“I wanna be rich” by Calloway is ringing in my ears, “I want money, lots and lots of money.” When I was on Facebook, I added “Decamillionaire in the Making” to my profile name. I was reminded by so many people that my financial goals may not be realized if I work a regular 9 to 5 job. Unless, of course, I won the lottery, as so many people desired. I’ve read a lot of financial books. The most common thread is that business ownership is the yellow brick road to “lots and lots of money.” I remember a colleague once stating you will never get rich working for the government. I recently finished reading Rich Dad, Poor Dad by Robert Kiyosaki. He stated the tax laws are more favorable towards entrepreneurs which I am quite aware.
As a single, childless taxpayer, I fit the profile for a higher tax bracket. I had to educate myself to keep more of my money. Each year, my goal was to minimize earned income from my employer. Using various financial tactics, I would strategically allocate my independent contractor income to business trade expenses. Thus, reducing my taxable income. In addition, I read books on business ownership. I also enrolled in an online program that taught me how to build an online business. Overall, my greatest life lessons on entrepreneurship came from Uber, the ride-sharing application.
Solve a problem. First, my business idea doesn’t have to be groundbreaking; it just needs to solve a problem. The co-founder of the Uber company, Garrett Camp, used the exact words in a YouTube interview (https://www.youtube.com/watch?v=_vxk4Z1u7RE), “I was just stranded on the curve in San Francisco so often that I just got sick of it.” Now, Uber is a household name and a multinational company. This year alone, I’ve taken an Uber in Dubai (U.A.E.), Accra (Ghana), and Johannesburg (South Africa). This movement is all about getting from point A to point B with a push of a button, and the company is making billions by serving as the middleman between drivers and passengers.
Surround yourself with like-minded individuals. In that same YouTube video, Garrett Camp stated he had been an entrepreneur since he was 22 years old, but it was not until he moved to Silicon Valley with other Tech masterminds and he met his partner in Paris, France, at a Tech conference that the Uber movement began. There wasn’t a large tech network in Canada, so he made many mistakes as a young entrepreneur with his first business venture. I recently realized the importance of connecting with like-minded individuals, which has prompted me to rejoin Facebook and join groups aligned with my entrepreneurial goals.
Do the hard work on the front end and see the profits roll in. Uber transacts billions of dollars through an app available on your smartphone. Applications can take anywhere from 5 to 20 weeks to be created, that is, one month to five months, with no income being generated. Uber started in 2009, but it didn’t really take off until 2010. I think it was worth the wait.
Think globally & continue to evolve. Since I’ve been an Uber user on both sides (driver and passenger), it’s always been a cashless experience until I visited Accra, Ghana. Many people in Ghana do not use credit cards. Uber became aware of this issue, so there is a cash payment option for those riders. Drivers who receive cash payments can pay Uber via Mobile Money (payments made with a mobile phone). Genius! In addition, they’re constantly expanding – UberEats, UberPool, and even UberCopter. This observation has encouraged me to continue pursuing entrepreneurship, reminding me that opportunities are everywhere. I just have to recognize them.
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