Comments on: The Biggest Lies About Entrepreneurship

By: The Financial Blogger

The Financial Blogger — Tue, 20 Jan 2009 03:53:10 +0000

However, you gain independence and freedom… to work your ass off to make it happens ;-0

Seriously, if it works, you’ll be seen as a king. If it doesn’t, nobody will talk about you. I guess this is the case of 90% who started a business.

I still hope that I will be part of the 10% one day

By: Studenomist

Studenomist — Wed, 14 Jan 2009 17:35:40 +0000

@Vik Dulat I like your thinking and totally agree with it. What’s the point of jumping into a business venture if there is no proof that it will work? The best proof is usually sales, which come with time. So until you are hitting your sales goals and earning a decent profit, quiting your day job should not be an option.

@Monevator I usually don’t allow links but will allow it in this case because the article is relevant and I am a fan of your work. The 80 hour work week sounds about right. It’s good to have someone will actual experience with a startup business stating exactly how much time and effort it takes. People don’t understand that there is no limited on the hours of an entrepreneur.

@Mr Imperfect There is so much information out there and yet people still seem to make the same mistakes. Before I started this blog I wrote articles for a few months, talked with other bloggers, and researched everything possible. It is important to conduct proper research so that you do not make the same mistakes as your predecessors.

By: Mr Imperfect

Mr Imperfect — Wed, 14 Jan 2009 16:21:38 +0000

Valuable information, and dead on target. To many think that being your own boss is the easy and good life. I agree 100% that you should keep a guaranteed income for as long as needed.

Another item to consider: If you are serious about starting your own business, do your due diligence. Spend ten dollars or so on a book about business plans. Then do the months worth of research and creation to see if your business is even viable. If you stick with the process of creating a business plan, and the numbers add up, then try it alongside your “day job.”

Great article, thanks for this much needed perspective.

By: Monevator

Monevator — Wed, 14 Jan 2009 13:05:40 +0000

Good tips. I hope you’ll allow me a link to an article I wrote just a few days ago on this very subject:

http://monevator.com/2009/01/05/start-you-own-business-risks/

I think your tip 3 is the most critical from a non-financial viewpoint. I’m self-employed and have run startups in the past and the latter is an 80 hour a week job.

Vik’s point about doing it on the side is a good one from a financial risk one but it won’t help your hours. But then nothing is easy in life!

By: Vik Dulat

Vik Dulat — Wed, 14 Jan 2009 01:00:59 +0000

The best way to go about this is to have a guaranteed income and then start your business on the side. When the side business is making more than your full time job for 3-4 months, then you should quit your day job.

You do not have to quit your day job. You can do both