Becoming a Successful Entrepreneur

Saturday, August 20, 2005

Rent vs Buying a Home

For some people, buying their home makes the most sense, and for others, renting is best. To determine which is right for you, you first need to determine whether you can afford to buy. Then you need to consider other factors, including the time you'll stay in your new home, the home's prospects for appreciation and taxes.
--- Quoted from BankRate.com ---

In short, my philosophy is if the monthly cost of buying a home is the same as renting then buy. I personally don't believe it is a good time to invest in real estate. Housing is way over valued. I believe that we have reached a peak where the real estate bubble is about to pop. My suggestion is to take the money saved every month from renting over buying and invest it! Take for example a mortgage payment on a house of $1200 a month. Instead, rent an apartment for about $600 and invest the difference of $600 a month into a good fund. I believe your return on investment will far exceed your return on investment if you bought a home (at the present time).

If you're still unsure what to do, do the math. Use the service provided by MSN House & Home to determine whether it is best to buy or rent.

Friday, August 19, 2005

Starting an eBay based Business

Started by Pierre Omidyar in 1995, eBay has become an auction site used internationally for the purpose of selling unwanted items. eBay is successful due to it's simplicity. It takes little effort to sign up, sell or buy a product.

I became obsessed with eBay after making my first sale to a man in Texas. I had sold him rechargeable batteries! I couldn't believe it... I was telling all my friends about how I had made $10US by selling batteries on eBay. I was hooked to the site from this point on. You are probably wondering why I sold batteries on eBay... well, I had just got my first digital camera for Xmas and my rechargeable batteries didn't work. After going through about three sets of batteries and none of them working, I found out that rechargeable batteries are not charged initially (stupid stupid stupid)! I was putting the batteries in my camera before charging them first. So with all these batteries lying around I decided why not try to get rid of them on eBay.

Many people have gave up their full time jobs to start their own business on eBay. Heck, if I can sell batteries, you can sell anything! The site receives an enormous amount of traffic... so why not take advantage of it to make some cash.

All you need is a computer, internet connection, and a product. The idea is to find a low cost product that you can sell for a profit. Some businesses just buy products in bulk from wholesalers and then sell them at a profit on eBay. How much easier can it be? If you are not successful at selling one product, then just switch to another. Seems like a win/win situation to me. Visit www.ebay.ca and read people's stories how they've become successful by using eBay.

Wednesday, August 17, 2005

Students - University vs. Starting a Business early

Which path should students take when graduating from High School? Should they go directly to University, or start a business asap?

Career Path #1: Most parents would say that education is a must. Go to University and get the skill set & knowledge necessary to become a successful entrepreneur. Then take the time to start your own business. You'll still be young upon receiving your degree AND you'll have the degree to back you up if your business fails.

Career Path #2: Don't waste the four years of going to University and building a huge debt. Debt will put you at a disadvantage in getting support for a business idea. You have all kinds of energy while you're young, so don't waste it! You'll probably learn more about the business world from hands on experience rather than from a textbook. Build the confidence, follow your instincts, and become "The Man"!