It's time to start your own business. This economy is driving job hunters to become entrepreneurs out of necessity! No jobs, lead to more start-up companies.
In this dismal job market as we are headed toward yet another jobless recovery, it's time to take control of our careers and figure out just how we are going to take care of ourselves and our family. Why wait for a hiring manager from
There are some great small business and entrepreneur consultants with a wealth of information for the market today. It's time to listen to them. I met keynote speaker Mike Michalowicz at the eBay conference here in Chicago who impressed me with his clarity, creativity and understanding of business.
Mike Michalowicz is the consummate entrepreneur that set up his first business in his early 20's after looking for a job in accounting and not getting hired. This
This was not what Mike went to school for, so when another employee at the retail store approached him to start a business as a competitor to MicroAge, he saw that this was an opportunity he couldn't miss. Married with a young child, Mike began selling computers out of his garage using his credit card limit of $6,000 to buy computers and resell them.
He says, "Fear was a great motivator! When you have no money, it gives you a reason to work hard. When you have no money, it forces you to think out of the box." He built his business by focusing on the hedge fund industry by finding out what they needed and then filled their needs. This made him unique and offered him a strategic advantage over his competitors.
Eight years later Mike sold his computer reseller company for six-figures; he was barely 30-yrs old! He then reinvested his newfound cash into another company that specialized in computer forensics, where he worked as a computer crime investigator with his biggest client being Enron. This great business idea with great timing allowed him to sell his company 2.5 years later to Robert Half's Protivity division for millions, after building the business into a $7.5 million company.
But all that glitters is not gold and Mike cautions people to not let their ego drive them in business. He said, "I started believing that anything I touched would turn into gold." This was not the case. Mike invested in 7 other companies and today only one of them Hedgehog Leather Works (www.hedgehogleatherworks.com) is a success, of which, he still has equity in.
As a popular speaker for entrepreneurs he also owns a behavioral marketing firm called, Obsidian Launch,(www.obsidianlaunch.com), named after a rock that forms in Hawaii, one of his favorite places. Business is good, and he has learned a lesson or two about start-up companies. Mike empathically states, "Don't try to get rich quick. Get rich right. Making too much money too soon amplifies bad habits. Do something for society at large and steadily build your company."
He also offers the following top (3) tips when starting your own business:
- Don't bother with a formal business plan. He says they are a waste of time. Instead write your vision of where you want to end up with your company in 10-15 years.
- When starting a business you are better served to know less information about your industry than more. You'll be more inhibited to take chances if you don't over study what you're selling.
- Always lean toward action rather than inaction. Always take a new path by getting in the game and not standing by the sidelines.
Mike Michalowicz is available for speaking engagements, book signings and consulting. His book, The Toilet Paper Entrepreneur, Amazon (http://www.amazon.com/gp/product/0981808204?ie=UTF8&tag=obsidian-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0981808204) is insightful and a refreshing read in this market filled with dull business self-help books. Contact Mike at Mike@ToiletPaperEntrprenuer.com