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What is the highest pay rate of an entrepreneur or business owner?
I wanna be able to run my own business.
#entrepreneur #business #business-development #management #business-management #management
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Sherhan’s Answer
Being a business owner/entrepreneur your earning potential is technically unlimited. In order to optimize your earnings potential you will need to ensure that your business is both efficient and effective in all of its processes. You will want to keep your costs as low as possible to maximize earning potential.
Outline the potential/ forecasted revenue, costs to determine your potential profit
Analyze your costs to determine where you can save money
See what process/procedures you can optimize through things such as automation to reduce costs.
Sherhan recommends the following next steps:
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Dr. James’s Answer
The simplest way to respond to that question is that it depends. Since you are the business owner, you pay yourself. You do have to take into account, depending on the business, any expenses such as supplies, and rent. If you are selling things, then you need to make sure you have enough of what you are selling on hand. If you have people working for you, then you also have to pay them and insurance for them.
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John’s Answer
You may not be thinking about being an entrepreneur in the right way. Entrepreneurs generally do something for a period of time and realize they are good at it. For example, you might work for a friend or relative in their restaurant or travel agency and find you are good at cooking or selling trips. Once you discover you have a bonafide skill, then you could start your own business and work for yourself. Along the way, you discover how lucrative your skill is (how much money you can make). Most entrepreneurs don't target an industry or skill based on potential income. That said, you could build your skills in high growth industries and industries with high-incomes. For example, it might be better to learn how to develop software for mobile devices that make pizzas.