Key Elements of Entrepreneurship

key elements of entrepreneurship
July 8, 2022
Key Elements of Entrepreneurship

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Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more information

Are you wondering what are the top key elements of entrepreneurship to start earning passively online? If so, welcome to Internet of Business. Entrepreneurship is unlike having a regular job. Jobs at least provide the so-called “safe and secure” paycheck. That being said, the moment you stop showing up for work what happens to the paycheck? So, your income is based on you continuing to trade time for it or else you don’t get paid.

There are smarter ways to generate income. Of course, don’t expect to earn passive income by dreaming about it. Yes, money trees do exist but you have to be willing to nurture and build them first. Residual income continues to come in for having worked hard once. So, one of the most important key elements of entrepreneurship is persistence and perseverance.

The goal of this website is to provide to visitors some resources to help set you up for success. In addition, to use the same tools I have used to earn income online. Digital entrepreneurs have to think outside the box. Yes, advanced degrees and education are helpful. That being said, you are never going to be paid what you are worth working for someone else. In addition, you will always have a ceiling on your income.

Three key components of entrepreneurship

Three of the biggest key components of entrepreneurship being able to take risks. Yes, it is possible to start earning passive income by way of starting your own Siteground blog. Blogging is one of the best ways to start earning supplemental income. In addition, building your brand online. That being said, there isn’t a guarantee you are going to start earning supplemental income immediately.

You really have to want this. The vast majority of people have been taught an old, tired, Industrial Aged mindset of trading life for money. There is plenty of money to be made, limited time. So, we have to do a better job of building income streams. Streams that will continue to pay you for years to come. In order to do that, you have to be willing to create value for other people.

For example, start creating courses via the Podia platform. Podia only charges $33 per month to use their software. In addition, they don’t take any transaction from your sales like teachable.com does. Also, you can make as many products as you wish. Remember, the more value you create the higher your monthly income will go. No, it will not be handed to you. Who doesn’t want passive income right? Income that continues to come in for having worked hard once.

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Innovation

Innovation is another one of the top key components of entrepreneurship. In addition, Innovation requires you to think outside the box. Our educational system teaches us to be highly paid employees and executives. How many hard working people do you know with advanced degrees who are still barely making ends meet? Where does the majority of your their income go?

  • Taxes (employees are the most heavily taxed versus business owners)
  • Mortgages (banks don’t lend you a cent, you fund your own mortgage via your signature on the Promissory Note. Of course, they won’t tell you that)
  • Student “loans”
  • Rent
  • Groceries
  • Gas (and currently gas prices are over $5 per gallon) just to get to and from your job
  • Credit cards (one of the biggest scams out there)

Of course, there are many other places our hard earned currency goes. We know longer have legitimate money backed by gold and silver anymore. So, what can you do about this situation? Start innovating. I never learned anything about network or affiliate marketing in business school. Affiliate marketing simply means you share someone else’s products and earn income when someone purchases.

Network Marketing

You can also innovate by starting your own home based business. Yes, it requires up front work. That being said, as you build your team of customers and distributors your income can become passive. The reality is most people will never try or those who do will quit too soon. Again, we are taking about entrepreneurship here. Remember, jobs are not necessarily bad. You can still earn linear income working for someone else.

Income that you can invest in other income-generating assets. There are people out there who love what they do for a living. Also, there are others who are tired of living paycheck to paycheck as well. So, don’t overlook the key elements of entrepreneurship that multi-level marketing companies like Herbalife can provide to you.

Remember, anything that is going to get you away from office politics and “evaluation reports” is one step closer to freedom. No, it isn’t going to be easy but it is worth it. Again, you are going outside the norm here. I, too, was taught to work hard for money, not how to make money work hard for me. In fact, I spent 20 years working as an employee. So, I write from the heart here and tell my visitors what they may not like hearing.

Take Some Risks

Do you have a specific skill set? Have knowledge in a niche that you can teach to other people? I would highly recommend creating a course revolved around that. As mentioned above, Podia is a platform I use for my running courses at rundreamachieve. I have sold many courses since having made them. Why isn’t this income source ever taught about in our school systems?

