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business fails, so what? You start another one or you go back to your swapping
hours for dollars. JOB --> J --> Just, O --> Over, B --> Broke.
I asked my son, who was 9 at the time, "if 9 out of 10 businesses fail in the
first 5 years, how can you guarantee you will not fail?" I was expecting some
head scratching by him but he replied very quickly, "just start 10 businesses."
The new service economy will require most of us to do just that - have multiple
streams of income.
Think about your children! If you continue to swap hours for dollars, you
eventually retire and get a pension. When you pass - on --> your pension ends,
your children get none of your loyalty equity you built into someone else's
company.
If you have your own company and you pass-on, your children and your
children's' children (hopefully) get a business that produces a cash-flow
without them doing anything to it.
Don't let anyone fool you - it will be work. It's your company - when you go on
vacation now - your present employer does not shutdown, what happens when you go
on vacation and it is your own company?
Mind you every business has it's common pit-falls and common mistakes. Your effort now in your "spare" time is to try and identify those pit-falls and common mistakes and minimize them before you start.
The two most common mistakes are #1 not enough money and #2 not enough money.
#1 not enough money to start - under-estimating expenses --> it usually is the
many trivial ones too, licenses, taxes, inspections, etc that all add up and
are usually time consuming - preventing you from producing an income.
#2 not enough money to sustain until income starts. Some businesses will make money right from the start others might not make any money for 5 years. In year 4 will you be willing to give it one more year? Don't let this scare you off
either - just keep your eyes wide open.
There is a bamboo plant in Malaysia that - you plant it and water it and weed it
and fertilize it for the first year nothing happens. The second year - you
water it, weed it and fertilize it and nothing happens. The third year - water,
weed, fertilize nothing. The forth year - water weed, fertilize nothing. The
fifth year it grows 3 feet a day.
How many years will it take for your business to prosper? Your business is a growing business as well - can you sustain the growth? Do you want to sustain the growth?
Prv 13:22 "a good man leaves an inheritance to his children's children, ...."
This is what I am in business for. I want my grand-children to have an income
that is not dependent on Wal-mart or GM or any other big corporation (not that
there is anything wrong with those companies either). I just want them all to
be financial blessed beyond their needs - so that they can bless others with all
that is left over (hopefully there is plenty leftover). If it is our own
company then - our income will not be limited by corporation rules or
bureaucracy or greedy executives.
I say you can not hit a home run while you are in the stands - watching the
game. You can not hit a home run by just getting up to bat either. You have to
take some swings. And you don't always need to hit a home run to win - a walk
is as good as a single and there is nothing wrong with a double or triple
either. What my veiled analogy is trying to communicate, is maybe you don't get
a home run your first time up to bat, maybe you start your business and realize
that you don't like doing it - if it is successful - sell it.
Go start another one.
Just keep your eyes open because you may learn something for the next
business or a second business.
I hope this helps, God Bless, Ed R.