Excellent article and very inspiring!
Sharyn
On Tue, Mar 11, 2008 at 7:35 PM, KEskola <eskola@musfiber.com> wrote:
> Ed,
> I think you need to add this as an article to the EAHLive site...
> You are a great writer:).
> Thanks for all your efforts and encouragement to the group! You help keep
> it going!
> Kim
> CanDoMom.com (coming soon)
>
>
> ----- Original Message -----
> From: faithfulfamilyoutlet@comcast.net<faithfulfamilyoutlet%40comcast.net>
> To: entrepreneursathome@yahoogroups.com<entrepreneursathome%40yahoogroups.com>
> Sent: Tuesday, March 11, 2008 1:05 AM
> Subject: Re: [entrepreneurs] Give me your honest opinion, please!
>
> Jen,
>
> FEAR, F --> False, E --> Evidence, A --> Appearing, R --> Real. IF your
> business fails, so what? You start another one or you go back to your
> swapping hours for dollars JOB --> J --> Just, O --> Over, B --> Broke.
>
> I asked my son, who was 9 at the time, "if 9 out of 10 businesses fail in
> the first 5 years, how can you guarantee you will not fail?" I was expecting
> some head scratching by him but he replied very quickly, "just start 10
> businesses." The new service economy will require most of us to do just that
> - have multiple streams of income.
>
> You mentioned your children --> if you continue to swap hours for dollars,
> you eventually retire and get a pension. When you pass - on --> your pension
> ends, your children get none of your loyalty equity you built into someone
> else's company. If you have your own company and you pass-on, your children
> and your children's' children (hopefully) get a business that produces a
> cash-flow without them doing anything to it.
>
> Don't let anyone fool you - it will be work. It's your company - when you
> go on vacation now - your present employer does not shutdown, what happens
> when you go on vacation and it is your own company? Mind you every business
> has it's common pit-falls and common mistakes. Your effort now in your
> "spare" time is to try and identify those pit-falls and common mistakes and
> minimize them before you start.
>
> The two most common mistakes are #1 not enough money and #2 not enough
> money. #1 not enough money to start - under-estimating expenses --> it
> usually is the many trivial ones too, liscenses, taxes, inspections, etc
> that all add up and are usually time consuming - preventing you from
> producing an income. #2 not enough money to sustain until income starts.
> Some businesses will make money right from the start others might not make
> any money for 5 years. In year 4 will you be willing to give it one more
> year? Don't let this scare you off either - just keep your eyes wide open.
>
> There is a bamboo plant in Malaysia that - you plant it and water it and
> weed it and fertilize it for the first year nothing happens. The second year
> - you water it, weed it and fertilize it and nothing happens. The third year
> - water, weed, fertilize nothing. The forth year - water weed, fertilize
> nothing. The fifth year it grows 3 feet a day. How many years will it take
> for your business to prosper? Your business is a growing business as well -
> can you sustain the growth? Do you want to sustain the growth?
>
> Prv 13:22 "a good man leaves an inheritance to his children's children,
> ...." This is what I am in business for. I want my grand-children to have an
> income that is not dependent on Wal-mart or GM or any other big corporation
> (not that there is anything wrong with those companies either). I just want
> them all to be financial blessed beyond their needs - so that they can bless
> others with all that is left over (hopefully there is plenty leftover). If
> it is our own company then - our income will not be limited by corporation
> rules or bureaucracy or greedy executives.
>
> I say you can not hit a home run while you are in the stands - watching
> the game. You can not hit a home run by just getting up to bat either. You
> have to take some swings. And you don't always need to hit a home run to win
> - a walk is as good as a single and there is nothing wrong with a double or
> triple either. What my veiled analogy is trying to communicate, is maybe you
> don't get a home run your first time up to bat, maybe you start your
> business and realize that you don't like doing it - if it is successful -
> sell it. Go start another one. Just keep your eyes open because you may
> learn something for the next business or a second business.
>
> I hope this helps, God Bless, Ed R.
>
> [Non-text portions of this message have been removed]
>
> [Non-text portions of this message have been removed]
>
>
>
[Non-text portions of this message have been removed]
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