This is a very exciting time to be an entrepreneur and there are tons of online opportunities to pursue. The question I always ask is, “which one will be around a year, 2 years, or decade?” Maybe it’s my own laziness or whatever, but I tend to want to put my time and energy into something that has staying power.
After 10 years of doing TW3 and over 25 years as an entrepreneur I can tell you there are 3 elements you have to have to build a business that will last.
- Residual Income. Most people hear this and they think immediately MLM or network marketing. However you don’t have to get involved in one of these types of businesses to have a residual income component to your income.
- Passive Income. Let’s face it! After awhile you can be the most motivated person in the world but you’ll want to take a break. And how are you supposed to scale a business if it is completely contingent upon what you produce? Again you can build a business with passive income without having to join an MLM or network marketing business.
- Product not subject to fads. If your product or service is tied to a fad then it will not last. Think about the guy trying to sell encyclopedias in todays world. How’d you like to be that guy?