Author Topic: How do you move from "Wantrepreneur" to "Entrepreneur"?  (Read 3561 times)

chowdan

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How do you move from "Wantrepreneur" to "Entrepreneur"?
« on: May 07, 2017, 06:50:09 AM »
Hey everyone,

In February, my significant other and I quit our jobs and sold everything to sail around the world, however, due to the sale falling through on the boat, we decided it meant we'd travel Europe/SE Asia for a bit before returning to work. We will likely be returning to the US to start a business between December to May of next year.

Well after traveling for over a month straight now, we have decided that not only do we love traveling, but we want to do this even longer than the 16+ months we can financially afford.

I have a business idea that I've been sitting on for a little bit now. Its a service based business in a very large and established industry that has a revenue surpassing $100B/year(in other words there are very big players in the business).  The reason I see I should be able to succeed in it is purely due to the fact that the big name companies in the industry have a terrible reputation, yet its a service everyone has.

The problem lies with the fact that I personally don't have ALL the skillsets needed to operate the business/handle all of the bookkeeping/day to day maintenance/customer support/sales.

So the question I have for existing & successful entrepreneurs is, how do you handle the migration from Wantrepreneur to Entrepreneur in terms of dealing with all aspects of running the business? Do you higher employee's/freelancers on a needed basis to cover the fields you lack the experience in? If thats the case, how do you financially support it when your just starting out(no sales). How do you just wing it and hope for the best on your weakest links of the chain and hope to learn from mistakes?

Thanks!
24 years old, almost 25. Budgeting to flip the bird to corporate society let me cut the dock lines, and sail around the world on a budget, while living the high lifestyle.
Time is NOT money. Time is an irreplaceable commodity that can NEVER be replaced. Once its gone, its GONE. VALUE it before its GONE.

mpcharles

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I was a wantrepreneur 5 years, I am 2 weeks into my business. I was so swamped with work when I launched, I didn't expect it. Kind of the opposite to what I expected.

My advice. Just start, create a facebook page and go. I had to create systems on the fly, processes etc. I don't know everything in my field, but I know where to look, who I need to hire or ask for advice. My vote is to do some actionable steps and dive in.

Taking action with a average plan is better than doing nothing with the best plan.

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ElleFiji

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #2 on: May 07, 2017, 07:12:54 AM »
Based just on your title, I was going to say that you make your first sale.

But it sounds like you want to work in a different kind of business.

Let's say you're looking at telecom. You can't build cell phone towers or run fiber optics. But you could become a reseller. In that case, are you looking to have the best price, the best service, or both? Maybe you have enough skills to launch it in your parents' area code, where people will Rusk a little more trying a new service, because they are helping Mike's son out. Then they love it, and recommend you.

If it's purely a service business... and you don't have the skills, can you get subcontractors? Can you get enough skills to land your first sale? Can your business be a portal, instead of the direct service provider, and you can be the trusted advisor connecting people with service providers they don't hate?

I'm a one person service business. I build new skills every day. AxeCleaver, in these parts, is the voice of building a successful consultancy. I research bookkeeping, and enlisted a friend to help disentangle me. I use canva. I had pre existing customer service and marketing skills. I take a big deep breath as I attempt business development.

CareCPA

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #3 on: May 07, 2017, 07:26:45 AM »
My suggestion is jump in and do it. Even if you spend 5 more years planning, you're still going to make mistakes your first couple times. Better to make those mistakes now, than waste more time waiting.
Do what you know, find people to help with what you don't. Keep learning the whole time. Great customer service will go a long way (I see plenty of threads here and other forums that say if people would just call them back, they would get the work). Working in a business and running a business are two very different things.
Always happy to help with tax or accounting questions - feel free to private message me.

I am a licensed CPA in Pennsylvania. However, any tax advice I give should be considered general information and not used in the avoidance of tax. There is most likely information about your situation that I do not know, and thus you should do your own additional research.

Yes, in case it confuses you, I did change my forum name.

CargoBiker

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #4 on: May 08, 2017, 12:10:18 AM »
So the question I have for existing & successful entrepreneurs is, how do you handle the migration from Wantrepreneur to Entrepreneur in terms of dealing with all aspects of running the business? Do you higher employee's/freelancers on a needed basis to cover the fields you lack the experience in? If thats the case, how do you financially support it when your just starting out(no sales). How do you just wing it and hope for the best on your weakest links of the chain and hope to learn from mistakes?

