October 25, 2011


I know this is not the kind of advice that I should be giving, but I will give it anyway: Go to work today and quit your job. You are thinking, "What?" You heard me. Go into work and tell your boss you quit.

Have I fallen off my rocker? No, I have not. I think that we should all be self-employed. Not only that, I think you should take the greatest possible risk you can find. People who make a lot of money look for business opportunities with a great amount of risk. Truly the time to start a business is when you are younger; the older you get the less time you have to make up for a big business loss. Here are some tips for what you should do when you start your own business:

  • Get married. Studies show that married people are happier.
  • Learn to live off of just one income not both of yours and your spouses.
  • Work for someone else in the business you are going to start before owning one. For example if you want to start a pizza business, go to work as the manager of a pizza business.
  • Cut your living expenses to the bone.
  • Rent don't own, try to find a landlord that will agree not to raise the rent or sell the house you are living in
  • Find a business that you love to do.
  • Build up a cash savings. You will need a down payment for the business.
  • Educate yourself about the business. Read everything you can.
  • Talk to a lot of people who have done what you are planning to do.
  • Develop mentors that you can bounce ideas off of.
  • Surround yourself with like-minded people.
  • Develop a support group of people that you can go to in confidence with your problems.
  • Read the book E Myth.
  • Take some accounting classes.
  • Hire a really good CPA.

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