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MenuAre there still ways to become financially independent through a job?
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I love this question! Thank you for asking it.
If you don't mind, once you finish I would love to know more about your startups and what led you ask this question. No judging, but everything is a learning opportunity - I guess, hence we're both here.
My name is Humberto, although I now run a hybrid global marketing agency, I started drawing and selling my designs to shirt companies in FL a long time ago, traded medical sketches for medical treatments LOL. Over time my passion for art led me to pursue a full time career making a living with my art but that didn't pan out. Through that time though I was learning how to sell, learning technology and programming basics. It was this that got me involved with the startup community in Phoenix, AZ area to what is now globally known as #yesPHX. My creative side was the driving force behind all the Startup Weekends, Pitches, pursuing ideas, joining teams and seeking investors to pitch shamelessly to as well as building relationships and strategy. I learned a lot.
Including the fact that it was my creative side that drives me and my passions. That "Entrepreneurial ADD" as I like to call it was reduced when I was working on something that allowed me to be primarily creative rather than doing managerial or repetitive stuff such as pitching and driving sales or improving code. It took 2 startups with financial backing to realize that I didn't want to grow a business for myself, I enjoyed the creative challenges of figuring out how to get them growing and grow them and then move on - not being stuck running them. I found out I was a wannapreneur.
But this was an opportunity because knowing that I didn't want to be stuck growing a startup for the sake of money or nerdy fame helped me realize that I wasn't going to 'change the world and make it a better place' I would be like most of us just stuffing the world with one more app or service that we can probably go without or be a feature of an existing rather than a new company. Anyway, through this time I was consulting with other startups on growth, creative ways to grow (now commonly coined as Growth Hacking by S. Ellis) this led me to make a living consulting, I was a young 20' something hispanic entrepreneur helping business men and women of all ages and industries because of my experiences. I came in and evaluated their situation, found holes, provided ideas and solutions. I would help execute then I would move on to another challenge elsewhere. A wannapreneur I think is a bad term for a certain type of personality such as what I can relate to.
I want to work, I am creative, and I am trying to make the world a better place but I don't like being stuck forcing growth of my own company. This has allowed me to grow my company by focusing on driving good growth for my clients and being helpful which generates referrals. Depending on your experience you can try a similar path in pivoting your skillsets to something else.
That's what pivoting does for the most part " what resources and experiences I have and what other ways can I utilize them better?"
What relationships did you build? can you leverage those as opportunities for others?
Try joining a startup as a sales agent, customer service, or get yourself into a franchise which have to provide structure and help.
Use your current job income to fund your other entrepreneurial business ventures.
Related Questions
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How do you, as a working parent, balance work/life? Do you think it's stressful to be a parent? If yes/no, why?
OF COURSE IT'S STRESSFUL TO BE A PARENT!!! It's the hardest damn job in the world. Not sure you can have balance though. You just need to have a dream, execute your plan, and fix what is broken at the time. It's about priorities... Use tools to keep you scheduled and accountable. You'll be OK.DW
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How would you apply the Systems Mindset to your personal life?
The Systems Mindset would work for your personal life. Consider the following quotes from Sam Carpenter's book "Work the System" : "Unhappy people are not in control of their lives because they spend their days coping with the unintentional bad results of unmanaged systems. Happy people are in control of their lives, spending their days enjoying the intentional good results of managed systems." ..."each of us is a system of systems. But here’s the rub: some of them—each of which, always remember, can be visualized as a distinct entity—are headed in oblique directions, confusing our efforts to reach our conscious goals." So basically, we act as Project Engineers who constantly work to tweak and perfect the various systems that make up the various aspects of our lives. To move forward in an integrated manner rather than "firefighting" or constant crisis management. We start this by taking a stance "above and apart" from the issues so that the distance gives us the detachment to study the various systems that we are part of. Think about the 3 main documents that Sam Carpenter talked about in the book which he says is vital for business. These are :- 1. Strategic Objectives 2. Operating principles 3. Working procedures In your personal life, your strategic objectives would be your ultimate purpose or life mission. Operating principles would be the principles you use to make decisions and should be congruent with your strategic objectives. And working procedures would be how you do any specific "thing". For instance, if one of your strategic objectives is to live with integrity, your guiding principle for that would involve asking if a particular action is congruent with your sense of integrity. Then one of the working procedures for your relationships would deal with honest communication. Eg. in your "Late going home" procedure, you might have the following steps : 1. Call spouse 2. Inform true reason 3. Inform what time you can be expected back. "Inform true reason" would be congruent with your objective. You would communicate the true reason and not an excuse. The above is a rather simplistic example but this entire approach can be useful to all areas of our lives even if we don't create detailed working procedures as we would for businesses. This is how the Systems Mindset can be applied to our personal lives. It would help us identify our values and live more in line with them. And to live more effectively and efficiently too.LN
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How to get out of the shell, to stop thinking "do I really can?" and start making things I've ever wanted, like expand my business?
