Ross Powell is the founder of Survival 401k, a specialty financial services company that provides hard-asset based retirement account solutions and preparation recommendations. Please visit his website to explore the critical solutions that Ross offers. This article was originally published on The Price of Business: Full Spectrum Preparation: Self-Sustaining Entrepreneurship
As tricky as entrepreneurship is to spell, it appears even more difficult to actualize to most of us. Let’s discuss a few reasons why having an entrepreneurial mindset is important for full spectrum preparation, a key obstacle that prevents us from having such an outlook, and specific tools that we can utilize no matter what our passions and abilities are.
Let’s first examine the connections between the mindset of an entrepreneur and the mindset of a preparedness expert. Both have a keen interest in how future events will play out and how to properly position themselves to deal with long term trends. Both must have the confidence and maturity necessary to make substantive decisions under significant time pressure. Both need to be creative, resourceful, innovative, and confident. Both understand the importance of planning ahead and taking calculated risks. Those who want to be prepared for the variety of potential scenarios that we could encounter must have an entrepreneurial mindset geared towards maintaining a self-sustaining lifestyle. We could continue on by detailing dozens of similarities – most of which describe a general tendency to be actively participating in how the future will unfold rather than passively accepting roles or outcomes that have been defined for us – but let’s move on to studying a fundamental, common obstacle.
We all, to one degree or another, share the common human trait of risk aversion. When given the choice between receiving $500 outright or flipping a coin and getting $0 for heads and $1,000 for tails, most of us would choose the sure thing rather than the double or nothing option even though the two are statistically identical in terms of expected value. However, when we are honest with ourselves we must acknowledge that any decision that we make involves uncertainty and risk to some extent. Our cultural backdrop informs us generally that the path of least risk is to secure a job at a corporation, work as an employee with job security, build up retirement savings, and rely on social security. The primary obstacle that must be overcome is this risk aversion paradigm. Long gone are the days when this approach had minimal risk. This path of maintaining an employee mentality is now riskier than ever because it is inflexible, fragile, and static. We must break out of this mold and overcome the obstacle of risk aversion.
Starting a business can seem daunting. Perhaps you don’t feel like you have an idea that will shock the world with its innovative genius. Even if you do, maybe you don’t feel like you have the time and opportunity to execute it. Let’s start with a few practical steps that you can take today:
- Prepare a budget and identify how much you need to make to stay afloat
- Identify your skill set and the areas where you are passionate and can add value
- Reach out to your network to see if anyone can make use of the abilities you have
Keep in mind that this can be the setup for beginning your own business, but it can also be a way to transition out of a current job or even a stopgap measure while you get your own business up and running. Even if all you have is time and attention to detail, that is more than enough. If your family, friends, or neighbors have unused items or clutter that can be sold, you can offer your services to sell it for them in exchange for a percentage. The point here is that there are so many ways to add value that you don’t need to do anything heroic in order to generate an income stream. Sort out what you’re good at and apply those skills. Once the entrepreneurial attitude is present, different options can open up all over the place.
Another important factor to consider in starting your own business is financing. How much money will you need to operate and scale your business once the proof of concept has been demonstrated? This will depend greatly on the type of business you are starting. In any case, you don’t necessarily have to go to traditional financing sources in order to get capital. Friends and family, grants, and even angel investors can provide ample opportunities for financing if you are passionate and dedicated to what you are pursuing.
There are many different resources for learning more about entrepreneurship and how to become self-sufficient, but you have to be careful to avoid the all too common ‘get rich quick’ materials. Simply put: be discerning. An awesome place to expand your skill set and perspective on the process of becoming an entrepreneur is at http://www.startupequation.com/.
Authors Steven Fisher and Ja-Naé Duane, a husband and wife duo, authored the book The Startup Equation and have spent decades investigating and applying the principles of entrepreneurship and the process of innovation. Here is some more biographical information about these two notable experts:
For over 20 years, Ja-Naé Duane focused on one mission: make life better for as many people as possible. With that goal in mind she founded or co-founded five different organizations, including Wild Women Entrepreneurs, The Leaders, the National Artistic Effort, and the Massachusetts Artist Leaders Coalition.
