• Co-worker had his own business, would rather work a job

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    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/20/2017 01:42 PM - Hide
    • Yup. Works out that way, sometimes. I started a small biz, it didn't do much of anything, decided to look for work.

      Problem is that once you've had your own business, even for a month, you're pure poison to employers.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/20/2017 01:49 PM - Hide
    • I have a w-2 main gig, several 1099 side gigs, and a small LLC.

      Each has their pluses and minuses.
      The w2 is steady and has bennies. But the office politics, daily grind, nonsense is the sucks
      The 1099 is fun, fresh, and drama free since I'm not there permanent. The bad is no stability, no bennies, and crappy weekend and night time hours.
      The LLC is unique. I created it and I love it. But it is a huge time sink before you start to earn. And when it gets big you start to lose control.

      My advice- do all 3 plus invest for growth and passive income.

      If you were a caveman you'd hunt trap fish raise animals forage and plant. Do the same in the modern world. The more income streams you have the better. Options mean alot when the economy sours
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/20/2017 01:50 PM - Hide
    • . posted:
      Yup. Works out that way, sometimes. I started a small biz, it didn't do much of anything, decided to look for work.

      Problem is that once you've had your own business, even for a month, you're pure poison to employers.

      Keep a w2 while you grow the business
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/21/2017 12:19 AM - Hide
    • . posted:
      Yup. Works out that way, sometimes. I started a small biz, it didn't do much of anything, decided to look for work.

      Problem is that once you've had your own business, even for a month, you're pure poison to employers.

      That's what he did. He did it on the side, might have done it full time but I didn't really ask him
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/21/2017 10:57 AM - Hide
    • . posted:
      . posted:
      Yup. Works out that way, sometimes. I started a small biz, it didn't do much of anything, decided to look for work.

      Problem is that once you've had your own business, even for a month, you're pure poison to employers.

      Keep a w2 while you grow the business

      he did
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/22/2017 11:04 AM - Hide
    • bump
    •   [ Quote ] | [ Quote All ]
    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/22/2017 12:46 PM - Hide
    • . posted:
      Small businesses are shitty customers. They don't have any money. He picked the wrong market.

      +1
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 12:27 AM - Hide
    • Why'd you people quit responding to this good thread?
    •   [ Quote ] | [ Quote All ]
    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 12:45 AM : Edited 03/23/2017 12:48 AM - Hide
    • In late 1999, I quit my 6-figure job with a big multinational corporation, and invested all my time & money into a dotcom startup business.

      Biggest mistake of my life. I lost everything.

      By 2004, I was completely broke, I could no longer get back into my old industry, headhunters were no longer returning my calls (they were worshipping me non-stop in 1999), my girlfriend dumped me for being a loser, and I was suicidal.

      My view is: When you're young, stack your resume with prestigious corporate names, and continue to climb your way up the corporate ladder. Try to do the entrepreneurial stuff as a side thing. Maybe do it on nights & weekends. Don't quit your prestigious corporate job until your side business really starts taking off.

      Remember, a guy can easily spend years 22-40 working a high powered job at a big name firm like Microsoft, Goldman Sachs, Skadden Arps, McKinsey, etc, and then switch to entrepreneurship. But the reverse is nearly impossible. It's generally a one-way trip, so don't casually walk out the door, thinking you can always walk back in.

      If you spend a several years as an entrepreneur, and it doesn't work out, big corporations will no longer want you for executive-track jobs. They don't want to risk investing their time & resources training someone to be a future CEO, only to have him leave again to startup his own VC-funded company that will crush the old dinosaurs.
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    • SamLowrey
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:09 AM - Hide
    • If you are the one turning gears then you are still pretty much an employee but with a lot more other stuff to deal with. It might be better but might not. Depends on how fat and easy your market it.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:21 AM - Hide
    • . posted:
      In late 1999, I quit my 6-figure job with a big multinational corporation, and invested all my time & money into a dotcom startup business.

      Biggest mistake of my life. I lost everything.

      By 2004, I was completely broke, I could no longer get back into my old industry, headhunters were no longer returning my calls (they were worshipping me non-stop in 1999), my girlfriend dumped me for being a loser, and I was suicidal.

      My view is: When you're young, stack your resume with prestigious corporate names, and continue to climb your way up the corporate ladder. Try to do the entrepreneurial stuff as a side thing. Maybe do it on nights & weekends. Don't quit your prestigious corporate job until your side business really starts taking off.

      Remember, a guy can easily spend years 22-40 working a high powered job at a big name firm like Microsoft, Goldman Sachs, Skadden Arps, McKinsey, etc, and then switch to entrepreneurship. But the reverse is nearly impossible. It's generally a one-way trip, so don't casually walk out the door, thinking you can always walk back in.

