Becoming an Entrepreneur
Growing up in poverty in Chicago, Farrah says he was inspired to start making money at an early age. He earned thousands of dollars by getting a group of friends together and asking industry experts to invest in his friends' business ideas. By age 14, he turned that money into millions by becoming a venture capitalist.
Farrah says he was motivated to start his own businesses as opposed to working for a corporation. "I wanted to go into entrepreneurship because it allows you to control your own destiny," Farrah says. "I can now afford my fun and control my own density, [which] is very powerful and exciting."
For those seeking success in business, Farrah suggests asking these questions:
- What you are good at? What comes easy to you that is harder for other people? Farrah says to concentrate on what other people compliment you on and what people say you are good at doing that they can't do. That will help you determine your strengths.
- What is your passion? Ask yourself, "What would I be willing to do for years and years and never get paid for?" A lot of people think their passion is their distraction, but that is not the case, Farrah says.
- How can you be of service and give back? Farrah says to ask yourself how you might be able to service others and the community through your business idea, which can help launch your plan.