There are 2 types of people in the working world, the business owner and the employee. IRS tax deductions favor the business owner dramatically. Employees receive limited deductions whereas the business owner can take advantage of over 400. The IRS loves business owners because they provide jobs, stimulate economic growth, and give back to their communities. Business owners approach life in a different way when it comes to work. They think in a certain way, act in a certain way and focus on learning specialized knowledge, continuing their education to grow their business.
Business owners control the majority of the wealth in the world. The 5% who own businesses control 95% of the wealth. On the other side, the 95% who are employees or self-employed control only 5% of the wealth. This is a stark contrast and should be an eye opening revelation for everyone. The main difference is the employee thinks and then lives a life of scarcity. The business owner thinks and lives a life of abundance. This is the MINDSET difference. Change the way you think and you can change the way you live.
This will not happen over night. It takes time, determination and discipline. Personal Development is a key component that helps change your way of thinking. Every successful business owner I have spoken with engages in personal development. The mindset shift will start to happen as you go along through this process.
Passion is a major factor in your success. If you don't have passion, you will not have success as a business owner. Your passion leads to WHY you do what you do. If you want to start a business go out and love what you do. Give back to others and you will receive more in return.
Happy Investing!
Tony
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