Quote:
Originally Posted by GordonJ
may not suit me. There is no "one size fits all".
What is your idea of the perfect biz?
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Hi Gordon,
I did a little bit of brainstormin' on this topic...
I could see a number of businesses as "perfect"...
One... invest a lot of money, and live off of the returns! The catch... You gotta have a lot of money in the first place. Plus, you gotta know what you're doing with your investments - as they can lose money, as well as gain...
Owning property outright, and living off of the rental income is similar. Again, the catch with property is, you usually have to have a lot of money already to own enough property so you can live off of the rental returns...
Now, having intellectual property and getting paid royalties from that property is
also similar, I'd say. Like the Leonard Cohen and Charles Schulz examples you gave.
Writing and publishing, or acquiring those rights, can be like this... It helps if you know some marketing knowhow, though.
I noticed that best-selling thriller author, James Patterson (sold 300 million books!), had a career in advertising before he made his mint as a bestselling novelist! I have a feeling that his marketing background helped him to get his books off the ground... However, not every successful novelist has that background!
The Harvey Brody model is like a "virtual company" - before there was a phrase for it! He has a model where he can outsource virtually everything, yet still keep control (through the "toll position"). It's a great model!
These are all great models...
Best wishes,
Dien