Posted on 02/24/2009 9:45:37 AM PST by giant sable
The passage of the $787 billion stimulus bill has so far failed to stimulate anything but greater market pessimism. This suggests to us that the strategy behind the American Reinvestment and Recovery Act is wrong -- and worse, that the weapons it is using to fight the recession are obsolete.
(Excerpt) Read more at online.wsj.com ...
I understand where he's coming from, but.....
And I have a private business myself...and do some financial / investing stuff to boot on my own.
That being said...I am also employed 36 hrs a week by a corporation.
My point was...and remains..that one CAN work for someone else...and have VERY good things happen to them.
His comment that "NOTHING GOOD" can happen....is the bone that stuck in my craw....
FWIW-
The poor teach their children to be good employees. The rich teach their children to be good employers. :)
I am actually self-employed, thank you very much. And have been for many years. So, I know the pitfalls probably better than anyone on this thread.
If you had come on the thread and aid, “I have an idea for a new hand truck that doesn’t tip over and has a new type of brake...” or “I want to license/market a line of t-shirts of cities/towns with strange names and reputations” or a line of electronic sports clothing, then you might have been on to something.
However, just to say, “I’m smart and willing to work hard at something” isn’t even the ante to get in the game.
The key is “passion”. Find something you enjoy doing and develop a plan to make money doing it. It does not matter whether it is being done by 10 people or 10 million people — if you are determined you will find a way to make it.
It is better to leverage resources than be leveraged as a resource.
The reality is even more simple: From the moment we enter the workforce, we’re working for ourselves, even if there’s a corporate name on the paycheck.
As Adam Smith said, “nation of shopkeepers.” If you can get a better job across the street, then take the job and take along the contacts as well as the expertise gained in the current job.
And I generally shy far away from that "never" word. LOL
I know, many people that have done very well for themselves working for others....
Maybe it all depends on the word "significantly"...Ha!
Hey it's alright....Like I said, I understand your stance, I just disagree with your "rules".....
Fair enough?
Passion is a key ingredient. It’s what sustains the self-employed during those 100 hour work weeks when they are $300k in debt and the creditors are calling.
Black market profiteering via cigarettes, ammo, guns, salt, sugar, alcohol all come to mind...(chuckle)
'- Eliminate payroll taxes, which unnecessarily burden young companies. Many small companies don't hire full-time employees because of the payroll tax burden, and this inhibits the creation of new jobs.'
Any and all cutting of taxes greatly impedes the goals of Marxism and Government domination. And you can surely bet this Administration will turn a blind eye and deaf ear to this great OP-ED.
Oh no! Better read this carefully before you go any further.
(Lest you question the author of this website, he is a much more impressive individual than Kiyosaki.)
Don't want to be discouraging but I agree. Having your own business sounds wonderful but even in good times it's a stressful situation on everyone.
My husband and I owned a small business and the more successful it grew the more headaches we had to deal with.
The day we sold was a total relief.
We invested in the market with our hard earned profits of 40 years only to see 30% disappear in less than 3 months.
Luckily we have no debt, all our children are out of college with families of their own and we have cash to hold us over in our “lifestyle” for two years.
Stay where you are for now and see where the economy will be in another year. Small businesses run America, but right now Government is running small businesses.
JMHO
I don’t believe that people understand the enormous risks inherent in running a small business. The vast majority of them fail, leaving the owners in financial ruin. I’ve seen business owners mortgage their homes, trade down in cars, spend the kids’ college money and borrow from relatives to get a business off the ground.
It is true that risk takers built this country, but you never hear about all the guys who failed. It’s like acting, everybody wants to be a movie star, but they don’t realize that at any given time there are fewer than 200 movie stars in the public eye...out of 2 million actors.
Weapons aren’t obsolete.. They never worked any time they were tried.
My advice would be to see if there is anything you can do on the side while you continue to pay your bills with your current income. This is how I started a small company that deals in real estate development and property management. It took a while to get it off the ground, but I'm at the point now where I could probably launch a full-time career in it if I weren't getting paid so well at my "regular" job.
He then talked about entrepreneurship and the personality type that is suitable for it. Most people will try for the big score, risks everything, and fail more times that they succeed. The successful entrepreneur takes measured risks and builds upon each small success. It made a big impression on me, I was one of those trying for the long range glory.
I think durasell's advice is good, keep your job, but keep your eyes open and develop a sideline. Don't risk too much of your family's well being in one shot. Start thinking like an entrepreneur and look for opportunities. Most successful small business people that I've met are always noticing opportunities that come their way, however small. It's a mindset. Start small, learn, take measured risks.
I think durasell’s advice is good, keep your job, but keep your eyes open and develop a sideline. Don’t risk too much of your family’s well being in one shot. Start thinking like an entrepreneur and look for opportunities. Most successful small business people that I’ve met are always noticing opportunities that come their way, however small. It’s a mindset. Start small, learn, take measured risks
Naw, quit the job in midweek in a spectacular fashion, then make the announcement to the family during some holiday gathering. For added entertainment value, do it in front of your in-laws.
Then use part of the seed money — borrowed from in-laws — to dress the part. $3,000 suits, a $60,000 car and business cards with your name and the title: Entrepreneur X-Treme
LOL, that’s funny because I’ve seen it done. People burning through OPM like they where launching a Saturn V.
I’ve seen it done, too.
However, the truth of the matter is that I’ve seen complete screw-ups succeed without a plan, but a real passion for the work. And, I’ve seen highly-disciplined, smart people go done in flames with a small business.
Only in retrospect do these successes and failures make sense.
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