. A few years ago, I attracted the end of quite a number of people on radio, when I say that, I personally didn't understand the business model, his route. People were talking about this, everyone was excited. Well, not everyone, but most people were. But when I tried to look at the business model, who is actually going to be buying this product, at this ridiculous prices, and how many of them out there, I came to the conclusion that it was not a profitable or sustainable business model. So number one, avoid complexity.

Make sure your business model and by business model I'm talking about the system through which you will make money is easy to understand, you understand the product or service you understand the customer, you understand who is likely to buy from you, and at what price. So that's number one, avoid complexity. If you don't understand it, then try as much as possible to understand it. If you still don't understand it. My recommendation is don't go into that business.

Important Concepts

• If you're going to be self-employed, avoid complexity. Go into a business where you understand what is happening.
• Don't rush blindly into a business because everyone is doing it.
• Avoid "get rich quick" schemes.

Number two, avoid brand new things. When somebody says this has never been tried before we're doing something completely new. Why do I say this? Because chances of failing when you are going into uncharted territory, when you pioneer a very high, I would rather you go into a business that has been tried and tested. And you're likely to make money sooner. And there's a reasonable level of guarantee or assurance that you'll make money. So someone that says this is completely new. Nobody else has done this, we are innovative, we are what have you, if you're starting this particular lens, your first business, avoid it, go for something that has been proven.

Number three, avoid get rich quick schemes. Anybody who tells you in this business, you're going to make lots of money by doing very little. And pretty soon you'll be living large avoid that. Most of these schemes where you're going to make money quickly, without any sweat without any effort, or scams, you will be scammed. And you'll end up losing your money. So any venture where you're going to get lots of money without putting in much effort in a very short space of time avoided. It's not realistic, and there's a high probability that you'll end up crying rather than laughing.

And finally, you must avoid blindly following everyone a business that is doing this because you know what everyone is doing? Everybody's doing it. Everybody was doing it at one point, right? Everybody was growing potatoes in a sec. Everybody was going to relative in the UK was bringing my tracks to Zim and would make a lot of money. So don't rush blindly because everyone is doing it. If everybody was successful, then everybody would be in Bengaluru right now. So those are the four areas you need to look out for what you need to avoid. Let me go over them again. Avoid complexity. Your business model must be simple enough that you can explain it and understand it. Number two, avoid unchartered territory. Avoid being a pioneer Doing something completely new that nobody else has done before. Number three, avoid get rich quick schemes. Anything that is dwelling on arousing your greed, you'll get so much for so little in such a short time. If it's too good to be true, it probably is too good to be true. So it isn't true. Don't go for it.

And finally, avoid blindly following what everybody is doing. Just because someone tells you everyone else is doing this. That's a big red warning sign. So having said that, the question is, what should you go into one of the businesses that are likely to make money, what is the process you should follow in order for you to raise the probability of succeeding as a self employed person or as a Hustle-Preneur? Stay tuned, and I'll share with you what I've prepared on the other side.