Get a job? Start a business?

You’ve quit your job. The one that made you feel like a crook, do things you knew weren’t right. Not quite illegal, but not … right.

What are you going to do next? Stand in the unemployment line for 99 weeks? Hopefully, you’ll discover what we did, we in this case meaning DDH and IFO and several friends – we formed our own independent businesses. It was pretty scary, but as time went on we learned it’s better to have a business than a job.

It’s much easier to change your business model as the economy changes. You can’t do that when someone else is signing your paycheck. You are at the mercy of that guy, too. If he decides to declare you redundant (British for superfluous, not needed, fired), he can, and will, do it in the blink of an eye.

Friend and appreciated colleague yesterday; redundant today. Met at the door with a box full of the stuff in your desk and cubicle. Why on earth would you immediately begin to look for another “job” again?

Okay, starting a business is hard unless you do some deep planning, ask questions, find mentors, just do the work you need to do to get an income stream started. You can redesign your internal business plan as you go. Get several income streams going. If you don’t want to or know how to start from scratch, buy a business.

IFO had a friend who was an inveterate serial business-starter. Then, once it was up and running, he’d get bored, sell it, and start another one. He had appliance repair shops, tv repair shops, auto sales lots, second-hand stores – all good, as far as he was concerned. Very few of his businesses required licenses or permits either.

He said to us once, “There are two kinds of people. The ones who start new businesses and the ones who take over existing businesses.” Implied was the idea that both kinds of people are necessary, but have quite different skill sets.

BTW, he never went to college or training school or took business classes or went to SCORE. (The letters used to stand for something, but that is nowhere to be found on this website.) What the site does say is that SCORE is a partner of the SBA, Small Business Administration.

So – what kind of person are you?

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About InvestingforOne

I've been investing in various assets by myself using a discount broker for many years. Over that time, I've developed some theories that others might find useful. Plus, there is more to investing than money. Time, talent, work, friends, family all go into developing a good and satisfactory strategy.
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