On this week’s show, Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, founders and co-owners of their own small business, Maximum Value Partners (MVP) address a how question that an avid listener, Jason in New York, emailed them with: How do I know if its is time to leave my day job?
According to Adam, Jason was in a really good situation to even start thinking about leaving his day job to start his own business. “When I talked to Jason, I found out that he was 30-years-old, planning to get married, no debt, had a good steady job and was moonlighting in a business he hoped to start himself, one day,” said Adam. “He also already had his own equipment and a truck.”
“The other part of his background, which he felt was a negative, was the he did not graduate from college.
“I told him that college was over-rated and our experience shows that of those people starting a business, one-third have some college education, one-third have graduated from college and one-third never went to college and went on to start a successful small business.”
Another curious statistic the small business coaches shared is that it is very easy to get a loan for college, but extremely difficult to get one to start a new business… “Which is bureaucratic and ridiculous,“ said Jack.
Many individuals just like Jason, are nervous to take the leap to start their own business because they think about failure and ultimately “living under a bridge in a cardboard box.”
If you have been successful “working for the man” or rather, working for a corporation and then start your own business and it doesn’t work out, there is no reason not to believe that you couldn’t go back to doing a job. Sometimes you have to get out of your own way to go on your own. Just do it!
For more tips and insights on starting your own business and the option of acquiring an established business to make it your own with little or no money down, listen to the August 30 episode of Dirty Secrets of Small Business. Jack and Adam also cover the concept of how to engage with people/other business owners to research the business you want to start plus how to go about taking the leap to get your business up and running.
For more insights contact Jack and Adam directly at firstname.lastname@example.org or 877-849-0670.
Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP or @JackmMVP or @AdamSonnhalter. Listeners can ask questions about their businesses and be part of the show.