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There Are Two Main Entrepreneur Methods That Most People Make Work.  Pick Which Is Right for You and Your Situation.

There are as many entrepreneur methods as their are entrepreneurs.  In other words, there is not a single formula that guarantees success.  Each individual will put their own spin on their successful business.

With that said, there are two main methods or approaches that you can adopt when starting a business.  You can boldly go where no man has gone before, or you can take it slow and steady.  You can drop everything and jump in, or you can plug away on your business project until it is humming along well enough for you to change your situation.

Neither of these approaches are right or wrong in absolute terms.  The entrepreneur methods you choose to employ will largely be determined by your personality and position in life.  I call them Bold Entrepreneurship and Timid Entrepreneurship.

Entrepreneur Methods: Bold vs. Timid     Entrepreneur Methods BvT

Bold entrepreneurs go full steam ahead with their business idea or project.  They devote 100% of their available time to the project and much (if not all) of their available income.

Timid entrepreneurs chart a slower course.  They don't make radical changes to their life or finances.  They invest mostly time in the evenings and weekends into their project - in addition to whatever full-time job they may have.  Timid entrepreneurs are often called "chicken" entrepreneurs because they don't have the guts to drop everything and take on the tremendous risk that is involved in starting any new venture.  I know.  I am a timid entrepreneur.  I have a full-time day job.  My free evening and weekend time goes into my other projects, including this one.

I do wish I would have started being an entrepreneur earlier in my life.  Now, with a wife and children to take care of, I don't see quitting my day job as a realistic option - at least not yet.

If you are like me, don't quit your day job until you are ready, but begin planning your escape now.  Start looking for opportunities and ways out.  Use this site to help free yourself.

Some people claim that over 99% of all people who try to earn a living online fail.  This may be accurate.  However, this site is here to help you beat the odds and succeed.  When it is all said and done, I think Pareto's Law will apply to visitors to this site who begin the process: 80% will fail and 20% will succeed.

The 80% that fail, I believe, will fail because of one or more of the following reasons:

1.  They aren't willing to work.  Laziness is endemic.  It has been ever since Adam ate the forbidden fruit.  Since work is hard, most people avoid it like the plague.  If you won't work, you won't succeed.  Winning the lottery is a pipe dream.

2.  They are bogged down by bad philosophical presuppositions.  To avoid getting stuck in this mire, be sure to formulate your Business Philosophy as soon as possible.

3.  They don't have enough drive to plug away day after day until they actually do every step provided free to them on this site.  They won't take the time to understand websites and blogs so that they know what they are doing.  Of the 20% or so who do finish the process, the vast majority of them should be successful.  If I didn't believe that to be the case, I wouldn't have created this site to help them attain their goals.

You don't have to be a genius to be a success.  In fact, I don't think you even have to be smart if you fully utilize this site.  But, you must have a desire to succeed and a drive to match it.

This site is designed to fill in the gaps if you are not web savvy (yet!).  You supply the tenacity.

So, should you go boldly or timidly into the world of entrepreneurship?  You'll have to answer that for yourself.  Each situation is different.  Keep reading for the pros and cons of each.

Entrepreneur Methods: Bold, Pros & Cons     Entrepreneur Methods Bold P&C

PRO: without a doubt, the bold method is the quickest way to get up and running and profitable.  Just like any other job, you have to work at it to make it successful.  If you drop everything (or if you are unemployed and don't have anything to "drop"), you have much more time to devote to making your business a success.  Consequently, the fruit of you labor will like be seen much sooner than with the timid method.

PRO: for an individual working at developing online revenue streams at home full-time, a high five-figure annual income is usually very attainable.  More than that is not at all uncommon.  The difficult part is usually finding the right niche and actually working hard to make it work.

CON: most people can't drop everything and "go bold."  It is more risky in the short-term (unless, of course, you are unemployed).  But, this can serve as a huge motivating factor to make it work.  If failure is an option (due to current "security" in a salaried or steady job), you may be less likely to stick with it when you hit the inevitable rough spots.

Entrepreneur Methods: Timid, Pros & Cons     Entrepreneur Methods Timid P&C

PRO: less risk.  With the timid approach, you don't have to stop your current income stream to get started.  That way, you have a source of capital to fund the new operation, should it be needed.  This is probably the most attractive feature of the timid method.  Less risk appeals to most people.


CON: it will take significantly longer to get things up and running.  It will take most of your free time after your day job.  I know.  This is the route I chose out of the necessity of my own situation.  Your evenings and weekends will have much less time for watching TV and football games.  You may have to put your hobbies on hold, unless your hobbies are related to your business.


CON: you will need a very understanding family.  Your spouse has to be on board.  It is even better if your spouse is encouraging.  If you have children, the additional work you do at home is going to put an extra burden on them.  They likely won't have as much time (at least early on) as they did before.  It will likely be hard for everyone.  Mitigate this with time management.  Work out a schedule and stick to it.  Think of it as a budget for your time.  Make sure to prioritize!

Entrepreneur Methods: Conclusion     Entrepreneur Methods Conclusion

There is no one right way to start a business.  But, consider each of the two broad approaches mentioned here.  Think about your situation and make sure you act in a way that best suits you and your situation.  Weigh your options and then get to work.



Copyright © 2009-2010, Issachar Knowledge, LLC: Entrepreneur Methods


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