We want to return to the theme of starting your own business as a wealth-building strategy. First, it’s a good idea to have one or two of your early efforts fail. We heard this seeming contradiction in a talk by a venture funder who had been asked to explain why local high tech entrepreneurs weren’t getting much venture money. You can find more detail in the link above to a 2012 IFO post.
Next, starting a business can be rewarding on many levels – monetary, of course, but also spiritual, social and psychological. We’re not talking about selling shoes (Phil Knight’s Nike) or computers (Michael Dell’s Dell Computers) out of the trunk of your car while you’re in college, though those stories certainly illustrate the virtues of hard work, commitment and enthusiasm.
Our two women’s stories are very different and far less grandiose, hence more achievable by ordinary people – like you!
The first is a still-young, beautiful, never-married mother of three beautiful girls with three different dads. In keeping with our privacy in naming policy, we’ll call her Dahlia. She has a successful retail shop filled with eclectic products – clothing, both vintage and new for men and women, doo-dads, musical items, accessories, and more.
Dahlia’s staff are also good looking and all are relaxed and cheerful. The shop is in the high-rent district of a chi-chi tourist town, yet she took the time to chat with IFO and a friend about this, that and the other thing. We were impressed.
We heard the second woman, who also was cheerful – are we sensing a trend here? She had called a right-wing talk show guy to chat about her preferences for Conservative presidential candidates.
The host kept her on the line for a long time because she was so uplifting and had a compelling story. “I retired several years ago and moved here [to the South],” she said. “Just couldn’t put up with the liberals in my [Northern] town and my own family.”
Well, he could understand that! Then the unexpected bombshell: “I’m a gay woman,” she said, adding that she had no problem supporting conservatives’ advocacy of limited government and she liked Donald Trump’s refusal to back down to media people.
The host, totally unfazed by her description of herself, just said, “Uh, huh. Go on,” urging her to finish her thought on limited government.
Since she said she knew the person who did Donald Trump’s hair, we suspect she was a successful hairdresser, perhaps in NYC, and so was able to retire early. But given her cheerful, positive, helpful personality, we also suspect she’ll start another business in her new location, when the joys of farming no longer appeal.
Or given her peppiness, maybe she’ll do both – light farming plus hair-dressing. You DO know that hair-dressing requires the skills of an artist (coloring and styling) and a trained psychologist (listening and sympathizing), as well as an accountant (billing), don’t you?
These are just a few examples of how much fun and freedom you can have while making money running your own beloved business and helping people. There are no limits on small business owners!