Entries Tagged 'entrepreneurship' ↓

First, I would like to formally welcome my friend from Finland, Jarkko Laine, to the challenge. Currently, he is setting the example for me…I might have started our little self-imposed challenge but he has already put some ads on his site. And according to his latest post, Jarkko is presently investigating a product (or products) that he could possibly sell. GOOD LUCK Jarkko!!

image source: culebrablog

It’s just my humble opinion, but I think unless you are developing a business or idea that is on the scale of Google you can’t be under the assumption that you are going to generate a million dollars :-(

As I have stated before (and this will be the last time), attempting to make money online is a learning experience for me. What I am attempting to do is to see if I can eventually become a fulltime lifestyle entrepreneur so that I can spend even more time traveling and enjoying my Caribbean surrounds.

Please feel free to let me know if what I propose below sounds completely cockamamie. Every one of us has a limited amount of time that we can put into our projects and personally I would like to maximize the return on my efforts.

Essentially I am hoping that the ideas that I have come up with can earn me a couple of dollars. However, I am really interested in being able to duplicate the processes so that I will be able to have a number of sites generating a couple of dollars. For example -

• ten sites earning $5 a day = $50 a day
• multiply $50 per day by 30 days = $1500
• $1500 per month x 12 months = $18,000

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I wanted to do this roundup the other day but time got away from me. :)

Quite a few people took the time to comment and or make suggestions on what they think I should do that would be most helpful for me in terms of generating some passive income. If you would like to read about the seven money making ideas that I came up with then read this post AnyWired-Middlebrook Make Money Online Challenge: Open Source Entrepreneurship first. In addition to my own ideas this is what folks had to say:

image source: marielito

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Please Note: For those of you just joining the AnyWired-Middlebrook Make Money Online Challenge you might want to go back and read, “The Beginning.” MyTropicalEscape is NOT becoming a make money online site, but I have come to the determination that if I want to fully pursue the lifestyle entrepreneur existence then I need to come up with some way of generating income online (which will hopefully then become passive income streams). Specifically, I need to learn how to make money online and I would like others to learn as well while we discuss online business in a sort of “open source” entrepreneurial forum.

My self-imposed challenge was partially inspired by my entrepreneurial aspirations, the recent AnyWired post on Becoming a Lifestyle Entrepreneur, Caroline Middlebrook’s Niche Website ebook, and my interview with Shana Albert.

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Last night while lying awake in bed I started to question myself as to why on earth I would put myself out there like this to see if I could make money online? The first thing that came to mind was, “boy you are going to make yourself look like a stupid baboon (not that I have anything against baboons) or an idiot, or both!!” But, what’s done, is done, and now I have to move on.

image source: mocambique

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I am very fortunate because I get to live in the Caribbean and run a small business. However, a couple of posts on the internet this week made me realize that I am only living half of the “tropical escape” dream. Yes, I am my own boss, and I have made it to the Caribbean, but my business is currently an all-encompassing operation.

Presently I am not left with very much free time to actually enjoy my surroundings. There really isn’t any point to living in a great destination if you can’t even enjoy it.

In the name of my ongoing pursuit of personal freedom and a designed life, I am finally ready to start working towards my ultimate goal, which is to create some passive income streams. Let’s be honest, it is pretty hard to have TRUE personal freedom without financial freedom (just my humble opinion). Creating passive income streams will allow me to keep focusing on my small business but if tourism hits the skids, or I want to spend more time at the beach, and possibly travel the globe then I will still have a means of generating income.

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