14/08/2023
Earlier today, one of the followers of this page, Isa Assalafi, raised an important point about entrepreneurs getting their business spirit killed with a job; how a salary entices and paralyses entrepreneurs. It is such a relevant topic, one that is very close to my heart, that I decided to write a post about it.
Isa, you are absolutely right! You and I (and anyone like us, who is possessed by the entrepreneurial spirit) are never satisfied with a salaried job; we need freedom, we need to create businesses and provide employment for those who are happy with just having a job. I predict you'll eventually leave your salaried job for something you are born to do - business!
You see, back in 2020, as a Senior Clinical Research Associate (equivalent to an Asst. Professor) at a top UK university, I, too, struggled to leave my salaried job. However, circumstances made me decide to take a leap of faith, and I'm very glad I did. Now, I work fewer hours on my own consulting business and earn 4-5 times more.
I define salary as what your employer gives you to forget about your dreams. Remember that the richest people in the entire history of mankind are/were NOT employees; they are/were always business owners or investors.
Don't get me wrong; sometimes you may need a job to learn new skills or to stabilise yourself financially. But, if financial freedom is your goal, a job should not be your end goal, i.e. it should not be your last and final answer to your financial plans. This is because only a tiny fraction of employees ever live comfortably on salary alone (WITHOUT stealing or engaging in bribery, corruption and other unholy practices). You need to own a business to become truly free! (You may want to read that last sentence again.)
So, why do we get addicted to a salary? What stops us from pursuing our dreams?
In one word, the answer is: FEAR! This comes in many forms, shapes and sizes: fear of failure, fear of risk, fear of loss, fear of financial instability, fear of rejection, fear of inadequacy, fear of ridicule from friends and relatives, etc.
How do we get rid of these fears?
Glad you asked. Again, in one word: ACTION. Only constant, informed action towards your goals can eliminate fear and self-doubt. Action in the right direction propels you to your desired results. When you begin to see good results, you silence not only your inner doubts, but also anyone around you with the tendency to criticise your actions.
Don't quit your job just yet unless you already have savings or another means of making money to sustain your current lifestyle. Before you quit, create a plan with a timeframe of no more than 24 months to be in a financial position to quit. You may start your business as a side hustle and later make that side hustle your main hustle.
Finally, I strongly advise you to read the following books to get more insights into why having your own business and investing is the only route to true wealth and freedom. If you've read the books, read them again for even more inspiration and entrepreneurial motivation - I've read or listened to some of them literally dozens of times, and I still pick up something new or get new ideas/inspiration every time I read or listen to them. Here they are:
1. Rich Dad, Poor Dad by Robert Kiyosaki
2. The Richest Man in Babylon by George S Clason
3. Think and Grow Rich by Napoleon Hill
4. Secrets of the Millionaire Mind by T. Harv Eker
There are many more books like the above, but the human mind is often paralysed when presented with too many options. Hence, this very short list. Please read or re-read the books, and keep me updated about your progress. I would be happy to mentor you for free - I like associating with action takers! :)
Best of luck!
DR. M. AMINU
(13.08.23)