This award-winning innovator currently leads the Revolution Institute while also teaching at Emerson College and Northeastern University. At Clark University, she holds the position of Entrepreneur-in-Residence.
The author of “How to Start Your Business with $100” and “The Startup Equation” Ja-Naé excels at advising startups because she understands from personal experience what it means to be a social entrepreneur. Over the years, her work has caught the attention of The Associated Press, NPR, Classical Singer Magazine, The Boston Globe, and Business Week. In 2007, she was nominated as one of New England’s Most Innovative Leaders of 2007.
Steven Fisher loves the future. So much so, he’s spent the last 20 years as an award-winning designer and strategist helping companies, governments, and his own startups leverage the best innovations to compete and win. Steve delivers a valuable mix of venture creation, experience design, and innovation strategy. His slogan, “Unleash Your Innovation Rebel”, serves as the foundation for his work around the world. He is a strong believer in self-reliance and a self-sustaining lifestyle. He believes that everyone should follow their passion to achieve success and happiness. Steve is currently the co-founder of The Revolution Factory, a global network that enables innovation ecosystems in corporations, startups and universities.
Steve is also Managing Director and Lead Futurist with The Revolution Institute, a global advisory firm that focuses on long term strategic forecasting and planning to explore revolutionary ideas and develop programs that impact our world. He is also an advisor and angel investor in a number of startups including Singularity University. For fun, Steve is a hot yoga instructor, beer maker and a filmmaker who is best known for co-creating and producing “Browncoats: Redemption,” a Joss Whedon Firefly/Serenity tribute. He is also a fast eater and a slow runner.
Survival 401k: Take Control of Your Retirement and Achieve Financial Freedom
Survival 401k is a specialty financial services company based in San Antonio, Texas that guides clients through the process of taking control of their retirement assets. Their flagship offering is a full service Solo 401k that enables customers to invest in tangible assets including gold, silver, firearms, land, storable food, and even real estate. Survival 401k shepherds clients through the entire transition process of jailbreaking funds that are trapped in traditional retirement accounts and moving them into safe and secure IRS-approved financial vehicles.
Standard retirement portfolios are severely restricted in the asset classes they allow participants to select from. Because of this lack of flexibility and control, such accounts are severely vulnerable to the financial crises and economic downturns that can raid nest eggs and crush plans for retirement. Survival 401k empowers clients to protect against the risks of counterparty failure, price depreciation, currency inflation, and even systemic threats by diversifying into physical assets held in their possession.
Ross Powell, the founder of Survival 401k, is deeply committed to the project of protecting the wealth and retirement aspirations of every one of his customers. Ross was raised in San Antonio, graduated from the University of Texas, and is a veteran Naval Officer. His financial experience consists of almost thirty years at some of the largest banks and insurance companies in the nation. The intimate knowledge Ross has developed after decades of being involved with the inner workings of financial institutions makes him uniquely qualified to guide clients through the steps of transforming their retirement portfolios into robust, alternative strategies that focus on wealth preservation, growth, and liquidity.
Ross’s Christian worldview informs every aspect of his business from big picture strategy down to every single customer interaction. Ross is passionate about enabling his clients to achieve full spectrum preparation for an uncertain and unstable future in addition to financial security and prosperity. His company maintains strategic partnerships with top tier providers of indispensable goods and services as well as exciting international opportunities in Central and South America. Survival 401k’s responsible and compassionate approach to providing vital solutions shines as a beacon in these perilous times.
For more information please visit Survival 401k online at Survival 401k. Alternatively, you can contact the team directly via email (firstname.lastname@example.org), phone (844.650.5733), or fax (210.399.0524). Contact Survival 401k and file your application for financial freedom today.