Do everything that you are capable of doing yourself, yourself.  Hire whatever you can't.  The goal should be to get the MVP (minimum viable product) operating as fast as possible.

Example:  If your business is going to be a software of some kind, and you've never coded a day in your life, it'd be better to hire out some coders than to spend X amount of time and frustration to do it yourself, and have it end up being sub-par quality, or simply taking forever to get any sort of MVP off the ground.  When it finally does get off the ground, what if you realize that no one wants this software in the first place, and you just wasted 2-3 years of your life trying to save money by doing it yourself?


That wasn't the best example.  I guess what I'm getting at, is:  Weigh the time value of how long you think it would take for you to learn X skill that you need. And if it significantly affects the timeline on the MVP, then outsource it.

Obviously, this takes money, so if you're going to outsource, then you need some.



And my 2cents is that if you want to travel and be location independent, I wouldn't want to run a service business.  It's possible.... but there are other business models that fit your mold better (ecommerce/product businesses,  software businesses).

Start with the goal: Location independence, and work backwards.
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CargoBiker

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Taking action with a average plan is better than doing nothing with the best plan.

This is the a great answer to the question in the thread title.


If you want to stay a wantrepreneur, spend your time thinking about the business, and never actually take an action towards making it happen.
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HipGnosis

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Taking action with a average plan is better than doing nothing with the best plan.
I would refine that with:  Taking action with a average plan is better than spending years perfecting a plan.

Axecleaver

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #7 on: May 13, 2017, 07:51:35 AM »
Put together a business plan to identify your weak spots, then start making sales before you go any further. Once you have some sales, then you can worry about the rest.

Here's my post on starting a services business. It assumes you are starting with a full time job you want to leave, but the rest of the advice applies.

https://forum.mrmoneymustache.com/entrepreneurship/axecleaver's-steps-for-starting-your-own-services-business/msg1459251/#msg1459251

Kroaler

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #8 on: May 16, 2017, 04:45:29 PM »
Im such a wantrepreneur it makes me sad.....


"https://www.amazon.com/1-Page-Marketing-Plan-Customers-Money-ebook/dp/B01B35M3SM" I found this to be a great read for starting a business.

But again, I havent started anything yet.... lol

SC93

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #9 on: May 16, 2017, 10:10:37 PM »
This goes for anyone and everyone, not just the OP..... feel free to say what your business is if you really want help.

The OP said there are many big players in this business already so why such a secret? Just tell us what it is and you can get real help. Odds are I've already owned the business you are thinking of doing. As for the $1b in sales the other companies are making.... that really means nothing to you, you have 0 customers. Customers are unhappy with the others that are doing it now? No one can make everyone happy all the time. There is 0 guarantee you will get even 1 of their current customers. I have a great answer, even though I just made a statement, but I'll wait and see if the OP wants real help of just a pull on the leash to string people along.

And for any others out there that think they have an idea of a service based business that has never been tried before, I doubt it. If you want help, the only way to really get help is to ask what you want to know.

Axecleaver

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #10 on: May 17, 2017, 06:48:42 AM »
That's a really good post, SC93. One of the things I've learned as a business owner is that ideas aren't worth anything. Everybody has an idea. Our modern economy rewards the linchpins that connect ideas to execution; the people who can make it happen. Put your ideas out there.


Krum312

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #11 on: May 19, 2017, 11:23:22 PM »
How much of your time and money do you want to invest in your business?

I haven't learned much from the future plans and ideas I have for a legitimate business.

I have learned valuable lessons from the mistakes I have made with illegitimate or not so profitable businesses or side hustles.
I've bought and sold plenty of electronics, laptops, and cell phones on craigslist, ebay, etc.

While living in Denver a few years ago, I met someone making Colorado Love shirts profitable. I joke around that moving back to my home state of Missouri is like moving back in time. I couldn't find anyone making Missouri Love shirts. The two letter abbreviation for Missouri is MO, and we are known as the Show Me state, so I paid a graphic designer to create t-shirt designs for Show MO Love and Show Me Love. St. Louis is known as the Gateway to the West, so we now have designs for the Gateway to Love with the skyline and the iconic St. Louis Arch.

Shall I trademark or copyright the phrases or designs?

I have had 0 online sales and one profitable event.

That profitable event was in June two years ago, and that same event is coming up in a month.

