Where better to find out the benefits to running a business than from an expert? In this segment of an interview between Dale Beaumont and Jamie McIntyre discover what Jamie regards as the five benefits to running his own business.
Jamie became a self-made millionaire in his twenties after founding the 21st Century Group of Companies, including 21st Century Academy, an education organisation that provides a valuable and relevant modern-day education to Australians and New Zealanders.
Can you describe the benefits of running your own business?
I regard lifestyle as being very important. No matter where I am or what I am doing in life, I always ensure that my lifestyle is given priority.
Running my own business has allowed me to do this and has provided me with the lifestyle that I choose to live today. I believe there are five benefits of owning a business, all of which allow me to live a thoroughly exciting and fulfilling life.
- It is the only way to create serious wealth – if you think about the wealthiest people in the world, you will find that the majority of them built their fortunes in business. Some still retain total control of their businesses, while others have sold part or all of their businesses for big sums of money.
- It offers you the opportunity to create leverage – I believe that in business you can create leverage in two ways: you can make money and then put that money to work (i.e. invest), or you can find quality people and put those people to work. Through business you can leverage time and money because it allows you to reinvest profits and create a team of specialists who can perform tasks on your behalf.
- It can generate passive income – if you set up a business with correct procedures and accurate systems in place, it will operate without you having to be there all the time. Essentially, you can make money while you sleep, as opposed to only getting paid when you show up for work (which is what happens when you work as an employee or self-employed person).
- It is a source of freedom – running a business allows you the freedom to be your own boss and to not be constrained or limited by someone else’s vision. It also means that you don’t have to fear being sacked.
- It lets you have the life you want to live – for me, I want the choice to fly to Tahiti or any other exotic location in the world on the spur of the moment – and I want the choice to go whenever I want without having to wait for my annual four-week holiday. Businesses can also provide you with the large income needed to live a truly awesome life, and to build further wealth by investing profits through other avenues like shares or property.
For more of this interview and the benefits of running a business, check out “Secrets of Entrepreneurs Under 40 Exposed!“