Monday, September 15, 2008

Preface

I quit my daytime job this year to focus on building businesses. I met a lot of resistance from my family and some friends when I announced that I'd do this. My family said that my education from the finest university in the country might go to waste if I did not practice it and climbed the corporate ladder. My close friends at the office said that maybe I could still do business while I was still working.
I agree that, from the point of view of somebody who has a purely employee mindset, what I did was INSANE since I had to give up the following:
  • 7-months of bonuses (based on my count, but it could not be far from this),
  • Travelling often as part of my work (sometimes I call this vacation while working),
  • Company outings in places where the company spends lavishly on plane fare and 5-star hotel accomodations,
  • Brushing elbows with high profile people and
  • ASSURED SALARY EVERY MONTH
What did I tell them? It varied depending on who asked and how they asked:
  • "I WILL NEVER GET RICH BY PLAINLY CLIMBING THE CORPORATE LADDER"
  • " I AM TIRED OF BEING TOLD WHAT TO DO, HOW TO DO IT, WHEN TO DO IT AND WHERE TO DO IT",
  • "I AM TIRED OF BUILDING ANOTHER PERSON'S (THE COMPANY OWNERS) DREAM"
  • "I DON'T WANT TO WASTE MY TALENT DOING SOMEBODY ELSE'S BUSINESS'

Yes, my motivation in doing it my own included the above, but they're not the main reason. My main motivations are goals such as:

  • Build a business school for the financially challenged,
  • Compose gospel songs and own a record label,
  • Paint on canvass and exhibit them,
  • Design and build a car powered by fuel cell,
  • Write books,
  • Be a public servant ,
  • Travel, in particular visit the Pyramids of Egypt, Jerusalem, the North Pole and Donald Trump's Maralago Estate in Miami
  • Achieving the visions specific to the businesses I got into

I realized that I would not achieve these goals if I was not financially free. And only by having my own (successful) businesses and investments will I be financially free. The only reason why businesses and investments are the way to financial freedom is LEVERAGE. I will not go as far as to explain what leverage is since it is not what this blog is all about. Anyways, upon having that realization, I started attending seminars, read more books, invested in the stock market, started businesses, etc. Until one day I told myself that I should do business full time. I could not exist as both an employee striving for promotion and as an entrepreneur on the way to business success. I had to let go of either one, and that one was my job. So I wrote and submitted my resignation letter (my own DECLARATION OF INDEPENDENCE) and went my way to my journey towards financial freedom.

I am still at the early stages of my journey but let me say that I have already learned so much. It's a different world. In this world I don't talk about pay raises, office politics, HR policies, etc. In this world I get to wake up whenever I want to and go to a coffee shop and say that I am doing some business (when sometimes I just get together with friends I met from business networking sites).

Please bear in mind, however, that a lot of the things I am applying in business I learned from my stint as an employee. So don't ever think I regret having worked for someone else. In fact, I recommend employment as one of the best ways to learn before you jump into setting up your own business.

In this blog I will share my thoughts on doing business and linking it with my own experience. In my next post I will present an outline of the things I wish to discuss.

13 comments:

Archit said...

I saw your comments on my blog and decided to check yours out. Its funny how similar our experiences are. The major difference that makes it very difficult for others to stomach is giving up on an "assured salary every month".

The life of an entrepreneur is challenging and very uncertain. What keeps us going is the knowledge that we are working on building our own dream.

Cheers!

Anonymous said...

I believe it is in everyone's dream to have their own business they can venture in. What's stopping me is having enough capital to start one. I don't have the privilege of having wealthy parents.

Good Luck!

Mistakes are inevitable. Make them cheap and don't blame it on other people.

mia said...

welcome to the club!!! I too quit my job early this year (not on impulse, I had planned for that) and right now living on my emergency fund while working my ass to build my business. It's tough but way more rewarding than working for someone else.

Billionaire Next Door said...

I will be tackling that issue of wanting to venture into business but not having enough capital in some of my succeeding posts.. In a nutshell,I would like to share that it you don't need money (at least your own) to make money. OPM (other people's money) and OPT (other people's time) are two of the jargons you should learn by heart when you are an entrepreneur..

Cheers!

Billionaire Next Door said...

Thanks for welcoming me Mia.. We are similar with respect to the fact that I am also living on my emergency fund.. I hope you and Archit can also share your own experiences here for the others and me. =)

Willy David Jr said...

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I personally invite you to our 3-day Free Entrepreneurship Course. For more info, just drop me an email at willy.david@createabundance2020.com. See you soon. Thank you.

egarayblas said...

I wish you luck in your new venture! I'm an entrepreneur as well and I had the same experiences with you when I quit my day-job 5 years ago. I'm now a proud owner of a small local IT/software company and I could never be happier than how I feel right now. I've been evangelizing entrepreneurship for the past 2 years and though its very rare, its always great to see people like you who are determined to achieve their dreams. God bless! :)

Billionaire Next Door said...

To Eric Gabaylas:

Thanks for your comment. It's good to have a Bill Gates here in our community. I hope you can pour out your thoughts and share to us your own experiences when you started your software company (youve got very cool products there).

Billionaire Next Door said...

Sorry Eric for mispelling your surname.. It's supposed to be Garayblas

ace said...

As a budding entrep like me,it's nice to hear these encouraging words! I am sure I will be learning a lot from you guys!so please count me in!

Richard DLC. Gonzales, Ph.D. said...

It was nice to know and meet people like you who start from small but dreaming BIG! Yes, sometimes we think that having an assured monthly paycheck is better than taking the risks of not getting any profit from a business venture that we put up. But then, you realize that having a stable job dampens your creativity and vision as a person! Choosing to quit a job and opting to be on your own is a challenge indeed!

Tim said...

Hi there guys!

As a wealth creation coach myself, I am very happy to see another group of people trying to help out the world.

Entrepreneurism is the key to a better future and helping others achieve their dreams is a major contribution to this team.

It would be interesting to see what would happen if we combined trainings (which you may want to explore!).

By the way I do have one question: Are you a millionaire?

Look forward to possible collaborations with you. Check out one of my blogs at How to make money without money and I wish you every success.

Say yes to success!

Tim

Billionaire Next Door said...

Want to ask me personally? :)

You can email me at pinoy.entrep@gmail.com if you wish to collaborate on something since i see that you're a wealth creation coach. i think you'd be interested