DIFFERENCE BETWEEN PROFESSION AND BUSINESS

One day I asked one my friend about his business and he told me he was a banker then I asked him if you own the bank? And he usually respond “no I work there”. In this instance my friend confused his profession with business.

One day Ray Kroc, The founder of McDonalds was asked MBA students at the University of Texas at Austin, “What business am I in?”

Everyone laughed and no one answered, and finally one brave boy yelled out, Ray who in the world does not know that you are in the Hamburger business.”

Ray laughed, “That’s what I thought you would say.” He continued “Ladies and gentleman I’m not in the hamburger business and my business is real estate. My primary business focus was to sell hamburger franchises but what i never lost sight of the location of each franchise. The person that bought franchise was also paying for land under the franchise.

Hence so there is a lot of difference between business and profession. Generally people spend their lives minding someone else’s business and making that person rich. But actually to become financially secure person need to mind their own business.

The primary reason the majority of the poor and middle class are fiscally conservative-which means “I can’t afford to take risks- is that they have no financial foundation. They have to cling to their jobs. They have to play it safe.

Many people think that what business they can do as they cling to their jobs. But where there is a will there is a way. See some of below mentioned practically possible business

1. You can do the business that do not require your presence. You own them, but they are managed or run by other people. If I have to work there, it’s not a business. It’s become your job.

2. Income generated real estate.

3. Stocks, Bonds and mutual bonds.

4. Life insurance policies 

5. Blogging, affiliates, AdSense

Above mentioned are few examples if you think seriously you will get number of options. So start minding your own business.

I would not encourage anyone to start a company or invest in share market unless you really want to do it after attaining sufficient knowledge. When I say mind your own business, I mean to build and keep your assets strong.

TAKE RISK

IF YOU WIN YOU WILL BE HAPPY

IF YOU LOOSE YOU WILL BE WISE

Copied from Rich dad poor dad book.