Many people get used to the comfort of a stable yet modest income. While this may seem safe, it can be quite dangerous in the long run. Remaining in the comfort zone for too long often leads to a loss of ambition and a reluctance to take risks. If you are always hesitant to try new things or take calculated risks, you may find yourself trapped in mediocrity, unable to achieve genuine freedom.
Is Entrepreneurship the Only Way?
It is not necessary for everyone to start a business right away. However, if financial freedom is your goal, entrepreneurship is arguably the most effective route. The first step is to plant the seed of entrepreneurship in your mind and start accumulating the skills and resources you will need in the future.
The True Nature of Entrepreneurship
Starting a business is often misunderstood as something lofty or out of reach. In reality, it comes down to two fundamental questions:
- What can you sell? In other words, what is your unique product or service?
- Who will you sell it to? Who are your target customers, and how will you reach them?
If you focus on developing a good product and finding a reliable way to attract customers, your entrepreneurial journey becomes much clearer and more practical.
The Case for Low-Cost Start-Ups
For most people, especially those just starting out, investing a large amount of money into a business is unwise. Low-cost or “light asset” entrepreneurship, such as online businesses or knowledge-based services, comes with lower risks and allows for faster learning and adaptation. In my own experience, providing knowledge-based services has allowed me to help others while generating income, all with minimal upfront investment.
Where Are the Opportunities for Young People?
Young entrepreneurs should consider the following approach:
- Utilise internet platforms
- Focus on low-cost business models
- Target specific and high-demand markets
- Offer essential, in-demand products or services
Avoid heavy investments in traditional businesses. Otherwise, you may end up following the same path as previous generations: years of schooling, decades of paying off a mortgage, and ultimately, a life of missed opportunities.
The Three Core Questions of Entrepreneurship
Whether you are starting alone or building a team, these are the three critical questions you must answer:
- What is unique about your product or service?
- How many customers are willing to pay for it?
- Can you set a price that allows your business to be sustainable in the long term?
Most new entrepreneurs struggle with at least one of these questions, particularly when it comes to attracting clients and setting the right price.
Entrepreneurship Is Not an Escape
It is important to remember that entrepreneurship is not an easy way out of workplace stress or dissatisfaction. Starting a business comes with its own set of challenges. Rather than using entrepreneurship as a form of escapism, adopt a mindset of facing problems head-on and being prepared to learn continuously.
How Should You Begin?
The best strategy for most people is to start with a side venture. By experimenting with a small-scale, low-risk project, you can test your ideas and build confidence. If your side project starts to generate meaningful income and shows signs of growth, then you can consider transitioning into full-time entrepreneurship. This approach helps you gain valuable experience while minimising the risks associated with failure.
In summary
Financial freedom cannot be achieved by settling for a stable but low income. Entrepreneurship remains the most practical path to upward mobility. The key is to be willing to try, to keep learning, and to start small. With persistence and the right strategy, true freedom is within reach.