Second *Five Reasons for Startup* Installment Covers Money

The Lottery, Your Career, Investment vs Revenue, Foundation First, Don't Blow It

1.19.17

In this latest installment of this final series "Five Reasons for Startup" on Teaching Startup, I tackle money. Cold hard cash. It's a legit reason for becoming an entrepreneur, and it can actually be a pretty wise decision provided you know what you're getting into. I cover all of that in this piece.

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Five Reasons for Startup: Wealth

Let's talk about money. A lot of money. Big money. The root of all evil.

So you want to get into startup for the money. I get it. I'm not going to waste your time debating the merits of capitalism, morality, ethics, or throw a bunch of biblical tales at you. I actually admire your ambition. But there are some things you need to know.

Wealth is a legitimate reason for becoming an entrepreneur. As I discussed in the last installment, startup is full of unlimited possibilities, and in a lot of ways, startup makes it easier to get to where you want to be financially, once you throw out the conventional timetables and status symbols of the traditional American dream.

On the other hand, it's never easy to make money with startup, especially at first. Because unlike the corporate path, your mistakes won't get covered, you can't coast, and there's no large organization to get your back when your own personal results flag or you hit a slump.

And it's expensive to get your business to a point where the money coming in is both recurring and something you can count from month to month and year to year. That expense equates to either money out of your own pocket (or someone else's pocket who you'll have to repay before you get paid), or time, during which you won't be getting paid very much if at all.

But except for those two points on the near and far end, the rest of the Wealth equation for startup looks a lot like the Wealth equation for anything else. Work hard. Be frugal. Plan right. And if you're chasing startup only to chase Wealth, I mean, if you're chasing anything only to chase Wealth, you're probably headed into a world of hurt.

So don't do that.

Being an entrepreneur is not a lifestyle choice or a hobby, it's a career. There are just as many responsibilities, headaches, heartaches, and pitfalls as a corporate career. There are, however, a plethora of reasons why everyone should try startup at least once in their life. Here are some of those reasons, and yours might be totally different.

read the rest at: http://teachingstartup.com/five-reasons-for-startup-wealth.asp




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