Hi, all. As in the title, I'm pursuing my path to freedom. I'm nearing the end of my tenure at what I might have described as my "dream job" back in college, which has made me miserable. I feel like I have no control over my life when I'm chained to the desk five days a week, 8 hours a day, building someone else's asset. I'm a software developer making good money, but my goal is to build a business and cash out a very wealthy man.
As far as long-term goals, I've got a vague idea of yearly goals. I've got enough savings that I won't starve the first year or two, but that might work against me, since I'm not "up against the wall" or anything. In any event, here's what I'd like to accomplish:
Year 1: Be self-sufficient. Work hard to create something that pays the bills by year's end. I've basically got no debt and little expenses other than food, rent, and insurance. I'm sure this will be a pay cut, but I live spartan and I'll manage.
Year 2: Systematize the business to reduce the hours needed to keep the business running and focus more on innovation. I probably won't be making amazing money, but this year is all about investment and efficiency.
Year 3: Break a million dollars revenue. If I were to stay in the workforce, I'd make close to a third of that in three years. For three years building a great business, I'd hope I could meet that mark three-fold.
Year 4: Start transitioning to a mostly passive business model. At this point, my business should be mature and systematized, where I could take a long vacation and be able to just check in every now and then to make sure nothing's broken. This year is all about sales.
Year 5: Exit! Or don't. It all depends. If revenue is still accelerating and I'm enjoying what I'm doing, I'll stick around, but the goal is to be able to exit on year 5, cash out, and retire.
I just finished reading MJ's book, and it's been just great. The main thing I enjoyed reading about was the decision-making process. Being in a job has short-term benefits (a paycheck) but marginal long-term potential. Now that I've reaffirmed this (always felt this way, really), I'm ready to make the leap.
I have quite a bit of experience with software as a service and hope to put that to use in my own venture. I'd like to target businesses and tap some under-served needs there, and that leads me to my first question for y'all:
1) MJ makes a big deal in his book about "solve people's needs, and the money will come to you." I've always felt that the first step to success is finding someone willing to fork over cash for what you can do for them, but this advice seems contrary. How much emphasis do you place (in the startup phase) on finding paying customers vs. just providing value? If you pursue the second route, what sorts of challenges do you face in getting your clients to start forking over cash for what you've been doing for them? Which one motivates you more?
2) In fact, what motivates you, personally? I'm going to write a letter to myself describing my state of mind while deep in the corporate world and how much I dream of being free. Whenever I feel lacking, I'll pull it out and remind myself how miserable I am behind a desk... well, someone else's desk, at least. What does it for you? Books? Friendships? Motivational posters? ;P
3) Finally, I am still in a job at the moment. I will quit, believe you me. I've left cushy jobs like this before with even less to fall back on. Anyway, while I'm still there, I'm sure there are things I could learn that will help me in my own venture. Any ideas on what I could do in my last few weeks that would help the most as I set off on my own?
Thanks for reading, and I look forward to any advice you all have for a budding entrepreneur!
As far as long-term goals, I've got a vague idea of yearly goals. I've got enough savings that I won't starve the first year or two, but that might work against me, since I'm not "up against the wall" or anything. In any event, here's what I'd like to accomplish:
Year 1: Be self-sufficient. Work hard to create something that pays the bills by year's end. I've basically got no debt and little expenses other than food, rent, and insurance. I'm sure this will be a pay cut, but I live spartan and I'll manage.
Year 2: Systematize the business to reduce the hours needed to keep the business running and focus more on innovation. I probably won't be making amazing money, but this year is all about investment and efficiency.
Year 3: Break a million dollars revenue. If I were to stay in the workforce, I'd make close to a third of that in three years. For three years building a great business, I'd hope I could meet that mark three-fold.
Year 4: Start transitioning to a mostly passive business model. At this point, my business should be mature and systematized, where I could take a long vacation and be able to just check in every now and then to make sure nothing's broken. This year is all about sales.
Year 5: Exit! Or don't. It all depends. If revenue is still accelerating and I'm enjoying what I'm doing, I'll stick around, but the goal is to be able to exit on year 5, cash out, and retire.
I just finished reading MJ's book, and it's been just great. The main thing I enjoyed reading about was the decision-making process. Being in a job has short-term benefits (a paycheck) but marginal long-term potential. Now that I've reaffirmed this (always felt this way, really), I'm ready to make the leap.
I have quite a bit of experience with software as a service and hope to put that to use in my own venture. I'd like to target businesses and tap some under-served needs there, and that leads me to my first question for y'all:
1) MJ makes a big deal in his book about "solve people's needs, and the money will come to you." I've always felt that the first step to success is finding someone willing to fork over cash for what you can do for them, but this advice seems contrary. How much emphasis do you place (in the startup phase) on finding paying customers vs. just providing value? If you pursue the second route, what sorts of challenges do you face in getting your clients to start forking over cash for what you've been doing for them? Which one motivates you more?
2) In fact, what motivates you, personally? I'm going to write a letter to myself describing my state of mind while deep in the corporate world and how much I dream of being free. Whenever I feel lacking, I'll pull it out and remind myself how miserable I am behind a desk... well, someone else's desk, at least. What does it for you? Books? Friendships? Motivational posters? ;P
3) Finally, I am still in a job at the moment. I will quit, believe you me. I've left cushy jobs like this before with even less to fall back on. Anyway, while I'm still there, I'm sure there are things I could learn that will help me in my own venture. Any ideas on what I could do in my last few weeks that would help the most as I set off on my own?
Thanks for reading, and I look forward to any advice you all have for a budding entrepreneur!
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