January 25, 2010, 5:35 am

Your Take: Do You Know How To Fly?

by: The Financial Blogger    Category: Business,Career
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While my wife was working on her university paper last night, I decided to take a long, hot shower to clear the stress of recent days. I needed time to think, to imagine myself in a few weeks’ time, in a few months… in a few years. While I am still looking to manage a bigger book (read a higher pay check 😉 ), I have also started the RRSP rush (yeah, people think it’s during February but I have already started my sprint for RRSP and TFSA contributions as of the 2nd week of January).

Today, I’ll be working from 8am to 8pm (add blogging and gym before and after work hours 😉 ). I can’t really complain because first; I have a job, second; the job pays well. I would be a fool to whine about hours worked while many people are looking for a job or, worse, thousands of Haitians are wondering in the streets looking for food, shelter and lost family members…

However, it doesn’t mean that I can’t think about myself and what I want to do. Therefore, I took a some time to think about my future and look at my different options.

I was raised in a family of entrepreneurs. My grandfather owned a company, 3 of my aunts run or had ran companies for years and my dad has been his own boss for the past 15 years. Me? I am one of those little rats stuck in the rat race deluxe. I certainly have a good sideline with my online company, but hey, I am still working for someone else for most of my waking hours!

Like a baby bird moving its wings in its nest, I am still wondering if I really know how to fly or if I was born to be a dodo. While I was lost in my thoughts, I got a flash about one of my friends who started on his own at the beginning of January. He decided to run websites and he actually made a lot of money this year. So my question today is:

What do you need to become an entrepreneur?

While I have a few answers, I have more questions to ask than anything else…

To become an entrepreneur, you need a whole bunch of stuff that you usually read about in books; courage, tenacity, perseverance, the ability to work countless hours…  But of all these qualities of the good entrepreneur, I think you need most a deep desire to work for yourself. A true feeling of freedom and independence. An entrepreneur, doesn’t mind if he won’t make money today, as long as he is working on his projects, as long as he sees it growing, he knows that he will make it in the end.

I think I have this feeling carved into my bones, I have always wanted to manage, decide, to do what I want, when I want (not in a lazy way though!). However, the problem, as is the case for many people in many situations in their life, is fear.

The worst part of being stuck in the rat race is that it is quite comfortable; everyone  around you is in the same cage, you are fed, have shelter and are so deeply entrenched in the race that you keep running all day without wondering what your life would be if it wasn’t like that. The perception of someone who succeeds is the one who has a spouse, children, a house with a garage and the white picket fence! He relies on a good job with benefits and a decent pension plan. Once you have reached this level, you think that you are “made it”. But in fact, you are just entering the rat race… deluxe!

So sometimes, I open my mind and think about being a full time entrepreneur, about waking up in the morning and working for myself. Knowing that each effort put forth would be profitable… But then, I get hit by the train of reality that reminds me that I have a mortgage and a family that counts on me to bring home the bacon….

Your Take:

So my question to you is: When do you think you should start a business and quit your job? Is there a perfect time? How do you know you are ready?

image source: R ‘eyes’

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Great post, I firmly believe one’s background/history affects one’s ambition. My family has all been a worker ($ ~ $$$), so I’ve never desired to be my own boss, and confirmed by seeing other relatives spending 99% of the day working, even on vacation. What’s the point in that if you cannot enjoy life?

Granted, I’ll probably never be millionaire by working, but I’m easily satisfied, as long as I’m “ahead” of the rat pack, am I really worse off? 😛

I can be a powerful rat, ha ha

My father owns his own business, but I went to college, got a job, etc.

It took a lot of time to unlearn everything that has been pounded into my head about working, status, success, etc.

If you want to go full time, scale your life back. Build your side income until it passes your monthly nut by an amount that allows you to keep investing. Then jump.

by: The Financial Blogger | January 25th, 2010 (1:33 pm)

@ Jerry Hung,
You got that right! several business owner works way more than salaried but they don’t necessarily make more money. The key is to find a balance but becoming a business owner is not the answer to everything!

@ Ryan,
This is the path I am trying to follow. As long as I can increase my side income without having to leave my job, I’ll keep both. At one point, I just hope to make more money on my own.

Worst comes to worst, a side income is always a good thing 😉

Great post!! As per my opinion, it’s always a good time to start a company if you have a product that will fulfill a hungry demand. If you have a “me-too” product, that doesn’t have a targeted audience, then it’s not a good time. That’s why, it’s never too bad to make a business plan and make necessary adjustments! Good luck!!

OneDay, I agree with you. I would also add this too.

I think that starting your own business is like being ready in a relationship. Are your ready to care unconditionally (working long hours in the beginning and not give up)? Are you open about your expectations and ideals (working on stuff you do not necessary like to do)? Do you have trust (your wife still have to believe in you hehe)? Are you able to compromise your current situation (no more rat race, but low salary and unstable bacon first) 😉

If you think you are ready, you need to jump!

by: The Financial Blogger | January 25th, 2010 (4:29 pm)

@ Catarina,

I agree with you, to start your own business, you must be willing to pay the price in term of income and hours worked.

I guess this is my main problem: I can’t afford to quit my day job right now because of my mortgage… the bank is asking for a lot of bacon (and cheese too!)… hum… bacon and cheese….

Great post mike 🙂

I think about this all day LONG. I am currently working 5 days a week, but work anywhere from 25 hours to 40 hours a week. Very flexible schedule.

To sum it up, I work full-time on my job and part-time on my fortune 🙂 When I make enough money on the side, I won’t need an employer anymore! Started by making a few cents a month on the side (MY personal projects) a few months ago, and I’m already making quite a few bucks a month now. This is only the beginning!

When you have this deep feeling inside of you that screams “I can’t stand having an employer anymore, I need to start taking care of my own business”, you know you’ve got something powerful ready to be unleashed. One baby step at a time, I’m getting there slowly yet surely.

by: The Financial Blogger | January 26th, 2010 (11:32 am)

you got that right CC!

working on the side is the best way to make it happen… well it seems!