Comments on: Review: The Entrepreneur Equation

By: cc

cc — Mon, 01 Aug 2011 13:16:56 +0000

i was always curious about the relationship between freelancing and entrepreneurship, this book has only made me more curious.

it seems like there are a lot of similarities between the two- creating your own business, working for yourself, etc; but most e-ship books i’ve read focus on the raw basics of running a brick-and-mortar establishment (as opposed to being a work-from-home freelancer).

does anyone know any good resources that expand on the difference (if there is a significant one) between the two? maybe one that brings them together a bit more?

By: Max From Liquid

Max From Liquid — Mon, 01 Aug 2011 12:01:14 +0000

The first thing is the business itself, which Trent mentioned. You have to have a passion for what you’re doing. If you do, then you’ll be good at it; if you don’t have a passion for the business itself, you’ll hate your situation and it will seem like torture because it will be.

Next, is funding. The expression “it took me 30 years to become an overnight success” is true. You need at least three to five YEARS of living expenses to start a business. That will keep you LIQUID throughout the start-up process. Being LIQUID is the most important thing you can have because it allows you the freedom to do whatever you need to do to make the business successful.

By: deRuiter

deRuiter — Mon, 01 Aug 2011 10:29:37 +0000

To learn the down side to any potential business venture, go talk to your local banker, who has lent countless money to people who have failed in business. A banker has a unique perspective (mostly all negative, but extremely useful) on how the business world operates. You need to hear all the potential problems which might arise in your business model, before you borrow money, or sink your life savings into a venture which is doomed to fail. Many people are not cut out to be entepreneurs. They are lazy, don’t want to work long hours, need the structure of a work environment where they are told what to do, don’t want to pay the 15% social security tax instead of having employer pay half, don’t want to deal with taxes when it is easier to let employer take care of tax collection and submission, don’t want to do paperwork, or have a rosy view of a cut throat business with a high failure rate like opening a restaurant or a dress shop. Don’t open a restaaurant first thing, if that is your dream. Rent a commercial kitchen and do some catering to build up a reputation and see how you like business. Learn if you can make money doing what interests you on a small scale. It also helps to have a spouse with a rock solid government job with generous health benefits and lots of vacation time.