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Taking the Plunge
Wealth, Freedom and Fulfillment of Owning Your Own Business
by MIKE O'DONNELL

When I launched StartUPbiz in May of 1997 I wrote, "One day everyone will have their own business. They will BE the business, trading on their knowledge, skills, and talents." Not even I realized how fast the future would arrive. It came with the Dotcom explosion and, oddly enough, gained momentum with its subsequent implosion. More people are striking out on their own now, than did to jump on the Internet bandwagon.

Startups thrived in the 1990's because of an abundance of money and new opportunity. They are thriving in the 2000's because of the scarcity of venture capital and the lack of good corporate jobs. The common denominator is still opportunity. And increasingly, the startup phenomenon is being driven by people's desire to have more freedom and fulfillment in their lives.

In his best selling book, Free Agent Nation, Daniel Pink cites 33 million free agents in America. He classifies them as "soloists," "temps," and "micro businesses." He predicts their ranks will grow exponentially in the next ten years to two in every four workers. In fact, he writes, "fewer than one in ten Americans work for a Fortune 500 company today."

In their book, The Millionaire Next Door, Thomas Stanley and William Danko reported that self-employed people were four times more likely to be millionaires than those who worked for others. The book, Rich Dad Poor Dad illustrates why this is true. Most people work for everyone but themselves. There is a big difference between your profession and your business. One of the lessons that Robert Kiyosaki and Sharon Lechter teach in the book is to build assets by having a business that does not necessarily require your presence.

What's wrong with this picture? Wealth. Freedom. Fulfillment. It just can't be, right?!

One of the biggest myths about startups is that most of them fail. Nonsense! Most morph into other businesses or close down intentionally (and usually profitably) to get on with the next gig. Think of the Hollywood model. People form partnerships or small companies to write a script, compose music, or produce a movie or play. Then they disband.

It is understandable why government bean counters who don't have a clue about how the new economy really works, would conclude that they were all failures. They look at the companies who had a business license and filed taxes one year, then see that those companies closed down a year or two later. They count them as business failures. Ha! They are not business failures. They are completed projects. Many of them made a lot of money for the principals.

Netscape is another kind of example of how the new economy works. The company came into existence, employed 3,000 people, had the biggest IPO in history at the time, created lots of new wealth for those involved, then went out of business -- all within three years. Was Netscape a company or a project? There are a lot of other examples like this one. Even the companies that were considered a "bust" made money for some of the people, were a lot of fun to work with, and spawned new innovations.

Don't let fear and ignorance stop you from becoming the person you want to become. Do the work you want to do. There is no longer any separation between work and home, career and personal development. What you do, how you spend your life, is an extension of who you are. We hope that you will find within these pages the know-how, tools and contacts you need to "own" yourself and your livelihood. God speed.
 

 

 

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