Share to linkedinThere are many people who harbor ambitions to jettison the 9-to-5—which is really 8-to-neverending—corporate world and try to start a business or do something entrepreneurial. It's the American Dream to start a business, become the master of your own destiny, unleash yourself from a terrible boss and build a future for your family.
Don't choose a business just because it's sexy and will impress your neighbors, friends and family. Find a space in which you possess a competitive expertise with insider knowledge, even if it's terribly boring. Avoid crowded markets at all costs. If possible, find an area where you can create a niche monopoly. Everyone wants to open a cool and trendy restaurant, but the market is oversaturated and most end up failing.
Try not to spend a fortune out of the gate and hire too many people or rent an office in a fancy location with showy decor. Rather than showing off, quietly go about your business and reinvest the profits into the company and put some money away for the future.Only partner with honest people who you can trust. Make sure that you surround yourself with employees that fill the knowledge and skills gap you don't personally possess.
Forget about getting an M.B.A. You need to be a PhD—poor, hungry and driven. Don’t follow your passion. Most often, passions don’t pay. Do, however, follow what you’re naturally good at, enjoy doing and has the potential to make you money. Work will become fun and a competitive game to play.
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