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What the Average Entrepreneur Knows That You Don’t

 

With a good idea and a solid Internet connection, virtually anyone in the world can start an online business at pretty much any time. This seems easy enough, but so few people seem to ever actually succeed at the goal of acquiring wealth through small business ventures.
So what is going on? In all likelihood, the inability to create and then grow wealth through entrepreneurial endeavors comes down to what successful entrepreneurs know, and what you don’t.

 
Wealth does not always come fast.

Sure, there are stories of successful entrepreneurs who hit the $1 million mark a year to the day after making the first sell, but these do not necessarily reflect what the average entrepreneur experiences. Most small businesses take time, dedication and a lot of tender loving care before they are fully operational ventures that net a solid profit.

 
Wealth takes hard work.

Forget the 40-hour work week and say hello to anywhere from 60 to 100 hundred hours. Late nights and early mornings dominate in the early days of a new business, but those days do not last forever. As business and profits grow, owners can eventually step back and spend their hours on other wealth-growing strategies.

 
Wealth does not come from a single income.

Just because business is doing good for the time being does not mean that it will continue on that same trajectory. Life happens, economies tank and technology makes certain services and products redundant. Diversifying income streams to include investments can keep wealth steady even as business takes a dip.

 
The wealthy have been slapped with a rather unfair stereotype of being privileged individuals who simply choose to lounge around, but what most people fail to see is the years of hard work and dedication that go on behind the scenes. The most financially successful and wealthy entrepreneurs understand the importance of putting in that behind-the-scene work in order to build up true and practical wealth.

How One Woman Turned Vlogging into an Empire

 

Blogging, as a tool for online business, certainly is not going anywhere any time soon, but for some go-getters, the platform is changing. Video blogging, more commonly known as vlogging, creates a space where vloggers and their subscribers can interact more directly. Beauty and makeup how-tos have taken off in recent years, but one vlogger stands out among the rest — Michelle Phan.

She started her beauty vlogs in 2007, in which she demonstrated how to apply makeup to achieve very specific looks, including some based on Disney characters. The outgoing and upbeat persona displayed during her tutorials shone through, and she became the first woman to achieve a billion unique views on the popular video hosting website, YouTube.

 
Phan did not stop there, and she soon turned her beauty vlog empire into a successful business venture with Ipsy. The California-based company provides subscription boxes to over one million customers in both the United States and Canada, and each month subscribers receive a Glam Bag stuffed with makeup items from brands that have partnered with Ipsy. Business is going so well that Phan plans to start expanding the subscription-based Glam Bag into Asia.

 
In addition to focusing on her own strengths and success, Phan is also creating opportunities for other entrepreneurs by creating a production studio. Named Open Studios, the studio will be equipped with various sets and cameras that artists and start-up hopefuls can use to launch their very own success stories.

 
After rising from a humble childhood to an empire worth millions, Phan certainly has not forgotten what it means to help others succeed.