Page 36 - The Bootstrapper Bible

ChangeThis This was a cheap business. He could start it for free. But it was a bad business, a business not worth the enormous investment of time and thought it takes to get started. Donʼt fall into the trap of doing the easy business, or the fun business, or the sexy business. In the long run, any failed business, regardless of how cool it seems, is no fun. The Inc. 500 is a list of the fastest-growing small companies in the country—and almost all of them are bootstrapped. Whatʼs interesting is how varied the businesses are, and how boring many of them are. Yet the people who are running them are having the time of their lives. The #1 company on the list makes toothbrushes. Among other companies in the top 25, there is a company that markets clip art, another that performs custodial services for corporations, and a third that markets and distributes vegetables. DO YOU WANT TO BE A FREELANCER OR AN ENTREPRENEUR? As you consider different business models, you need to ask yourself the critical question above. This is a moment of truth, and being honest now will save you a lot of heartache later. The difference? A freelancer sells her talents. While she may have a few employees, basically sheʼs doing a job without a boss, not running a business. Layout artists, writers, consultants, film editors, landscapers, architects, translators, and musicians are all freelancers. There is no exit strategy. There is no huge pot of gold. Just the pleasure and satisfaction of making your own hours and being your own boss. An entrepreneur is trying to build something bigger than herself. She takes calculated risks and focuses on growth. An entrepreneur is willing to receive little pay, work long hours, and | iss. 6.01 | i | U | X | + | h 36/103 f