In my experience there are two things that hold an entrepreneur back from taking action... But before you read them please understand that EVERYONE experiences these things in their life at one time or another. So this is NOT a judgment call but simply an observation. Realize that if you react defensively to either of these (more likely to happen if you are stuck due to the first one) then you may just need to "take a step back" from your situation to be able to assess things less emotionally. Ready... Here are the 2 things that hold most entrepreneurs back: 1. Fear - If you are worried that you will fail or that you aren't "ready yet" or you are literally paralyzed because you "don't know where to start" and feeling overwhelmed - then this could be why you are stuck. 2. Complacency - If you are comfortable where you are and If you have the calm attitude of "I'll get to it tomorrow..." then this might be the reason you are stuck. To move past these roadblocks try the following: 1. Find your "Reason Why". Re-visit your personal goals and reconnect with why you are doing this. Get excited by your future - so much so that it pulls you towards it. Include your personal goals - like the financial and time freedom you will accomplish and what that will mean to your life. And make sure it's more than just about you... Why will the world (aka the world of your customers and clients) be a better place because of what you do? 2. Inventory your strengths and resources. What are you great at and passionate about? What resources do you have available to you that give you the edge? What could you start doing TODAY that would both begin to move you towards your goal AND that excites you to be able to do? If you found these tips to be helpful - let me know how else I can help. Perhaps you need some guidance on how to put together your business model or your marketing plan or to simply create a business that replaces your current "job income" so you can REALLY get to work building a business that creates financial and time freedom for you! In any case - I wish you massive success!DB
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Share of Market calculation. TAM, SAM and SOM?
SOM refers to the portion of the market that your business COULD actually capture, as you stated: "[the] % [you] can realistically achieve from the SAM." Let's use an analogy to break this down - and pretend you are talking about fishing instead of project management software. TAM refers to all the fish (that manage projects) in the sea. SAM are all the fish (that manage projects) within casting range of the dock you fish from (ie your solution is viable for them). SOM are the number of fish (that manage projects) you can reasonably catch within the amounts of time, energy, and bait you can allocate to fishing. The question within a question you ask about guidelines on believability is a great one. And, while I don't have a guideline or benchmark to share, I can confirm your instinct; ensuring that your projected SOM is reasonable is absolutely critical. The best way to project this is by having at least some of the equation variables grounded in reality - ie, actually catching some fish. If you can show how much it costs to acquire a customer, how much it costs to service that customer, and how much you'll make from that customer over a lifetime, you've got some great empirical evidence to show how you'll achieve growth within your SOM. I don't think of SOM as a target - it is rather the theoretical maximum number of customers or revenue I can achieve within the (sub)universe where my product or service adds value. In the end - the number is important - but not as important as how you present it, and how you'll approach it with your product. As an investor, you want to see more than just the answer - you want the thought process behind the answer. Was the founder thoughtful in their approach, did they look beyond the obvious while remaining pragmatic? Do they understand clearly why the SAM (macro-environment) and SOM (micro-environment) break out of the TAM in the proportions they've listed? More than happy to dive deeper on this.RR
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What are some weak habits that young entrepreneurs often do not notice about themselves?
Two huge ones: > Confusing activity for results. Many older entrepreneurs haven't learned the lesson, either. You can 'be busy' into oblivion. > Confusing social interaction for prospecting and sales activity. Talking =/= Qualifying. You should not be trying to let "everyone" know you exist. Find your target market and focus your effort there. Otherwise, you'll waste your energy.JK
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