Yahoo column: Ideas to ease the plunge into entrepreneurship
At some point, you’ve probably thought about starting your own company. Maybe you want to get rich and famous from it, but most likely you just want to have fun, learn a lot, and try something new. The trick is getting the guts to do it.
Whatever you want to gain from starting a business, there’s never been a better time to be an entrepreneur. It’s easier than ever to get things going quickly and inexpensively. And today’s opportunities for entrepreneurship allow you to maintain a sense of stability in your personal life while trying out some of your business ideas.
Here are two ideas to give you the courage to get started now. Read all five ideas on Yahoo Finance.
1. Don’t wait to start until you’re sure you’ll succeed.
Assured success never happens. For instance, Guy Kawasaki, who was known for evangelizing the Apple brand before starting his own firm, Garage Technology Ventures, launched his own startup, Truemors, this month. It’s a site that allows people to post rumors they’ve heard and then let others vote on the rumors for popularity ranking.
When asked how he knew Truemors would work, Kawasaki said that he didn’t. “You don’t get over the idea that it might be a flop. Every startup faces these feelings. It’s not like the founders started Google and people said, ‘Oh, that’s a slam dunk.’ In fact, when people do say it’s a slam dunk, you can be sure it’ll tank.”
2. You don’t have to dive in head-first.
It used to be that if you wanted to start a business you’d have to move your family into the apartment above your general store. Luckily, you no longer have to overhaul your whole life in order to take the leap into business ownership. In fact, you can take small steps to test the waters before leaving your corporate job.
For example, take a freelance gig, then try consulting, and then launch a full-blown business. That way, you’ll have a client base built up before you give up your steady paycheck.
You can also launch a quickie web-based business that you build on nights and weekends, and see who shows up and who talks about it. If it’s a flop, you can just keep working your day job until you come up with a new idea. The quick response of an Internet audience means that it takes months, not years, to figure out if you have a viable business.
Read the rest at Yahoo Finance.
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8 Comments »
I agree with the 1st. If we wait for the exact time to succeed, it will only be a waste of time. As long as there is a chance, we must take it. Otherwise, we might miss the chance to success.
Posted by Pamela | May 25, 2007
Hi Penelope…
I read your advice column on Yahoo. I am sorry so many people choose to trash your advice. I have now started three companies, two went from my garage to IPO, and this one is well on its way….So I am no neophyte to the rigors of start up life. Certainly, there are ‘other’ things that could have made your list…but all in all, a great column. Keep it up. You are inspiring to others!!
GL HOFFMAN, Jobdig, Minneapolis
http://blogs.jobdig.com/wwds
what would dad say.
Posted by gl hoffman | May 25, 2007
I have a friend that wrote an e-mail to me saying he wished he had the guts to do what I’m doing (starting my own business - well, it’s been a year since I started). I replied on HOW to do it… it was all about guts. But how do you get the guts?
Perhaps this tongue-in-cheek list of how I had the guts will give you (Penelope’s readers) the encouragement you need :)
http://jasonalba.com/2007/04/02/having-the-guts/
Jason Alba
CEO - JibberJobber.com
Career Management - Empowering the Professional
Posted by Jason Alba | May 27, 2007
When we start a business, it’s our common goal that it must be executed perfectly to avoid failure. We always wait for the right time to do it, but there could be a better outcome if we choose to start right away.
Posted by Nancy | May 27, 2007
Item 2 can’t be underestimated.
As long as you don’t have a job that severely limits outside employment and your water testing doesn’t breach ethical duties its a great way to get going.
I was dabbling in a side business as a hobby didn’t care about making money just didn’t want to suck the family finances dry. Started doing my taxes one year and realized that almost 40% of my income was from my “hobby”. Quickly started diverting a big portion of what I was making to pay off debt so I could live on less, but never really needed to. I threw as much as I could possibly budget into my work’s deferred compensation plan and saved up all my vacation days. Between the payment for unused vacation days and my income deferrals I had a four month zero income cushion (closer to six months because of saved money to make debt payments). As soon as I walked away I picked up enough extra business that I never really struggled of course I had to actually wait a few months to buy the fun stuff in life.
I can’t stress enough to my kids and anyone else who will listen that if you are willing to “suffer” for a year or two you can pay off everything you owe except your mortgage and maybe your car payments and save enough to have several car payments and mortgage payments in the bank.
Posted by Mark | May 29, 2007
I think there is 2 very essential things when you are considering an entrepreneurial endeavor. You should have a MENTOR that has already been successful in what you are aspiring to achieve, and you should find a COMMUNITY of like-minded people.
Remember, your NETWORK=NET WORTH
If you want to be a real estate investor, hang out with other SUCCESSFUL real estate investors. If you want to own your own business, network with other SUCCESSFUL business owners.
If you have more questions about being an entrepreneur or owning your own business, give me a call at 630-677-5559.
Posted by Kevin Hudoba | July 15, 2008
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