I didn’t learn how to be free from bosses in business school. I was taught how to climb the corporate ladder and get taxed higher the higher I went on the income bracket as an employee. Again, you are never going to be paid what you are worth working for someone else. There are only 24 hours in a day. I don’t care how much you love your job you there is only so many hours you can provide a service to others.

I am sure you can think of better things to do with your time then to warm a seat someone for 8 to 12 hours a day, daily.

Learn More About Podia here

Keyword research

One of the biggest mistakes bloggers and vloggers make is not doing keyword research. Remember, you need to make sure you are creating content around what your customers are already searching for. You cannot make a blog post or video about anything that comes to mind. A large percentage of bloggers do this.

I highly recommend two resources as you move on your blogging and vlogging income generating journey. I use KWFinder for blog posts and TubeBuddy for the YouTube videos I create at the Internet of Business YouTube channel. These two resources will help you to find low competition, highly searched long-tail keywords.

Concept of entrepreneurship

The concept of entrepreneurship is creating a business that ultimately will yield you income. Passive income is better than linear income. One requires you to work hard once and the other requires you to have to keep showing up somewhere. What is the most precious asset? Time. So, you have to find ways of earning throughout the day.

Vlogging is another way to start earning income. It also doesn’t cost any money to start a YouTube channel. YouTube creators are earning significant incomes online. That being said, it takes time and effort to do this.

Remember, the more content and videos you make the higher your income potential will go. You will need 1,000 subscribers and 4,000 hours of watch time in order to monetize your channel. Blogging (written content) and vlogging (video content) are two of the top key elements of entrepreneurship rarely discussed in business schools.

Let’s face it. The reason for this is our school system is not built to create entrepreneurs but employees. Of course, there is nothing wrong with being one. You are still earning income. Income that you can invest in other assets. That being said, many people simply are not getting by on one source of income. It simply isn’t enough for most people. Do you know any highly educated people who are barely making ends meet financially? I know of many, respectfully.

Invest in personal development

Do you want to know more about how to create courses to start earning online? I would highly recommend taking a look at Alex Nurney and Lauren’s Six Figure Blogger course. They discuss how people can create courses revolved around topics they know well. In addition, how you can make this a passive income stream. I invested in this course myself and created courses for runners seeking to run faster from the mile to the marathon at rundreamachieve.com.

People don’t care how much you know until they know how much you care

– Zig Ziglar, entrepreneur

The good thing about courses is you only have to make them once. Again, one of the best possible steps you can make today is start your own blog. I personally recommend checking out Siteground to get started. It is only $17.99 USD to buy your own website domain and just $3.99 per month for hosting. So, about $35.80 yearly for hosting. Aside from that, there are no other website expenses. Siteground will ensure your website is always up and running properly.

Personal development is probably one of if not the top key elements of entrepreneurship to succeed. So, learning how others are succeeding online is the step you have to take. Find out what others are doing to earn passively and duplicate their work habits.

Closing Thoughts

I hope this post on some of the key elements of entrepreneurship has been helpful to you. Again, creating products and services that help solve a problem other people have is key. So, worry about what you want second. Focus all of your efforts on creating value for other people first. I hope that the resources you learned about in this post will help you financially.

Residual income is fun to earn. That being said, requires hard, up-front work in order to start making it a reality. Remember, this is income that continues to come in for having worked hard once. It isn’t like the linear income you have to keep trading time (life) for at a full or part-time job. Yes, linear income is still legit. The problem is it is tied to your time.

So, the tools contained within this post are some key strategies to start earning passively. Income that continues to come in regardless if you are working or not. Again, we weren’t taught this method of income generation in our school systems, respectfully.

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Nathan is a 2:19 marathoner, former member of the US Army World Class Athlete Program and Doctoral of Business Administration (DBA) Candidate at the University of Missouri-St. Louis. He brings over 10 years of online entrepreneurial experience in helping people learn how to blog, earn income online and build passive income streams outside of what the school system teaches.

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