I’ve been a serial entrepreneur since I was a boy, and have supported myself since my early twenties.
I hear people mentioning a digital nomad income goal of 1, 2, or 3 thousand dollars per month.
That goal will ensure failure. Most businesses are cyclical, and a low income means you have nothing to invest into R&D, talented help, and diversifying. Mediocrity is death.
Your goal needs to be at least $1000 per day.
And the reason to have THAT goal, is so that you can continue to reinvest and diversify, so that you can earn 1 million per month.
A low goal means you can not think clearly about how to make money. You ensure that your efforts are wasted. And as other commenters mentioned, any specific actionable entrepreneurial advice that you come across is bad advice.
The only useful advice is broad.
1) work hard every waking hour
2) hire or work for the most talented and hard working people you can attract
3) take risks
It’s correct that a business is about filling a need. I agree that products or services are the way to go. Some people make money with ebooks and blogs and online content, but it’s rarely more money than a plumber can make. There is money to be made in teaching people how to make money, but that’s exactly the same as selling lottery tickets. It’s willfully selling stupidity tax. It’s a pure pyramid scheme. Amway. Lot’s of money in that, but it’s not adding value.
Sustainable businesses are about adding value, and so are sustainable lifestyles. Hope and entertainment are valuable to some, and are big businesses. But the big money in hope and entertainment comes at the top of the pyramid. It’s easier to break into product and service industries.
The easiest thing about being an entrepreneur is having ideas about what businesses to get into. Great ideas are cheap and endless. I have a long list of very good business ideas, and it continues to grow.
The longer you are an entrepreneur, the better you will become at spotting and creating great opportunities.
The difficult part is the action. That often requires momentum from previous action, especially if you are growing from your own cash flow.
A person has to start somewhere, and it’s usually with low or no investment beginnings. None the less, edit your entrepreneurial ideas and limit your actions to businesses that can realistically earn at least $1000 per day.
And just because some other blog or forum or social media software became big, does not mean those are realistic businesses. There are too many uncontrollable variables involved in the popularity of user content generated social media. Unless you have a huge advertising budget. And just as in the publishing industry, author generated content on average pays poorly. Do you want to bet on your own horse? The best risk/reward for writing comes from copywriting for selling goods or services.
And as for tropical MBA, his business plan is to sell hope lottery tickets. It’s a lucrative business.
It’s easy for the uneducated to be unable to differentiate between valuable and distracting education.
I myself lost years of time and investment to an open source education site, called blackhatworld.
NOBODY CAN SELL YOU USEFUL BUSINESS INFORMATION.
There is no such thing as open source information capitalism. That does not change by having limited memberships.
If an idea is scalable, then it is scalable. If it is not, then you sell the idea. Therefore any idea you purchase is not scalable, or has already passed it’s usefulness.
ALL entrepreneurial information is entrepreneurial ONLY to the man who is charging money for it.
If you want to be an entrepreneur, don’t expect to be spoonfed. The only way to truly learn from others is to be a protege, and that will require working long and hard hours for a mentor, earning him money. There is no online club or secret society that can help you. That will only distract you and cost you time.
What you can learn from others will be broad enough to apply across many industries. You can learn the art of persuasion. You can learn about business management. You can’t learn about what business to do or the steps involved in doing them. Those who retain hope for that are subject to naivete tax.
This post is from a comment I left on the NN forum