The Reluctant Entrepreneur: Turning Dreams into Profits

PUTTING FEAR ON YOUR SIDE

Having your own business is not the only way to get rich, but it is the way that most people do it. Statistically speaking, it is your most likely road to success. It is the only way I know to generate serious cash flow in a relatively short period of time. It also gives you a chance to eventually become super-rich—to join the $50-million-plus club.

So accept the fact that you are cautious by nature. Be happy about that, because, as I said, your fear of taking risks and your instinctive desire for stability will work in your favor. But don’t let that fear keep you from taking action.

By taking action, I mean doing what makes sense for the reluctant entrepreneur you are. (You’re not going to even think about quitting your job until your business is up and running and profitable.)

Briefly, your strategy should include the following:

• Investigating time-management systems to find one that works for you.
• Understanding your options for financing your business.
• Getting someone to act as your mentor—a retired business owner who is willing to teach you what you need to know and encourage you to take the steps you have to take.
• Making a decision about exactly which business you want to start.
• If possible, getting a full- or part-time job in the industry you want to be in, ideally in the marketing department—then learning everything you can about how that business sells its products.
• Once you understand how the marketing works, preparing to test the waters yourself. ...