(23-11-2011, 07:27 PM)Thriftville Wrote: Hey greypiggi,
Thanks a lot for sharing your experience!
I can understand that desire to excel... that's the drive that makes you different in the first place... so its not easy to get rid of...
I'm curious like do you find yourself lonely? as in, there are less people who will understand you, or even want to talk to you... because of diff perspective in things.
And how do you manage your wife? unless you found someone who's more accommodating... else its really a chore to find things to entertain her...
Well, I am lucky to have family and wife who are in the business so have full understanding here. Though fight about work. And how can being with wife or family be a chore if you love them?
But for colleagues and staff definitely there is a necessary distance. A CEO is always quite lonely in that sense. But outside, old school friends are always there provided we are conscious of each others life and don't feel superior or inferior. I do know some friends who stay away because of income gap but I try to not show as much as possible.
Also, entrepreneurs do have support groups among other entrepreneurs. There are organizations like young president org , entrepreneur org which allow business owners and CEO to connect and be among peers.
(23-11-2011, 11:27 PM)Big Toe Wrote: Entrepreneurs.
Here's how it works.
1. You better pick something you enjoy doing, or least be very good at it.
2. If your intention is to make lots of money, this path may not be for you.
Money comes naturally once you are good at something. It is a by product.
3. Be prepared to be hands-on at all levels, unless you have ample funding, chances are you have to do a lot of things yourself.
This is where it hurts. When you work in a huge multi-national, you have no bloody idea how the other departments function.
You are too specialized for your own good. The fish monger knows more about running a small business than
finance director of a Multi-national company.
4. Be prepared for no income(if lucky) or negative cash flow for a start.
5. Be prepared to work non stop.
In summary, Point 3 & 4 & 5 will filter the entrepreneur from the worker.
Let's face it, most people are too scared to slog and at the same time have negative cashflow.
Not everyone is cut to be a biz owner. Most folks would be better off working for someone else.
But ironically the riskiest bet may turn out to be the safest bet, why
1. No retirement age.
2. No boss.
3. No politics.(at least when you are around)
4. No retrenchment
5. Sustainable income for a lifetime.(or more)
6. Ability to get rid of people you dislike.
7. Overall happier.(once business is on track)
8. Very short working hours (once business is on track)
Agree with most points except 2 based on my life experience so far.
1) many entrepreneurs always say it is passion and desire to make a difference and prove a point. that is true in many cases. But it is also true we are in it for the money. Almost all the entrepreneurs I know use money as a scorecard to compete against others. It is a way to keep score. And entrepreneurs are almost all alpha males... Winning is very impt to us.
For myself, I competed in terms of net worth and income against fresh grads, then high flyers, then AOs in govt and investment bankers, then top lawyers,ministers, small listco owners and smaller CEOs. Now I am on par at much younger age, I am trying to stop but i am also thinking why not CEO of larger listco and all the 5000-10000 ahead of me in terms of net worth? Right now, my psychology is that it is fine to "lose" to fellow entrepreneurs or 2nd gen of business families... But why should I lose to CEO of capitaland or keppel or the older ministers...I know it is freaking weird but the competition is what drives the performance needed.
That is how intensely competitive many entrepreneurs are and money is the scorecard, so it is super impt.
2) shorter working hours is possible but only if u take yourself out and hire professional CEO. Can happen once u make at least 2m profit and up. Cuz CEO will cost u some 200k and up min.