What is the best way to make 6 figure salary by being an entrepreneur?

Oakstock · 2017-04-27T11:36:19+00:00

Buy my book for $19.95 for the secret other entrepreneurs don't want you to know.

BusterVadge · 2017-04-27T12:31:24+00:00

Have good ideas. Work smart, be disciplined. That's it. If you can't figure out the rest you're not going to succeed anyway.

[deleted] · 2017-04-27T12:44:54+00:00

The number one skill you should work on is motivating yourself. If you can consistently do that, then it means you can put any plan into action instead of being paralyzed by procrastination and all kinds of other crap. There is no skill that is more important for what you're describing.

do_it_or_leave · 2017-04-27T14:29:05+00:00

go read the millionaire fast lane

TheRedStoic · 2017-04-27T18:02:07+00:00

The best way?

Preparation and a massive network.

Coming from being a successful serial entrepreneur moving into serial angel, this is the only truth.

Skill isn't enough.

Location isn't enough.

Intelligence isn't enough.

Knowing the market isn't enough.

Having the right connections isn't enough.

A good work ethic isn't enough.

All. Are. Necessary.

You need to be able to fuse all the above to do what you're asking for. I'm making 8 digits yearly after tax now. But consider:

wealthy family
wealthy heritage
compact and densely opportune city
skill in a market that was lacking when I began
happy to work 80 hrs a week
had the money saved to afford wiring 80hrs a week for almost nothing
raised red. I've always been an 8 minimum, even being black. "Yes. That does matter as far as networking, it doesn't matter at all once you have stats to back you".
I can point at easily over a dozen situations that had I messed them up, I wouldn't be here where I am currently. So chance is a permeating game.

Get rid of your delusions and get into an excellent program or accelerator. Talk to fucking everyone. Make connections. Specialize to the point of mastery in a hungry market (if you even can)

Then work your ass off and pray.

Cyralea · 2017-04-27T18:36:57+00:00

So I fit the bill. I'll give you the coles notes.

Specialize in something and learn it inside and out
Analyze the industry and see how it operates. Figure out how it could operate better. Figure out how much value that improvement would be work to someone else.
Build a business model off of that

You need savvy, smarts and bit of luck to make it work from there.

dbthrowaway_090909 · 2017-04-27T13:34:16+00:00

I can tell you one way that won't work. Asking here.

banllama · 2017-04-27T14:05:54+00:00

https://medium.com/@cliffordoravec/the-epic-guide-to-bootstrapping-a-saas-startup-from-scratch-by-yourself-part-1-4d834e1df8c1

MattyAnon · 2017-04-27T15:39:23+00:00

Get good.

Seriously... that's what you do. You get good.

Making money is about someone else handing you THEIR money. Why would they do that? Because you can do something for them. To do that you have to be able to offer them more value in less time than they can do for themselves.

There's lots of ways to do this. Invent something new. Make a business that does things better (and/or cheaper, but undercutting is a brutal and hard strategy).

You need to be good with people (but not like... THAT good). Good at recognising value. Talented. Honest (ie honest with yourself about the value of what you do).

But most of all.... recognise that someone is going to be writing you a check. Why would they do that?

salezman12 · 2017-04-27T16:41:12+00:00

Sales is the fastest way to earn 6 figures. I was earning 6 figures almost immediately and after nearly a decade in the business there's very little I want that I can't have.

I am 28.

Idunnowhy2 · 2017-04-27T21:41:17+00:00

Local service business.

kenpachitz · 2017-04-27T14:51:01+00:00

This is one of those questions where you can't just take anybody's word for it and the people who can answer from experience probably aren't in this sub, if on Reddit at all.

Read posts in the smallbusiness and entrepreneur subs.

Title	What is the best way to make 6 figure salary by being an entrepreneur?
Author	asaprocky96
Upvotes	4
Comments	18
Date	April 27, 2017 11:34 AM UTC (9 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/67v0f1/what_is_the_best_way_to_make_6_figure_salary_by/
Archive Link	https://theredarchive.com/r/askTRP/what-is-the-best-way-to-make-6-figure-salary-by.90209 https://theredarchive.com/post/90209

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