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December 30, 2008

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I agree. Plus, starting a business is also just another way to have a comfortable living in a relatively free manner. I plan on starting a small business some day (I come from a small business background) so perhaps that's shaping my opinion a bit. ;-)

Ah, my bad; I somehow missed your last note about sacrificing everything for the business. This is actually a relatively common fact, but it's certainly not necessary. My dad and I experimented with working less... we had a set list of goals, and would stop working whenever the goals were achieved. Oddly enough, it worked. Sometimes we get so caught up in the work itself we forget to be productive.

Plus, on some level, managing a business to the level that one has to give up family, etc, is really a choice. My family decided to simply integrate family activities with the business. Sometimes we'll be at the business late at night doing "billing." :)

One thing to remember is that survivorship bias always exists when people talk about "getting rich" by starting a business. Yes, some people start businesses and make a ton of money, but many (MANY) more people start business and lose a ton of money. The success stories are easier to find, since the businesses are still operational.

The time commitment put into a small business is absolutely massive, and involves a great amount of risk. Unless the business is something you're truly passionate about, it's not likely to result in financial success.

The internet has allowed many entrepreneurs to start their own online business because the costs of entry are so much lower than a traditional brick and mortar business. It is less expensive to outsource coding and designing overseas.

May not be enough to be rich, but at least great side income.

That is quite true. That is how 14-year old Farrah Gray made all his money. Nonetheless, if any one here starts a business it should be scalable, and/or be able to sell it. One great book on making a business that is almost garanteed to work is "The E-Myth Revisisted".

Many people set out to start a business and end up actually working for themselves. Perhaps a riskier, though with more freedom version of working for someone else.


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