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From Unemployed to Entrepreneuer
These are a few tips about striking it out on your own and moving from unemployed to entrepreneur
1. Do what you know. It seems obvious, but everyone I know who has made money as an entrepreneur has done so close to home where their knowledge, rolodex and experience are the deepest.
2. Surround yourself with excellent partners. Last year I got involved in a new start-up business called Black Mountain Systems. I was invited in as a founding investor and director by my friend Mike Zupon of The Carlyle Group. Mike insisted that when we went out to raise money we did so by tapping strategic investors who would be more than a wallet for us but also provide us with (1) a starting list of potential customers, (2) a circle of strong references and (3) an aura of inevitability in the space by tying the business to an A-list board and investor group.
3. Have enough of a cash cushion. Like all entrepreneurs, I hate dilution. But I found with our start-up and the several others with which I’ve been involved, sales come more slowly than expected and collections even more so. There are two times in the life of a start-up where raising money is most advantageous. The first is at the outset when you are dreaming big and dazzling folks with your business plan, your charm and good looks and your potential.
4. Family support. This last point, I think, is the most important. If you are in a relationship, a committed, supportive partner can make all the difference. Certainly, in my case she did.
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Renee on August 13th, 2008 11:10 am
To be unemployed or (Firing my Boss) is the ultimate goal. I have a vision of what my life will be like WHEN that time comes. The key is to stay focused and to work toward goals every day. Also, a mentor, someone who has done the ultimate is a great help. Staying in contact with the mentor is crucial for those tough times . In addition, training is a must to learn whatever it is you don’t know how to do. I can see the day when I actually walk to my computer to go to work. That’s my ultimate goal.
cassy on August 16th, 2008 10:06 pm
Lots of people want to be an entrepreneur than an employed person. One reason is nobody who are employed person got a very covenient life style or got rich because of working. To be a millionaire, you have to be an entrepreneur first.
leaderworld on August 18th, 2008 2:46 am
An entrepreneur can make money in many ways and it can give him a better status in the society.
The Leader World – Social Enterprise
entrepreneur opportunity on October 9th, 2008 1:08 am
Being an entrepreneur is my ultimate goal although I have been employed three times. Maybe because entrepreneurship is in my blood because my parents were entrepreneurs and most of my relatives.
The things you enumerated above are really helpful but what about number 4? what if your partner is not very supportive? are you doomed to failure? Just a thought.
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