Spending time and money on promoting, advertising, and marketing that leads to no sales gets discouraging.

Selling the message of showing love is more important than selling clothing. Graphic designs can go on anything.

I've recently started a new career with lots of growth. I would rather see some growth with a legitimate business than waste time and money with another side hustle.

Wantrepreneur implies side hustle

Entrepreneur implies legitimate business (LLC)

FIREby35

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #12 on: May 20, 2017, 05:37:06 PM »
I'm kind of with the prior poster, so what if it's a billion dollar industry. What is your business going to be?

I also agree with Alex Cleaver - an idea is worthless. Action and execution matter.

So, for something helpful this is what I would say - how are you going to make your first dollar in profit? To get started, do the thing that makes you money. Then do it again (and again).

Also, read the E-Myth by Michael Gerber.

CargoBiker

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #13 on: May 22, 2017, 07:56:40 PM »
That's a really good post, SC93. One of the things I've learned as a business owner is that ideas aren't worth anything. Everybody has an idea. Our modern economy rewards the linchpins that connect ideas to execution; the people who can make it happen. Put your ideas out there.

And one thing I've learned, is that when people share too many details about their business on the internet, they get copycats that completely undermine their business.

Don't put your ideas out there, if "out there" is the internet, and your idea is one that is easily executed upon.  Put them "out there" to people who are smarter than you, and you you trust completely.


I do completely agree with you about it all being down to execution... but why invite the competition to the party?
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CargoBiker

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #14 on: May 22, 2017, 07:59:00 PM »
Wantrepreneur implies side hustle

Entrepreneur implies legitimate business (LLC)

I know wantrepreneurs who have an LLC and stacks of business cards and some cool t-shirts....  and no sales, LOL.

First things first, get a sale.
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montanahappy.com

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #15 on: June 03, 2017, 12:03:40 PM »
I totally agree with everyone who says "just take the leap."  I used to be a person that analyzed everything to death, and I ended up dreaming about doing many different things.  One day, I just changed that pattern by making a commitment and doing one of the ideas. 

It's been a year since I started, and I'm so grateful I did.  I have learned SO MUCH in the last year - much more than I could have just dreaming away.  In my imagination - I was going to be an immediate success.  It wasn't like that at all - there was a HUGE learning curve that no one tells you about.  But now, I'm totally "getting it" and I have a skill set that I didn't have a year ago (only in my imagination.) My new skill set will help me with anything I do now and it was hard won. 

I now have two of my projects started and early next year I will be doing the third.  Hire out for the things you don't know about if you can afford it.  If you can't afford it, you can learn the basics of those skills. 

I hope this helps you.  - Kelly
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arebelspy

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #16 on: June 24, 2017, 10:08:57 AM »
Here's the thing, chowdan (OP): you have the huge advantage of a giant cash buffer that most "wantrepreneurs" don't have.  You also have time, which they don't.

Take advantage of these benefits.

Quote
We will likely be returning to the US to start a business between December to May of next year.

Well after traveling for over a month straight now, we have decided that not only do we love traveling, but we want to do this even longer than the 16+ months we can financially afford.

If you dink around for the next 12 months or whatever, then go back and have to go full speed AND rely on making income right away, that'll make it so tough.

Right now you have time to develop the business, build the income stream, and you don't have the pressure of needing the money to make rent or buy food.

If you want to transition to a sustainable location independent lifestyle, start now. Work on the business, and build the life you want, today, with the right work/life balance.

Good luck!
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GizmoTX

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #17 on: July 11, 2017, 05:20:02 PM »
Write a business plan. Just jumping in without knowing how you plan to get there is a recipe for failure.
Cash flow is everything. You can be 'profitable' and still go bust without cash flow. Project this realistically, not wishfully.
Set up & execute good record keeping from the get go, & keep your business completely separate from personal finances.

Think281

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Re: How do you move from "Wantrepreneur" to "Entrepreneur"?
« Reply #18 on: July 18, 2017, 08:11:15 PM »
Put together a business plan to identify your weak spots, then start making sales before you go any further. Once you have some sales, then you can worry about the rest.

Here's my post on starting a services business. It assumes you are starting with a full time job you want to leave, but the rest of the advice applies.

https://forum.mrmoneymustache.com/entrepreneurship/axecleaver's-steps-for-starting-your-own-services-business/msg1459251/#msg1459251
honestly this is the truth.