Questions

HI - I think an important question that many entrepreneurs have are trying to balance the demands of the home & the demands of their exciting new enterprise. If an individual has large demands at home e.g. (little kids, wife, university, and a part-time job) is it feasible to dedicate the necessary requisite time to achieve success in his dreams of building his idea into a real enterprise? Especially nowadays when it seems that the "New" billionaires were single, 20-somethings dedicating every moment of every hour to their idea without stop until they achieved their goals. When a person has that entrepreneurial bug & limited cash, but believes that he has a viable business model that can really take off & generate REAL revenues, what should he do? Should he believe the hype of the DropBox & Facebooks of the world or is there another road to success albeit on a different path? Thanks!

I have developed, launched, run and sold a few business in the past and my experience has been that you need one of the following at a bare minimum to make a venture work

1) Either low maintenance and no responsibilities and all the time in the world
2) Plenty of cash and connections
3) An idea so brilliant that you can secure funding or investors

If you have responsibilities and limited cash, my advice would be to take it easy and NOT go full time. You would end up in a ton of trouble and take your family along for the ride. Success stories are far and few compared to the millions that try to do it and either fail or have "opportunity costs" and end up leading a mediocre existence.


Answered 6 years ago

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