I dug this little number out of the archive bin. It was a fledgling post I wrote back in ’07 for my very first blog “Naked Business” but as that blog is long gone now I am stealing it. The old owner was a jackass so he won’t care.
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The Glamorous Life Of A First Time Entrepreneur
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Ferrari’s it is not.
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The glamorous life of a first time entrepreneur usually revolves around being skint, in fact, I would go so far as to say that it is a prerequisite of the job.
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If you happen to be a young first time entrepreneur and you can afford to buy real butter and not the “I can’t believe it’s not butter” variety (my business partner comes to mind here), then shame on you, your letting the side down.
Just think, you will now have to make up vast amounts of your autobiography later on just to make your rag to riches story viable. So with that in mind, I’m going to help you out. To ensure that your future autobiography is a best seller you must right now, and this is important, send me large amounts of your excess cash, the closer to absolutely skint you can get the better. Remember, I am trying to help you. It is important to be in the position where you will do absolutely anything, within humane reason (freelance hit man is not a solution) to keep afloat. And this is why…
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Before you make your millions, and unless your parents are gangsters, you will most likely spend the first months and probably years “tent making,” as some people call it, I prefer the term crying.
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Basically this means making money here and there and when you can so that you can continue to spend as much time as physically possible getting your idea to market.
In the months and sometimes years of developing your first launch product there is absolutely no money coming into the company while grants and loans are ploughed into prototypes, materials, and a team of personal psychiatrists.
On reflection, it’s not all bad; although it is a massive roller coaster ride of ups and downs, highs and lows and if’s and buts. With no real wage, no money coming in from the company and to date no way of living solely on fresh air, you tend to get very creative and very persistent in keeping yourself afloat, two vital traits in being a success in any aspect of life. You also get extremely good at managing your finances, because literally every pound is vital. It means you get to eat, and this is definitely a valuable asset to have.
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Do Not Abandon Ship, Step Away From The Ledge
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All is not bad my friends, these early days are what everyone has to go through and are actually a very productive period, depending on how you look at it. You won’t be able to buy that Ferrari just yet but it will probably mean that when you have enough money to own it you will also have enough money sense to keep hold of it.
By the end of the first year, I can promise you that there is probably not one mindless job, unsocial hour, low paid opportunity or target (sorry, again hit man is not a solution) you have not thrown yourself at passionately. You tend to become the ultimate jack of all trades, and can probably very happily say that you have worked alongside and with a wide range of different people, from all different levels of different companies and work places which has resulted in crafting the person you are today.
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This is the sort of experience that money can’t buy, which is fortunate because you won’t be able to afford it.
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It will also give you a great base understanding of people and situation handling when it comes round to managing your own employees.
So unfortunately the Ferrari is going to have to wait for the moment…but someone had better keep the seat warm.
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Ha! Ferrari.
nuff said.
So close, and yet so far…so really far.
I know a lot of people who do freelancing works while they are building their products. I’m one of them.
I’m developing a web application for bloggers and I’ll start to develop mac os x applications and iphone applications this year. Freelancing is what’s keeping the money coming in for now.
Nice oscar, what freelance work do you do?
Hey thanks for posting this. I still have a year and a half till I graduate, and I’m trying to figure out what to do. I’ve always planned on PhD because it kind of runs in the family, and is kind of ingrained in my DNA, but I feel like I would learn more by studying on my own. Only problems with studying on my own are a lack of funding, I wouldn’t be nearly as well networked, and I wouldn’t end up with any “officially recognized” credentials. I also REALLY dislike grunt-work type work since my mind is always going at a million meters/second.
Phd are a good thing if it is YOUR thing. If it works for you then definitely do it.
Hey Jonny, very well put together post!
It reflects pretty much what I experienced when I started out (and am still experiencing in some areas) and as you say: It’s tough, but it’s not all bad.
I don’t see what you have against freelance “cleaning”, though. Best pay you can get while vertical.
Hi Shane,
It is indeed a right of passage that all budding entrepreneurs need to pass through although I like to focus on freelance bank robbing as it frees up a lot of time to work on “me” projects – very good pay you see.