The One Thing you shouldn’t do when starting your own business
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Has the entrepreneur bug bitten you, and now all you hear is that little voice screaming, “Screw this job!”
This is the war cry of the frustrated ego that has seen an amazing future and is being held back by your over-protective logical brain. The biggest problem for many new entrepreneurs is that they listen to this screaming giant and jump at the opportunity. They quit their job.
I’m not saying never quit your job, but throwing away your financial security too early is foolish. After years of owning a business and seeing people pursue their own dreams, I have seen countless painful lessons. The one piece of advice that was given to me, that of course I didn’t listen to was:
“I wouldn’t start a business unless I had enough money to support myself for a year.”
One thing any lifestyle needs is money. Money to pay the bills, to buy food, to support the family. Your entrepreneurial dreams fall apart real fast when you can’t pay your electrical bill and your spouse is burning out.
Most personal ventures won’t need a 40-hour workweek at the start. They can be done on a part-time basis around your secure job, and as the business begins to expand and require more time, it makes sense to re-examine that ratio. More time can be placed into the venture.
This is the formula I’ve been using, following the advice of Jim Rohn, ““I’m working full-time on my job and part time on my fortune.”
Logically it works, even if your ego needs to take small bruising. But, it has been enjoyable, creative and at the end of the day, more profitable.
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