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View Full Version : Entrepreneurship is Fun -- Then There's the Day Job


newcashflow
06-11-2002, 04:44 PM
I'd like to start a thread about "moonlighting" with a home-based entrepreneurial venture while holding a regular, full-time job or career. My intent here is to be informational, raise awareness and hopefully start a discussion about the benefits and pitfalls of running a part-time, home-based business.

It seems to me (and I may be wrong on this) that much of the discussion on the "work" QLC boards revolves around finding the perfect J-O-B. There aren't many posts about entrepreneurship and starting out your own business based on something you really love to do.

I know of many individuals already in a job (often a job they dislike), looking for an outlet for their entrepreneurial talents or instincts and not knowing where to look for new ideas or even how to start looking. Many people would love to quit their jobs, set out on an independent path and do their own thing. But due to their overwhelming fear of failure, they never quite work up enough courage to step out and actually take the plunge. As a result, they miss out on many interesting opportunities available to all. And since they are afraid they might not make it, afraid they might lose, afraid they might fail, they simply choose to maintain the status quo and do nothing.

It is possible for people who have entrepreneurial interests to begin slowly by moonlighting -- getting a steady paycheck from their full-time job or career and beginning to enjoy the independence from a side business. I am becoming a moonlighting entrepreneur it in spite of the heavy time constraints of my full-time professional career. It's fun but can be a real time-management juggling act. I am wondering if anyone out there is doing the same or thinking about it.

If there is any interest out there, I'd be happy to post my thoughts and experiences about what I'm doing with my home business, what's working, what's not, where to look for generic information and resources, etc.
:)

heather
06-11-2002, 10:45 PM
I thought what you wrote is very true. People have to take Risks if they want to succeed and get out of the rat race. I do not want to spend the rest of my life making money for someone else. I want my assets to pay for my expenses. SO how do I get there? This question I have been thinking about day in and day out. As you said, I continue on with my slave day job to make income, bring down my expenses, purchase assets with leftover dough, have that money start to make me money - to the point where I can quit the job I have know and continue to grow my own business fulltime.

It seems like we are on the same page - would love to chat some more...exchange ideas....

newcashflow
06-12-2002, 01:04 AM
heather -

You are on the right track, mindset wise. I suggest (if you have not done so aldready) that run out to Barnes & Noble and pick up "Rich Dad Poor Dad" and/or "Retire Young, Retire Rich" by Robert Kiyosaki.

The "Rich Dad" philosophy is based on the truth that real wealth and freedom begins when one changes her mindset to understand that residual/passive income is the key to getting out of the "rat race" and into the "fast track". Residual/passive income is generated by assets (e.g. income-producing residential/comm'l real estate) or by a business (e.g. a solid network marketing business). Once your mindset shifts, you'll begin thinking about HOW to generate residual/passive income rather than WHETHER you can do so. This is usually the very starting point of a journey that can ultimately lead to financial freedom.

I read "Retire Young, Retire Rich" this past January and it got me thinking there must be a better way than working 70+ hrs/wk in a law firm (even if the salary is fabulous). It's still earned/employment income from a J-O-B. I spent some time at www.RichDad.com and learned about good, sold, ethical network marketing businesses that had the potential to generate long term-residual income. So that's how I got involved in "moonlighting" with my home-based business on top of my day job.

I also recommended "Rich Dad Poor Dad" to my brother in Montreal (he's in software sales) in February and he has since gotten involved in a couple of income-producing real estate deals!

Long story short - I'd be happy to chat or e-mail further (just check out my profile for how to contact me) or continue the discussion in this open thread.

Heather
06-12-2002, 12:40 PM
I have already read RDPD - I loved it. It definately woke me up to what I need to do. I am in Sales adn am very good at what I do - But I don't want to do this forever.. I am still working for someone and am very reliant on market conditions.... I will pick up Retire Young, Retire Rich - Please suggest others... My interest is in real estate - If you have any good suggestions on first steps... I saw your site - Congrats on getting your biz started and good luck with it ... KIT

newcashflow
06-12-2002, 01:46 PM
A colleague of mine recently read the book "Formulas for Wealth: How to Create a Fortune in Real Estate" by Albert Lowry and raved. You may want to check out the reviews on Amazon.com to see it would interest you.

If you live in the NYC area, I could put you in touch with a friend who is a real estate broker/building specialist/entrepreneur. He sold us our condo (when he was a sales rep for the developer) and now has started his own real estate business. If you would like me to introduce you to him, let me know. I'm sure he'd be pleased to spend a few minute on the phone with you. He's just about the friendliest, most upbeat person I have met in NYC.