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Building a business

Building a business is something else. This requires a totally different mindset and you need to develop many skills in order to be successful. You can either start a business on your own or you can work together with someone you trust and has the same mindset. The mindset is crucial when working with someone else. It’s best that you both have different skills. For example, one does all the development and the other all marketing. Two developers in the same business is probably a bad starting point.

You don’t have to worry about working with someone else if you start a business on your own. But you can spend less time versus two or more people and you need to learn more about different subjects. 

You can build a business around whatever you want:

  • Your passion (make sure the concept does not exist and you have no competitors offering better value)
  • You the person (vlogs/blogs/gaming/streaming)
  • A common problem you solved (make sure you provide value over existing products or services)
  • Entertainment (writing books)
  • Self help (a personal problem you solved. For example an anxiety problem
  • Informational (help other people on the right track regarding foods or supplements)
  • Creating a new product which solves a problem or provides entertainment
  • Creating a service that helps with or solves a problem or provides entertainment

And there are probably more options I forgot to mention. The key for any business is providing value. But the price must also be right. You can provide value but if your product is too expensive people won’t buy it. The one and only reason why people buy things is when they think the price matches or is cheaper than the value they get out of the purchased product or service. 

Just think about the things you buy. You only buy things if you think the value of the product matches the price. Penke Trading is not a place where you can find everything about building a business but penketrading is a business in itself. So all of the above is also true for this website. I provide value in the form of information about how you can become financially independent, how to invest and how to become a day trader. If we provide enough value people will share links and this will increase visitors. Which will lead to more revenue from multiple sources. But this will only happen if visitors like the content. Writing this (and the other guides) did not bring in any income when I wrote them. They start providing income when they are published. Or if the content is bad, nothing at all. 

Just remember that building a business is all about investing free time without getting anything in return right away. You create a delayed income and start making money once the hard work is already done. But there are zero guarantees. You can also start working on a business for five years and earn nothing because your due diligence about the business was lacking. That is the risk you take.

There is one book that I would consider the bible about building a business. If you want to take this route you should definitely read this book and you’ll have the blueprint to create a successful business. The book is called Unscripted which is the follow up from the best seller “The Millionaire Fastlane” by MJ Demarco.

UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship

UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship

Life, Liberty, and the Pursuit of Entrepreneurship

View book on Amazon.com

Other good sources:

Penke

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