Everybody wants to be an entrepreneur but nobody wants to leave the illusion of security a job provides, set out on their own, do a ton of work, live with the stress of not knowing when the next payday is coming, or rely on themselves.
For some people these drawbacks outweigh the benefits of entrepreneurship, namely: freedom, time, and money. Freedom from wasting your life as a cattle grazing in the fields of the corporate world. Time to do what you want, when you want without a permission slip from HR. Money to accomplish what you want to accomplish.
Nobody in the history of the world got rich from a paycheck. Some people are born to be entrepreneurs, some people are born to be
wage slaves employees.
If these 5 details describe you then the stars have aligned in your favor and the heavens above have opened up a path for you and it’s time for you to make your move.
1) You have an all-consuming idea, a vision, an obsession that keeps you awake at night.
For your idea to work, as in make you money, you must have a single minded determination. A great idea that you wish to turn into monetary gain is not a part time endeavor. The Four Hour Work Week is a cool book but there isn’t any way on Earth to start your first real business on 4 hours per week, not even 40 hours per week will cut it. You will spend every waking minute working on your plan, either passively while eating dinner, or actively doing real work.
Say goodbye to 40 hour work weeks when your brain is free at 5pm, say hello to constant thoughts of your business and how to run it, maintain it, make it better, and make you money. If you have a day job you will spend all day thinking of your real business while mindlessly pretending to do the work they pay you for. Your business requires 100% dedication and confidence.
It requires exaggerated over-confidence beyond any reasonable amount. That’s because reasonable men do not start profitable ventures, they stick to their “safe” office jobs and beg, roll over, and fetch for a paycheck. It takes an unreasonable, supreme confidence in your idea. 75% confidence will not work, 150% confidence is what is demanded.
2) You know how to monetize your idea.
A seemingly great idea without a way to monetize is a poor idea. A standard idea with a clear view of how to monetize is a better plan. Unless you’re getting paid it isn’t a job or a business, it’s a hobby. Hobbies are fun but they don’t put steak in your belly. How you will make money must be clearly established, planned, and understood.
3) You have a supportive spouse or significant other who believes in you.
Doesn’t matter what she thinks about your idea, she must believe in you and give you support. Starting a business venture with a nagging, un-supportive wife is a pretty good way to fail miserably. If you have an un-supportive girlfriend there is a simple solution: dump her immediately and go to work. There are better women to be found who will be supportive and pleasant, making your work immeasurably more pleasant.
If you have an un-supportive wife you have made a huge mistake in letting it get to that point. Fret not, all is not lost. She nags because you do not currently show leadership qualities. Because of this she has taken over the role as leader. You must take it back from her by showing sufficient leadership. It’s remarkably easy to do because men are born leaders and women are born followers, to reverse this order is akin to spitting in your own face. Turn her frown upside down and go to work.
4) You are prepared for the worst.
It is entirely possible that you will not make any money for a while. Preparing yourself mentally is of utmost importance. “I don’t care if I have to sleep in a tent in a forest until my money comes in, it will come in and I will endure the worst for as long as I have to“.
You can ease this burden by reducing and eliminating expenses – shut off cable TV, cook at home, trade down vehicles, rent a cheaper place etc.. When you have made the money you can splurge on these superfluous items (though you still shouldn’t) but until you make a fortune you should live like a pauper.
5) After you leave your soul-stealing job, you refuse to give in and get another job “to help you through the tough times”.
Relying on anything other than YOUR business to make money is a surefire way to never make any real money.
Before Sylvester Stallone made Rocky he was so poor he had to sell his dog, his best friend in the world, to a stranger for $50 because he couldn’t afford to feed him.
He refused to get a job because he had his passion, his obsession, and he knew if he got a job he would get comfortable and eventually lose that fire and never fulfill his dreams.
Because of his iron will he is now a famous multi-millionaire, we have the 3rd greatest movie of all time, Rocky, and you went to yet another seminar on sexual harassment given by Peggy in Human Resources.
Rocky’s whole life was a million to one shot. The chances that a new business will fail are maybe three to one. Those are pretty good odds. Follow the steps above and the failure rate drops significantly.