On average, is being an entrepreneur really more lucrative in terms of money and free time, than having a high-paying career?
On average, being an entreprenaur is fraught with being overworked, maxed out credit cards, rejection and insecurity on many levels. A high paying career can more than balance whatever vaguely perceived advantages there appear to be in being an entreprenaur.
Is housekeeping a lucrative industry for entrepreneurs?
We started in cleaning industry because we needed capital. If you are willing to work yourself and grow it by time, you will gain profit. Don't sell cheap service just to get clients. Be honest to yourself Of working hoursWhat kind of cleaning you want to focus in: office, retail, houses, construction etc. Dont spend on equipments untill you have clients that have ordered from youClient segment etc.The most important in business is cashflow. You need to get those customers asap.
Is being an entrepreneur the most potentially lucrative job?
Commissioned sales is most lucrative.Early stock-compensated positions can be extremely lucrative outside of sales, but then you are searching for unicorns among the herd of newborns. A stock incentivized salesperson at a future unicorn can certainly make a killing.Entrepreneurs often make less money as profit than their sales representatives. Over the long run there is no ceiling when you own the business, but all expenses are also paid by you. Paying very high compensation to sales while reinvesting your own profits is very common for the first few years.So, become a successful salesperson and then start your own company. Being an entrepreneur is all about selling while juggling other roles as necessary.
Which industry is more lucrative for entrepreneurs?
I would say 4. Any other industry.I prefer consulting and coaching and also becoming a direct sales consultant.Many entrepreneurs get involved in MLM or direct sales business and experience a huge success if they are willing to be coached. It is important to have a great mentor regardless what you do.If you look at coaching and consulting we have a lot of experts people with experience but not everyone knows how to present themselves and package their knowledge.
Best medical specialties for the entrepreneurial minded?
The single best answer would be a physician. You could own your practice, basically have your own business. Can't really think of anything better than that if you are looking for something to expand into a multimillion dollar business. As a physician you can own and operate big clinics, surgical centers, GI centers, etc. It would be very difficult, maybe not impossible, to build up and own such a practice without being a physician. Specialty areas would include GI, plastic surgery, orthopedics/sports medicine, and pulmonology.
Which of the construction trades is most lucrative for entrepreneurs?
You can do very well at any trade provided you run a tight business with exceptional customer service. Study your competitive landscape, study your potential customer landscape, study the pricing landscape. All contributors to your ideal business.
What are the best jobs for entrepreneurs bootstrapping their companies?
You can become a software tester.Software testing is one of those careers that is not taught in schools so for most testing jobs, degree/certification is not required. A highschool diploma is usually the requirment.A little bit about testing:I think software testing is an excellent career! I have been in Software testing/technology for 7+ years now and this is by far the most lucrative and wonderful career.First of all, for most testing jobs, you do not need to know any coding/languages. Second, it is not taught in schools so it is a very unique skill to have and there is a always a demand for it.The best thing about software testing is that it pays extremely well. You can basically make from 70k to 100k + without knowing any code.Anyone can do this.If you are interested, I have made a course online on how to get a job in technology as a software tester without any experience. Here is the link with a 40% off coupon:Software Testing: Get A Job In Technology Without ExperienceGood luck!
What are the best jobs and job markets for aspiring entrepreneurs?
Depends on why you are interested in. For instance I'm an entrepreneur in the travel industry, its about an 8 trillion dollar industry and has about a 33% growth over the last couple of years, which is huge! Everyone wants to travel and loves it, even when the recession hit.I chose travel, because:I love to travel and I would rather travel with my family, than buy material stuff.I love helping people. I get to help people in multiple ways, including humanitarian work around the world.I own my own business through a global company, it allows me to be home with my kids way more often.I know what's about to hit the travel industry in a huge way. Not being apart of that, is not an option.With growth like that and people using it as often as they do, it makes sense for me to align and position myself properly.Now what you need to decide is what you are interested in. Pick an industry and look at the growth over the last couple of years, you will see what is moving and growing and what isn't. Decide what you are passionate about, see what aligns with those industries you looked at and go from there.Another producing industry is the Direct Sells, it's a (i believe) 167 billon dollar or 168 billion dollar industry. Why? Because more and more people are realizing that they can own their own business for less risk than it would take to own a McDonalds or Gym. Plus the return can be more profitable and with more stores and companies shutting down and closing doors, people have to do something.
It seems most successful entrepreneurs work on their business while having a day job. Has anyone quit their day job before their business got off the ground?
My experience is creating traction at a start up in a full time seven day a week task as the founders need to do everything themselves as there is little or no money to pay any one until you can raise seed finance and seed financiers need to see traction before they will invest It's amazing how much time it takes to organise simple things like registering for tax, organising telephone lines and Internet connections or to get stationary designed and printed and so on ...the list is endless even before you can start trading I quit my well paid job at a corporation with my co founder and despite our experience in the industry it took us 9-12 months before we had built the business to a stage where we could raise our seed finance If we had known how hard the first five years would have been maybe we would have played it safe and stayed in a well paying Corporate job - during these first five years we were never a few months away from failure The pressure only starts to diminish once the early stage company reached break even and profitability which is typically 5 years after start up if you survive that long and 9/10 start ups will not Fourteen years later with a very succesful internstional group which continues to grow strongly we have no regrets about taking that leap of faith that we would be the 1 in 10 start ups that would succeed If you believe you have what it takes and your start up will be the 1 in 10 that succeeds then you'll only regret in later if you don't take the plunge If you don't have the make up to be entrepreneur then the stress of leaving well paying Corporate job is probably not for you