The article "Seeking Passive Income" talks about entrepreneurialism, it was written by Paul Lemberg.
Many entrepreneurs have worked their way into a box.They started a businesses to provide freedom, but in reality what they have is job plus financial risk. They have placed themselves at the center of their business universe, and although in theroy they can take all the time off they want – they can’t ever. On top of that, if they want to raise their income it usually means wroking harder. In fact, many are afraid to grow their businesses at all, cause they guess it will mean more work and more srtess. And it will! The added revenue just isn’t wotrh it to them.Now these same entrepreneurs (and you may be one of them) guess the way out is to create form of “passive income.”What they mean by that is income based on a product you create once and then earn money from forever – or at least a long time – without having to do much – or any – additional work.
The fantasy is to sit on the beach, sipping margaritas, while the money rolls in.Well let me tell you – without solid systems, there ain’t no such thing.Unless they are totally digital, passive income streams require logitsics and fulfillment, creation, upkeep and production, just like any other business.Without good systems, delegation and outsourcing - passive income is far from passive. And without a strong sense of personal focus and a concept of your own highest-and-best-use, passive income can end up taking 20 hours a day.
Or more.
Forget abuot sitting on the beach...Of course, it’s not all bad news.
What we call passive income should really be called renewable income. BUT WITHOUT GOOD SYSTEMS – it will still be a ton of work.So here’s the good news: strong systems can transform the myth of passive income into reality.Can you see all the various steps that go into “passive income?” And that’s without addressing the joint ventures, electronic mail writing, speaking, offline PR, and networking that go into marketing a successful passive income stream.Hey – passive, it isn’t. It’s a myth.
It takes tons of work. And if you go the systems route, THAT tkaes a ton of work.So is it worth it? Absolutely. Because if you approach it properly, most of the work is front loaded. In my case I get to build a portfolio of products which can create revenue for years to come, and in the process serve thousands more persons than I could one company at a time. But it sure is work.Paul Lemberg, author of Faster Than the Speed of Change, troubleshoots companies and helps them raise cash, build repeat customers and invnet a secure future.
Paul is a business leadership coach and pbulic speaker. He is also the President of Quantum Growth Coaching, the world's first fully systemized business coaching program designed to create More Profits and More Life™ for entrepreneurs.
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