Last week, I came across this video by Patrick Bet-David discussing the 5 levels of entrepreneurship.
In the video, Patrick takes viewers through the process from being merely interested in starting a venture, through to joining the league of extra-ordinary entrepreneurs.
So what are these levels of Entrepreneurship?
According to Patrick, the levels of entrepreneurship can be listed as follows:
- Interest: Here the individual is merely interested in operating within the field of expertise. He/She has not really put in the effort to gain the skills required to be a player in the field
- Hobby: At this level, the individual has started building the skills they need to play in this field, but they really have not invested the time and effort required to make a sustainable living from that venture. The hobbyist just derives pleasure from being a player.
- Amateur: As the Hobbyist grows in competence, skill and discipline, they start to understand the field and can earn some revenue from that field. They usually understand the philosophy, practice and principles of the field, but they usually lack the ability to make a regular income. The amateur needs to learn the economics of the field.
- Professional: The Professional is a person who has mastered the field. He/she know their field in and out, and they make a living from their expertise.
- A league of your own: This is the absolute top of the pyramid. These guys have so mastered their field, that they become authorities on the field.
Something that really caught my interest was his emphasis on PDR, which means Practise, Drill, Rehearse. Once you do this frequently enough, your competence will grow and with time, you’ll make good money from your field.
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