Comments on: Yahoo column: Ideas to ease the plunge into entrepreneurship

By: Kevin Hudoba

Kevin Hudoba — Tue, 15 Jul 2008 21:17:16 +0000

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.

By: Start a company now? | Quarter Life Crisis

Start a company now? | Quarter Life Crisis — Sun, 02 Mar 2008 06:22:01 +0000

[...] Penelope Trunk's take on entrepreneurship. Do it when your ready, but keep your day [...]

By: Modite - Failure essential to back up millennial arrogance

Modite - Failure essential to back up millennial arrogance — Sat, 07 Jul 2007 20:47:32 +0000

[...] I already discovered I was (way) over my head when I decided I could learn developer code in just a couple days. I have an events calendar that I could link to, but I don’t like it and it’s not up to my standards. But I’ve learned from doing, instead of just talking. While I couldn’t take my idea past a certain point without help, I gave it my all, tried my best, and built up my base of knowledge. I now know more then when I’ve started. So, for full millennial effect, our confidence needs be combined with the assertion that it’s okay for us to fail. That allows us to turn challenges into opportunities, failure into success. Here’s to the success of this blog (or possible failure). I hope you stay tuned – cheers! Be cocky. Fail like you mean it. [...]

By: Mark

Mark — Tue, 29 May 2007 17:20:12 +0000

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.

By: Nancy

Nancy — Mon, 28 May 2007 02:47:43 +0000

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.

By: Jason Alba

Jason Alba — Sun, 27 May 2007 21:47:18 +0000

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

By: gl hoffman

gl hoffman — Fri, 25 May 2007 16:26:37 +0000

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

By: Pamela

Pamela — Fri, 25 May 2007 08:11:00 +0000

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.