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else hey what's up guys welcome back to the channel welcome back to another video if you're stopping by the channel for the first time please consider subscribing to my channel and while you're at it smash that like button for me I really would appreciate it in today's video we're going to be talking about how to think like an entrepreneur not an employee and make more money if if you've been following my channel for a while you will know I spent 25 years as a commercial banker and I was employed by somebody for that 25 years but you know something I chose early in my career to think like an entrepreneur and not like an employee and it actually helped me make more money while I was employed for those 25 years as an entrepreneur we get paid based on our results so we're trading results for money as an employee we are trading time for money the only problem with trading time for money is we only have so much time in a day so as an employee as a commercial Banker I work worked an 8h hour day and I got paid a salary for that 8 hour day so if I decided to work a 12 hour a day I would not get paid any more than what my salary allowed me to get paid so there was a cap on the amount of income I could earn and the way I changed that for me and started thinking like an entrepreneur is I took my results to the open market and the way I did that was every year I would research the banks in my area and what their compensation package looked like for a commercial banker and then I would line up appointments to meet with those various Banks or competitor Banks and talk with them about my production what I could bring to the table but most importantly what I did I always led the conversation with this is what I believe I'm worth but by doing that guys I was thinking like an entrepreneur why because I know as an entrepreneur I get paid for my results so I took that equation of getting paid for my time and I changed that around so that I could make more money on my 9 to-5 so that's the first way I would ask you guys to consider thinking like an entrepreneur and not an employee is if you're currently working a 9 to-5 use that technique to your advantage also if you're working in your own business I know a lot of business owners who think like an employee even though they're the owner of the business you have to get out of that mind frame you have to start thinking like an entrepreneur entrepreneurs get paid on results that's how they get paid right the more results you produce the more you get paid so get out of thinking like an EMP employee inside your own business and working 18 hours a day and plugging away thinking okay the more hours I can work the more I'm going to make no that's not true you can work 5 hours a day as an entrepreneur and make more than an entrepreneur who works 18 hours a day again you're not trading time for money as an entrepreneur you're trading results for money keep that in mind now the second way I used that technique of thinking like a entrepreneur and not an employee was when it came to me creating my side hustles so halfway through my 25 years as a banker I decided to start luxury watch sales which is my additional stream of income I also decided to start eBay stores as well the first thing I had to do in order to think like an entrepreneur and not an employee was I had to be specific with the amount of money I wanted to make and in my case I started out saying to myself you know I'm going to make $5,000 a month I stood in order to make that $5,000 a month in luxury watch sales in the eBay stores I would have to produce results now in that scenario by me thinking like an entrepreneur I wasn't worried about okay I got to work 10 hours extra in order to make $5,000 no all I needed to do was to sell enough watches and I would make the $5,000 now I could sell those watches in one day I could sell them in 5 days it didn't matter at the end of the day it was about the results so thinking like an entrepreneur helped me actually create luxury watch sales and do very well at it because my mindset was not based around time my mindset was based around results understanding that it's all about results as an entrepreneur so as you guys start building additional streams of income don't use time as an excuse well you know I have no time in the day I have no time I got family I got this I got that there's no way I could do this because it's going to require a lot of time no start with how much money do you want to make from this additional stream of income and then from there think about okay what type of results do I need to produce in order to make this amount of money and that's what you lead with for luxury watch sales for me guys when I originally started out I was working a couple hours after work to find and Source the watches that I was going to buy and then I would spend a few hours on the weekend taking photographs of those watches and then posting those watches to various forell sites that I could sell the watches so I didn't put in a whole lot of time but I understood it had nothing to do with putting in time it was all about my creativity and my hustle to be able to sell watches and I could sell watches pretty good so I made quite a bit of money through luxury watch sales because of my entrepreneurial thinking right stop thinking like an employee guys take control of your own income potential start thinking like an entrepreneur the more results you produce the more money you make and again if you're working a 9-to-5 job start thinking like an entrepreneur start taking your results out to the open market and start interviewing other companies who will pay you for those results you have to stop allowing someone else to determine what you're worth you have to start determining what you're worth by taking your results and shopping them around in your industry and looking for somebody that's willing to pay you for your results that's how I leveled up my income guys every couple of years I would level my income up by doing that technique and it's not going to your employee and giving them an ultimatum no it's going to them and saying thank you but if you can't provide me with the income based on my results that I believe I'm worth then I may have to go and find another opportunity that will that's all that is you have to use that entrepreneurial leverage in order to get and make what you want well all right guys drop me some comments let me know what you think if you're stopping by the channel for the first time please consider subscribing share the video and smash that like button thoughts become things if you can see it in your mind you can hold it in your hands you guys keep chasing your greatness never stop believing in yourself and I'll catch you on the next video peace

Channel: Richard Fain

Views: 4,863

Keywords: #investing, #personalfinance, #entrepreneurdhip

Id: fXkFX7ag4_A

Length: 10min 16sec (616 seconds)

Published: Wed Apr 17 2024