Comments on: Are you entrepreneur material?

By: Angelo Costantino

Angelo Costantino — Tue, 18 Nov 2008 03:21:20 +0000

Being an entrepreneur has always been my dream…freedom, indipendence, feeling to being in control of my own life are the msin satisfaction coming from my business.

Great post yours, I’m here to stay!
CIAO!

By: Riscario Insider

Riscario Insider — Mon, 20 Oct 2008 02:33:01 +0000

“An entrepreneur would rather work 80 hours a week for themselves than 40 for someone else.” — Unknown

If you’re thinking of becoming an entrepreneur, be sure to read The E-Myth Revisited by Michael Gerber.

I’d like to see more posts on this topic.

By: Saver Queen

Saver Queen — Sun, 19 Oct 2008 04:18:18 +0000

Good post, and good comments. At the moment I am actually contemplating starting up my own business so I appreciate everyone’s feedback. I’d love to hear more on this topic.

By: Jerry

Jerry — Fri, 10 Oct 2008 20:32:09 +0000

Entrepreneurship is not an easy trail to lead, if my best friend is any indication. He has been nurturing his business baby for about 2-3 years now, and I wondered if it was going to kill him for a while there… and I’m not exaggerating by a lot. He’s finally got some insurance that his company is seeing success, but it was a long time in coming, and it was really hard on him. I think the most important thing to do is to learn from others’ mistakes if you can, so you don’t make them yourself.
Jerry

By: Retired @ 31

Retired @ 31 — Fri, 03 Oct 2008 04:27:36 +0000

Keep your head down x2. Work hard and remember the only number that matters is the one on the bottom of the income statement and the balance sheet (profit and equity).

Set ambitious goals and continuously work towards them.

Be a tightwad on routine expenditures and spend the money wisely on quality assets that generate income.

Pay yourself less now, more at the end.

Diversify your portfolio and keep it more conservative than you normally would.

Run your personal balance sheet like your business one. Debt should be avoided and minimized. Cash flow is nice, available credit is good, but cash in bank is best.

Always keep an eye to the exit. Plan how you’ll divest before you invest. Spend money on quality professionals. Whenever possible buy assets or start from scratch and sell shares.

Partners without skin in the game won’t last.

Have fun and enjoy what you do. Your own business can suck more than that 9-5 job if you don’t like it. Even if you make more money. Especially if you don’t.

By: Richard

Richard — Wed, 01 Oct 2008 14:54:45 +0000

Good points. I always read articles about “the 5 personality traits of successful entrepreneurs” until I realized that it doesn’t matter what other people are doing because I don’t want to do it any other way. On the other hand I’m avoiding almost every real risk possible and I chose a business with 0 expenses so maybe I’m not a true entrepeneur. If you’re just starting to consider it as an alternative to getting a new job there’s definitely a few things to think about.

Everything needs to be based on the fact that projects won’t be done on time and money won’t come in when you expect it to. And remember that sales and profit are one thing but cash keeps you alive.