LAST UPDATE: Sunday, 04-Dec-2005 9:42 PM
Below is a list of what I call "learning experiences" because from them, either I learned a very nasty lesson or I made adjustments never to repeat it.
LEARNING
EXPERIENCES
& EXPENSIVE LESSONS
POOR
MISTAKE #1:
The
first was when I was in my early twenties.
I quit a job that I had at a hospital to pursue
real-estate work and business ventures.
The reason is that the job I had held for nearly six years by that time provided very good monthly cash flow. It also gave me ample time to explore other projects and still pay the bills. Quitting the job I think set me back several years. At the time I made a decision to quit because I thought that IF I kept working I would work there much longer and I wouldn't reach the potential that I thought I had. Yes, I actually thought this.
However, in hindsight, I should have planned better and worked on the ideas before hand. And only when those ideas kept growing should I have walked away from the income.
You may also face such a situation. It is far difficult to do something like that in the 30's or even the 40's with payments such as for a car or house OR both. However, at that time I didn't have such payments and kept working on building things as I had done in my teens. Just about all my ventures failed in my twenties, except for work I did with a long-distance phone company.
The summary or the end result was that I didn't have the cash nor the credit to "get back up".
What ever you do, make certain that cash flow that is aided by a job is there when you embark on your ideas. Or for some ventures that you have requiring full-time work, get your savings ready. While doing that, keep planning. And when things are near to getting started, explore the methods of building business credit.
One of the best suggestions that I can make is to build your business credit for a company *before* you get operations started.
I will talk about this at length in my blog, when I get over some of the current to do list items. It is very much possible for anyone in any business, especially in the USA to build business credit before operations start.
However, IF you get into a financial crunch and then try to raise cash, IT IS MUCH MORE DIFFICULT to build credit. As you may already know Bankers like to lend to people who have money. AFTER the money dries up you may not even find a Banker willing to listen.
Having something to help out with purchases and building of business credit are greatly aided by what the bank may see as a good credit history or existing success in what you have been doing. Thus having a job is very important.
The second reason to keep your job while exploring and getting started with your own success plan is that you can work on things like excellence at your own job. Regardless of what you do, you can practice all the things that you'll need to do for your turn as an Entrepreneur at your current job.
Once you start that practice people will take notice as well. Your boss will be such a person. And if for some reason your boss does not notice, then it's time to turn around and setup your own shop!
Monday, 25-Apr-2005 10:09 PM
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Comment... I will update this area from time to time with events in my life that I would consider to be "learning pains and lessons" of what not to do.
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