Kevin's Case Study #10 - When to become an entrepreneur?

[Kevin Lee]

I thought a popular question to ask would be: When is the best time to become an entrepreneur?

In fact, does such a time even exist? Is it when a person has an idea, enough money, just finishes college, lost a job, retires, kids move out, is single, etc...or is everyday a good opportunity?

[GT Bulmer]

Hi, Kevin:

I don't know if there is a "standard" best time to become an entrepreneur. The "best time" to do it will be relative to the individual.

However, I do believe that the moment the first thought of entrepreneurship enters a person's mind, that is the instant they should begin researching the possibilities and the requirements. I don't recommend that they should jump into it - just start researching and gathering the info necessary to help them eventually make an educated and informed decision.

GT

[ideasuniversity]

When the bug bite you. A lot of successful entrepreneurs started in their teens or at school. Selling sweets to fellow students or lemonade to firends in the neighbourhood.

[GT Bulmer]

When the bug bite you. A lot of successful entrepreneurs started in their teens or at school. Selling sweets to fellow students

... or lemonade to firends in the neighbourhood.

Ah ha, IdeasU, you must have read my moderator profile!

I agree with you that the entrepreneurial bug can bite you at any stage in life. Could be as a child. Could be as a senior ... or anywhere in between. It's never too early or too late to start the research and testing and pursue the interest.

GT

[Kevin Lee]

If you just lost your job or took a serious pay cut due to the current state of the US economy... would now be a bad time to start a small business?

Or would that just depend on the industry you're looking to get into?

Thanks

[Kevin Lee]

Ah ha, IdeasU, you must have read my moderator profile!

I agree with you that the entrepreneurial bug can bite you at any stage in life. Could be as a child. Could be as a senior ... or anywhere in between. It's never too early or too late to start the research and testing and pursue the interest.

GT

Hi GT,

I'd also like to ask everyone:

1.) How old were you when you started your first entrepreneurial venture?

2.) How old were you when you started working for yourself full-time? And if you don't mind sharing... what kind of 9-5 job did you leave behind in the process?

[David Hurley]

Hi Kevin,

1. My first full time business was right after graduation. I accepted a government enterprise allowance grant and set up a typing service mainly for student essays. I invested in a daisy-wheel electronic typewriter with a SCREEN (wow) that was big enough for about 30 characters. I had to catch typos very quickly to correct them before the daisy wheel spun into action!

I used to cycle to students' flats have a cup of tea and a chat, take away the hand written essays and blast away on the typewriter. In some cases where the deadline was very short I offered an emergency typing service and would strap the typewriter onto my bike and go and do the typing/correcting at the student's flat.

This was a great way of extending the indolent lifestyle of a university student by another couple of years - and get paid by students and govt. for the privilege!

2. A few years ago I went from being a teacher at a private English language school, with a few moonlighting private contracts on my books, to a 100% freelance teacher. So much better!

I now teach at a women's university on Fridays, a nursing college on Wednesdays, at three different community centres on other days, plus a few private students. I teach English conversation, presentation skills, TOEFL exam preparation... I also teach "English in History" to a Japanese doctor - very entertaining lessons, which extend WAY beyond the agreed 60 minutes!

Apart from that I do consulting work for a charity and sometimes for businesses. On Friday afternoons I head off campus and run a unique "English Mahjong" class - er yes, I get paid to play mahjong, and if I win I get paid again (of if I lose, I give back my lesson fee!)!! Alongside that schedule I take on editing/translating/transcribing work. I also run my online businesses, Japanese-Games-Shop.com, and am building what will eventually become my main line of business at Grasp-The-Nettle.com (Internet marketing training and resources).

I think that covers the main points!

When is the best time to go into business? Right now, during a recession. People have many needs during a recession that you can cater to. And if you go under, well it IS a recession after all! And if you survive, you will be in a great position when the good times come back.

Cheers,

David H

[TannyL]

I agree, that bug has to bite you

I was thinking about an online business on and off for almost 6 years, I just didn't know where to start, how to start, was afraid of getting scammed.
But i changed as a person over the years, didn't want to tie myself to a job, looked for financial opportunities and then started to think about my own business and then i felt the bite.

