Before you quit your job?
A very interesting book that shows Entrepreneurs can be trained! This book highlight the failures that Robert encounters and give us an overview if Entrepreneur is really for you.
What have I learn from the book:
Starting your own business does not means that you are an entrepreneur ! you can be self-employed entrepreneur because when you stop your business your income stop… Just like what steve blank mention in his blog, successful entrepreneur build scalable business.
Successful entrepreneur follows through the startup, they failed they stand up again, nowadays people cannot accept failure, because when they finished their highly sought education, they are debt ridden by the school loans (just like me!) I feel that I let zyy down because if I had stay thoughout the project and not be worried my the medical bills, family bills and school loans Maybe I would be in happier now. Now the stress that follows might be high, it would be a challenge but it is also a challenge that would change a man. I wonder what will happen if I bring my sport mentality of never say die into business,
I will treat the current environment as an learning opportunity, because “Work to Learn Not to Earn” concurrently you can also start a part time business while you are working many are doing that. Take a look the aount of blogshops in Singapore, and people who are doubling up as insurance agent after work. It is hard work but you will learn good sales skills from meeting more people.
The book also highlights that there are 3 kind of income:
Earned, Portfolio and Passive
Earned is from work thus it will never be enough
Portfolio is from investment- currently appling what I haved learn from rich dad poor dad to construct my own portfolio
Passive is a form of income – that streams to you without working
While reading the book, an idea strikes me and currently the project is in progress and I am using the BI triangle that is taught in the book as an reference.It serves as a good guide for writing business plan (my 2 cents)
Product-what is your product?
Legal – is it patented?
Systems – how is the operations like? easy to implement?
Communications – how to reach market?
Cashflow – $$financial projection$$ Sales = Income
Team – creative people/ functional people
Mission – ?
Leadership – I remember reading the hardest job of a successful entrepreneur is the ability to fire an employees – also you also need to be the Best Sales person in the team.
Next comes the 5Ps (*writing this to help myself remember)
Overall the book gives me the motivation to create start up again and I love this sentence – “The best answer lies in your heart and not in your head” so Take Action.