109 - Being an Entrepreneur
I had lunch today with my friend Sam. She recently quit her job with a large company to strike out on her own. She has always been an entrepreneur in small ways, but she decided to start her own business. The start-up she launched provided technology consulting services for small- to medium-sized companies.
At first, she considered becoming partners with one or two of her co-workers. She wasn't sure if she could raise the seed money she needed for the start-up costs. But, she was able to raise the capital by taking on a silent partner, her uncle who had a lot of investment capital but didn't want to be involved in the day-to-day operations of a business now that he's retired.
One way that Sam is able to cut down on overhead is to make this a home-based business. She converted her garage into an office where she and her employees could work. Since most of the work would be done on site at her client's office, she didn't need a lot of office space.
I asked Sam if she was nervous about quitting her job to start her own business. She said that it's a big risk but that she was looking forward to the challenge. If she fails, she said, she can always audition for American Idol. Well, I thought, I've heard Sam sing. I really hope her business takes off!