How does an entrepreneur make a profit in business?

Key quotes:

• "To be a successful and more importantly, a profitable entrepreneur, you need to understand the difference between being busy and being productive."
• "The key lesson here is to adjust your worth as the business grows to focus on the tasks that deliver the most profit or have the greatest impact."
• "I was offering a wide range of services from single cleanings, single check-ins and also the full management option."
• "This meant checking the guests departure time, and create a task list for the cleaning team."
• "They all took roughly around the same amount of time but I was earning 80–90% of all profits from the full management service."
• "It was time to get ruthless and take a decision to cut the majority of my business services and concentrate on a single core product."

Key quotes:

• "Instead, they focus on the hyped up stuff of today: If you don’t know how to generate money, none of these things have any value at all."
• "Sure, if you are in the actual business of storytelling (e.g."
• "a copywriter), then you need to have storytelling skills if you want to make money."
• "Even if you are clear on how you actually want to make money with your business on the long-term, don’t focus on that in the very beginning, if you haven’t learned yet how to predictably generate an income."
• "So let’s just say that you are passionate about writing and you actually want to turn your storytelling skills into a business."
• "And that skill is to set up a system which is capable of generating money for you even in your absence."

Key quotes:

• "Sometimes a bit less, sometimes a bit more.” There’s obviously no hard and fast rule on the time it takes to become profitable, but it’s amazing how many startups — at least of the ones that survive — take roughly 36 months to get the cash flow equation right."
• "It’s only after six to nine months of profitability that most startup founders are comfortable taking a modest salary."
• "And of those that do survive, it takes months — if not years — for the cash flow to reach a point that the business is profitable enough to pull a comfortable salary for you and your family."
• "And if you stand any chance of one day becoming profitable enough to pull out a healthy salary, you have to find a way to survive the first few years and stay afloat (personally)."
• "The more you’re able to cash flow your personal expenses and survive without debt, the better off you’ll be in the long run."

Key quotes:

• "Starting next Monday — May 7th — Laurence and Carlos, the founders of The Happy Startup School will take a tribe of 50 budding entrepreneurs and early-stage startup founders (plus even some existing business owners that need a re-fresh) through a powerful learning journey that brings amazing results if you’re willing to do the work."
• "This will be the first tribe of our Purpose+Profit Program — 15 years of our experience building brands, businesses and products crammed into a 4 week online course that will take you step-by-step through the building blocks of what it takes to build a happy business."
• "Formerly The Happy Startup Home School this includes: Plus different for this new program: There are only 50 spots on the course in total and 20 left How much is it? If you feel like your idea is particularly sensitive and involves a technical process or you’re applying for a patent then email us and we can help you get value out of the program without giving away any valuable secrets."

Key quotes:

• "Being an entrepreneur is all about starting up companies, selling products or services, and ultimately making a profit."
• "The first step towards becoming a successful entrepreneur is understanding your specialist skills and attributes and how you can leverage them to turn a profit."
• "For example, if you’ve trained to become a web developer, you can start making products that are tailored to potential clients."
• "Following the three steps below, you can make a product that fits into the market in no-time."
• "Once you have your product, it’s time to make some money."
• "So, before pitching your product, and negotiating with clients, make sure you have a stable pricing structure; so when that question comes, and it will; you know exactly how to answer it."