Multiple Streams of Income
The question that has plagued most social scientists has been, "Why has there been such a low number of African Americans going into business over the last 40 years, as compared to other cultural minorities in America?
Social scientists who have studied this issue; both Black and white, have concluded that the following reasons explain the comparatively low numbers of entrepreneural African Americans:
* Less exposure to entrepreneurial role models
* Fewer informal and formal NETWORKS for securing key resources and information
* Fewer years of education and business experience
* Inability to put the proper amount of time into their business
* Less assets or other sources of income at their disposal
It is now clearer to many Blacks in America that the smartest way and less riskier way to great wealth in America is to engage in some level of self employment. With the workplace dramatically changing, and long-term job security now a thing of the past, African Americans are using their education, skills and experience to reduce the risk of one job-one incomes to develop new businesses that can provide multiple incomes from multiple customers.
Bottom Line: In the 21st Century, every working Black person should have at least 3-4 streams of income including part-time interests/hobbies that produce revenue that can lead to profitable businesses.
ACTION STEPS:
* 24/7, somebody is buying and somebody is selling. Stop just buying and do some selling. Find or make a product you love, and sell it.
* Don't live as good as you could. Save 15% and invest in real-estate first and the stock market next. Make your money work as hard for you as you work hard for it.
* Use your experience and expertise as a basis for providing fee-based training, books, and CDs. Lord knows we need training in everything.
Remember: Multiple streams of income in 2006 and beyond!
http://groups.yahoo.com/group/lotz_of_linz
Posted By: SIE aka george simons
Wednesday, February 15th 2006 at 10:46AM
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