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10-23-2009, 01:49 PM
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Would you start your own business
If you were debt free and have 1 year salary in the bank, not back bones, regular spending.
Would you quit and start your own business? 
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10-23-2009, 02:06 PM
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Personally, no. I'm not that big of a risk-taker. I'd be more the type to start a side business and build it up over time and not quit my "day" job until I was sure I could pay the bills from the new venture.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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10-23-2009, 02:49 PM
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Nope - because I have no desire to start my own business.
 If I wanted to, I'd start slowly as Steve suggests.
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10-23-2009, 02:57 PM
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Not me. More power to those that do!
My parents are entrepreneurs like that. Well my Dad is and my Mom and I just get sucked into the ride. The rewards are great but so is the pressure and worry. I prefer less insecurity being able to sleep soundly at night.
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10-23-2009, 03:20 PM
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Quote:
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10-23-2009, 03:28 PM
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I'd only actually quit if I had a much in demand skillset that would allow fairly quick entry back into the workforce if my buisness venture failed as most do.
Most folks don't have the this especially in this economy.
__________________
"Those who can't remember the past are condemmed to repeat it".- George Santayana.
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10-24-2009, 05:34 AM
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I think it depends on what your business is and how familiar you are with it.
If it's something outside what you normally do, then on the side and slowly build is a good strategy. My business is what I was normally doing every day - but for someone else. I discovered that I could do it for myself and make more money - so I jumped in with both feet. I just updated my PO for $700k for 24 months of work.
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10-25-2009, 08:20 PM
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I'm dying to start my own business. I don't have a job right now to quit,
 , but I hope to start my business part-time in about 3 years, then build it into a HUGE empire, LOL! 
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10-26-2009, 03:15 AM
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I have started my own business because the rare circumstances that you have mentioned to some extent apply to me(debt free, no commitments, some cash to invest, great ideas, motivation etc). this is a great opportunity that may change that course of my life and i will not let it go to waste and the when i am old and grey become bitter because i didn't have the guts to follow my dreams when at a certain point in my life all of the world wanted to help me achieve them. i will not stop until i get what is rightfully mine
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10-28-2009, 08:30 AM
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I feel I can do a little of both, keep my day job, but work frenetically to make the switch, ASAP. I am a low risk taker, but I am also building the life I want, now, not later, not when, now!! I have a plan and I am following it with as much bravery as I dare.
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10-28-2009, 08:37 AM
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Risk is relative.
Who is in more of riskier situation now? A small business owner of let's say a car shop or an auto employee in Detroit or a financial specialist in securities in New York City?
__________________
www.fasting-for-health.com
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10-28-2009, 08:40 AM
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True, but you are talking about an established car shop owner...
I believe the "risk" here is the switch, the "what ifs" the "how do you bounce back if" etc.
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10-28-2009, 08:41 AM
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I don't have the stones to go for broke into a single startup business... even though I've already tried that once.
However, I'd like to think I'm already in the business of owning other businesses. Sort of the Warren Buffett approach of being a holdings company, except I hold stocks and other assets instead. In other words, when it comes to stock trading, I prefer to use a business-owner perspective rather than a true stock-trading one. But that's just me.
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10-28-2009, 08:44 AM
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hmm Just to clarify, there are business that don't need much cash, the year fund is actually for living expenses, not for the business startup.
Or, assume you also have the funds for the business start up besides the year salary on the bank. Does that change anybody's answer?
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10-28-2009, 08:51 AM
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Well, I am not a huge fan of Rich Dad/Poor Dad but I think Kisoyaki has a point - to make money, you either have to be an "investor" or a "business owner" - being self-employed or an employee is not a path to wealth.
I think the new "economy" is pushing people to "diversify" their career. Like DS - he is an employee with a side business. Mirrored to that, I am a business owner who "moonlights" and contracts out my skills/education/training. Having your career/income all in one basket doesn't seem wise to me nowadays and something I will guide my sons to in years to come.
__________________
www.fasting-for-health.com
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