Re: Don't repeat my mistake, keep accumulating!
Posted: Mon Dec 03, 2018 2:28 am
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This is great advice. I ran one small business in college (my partner still runs it) and I'm about to start a few more. The real mistake I see, reading through this post, is the all or nothing attitude. If a friend asked me about this I would've advised either secretly working on your business at work or changing careers to something with more free time, even if it paid way less. Quitting your job to focus on your business, weirdly the usual advice, is really swinging for the fences. If you're going to build the next Microsoft or whatever than ya, you probably need to do that, but is that really what you want to do? Is that kind of success even available in the thing you're doing? If so, you need to be prepared to risk it all. If you're trying to make an extra 10k a year and maybe in 5 years from now make an extra 20k a year, then you can probably do it in your spare time.7Wannabe5 wrote: ↑Mon Dec 03, 2018 5:05 amI think the often repeated truism that "most small businesses fail" is a mostly a cop-out repeated by people who have never made the attempt. The truth is "ALL small (or large) businesses fail eventually", but that doesn't mean it isn't an adventure worth taking or a skill-set worth learning. But, don't fall into the trap of simply switching from the cultural norm of self-defining through career to self-defining through entrepreneurial activities.
Both websites are down. Unluckily he had not been around since then.coreyszmaida wrote: ↑Sun Nov 26, 2017 11:58 pm... https://coreyszmaida.com/2017/10/12/spr ... ting-time/
...http://habitest.com
The statistics are fairly clear on that although I can't help feeling many people go into it with their eyes closed. A friend of mine was complaining to me that since opening her coffee shop she works many more hours and earns less than in her previous job. I just wondered why she expected anything else.7Wannabe5 wrote: ↑Mon Dec 03, 2018 5:05 amI think the often repeated truism that "most small businesses fail" is a mostly a cop-out repeated by people who have never made the attempt. The truth is "ALL small (or large) businesses fail eventually", but that doesn't mean it isn't an adventure worth taking or a skill-set worth learning. But, don't fall into the trap of simply switching from the cultural norm of self-defining through career to self-defining through entrepreneurial activities.
The statistics are not clear, they are bizarre. They base success or failure off of how long the company exists, which has little bearing on what a reasonable person would consider failure. So, if someone starts say tutoring in college to help pay for it and they are self employed, but it doesn't make sense to keep doing it once they graduate they failed in fewer than 5 years. And if a small pharmaceutical keeps issuing stock to keep itself afloat even though it has no product on the market it is a success because it lasts more than 5 years. And don't even get me started on how many business entities are created and destroyed in the restructuring of existing businesses.tonyedgecombe wrote: ↑Tue Dec 04, 2018 4:41 amThe statistics are fairly clear on that although I can't help feeling many people go into it with their eyes closed.