Most entrepreneurs have the same personality type. Ambitious, risk-taking individuals who will forego the comfort and stability of a 9-to-5 job to jump willingly into the unknown.
If you have recently taken this leap with the goal of being an entrepreneur, I applaud you! You have done what most others won't. I recently taught a class to a group of Freelancers who are on the road to Entrepreneurship.
I explained that although most people use the words Entrepreneur and Freelancer interchangeably, they are actually VERY different.
A freelancer is a person who exchange time for money. As a freelancer, I would perform a service and receive money as compensation for the work I completed.
For example if you are a massage artist and you complete an hour massage and receive $100, you have received $100 for an hour of your time. The issue is you only have 24 hours each day and out of those 24 hours, you may be only able to physically work 8 - 14 hours which means you can only earn based on the hours you work. This path is limited.
An entrepreneur is a person who develops, organizes, and manages a business venture along with any of its risks in order to make a profit. It may sound the same as a freelancer but they differ by being able to have their business run without them. They hire employees and set up systems to ensure profit at all times. They can in essence, make money while they sleep.
So, how can you become an Entrepreneur?
Here are 5 ideas to your road of Entrepreneurship:
1.) Write A Book
Once the initial work of writing, editing, and designing the book is done, selling books can be a great way to produce some serious residual income.
Are you passionate about something? Write it down. Non-fiction books that help to educate your audience on topics such as online marketing, business or other self-development areas, are going to sell far better than self published fiction books.
I wrote a book called The Six Secrets of Money and each week I receive residual income for something I created over a year ago.
Note that spending some time developing an effective marketing plan is vital. Obviously, the more time you spend marketing your books, the more money you'll make.
2.) Create an Amazon Shop
If you have a website already, then this one will be a no-brainer. Successful bloggers can make $10,000 to $50,000 per month through affiliate marketing.
This is an easy avenue to create passive income because the shop items are items that you would have already recommended to family and friends through Amazon.
The great thing about this service is that there is no additional charge to the consumer, once they purchase the item you receive a commission.
3.) Become a YouTuber
People are making money on YouTube.
Each time someone watches one of your videos, ads can appear, and you can make money from those ads. The key to becoming successful with YouTube is building a large enough subscriber and viewer base.
You need at least 1,000 subscribers and 4,000 watch hours to monetize your channel, which can take a lot of time upfront (it took me about 6 months and 80 videos to get to this place), but once your videos are live their is potential for you to make passive income from each video indefinitely.
4.) Create an Online Shop with Drop Shipping
E-commerce has become one of the top ways that people shop and in recent years drop shipping has become very popular.
How does it work?
1.) Create an online store that offers products from certain manufacturers
2.) A person visits your site and orders a product, and then your system sends the order to the manufacturer
3.) The manufacturer completes the order by shipping it directly to the customer.
One of the great things about this type of business is that you don't need to order inventory. The customer pays for the product, you collect the profits, and the manufacturer stores and ships the products to the customer.
5.) Create an Online Course
If you are an expert in any area then creating an online course is a great way to make passive income.
The course can include videos, e-books, white papers and emails with value-packed information. Customers can sign up to purchase the course and your system automatically emails them everything they need to access the materials.
You get money for the price of the course that you created. A platform such as
Teachable can make the process a simple one.
P.S. Here are a list of 10 other ways to make money while you sleep....
1.) Real Estate Crowdfunding
2.) Buy a vending machine
3.) Start a business and have someone else run it.
4.) Dividend Income
5.) Rent out a room in your home
6.) Create a mobile app
7.) Create a Blog
8.) Start pet sitting
9.) Drive Uber
10.) Produce an Audiobook
Note: Posts may contain affiliate links