Starting Your Own Business?
Jacquelyn Rice
9 replies
I was curious, what is preventing you from starting your own business? I always think about trying it for a year or so and then going back to banking if it doesn't work out. Personally, the opportunity cost in the short run given how much money we make is what is holding me back. Lifestyle would undoubtedly suffer.
Obviously, it's a risky move, but if we don't try it in our twenties, when will we? We probably have more savings than most employees our age, so starting an ecommerce store or developing a product shouldn't be too expensive.
I'd love to hear other people's thoughts on this.
Replies
Fabian Maume@fabian_maume
Warmup Inbox
Opportunity cost can be scary however they can be mitigated with a rollback option.
If you fail with entrepreneurship you can rollback to become an employee. You can easily market the skills you acquired with entrepreneurship to get a better-paying job and offset your temporary loss in Income.
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If you want to start your own business, you must have an idea that significantly improves on what is currently available in the market. That is not an easy task. Sure, the last decade saw an increase in the number of people starting their own businesses and selling them for large sums of money (though, once again, survivorship bias is at work), but this had less to do with inherent value and more to do with cheap credit.
So, "trying it out for a year or so" isn't going to work. You either devote years of your life to starting a business or don't start one at all.
The biggest risk is not taking any risk.
If you're gonna start a business, first of all its not just buying and selling - it's lots and lots of learning - sometimes not learning that is interesting even, and sometimes this learning may even lead you to a dead end, but you turn around and continue walking anyway. It's about finding some people who have a problem and building a solution for them (mostly! it does not always have to be problem solving, sky diving does not really solve anyone's problem, but it is still good value.)
On top of this , you'll have to be really good at building relationships - sometimes with people you wouldn't really want to share a meal with.
Also constantly being on top of the business outlook for your industry should be almost as important as breathing oxygen.
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