The Reluctant Entrepreneur: Turning Dreams into Profits

EDUCATING YOURSELF ABOUT BUSINESS

The difference between successful entrepreneurs and those who fail is usually a question of which ones figure out the way the business works before the money runs out.

You can minimize the problems if you begin with the maximum amount of knowledge. The best way to do that is to start a side business that is a knock-off of one you’ve worked in.

In addition to that, you have to become smart about business in general. Here are some ways to do that:

• Read the business press voraciously but efficiently. You don’t need to spend more than 30 minutes a day on this. But you should spend that time and you should be selective about your reading. You’ll want to focus on books, articles, and essays that pertain to your industry—primarily the how-to pieces. Give preference to authors who’ve done it themselves as opposed to academics or journalists.
• Supplement your reading by going to seminars and attending conferences. Person-to-person contact is invaluable.
• Take meaningful correspondence courses. When you find a good home-study program that pertains to your field, don’t hesitate to invest some time and money in it.

If you pay attention to the marketing—your first and most necessary job—and continually improve your product and service, your side business will grow. In two or three years, it should be big enough to hire you as the CEO. Then, and only then, can you quit your day job.

Once you become CEO, things should really skyrocket. You’ll be able to devote ...