Entrepreneurs don’t worry about the economy. We have busines to do…
Some excellent writing on entrepreneurship came out in the blogosphere lately.
Check out this brilliant article by billionaire entrepreneur Mark Cuban. Here are some of my favorite quotes:
On why entrepreneurs are the cure for every economic crisis…
Entrepreneurs who create something out of nothing don’t care what tax rates are…The impact of tax rates on productivity and development is something economists masterbate about, enterpreneurs don’t waste their time thinking about it. We have business to do…
On why business plans are bullshit and you shouldn’t borrow money to start a business…
The best businesses in recent entrepreneurial history are those that have been started with little or no money. Dell Computer, MicroSoft, Apple, HP and tens of thousands of others started in dorm rooms, tiny offices or garages. There weren’t 100 page long business plans…
Many entrepreneurs think the next step is to take all this feedback, update their 100 page business plans and go out and raise money. It’s as if the missing link for success in a business is cash to get started. It’s not. Far more often than not, raising cash is the biggest mistake you can make…
There are only two reasonable sources of capital for startup entrepreneurs, your own pocket and your customers pockets. I personally would never even take money from a family member.
Similarly, I enjoyed this post by 7-time best selling marketing expert Seth Godin on why, if you do decide to get a job, you should be very careful about it.
Your boss and your job determine not only what you do all day, but what you learn and who you interact with…Work in a high stress place and you’re likely to become a highly stressed person, and your interactions will display that. Work for a narcissist and you’ll develop into someone who’s good at shining a light on someone else, not into someone who can lead. Work for someone who plays the fads and you’ll discover that instead of building a steadily improving brand, you’re jumping from one thing to another, enduring layoffs in-between gold rushes. Work for a bully and be prepared to be bullied…
There are plenty of books about getting a job, but no books I know of about choosing a job
Until next time, keep breaking free!
Brian Armstrong
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Joey said,
Wrote on October 26, 2008 @ 8:08 pm
I can’t thank you enough for the Marc Cuban quote about business plans. I think that there is a time and place for business plans, but they aren’t always needed, as pointed out in this quote.
I am currently starting up my business which is based on a small idea. I am constantly being asked what else do I plan on doing and what’s next. When I tell people that I’m not sure and that I’m taking thing one step at a time, they look at me like I’m crazy!
Sometimes not having a plan, is the best plan! (I’m sure I owe somebody credit for that quote, but I don’t remeber where I got it.)
Thanks for the post!
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Brian Armstrong reply on October 27th, 2008 3:43 pm:
Thanks for the comment Joey and glad it was timely for you. You are one of the few who “gets it”. Let us know how things progress!
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Caroline typing from home said,
Wrote on October 27, 2008 @ 6:06 am
Joey, I still think it is essential to have some sort of plan otherwise you end up with “analysis paralysis” not knowing what to do. Have a plan so you know what you should be doing every day otherwise you end up wasting time not knowing what to do.
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Joey reply on October 27th, 2008 11:51 am:
Caroline, Thank you for the advice. I couldn’t agree more. I work off of a list everyday, which has the 3-4 most important things to accomplish in order for me to move forward. I prioritize it daily and won’t move on to number two until I accomplish number one. It keeps me focused and makes sure that I am always working on my top priority.
I was trying to convey that sometimes you just have to get up and go for it! Sometimes your plan isn’t going to be perfect or complete, which can sometimes prevent you from ever getting started.
Thank you again Caroline. I appreciate the response.
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Brian Armstrong reply on October 27th, 2008 3:44 pm:
I do the same…I usually have a few ideas floating around my head of next steps to take, or I jot them down as they come to me reading/listening to books speakers.
Then on any given day or week I’ll make a todo list for what I want to get accomplished.
This is much different than a real business plan though. It’s all hand written, just a few sentences, on a yellow legal pad.
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Gopal said,
Wrote on October 28, 2008 @ 12:40 am
It’s nice to know what’s going on in the financial world but I agree that it is exhausting trying to keep up. I stick to staying focused on building my business and keeping my eye on the prize. Control what you can and don’t worry about the rest. The markets will eventually recover. Until then stay the course (as hard as that may be). Worrying will only distract and bring you down. Keep your energy for long-term success. Best, G
http://www.boom.thevfusiongroup.biz
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Lucky said,
Wrote on October 29, 2008 @ 3:30 pm
I love the second quote. People have offered to give me money for some of my business ideas and I turned them all down. I feel that the more dependent I am on myself and the more urgent it is for me to succeed, the better I do.
If you borrow money, you have people breathing down your back, kind of like hiring yourself a boss.
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Brian Armstrong reply on October 31st, 2008 1:39 am:
Oh you mean give you money, as in loan you money. Yeah, I know what you mean…taking it brings on all sorts of worries. You are no longer free, you answer to someone!
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lucky reply on November 2nd, 2008 1:42 am:
Some offer to loan me money and some offer to give me money but there are always strings attached. Even without strings attached though, the feeling of accomplishment after doing something yourself is so much better.
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Brian Armstrong reply on November 3rd, 2008 3:55 pm:
Well said!
Lucky said,
Wrote on October 29, 2008 @ 3:31 pm
Brian… I use a white pad.
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caleb said,
Wrote on November 11, 2008 @ 8:04 am
A lot of “break free” type blogs are quoting Cuban lately, mainly because of his anti-stocks, pro-entrepreneur comments.
However, not everything he says is “in alignment” with the Break Free spirit.
Trying Googling “How to Get Rich” by Mark Cuban, and you will see him denounce credit, leverage, and investing in anything other than CDs. He advocates pinching pennies, giving up that daily coffee, and hoarding your cash in the bank, and your OWN money instead of OPM. Then he’ll tell you to GO GET A JOB for years, even DECADES, before trying to start a business.
Brian, please tell us why Mark Cuban is wrong.
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Brian Armstrong reply on November 13th, 2008 2:45 am:
Hi Caleb, In general I agree with what he’s saying:
http://blogmaverick.com/2008/10/04/how-to-get-rich/
I didn’t see him mention leverage/OPM/etc in that article but if he did say something against it I’d disagree. Leverage/OPM/etc is ESSENTIAL to getting rich, primarily in real estate.
About the job thing, that is a good starting point. If you have zero cash coming in and need something fast, I don’t think you should try to start a business. It’s likely it won’t work. 9 out of 10 of my new business ideas don’t work. So if you are about to starve, I’d say get a job, then work on side projects to start your business, invest, and/or generate passive income. That’s how you can transition out of the job into a REAL life.
I agree with him on saving though. Hope that helps :)
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