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  • Writer's pictureTerrand Smith

How Much Money Can I Make As An Entrepreneur?

I am an advisor to many that are thinking about or in the process of making a transition from Corporate America to Entrepreneurship. Guess one of the top questions asked?

How much money can I expect to make?

Valid question. My typical response is "I don't know. But how much money would you like to make?"

Although that answer is not that simple, there is some truth to it. See, the biggest mind shift in this transition is "If You Don't Kill It, You Don't Eat It", especially if you are a Solopreneur. You are giving up a steady paycheck, possibly company health care, possibly retirement plans and even business resources for... (enter your purpose driven reason for leaving here).

I'm sure it's worth it, but know that gone are the days of marketing, legal, pricing, supply chain, strategy and sales departments. You, my Dear, are all of those, at once.

Now this can be a really good thing! Over time, many entrepreneurs share that they have made more money annually through their own business than they made in corporate. That's what we are talking about! But it can be a process and you must trust the process.

This is why early on, it is important to get the best, most skillful, committed and free professional and personal support systems possible. The help to get your business off the ground will save you time, money and hopefully sanity. I sometimes advise people to initially form a strategic partnership with a complementary entrepreneur or small business; start off also doing contracting work or possibly seek a partner or co-founder. This can help cushion the transition. But it all depends on what you want to get out of the business and how you want to structure it. Everything has pros and cons.

So, Congratulations! You are now the CEO of a business. It's a big responsibility and heavy is the head that wears the crown. It's scary and fearful, believe me I know. But I guarantee you this,

You have a unique combination of experiences + passions + personality + skill sets that no one else has. This is what makes you the best person to do what you are designed to do.

It's like your unique finger print. Now, you have to figure out how to turn that into a product/service and then connect and reach the market that will pay.

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