Why didn't I do it sooner?

[Kevin Lee]

I agree, that bug has to bite you

I was thinking about an online business on and off for almost 6 years, I just didn't know where to start, how to start, was afraid of getting scammed.
But i changed as a person over the years, didn't want to tie myself to a job, looked for financial opportunities and then started to think about my own business and then i felt the bite.

Why didn't I do it sooner?

Hi Tanny,

But how do you know if it's a "bite" or just a "nibble"? For example, a person can have many cool business ideas that pass through his/her head, but how does one know which one to pick and go deep with?

[TannyL]

I agree, that bug has to bite you

I was thinking about an online business on and off for almost 6 years, I just didn't know where to start, how to start, was afraid of getting scammed.
But i changed as a person over the years, didn't want to tie myself to a job, looked for financial opportunities and then started to think about my own business and then i felt the bite.

Why didn't I do it sooner?

Hi Tanny,

But how do you know if it's a "bite" or just a "nibble"? For example, a person can have many cool business ideas that pass through his/her head, but how does one know which one to pick and go deep with?

Hi Kevin,
It started as a "nibble" but is was very itchy and it grew, I knew for sure I wanted my own business, I looked for offline business opportunities and had many ideas, but no money to start one, and then i remembered a friend talking about working online, I tried a few things, but had no one to guide me, and then, I found PIPS and I knew, it just felt right.

Sometimes you have to go with your instincts, open your eyes and see the things in front of you, I did, and I am happy to say I made the right choice.

When the time come you feel it, and it apply on any life aspects not just business, follow your heart, think with your head!!

[mbrand2222]

For me it should have been when I started my teaching career right out of college. It wasn't long before I realized I wanted to be on my own schedule and do my own things, so I just dabbled in businesses here and there until I couldn't stand it any more so I got out of teaching. I still miss the kids, but not the paper work and tracking we had to do. I'm really glad I left though. I would have never experienced some of the things I've gotten to experience as a result of doing my own thing. If you have it in your blood.....I say start soon or it will always be there haunting you.

[MichelleJ]

I got tired just reading all the things that David does.

I first started my own business working from home as a hairdresser after my first child was born. I was about 23 then. Did that for a number of years and then went back to work after doing a bookkeeping course and worked as a bookkeeper and then a credit manager. Always with the view of one day working for myself. Six years ago I gave up my job and started freelancing as a bookkeeper and I have a few clients for whom I work ( I do this mostly from home) I also began an MLM business in health products and then moved into internet marketing, and this I truly enjoy. I also love the freedom of working for myself. I think that was always the biggest draw card for me.

MIchelleJ

[Kevin Lee]

For me it should have been when I started my teaching career right out of college. It wasn't long before I realized I wanted to be on my own schedule and do my own things, so I just dabbled in businesses here and there until I couldn't stand it any more so I got out of teaching. I still miss the kids, but not the paper work and tracking we had to do. I'm really glad I left though. I would have never experienced some of the things I've gotten to experience as a result of doing my own thing. If you have it in your blood.....I say start soon or it will always be there haunting you.

Hi Mary,

Did you ever think of opening your own private school or tutoring business after quitting your teaching job?

[mbrand2222]

Hi Mary,

Did you ever think of opening your own private school or tutoring business after quitting your teaching job?

Kevin,
Yes I did. But I wasn't sure I wanted my business centered around kids. I almost needed a break from them at that point, and there were already several franchised tutoring businesses in the area. I didn't want to start something I really didn't have my heart in.

[Kevin Lee]

Kevin,
Yes I did. But I wasn't sure I wanted my business centered around kids. I almost needed a break from them at that point, and there were already several franchised tutoring businesses in the area. I didn't want to start something I really didn't have my heart in.

Thanks for the insight Mary as I've been considering starting my own private tutoring business on the side. At the moment, I work for a privately owned school, but on occasion, I've tutored some students here and there. The hourly pay for private tutoring can be great, but I know what you mean about kids being exhausting to devote your energy to.