Go into business

I read this post over at the Somersoft Property Investors Forum.

I found it very hard when I realised I was working hard to build someone else’s dream. Starting or buying a business often appeals as a perfect solution. But getting into business may not be the best approach.

We’ve all had friends unhappy in a series of identical relationships — often they are the problem, not their partners. Changing partners or jobs or careers or hair colour doesn’t help people if they don’t know what they want. I’m not suggesting ChrisJ is this sort of person. Rather I found myself typing on a thought and it became a mini essay.

I would suggest reading Brad Sugars new book Billionaire in Training. Beware it paints an “easy” picture of life in business.

I jumped back into owning my own biz after 6 years in IT consulting. I figured I’d made hay while the sun shone, now it was time to focus on the important things in my life.

Many smart people, once they see it, reject the idea of working to build someone elses dream. Not wanting something isn’t a good enough reason to go into business.

Stop and reconsider that decision to go into business — unless you already have an idea you are passionate about. Passionate enough that you’d do it even if you don’t get paid.

What will keep you going during the inevitable hard times? The setbacks are part of the training course. I get to practice my mistakes over and over, until I learn the lesson.

If you have the skills to invest successfully in Real Estate; and your portfolio will eventually maintain your lifestyle; swapping a regular paycheck for self-employment could be bad to your net worth. Finance becomes harder. All financiers know how to deal with “normally” employed people. A committed investment strategy will free almost anybody in 5-10 years. Go to a [URL=http://www.navra.com.au]Steve Navra[/URL] seminar to get an idea of what is possible to Pay-As-You-Go income earners.

Don’t let the Robert Kiyosaki’sc ashflow quadrants blind you to the boring, predictable path to wealth. Steve tells people that their job for the next 5-7 years is to earn a steady income, their investments will take care of the rest. Jan Somers built a multi-million dollar portfolio the boring way

residential property, properly financed and kept long term.

But I want to be a successful entrepreneur. I want that badly enough that I hire and fire distributors; open and close offices and warehouses; make great and bad decisions; profit and loss. All the time getting better and better as an entrepreneur. Not as an importer or exporter, retailer or wholesaler, product seller or service provider. I am an entrepreneur and I wouldn’t swap it for financial freedom tomorrow.

6 thoughts on “Go into business”

  1. Thanks for the article, I do like kiyosakis teachings to be honest, we all have our own minds and have to use them in making a decision to go alone or work for the man. Either way you can do well whatever path you choose, just have a plan.

    Billy

  2. Hello Paul
    To true, starting a business for the wrong reasons is a bad idea, but anyone who is married and looking to venture out into the real world of self employment had better make sure they have the full support of there other half. Many of us find on the outset we could be working for 70-80 hours a week, a lot of stress goes with this in the first few years. But I Agreed, if you become successful it can give you a better way of life, not only money but also freedom.

  3. Passion is essential but I would strongly advise anyone who wants to work for themselves to work for someone else first. Learn about the inner workings of a business. Get experience. At the very least, get yourself some formal business training.

    You need passion to survive but you need to combine passion with practical knowledge of how a business works too.

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