The Reluctant Entrepreneur: Turning Dreams into Profits

HATCHING A BUSINESS WHILE YOU KEEP YOUR DAY JOB

The cautious approach to entrepreneurship has helped many of my friends and colleagues build seven-figure incomes. Not sur­prisingly, it figures heavily in my book Seven Years to Seven Figures.

A reporter for CNN Money was particularly interested in the concept. He had six basic questions for me. I’ll go over them here because it presents the big picture. Then, we’ll get into the details.

One: What Does Being a “Reluctant Entrepreneur” Mean?

A reluctant entrepreneur is somebody who keeps his day job while he gets his ideal job going in the evenings and on weekends. He is willing to take the initiative to start his own business. But he’s not willing to quit his current job and lose the income. The compromise he accepts is that he will have to work 60 to 90 hours a week for several years before he can either abandon his great idea or fire his boss.

Over the years, I expanded the concept to include employees of a company who, by virtue of extraordinary performance, earn their way into the position of managing a product or division that is their own. They are still employees, but they operate autonomously and share in the wealth they create.

I have been both kinds of entrepreneur … and I liked them both.

Two: What Does it Take to Manage a Side Business While Keeping Your Day Job?

It takes discipline, faith, integrity, hard work, and a very understanding family. It’s not easy to work a full day at the office and then go home to put in ...