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You can't teach entrepreneurship! All of the books same pretty much the same thing but I picked up the Branson one in Tesco for a few minutes and it was interesting to read all of his examples to go with it.

Becoming a rich entrepreneur now is miles harder than it used to be.
Reply 21
You underestimate how many people actually give this a go. But the sad fact is that 2 out of 3 new businesses fail within the first year. People are trying it, they are just failing.
Reply 22
Then start 3 businesses, one of them will probably work...
City bound
LOL! That's on the low side for the annual salary of a good one.


Really? Salary? I'm no master of finance, but I was under the impression that with most uber-financial jobs (hedge funds, stockbroking etc) the salary's themselves weren't enormous (I mean, they ARE - like £250k but not monumental), and it's the bonuses that put them into the tens or hundreds of millions a year.
Invocation
Because their acting is really worth 1 mill an episode...the system works!


True dat.
Perdition00
Breaking into acting to that level and success is as much hard work if not more than going into business, Bear this in mind, if they were making 1million per episode towards the end, how much do you think the business men above them were making?


Of course not every actor makes that much, but neither do all entrepeneurs end up at the level of Richard Brandon or Phillip Green, but regarding the OPs question of whether entreupenership is the only way to get rich the answer is that yes there are other ways, if not acting then singing, racing car driver, footballer, movie director, chatshow host...
Reply 26
DanGrover
Really? Salary? I'm no master of finance, but I was under the impression that with most uber-financial jobs (hedge funds, stockbroking etc) the salary's themselves weren't enormous (I mean, they ARE - like £250k but not monumental), and it's the bonuses that put them into the tens or hundreds of millions a year.

For banks you're right, bonuses are easily the majority of compensation. Note that when I say 'salary' I actually mean 'whatever way is most tax efficient'. 'Income' would be more technically correct though.

For hedgies their compensation depends on the fee structure, the size of their fund and the number of people getting paid (obviously). They typically charge 1-2% of assets and 20% of profits, which can mean mind boggling annual incomes for the decent managers because there usually aren't really that many people to pay relative to other institutions.
Perdition00
Ive read several books published by entrepreneurs and by far and far that is the best root it seems to gain alot of personal wealth. WHat i detected was a little bit of sympathy by them for the average person and refer to them in the case of felix dennis as wage slaves.

My Question is, Is being an entrepeneur the only root if you wish to be really rich, im talking like atleast worth 200million pounds in 20 year such as duncan banatyne? and if so, why are not more and more people encorouged by society to persue it?

:suitc:


To make that kind of money you would either have to inherit it or yes become a successful entrepreneur.

The reason many people are not encouraged to set up and run their own firm is that they, correctly, know that there is a VERY small chance of them having success.

Although it has been pointed out that a lack of enterprise has contributed to a lower economic growth of the uk than it's potential, a lot of the people in this country are wary of the consequences of failure; not only does it take a hell of a long time to set up but an awful lot of capital is needed and if they hit rock bottom (APPARENTLY 70% of firms never float on the stock exchange) then they're kind of buggered to say the least.
Reply 28
That's a complete myth. Companies can be set up with very little financial capital and very little long-term risk to the entrepreneur, it's entirely dependant upon the sector. To take the risk issue specifically, saying "they're buggered" is rather disengenuous. If a business can't be set up with seed funding or conventional credit then there's very little chance that it was a good idea to start with. There's no need to necessarily plough one's own assets into a venture, which almost eliminates the material risk.
Also, businesses that are limited (that is, plcs and ltds) do not pass the debt onto their shareholders - which in the case of private limited companies is usually just the owner and maybe some friends or family members, if that. Though for this I think you need a capital of around £50,000 is my business studies GCSE serves me right.
50k share capital for PLCs

Nothing major for LTD companies - just a director and secretary.

IIRC you need 2 directors for a PLC as well (and a secretary of course).

Most small businesses will probably start out as a sole trader anyway just to test the waters- its only worth going LTD straight away if you have a specific reason - i.e potential massive debt.
Reply 31
I think it is rather defeatist to believe that their is a ''small'' chance, Everything in life is really in one way or another about chance. Perhaps it is a negative stigma surrounding entrepreneurism(?), To make it big whether in holywood or as a businessman takes hard work and calculated risks,
Reply 32
You have to have character and charisma first. You may have sound idea's and capital but if your a walkover don't bother.
Perdition00
I think it is rather defeatist to believe that their is a ''small'' chance, Everything in life is really in one way or another about chance. Perhaps it is a negative stigma surrounding entrepreneurism(?), To make it big whether in holywood or as a businessman takes hard work and calculated risks,


I dont think you should really ever go into business thinking you'll make it big like Branson - unless your product is somehow totally unique and definitley needed. That is not to say you cannot still work hard at it.

It is indeed about calculated risks - to many people take the risk on an idea but its better to delay until your sure than to take a crazy risk.

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