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MenuWhat's the best part about being an entrepreneur?
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The opportunity to bring your creativity and insight to your business. Calling your own shots and realizing that it is all up to you. Being an entrepreneur is an opportunity to learn everyday!
There are lots of 'symptoms' that are great about being an entrepreneur, but I think they are all a result of Self-Actualization (and maybe Self-Transcendence) from Maslow's Hierarchy of Needs: http://en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
For me, this manifests as:
* Creating change for the world outside of personal gain.
* Learning the limits of what I can and can't do. Nothing like jumping in the deep end to learn how to swim.
* Getting fulfillment that I wouldn't get elsewhere. E.g. amazing people, satisfaction in work, creativity, and bringing meaning where there would be none.
There are some commonly cited but wrong answers. It's highly unlikely you "have no boss" as an entrepreneur (fiduciary responsibility to shareholders). You don't get to do whatever you want. You don't get to slack off and take vacations.
There's also the "E-Myth" - if you like baking pies, don't open a pie bakery, because you'll spend barely any time making pies and you might come to hate it.
I believe some people are meant to be entrepreneurs. In other words, just like how you don't choose to be gay, you don't choose to be an entrepreneur. So the best thing about having an entrepreneurial job is that it lets you be who you truly are.
... or as I put in some of my social profiles: "I learn by pushing boundaries until something pushes back. So I landed in one of the few jobs that rewards such silly behavior ;)"
The awesome feeling you get when people tell you it can't be done and you prove them wrong.
There are many benefits, but for me it is the truest expression of myself. I can take the long view and set myself on a path of learning and growth that allows me to accomplish the change I want to see in the world. It allows me to express my personal core values through my business activities. But the best part? I don't have anyone telling me during an annual review that I "could be less ambitious." Good riddance.
Being able to combine your passions with your business!
Feeling excited every morning about the work ahead of you that day!
If I'm choosing something that is unique to entrepreneurship, I'd say the flexible lifestyle. I had my choices of work I love to do without owning a small business, so it's not just loving my work, though I do.
And it's not the unlimited income potential. You can't eat potential, and you can have the same potential if you go into outside sales.
For me, it's going to movies on Tuesday mornings, then working for the rest of the day. It's being able to take vacations in the middle of the week while colleagues are at work, then return just in time to join friends and peers for a Friday night drink.
It's not just knowing I can work from anywhere, but actually Doing it, packing my laptop and three days of clothes and just leaving, with no particular plan.
It took a couple of years of working 18 to 20 hour days to get to this stage, but it's wonderful to have these options.
Related Questions
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How has Uber grown so fast?
Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.BT
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How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
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Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
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My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
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How was SnapChat able to grow so quickly?
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