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The Self-employed quadrant is considered the riskiest due to a high failure rate. Nationally, nine out of ten such businesses fail in the first five years, primarily due to a lack of experience and capital. The risks associated with this quadrant include financial instability, over-reliance on personal skills and abilities, and the potential for burnout due to the demands of running a business single-handedly. These risks can be mitigated by gaining relevant experience, securing sufficient capital, and knowing when to move onto something new. It's also crucial to develop a system that doesn't solely rely on the individual, thereby reducing the risk of burnout and creating a more sustainable business model.
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Everyone can be categorized according to how they get their money: Employee, Self-employed, Business owner, or Investor. Each of these four categories, or quadrants, has its strengths, weaknesses, and characteristics. Employee, or the E-quadrant, values security above all else and seeks the safety of a long-term contractual agreement. This person works within someone else's system to earn money. The Self-employed person, or the S-quadrant, does not want their income to be dependent on other people. They essentially own their job and is likely a hardcore perfectionist who values independence and expertise. Self-employed is the riskiest quadrant. Nationally, nine out of ten such businesses fail in the first five years, mostly due to a lack of experience and capital. The key to success in this S-quadrant is to know when to get out and move onto something new. The Business owner, or the B-quadrant, has a system where other people do the work— like Henry Ford, who surrounded himself wi...
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Discover a new approach to wealth management and start with small steps that can eventually lead to substantial assets. Robert Kiyosaki, author of the...
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