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I Want to be an Entrepreneur!

January 31st, 2011 by Michael Tabor

http://www.youtube.com/watch?v=kjFgzfCs3MU

‘Working for a Living’ – Huey Lewis

You know what one of the worst things about being an employee for any given company is that you have to work for someone else. (Bob Dylan said it best when he nasally sang – ‘Everybodys’ gotta serve someone’ because the truth of the matter is even entrepreneurs have to be servile and obsequious with one’s customers if he or she is going to be successful; although you are your own boss.) How often do you hear people scream I hate my boss and I wish I had my own business? Ahhh the luxury of no one to report to and of being able to work whenever you please and logging in how many hours your heart desires; furthermore all the hard work and energy that result in profits is for you and your company and no one else. (But you and your company have to pay all the bills keep in mind.)

I have always had an entrepreneurial bone inside of me and always knew that I would ultimately end up someday with a thriving business sooner or later (This is my 3rd business venture and so far I’ve had my own businesses but I’m still waiting for the success part; I’ve also had numerous other business exploits such as trying to be an inventor to being a sports agent, promoter and many other pursuits which need no further mention.) despite the overwhelming odds at actually being successful (I know success is relative; I don’t need to be Mark Zuckerberg mind you to consider a business enterprise of mine as being a prosperous undertaking.) and the prodigious risk one takes when earnestly pursuing one’s own business.

Some individuals just can’t start a business simply because they have no money to invest. Every business venture requires an investment (even blogging) and enough money to live on until one sees the fruits of one’s labor come to fruition. The rule of thumb is different for every undertaking but your first year one wants to see that money can be had and you really want to just break even. Year two is where you may see some profits (minimal but nevertheless something) and after that it’s just anyone’s guess how big you may get; preserving no matter what, working 7 days a week and then eventually growing big enough to hire staff.

What amazes me is how few people are willing to take the risk; even people who have money;(which the sad truth reveals is really the single most important factor in determining whether or not your business will succeed. Note: see my ‘Rich get Richer and the Poor get Poorer blog’) don’t people want to stand out and set their own mark? Not that I am interested in the following so much, but the reality is unless you have your own business, own law practice, own medical practice, etc. you may reach that upper middle class tier; you may be the  top litigator in a firm but unless you’re a partner , you’re not and will never be wealthy. (I’m happy with middle class, not even upper middle class holds much appeal.) Exceptions to this rule are working for really good companies with stock options. And of course any CEO of a big company earns more money than he or she deserves.

Just to follow up on the last two sentences of my last paragraphs; those great jobs with great companies are not available. Those jobs are taken before they’re even posted. These sexy high paying jobs are held for rich people’s sons, nephews, nieces, daughters and are given to friends of people who have favors to be carried out. (There are exceptions I know that – ‘there are no absolute rules except that there are exceptions to every rule.’ But they are few and far between.

So that’s why I say if you can start your own business? Take a chance; so what if you fail, pick yourself up, learn from your mistakes and try again.  I find the biggest reason people don’t take the plunge is fear. People have no idea about how to begin, most people don’t even know to get incorporated. And the terrible irony is they don’t teach these things at business school; I think that instead of writing a thesis, the universities should require the student to start up a successful business. Throw them to the wolves – the real world. How often do you hear people say ‘I don’t use any of the stuff I learned in school, I learned everything on the job.

Lots of ink spilled on this so now it’s your turn. WHADAWETHINK? Would you want to have your own business? Those of you out there who do have your own business, what are the pros and cons? Do you have more free time running a business or less? Maybe you’re very conservative and love perhaps having the freedom of making a salary, working 9-5, and not having to suffer sleepless nights worrying about whether or not the business will make profit this quarter.

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6 Responses to “I Want to be an Entrepreneur!”

  1. Link Building Services Says:

    Love all the opinions expressed here! How is everyone? 🙂

  2. Son of Walt Says:

    I think another reason people don’t start their own business is they don;t want to take the risk. Especially if you risk losing your savings or going deep into debt. The fact is. most new business ventures fail. Very few succeed. I read sometime back that something like 90% or more of all new business ventures fail. Take a walk by a strip mall or small town and think about all the stores and restaurants you’ve seen come and go and how many actually survive.

    Why take the risk if you can get a job working for someone else and have a steady income. Plus, most people just don’t want the hassle of their running their own business.

    With all that said, here’s what I believe are the ingredients to a successful business:

    1) A great product or service. Something a customer wants that is better than the competition and priced appropriately.
    2) A realistic business plan. How are you going to make money. When will you have a profit.
    3) A passionate owner. Someone who is hands on, but also understands his customers and his competition.
    4) Capital. Enough to get it started and sustain the business over a given period or during hard times.
    5) Luck

  3. Michael Tabor Says:

    Thanks for contributing Son of Walt. I truly agree with everything you’ve said especially #4 and #5 but the reality is you need a great product or service as well. Excellent comment.

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