Entrepreneurship is defined as the process of designing, developing and managing a business for the purpose of making a profit. It is a combination of a lot of skills including creative, financial, people and systems.
“All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” – Reid Hoffman, Co-founder Linkedin
Although everyone who is managing any business whether small or big can be called an entrepreneur, however for purpose of passive income we have to focus on businesses that do not require the active presence of the owner.
It is indeed very difficult to create and be a part of business and then ensure that it runs on automatic mode. Some business models do allow for this miracle to happen and let you enjoy the freedom that you wish for. Retailing and franchising industry is one of the examples that we see all around us especially in fast food, apparel, beauty, health, fitness and other such lifestyle product and service categories.
Innovative entrepreneurs create a retail concept based on unique systems, products and formula and then replicate the same locally, nationally and internationally. All the big retail franchise chains like Burger King, Starbucks, and The Body Shop etc. started with this concept and are today global leaders in their categories.
The expansion and scaling up happens on an automatic mode because systems and processes take over thus reducing the active involvement of the owners/creators. Once the system starts running, passive income becomes a reality.
There are hundreds of opportunities in this area that await budding entrepreneurs to jump in and explore. All that is required is a creative mind, ability to dream big and implement with precision and systems.