      If you spend a several years as an entrepreneur, and it doesn't work out, big corporations will no longer want you for executive-track jobs. They don't want to risk investing their time & resources training someone to be a future CEO, only to have him leave again to startup his own VC-funded company that will crush the old dinosaurs.

      What percentage of the population works at those big name companies you mention?

      So corporate stooge > entrepreneur? IT people are NEVER considered for executive track jobs BTW.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:32 AM - Hide
    • . posted:
      Small businesses are shitty customers. They don't have any money. He picked the wrong market.

      Very true.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:35 AM - Hide
    • Pros and cons, as the other poster said. I got a slightly different take.

      Employee: Steady paycheck, but dealing with irrational bosses and coworkers.
      Self-employed: Freedom and complete control, but motivation is easily lost and cashflow is a problem.
      Business owner: Power and freedom, but cashflow is always a problem, and you have to deal with shitty and irrational employees and customers.

      It's just whatever makes you happy. There's less difference between the options than it seems. The grass is always greener.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:36 AM - Hide
    • . posted:
      So corporate stooge > entrepreneur?

      Here's reality: 80% of small businesses fail within 5 years.

      .
      If you're an average Fortune 500 executive..

      - You will almost certainly become a multimillionaire.

      - You will work on the biggest deals in the world, the ones that make the front page of the Wall Street Journal.

      - World leaders, billionaires, and CEOs around the world will return your calls.

      - Attractive women will want you.

      .
      If you're an average entrepreneur..

      - You're lucky if you don't lose all your money.

      - Nothing you do will make a difference in this world, or make the front page of the Wall Street Journal.

      - World leaders, billionaires, and CEOs around the world will not return you calls, because they've never heard of your firm.

      - Women have never heard the name of your firm.

      .
      Lots of people go into entrepreneurship thinking that they're the next Bill Gates or Steve Jobs. But that wishful thinking is like the millions of black kids who think they're going to be the next Michael Jordan or Jay-Z. Only a tiny percentage are going to make it big as aspiring athletes & rappers. The rest will go nowhere.

      This is increasingly true in the hyperfast globalized world. Gone are the days where you could start a small town general store, and slowly build a stable life. Today, entrepreneurship is all about getting big fast, or die trying. If you don't get big fast, you will get crushed by established giants (Walmart, Home Depot, Apple, Microsoft), VC-funded startups (Uber, AirBNB, TaskRabbit, etc), or robots/automation.

      So my advice is to keep the big name corporate 6-figure job, and do the entrepreneurship on the side. ONLY leave the corporate executive track when your side business is really taking off, or you have a few million in your pocket.

      That way, you have the stability & prestige of the big name firm, you will become a millionaire with certainty, and you can still gamble a bit with the upside without needing to bet the farm.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:40 AM - Hide
    • . posted:
      Pros and cons, as the other poster said. I got a slightly different take.

      Employee: Steady paycheck, but dealing with irrational bosses and coworkers.
      Self-employed: Freedom and complete control, but motivation is easily lost and cashflow is a problem.
      Business owner: Power and freedom, but cashflow is always a problem, and you have to deal with shitty and irrational employees and customers.

      It's just whatever makes you happy. There's less difference between the options than it seems. The grass is always greener.

      So basically you're screwed either way
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:41 AM - Hide
    • . posted:
      IT people are NEVER considered for executive track jobs BTW.

      1) IT firms have plenty of executive track jobs for IT people. I have friends who are executives at VMware, IBM, Accenture, etc.

      2) Most Fortune 500 corporations have CIO/CTO jobs, and lots of executive track jobs underneath him.

      3) I know IT people who made millions at quant hedge funds & high-frequency trading firms. Some quant nerds even become billionaires.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:41 AM - Hide
    • . posted:
      Lots of people go into entrepreneurship thinking that they're the next Bill Gates or Steve Jobs. But that wishful thinking is like the millions of black kids who think they're going to be the next Michael Jordan or Jay-Z. Only a tiny percentage are going to make it big as aspiring athletes & rappers. The rest will go nowhere.

      Same thing with corporate employees. A very small percentage will be an executive or CEO
    •   [ Quote ] | [ Quote All ]
    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:42 AM - Hide
    • . posted:
      1) IT firms have plenty of executive track jobs for IT people. I have friends who are executives at VMware, IBM, Accenture, etc.

      2) Most Fortune 500 corporations have CIO/CTO jobs, and lots of executive track jobs underneath him.

      3) I know IT people who made millions at quant hedge funds & high-frequency trading firms. Some quant nerds even become billionaires.

      Again a tiny percentage will become executives.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:48 AM : Edited 03/23/2017 01:48 AM - Hide
    • . posted:
      . posted:
      Lots of people go into entrepreneurship thinking that they're the next Bill Gates or Steve Jobs. But that wishful thinking is like the millions of black kids who think they're going to be the next Michael Jordan or Jay-Z. Only a tiny percentage are going to make it big as aspiring athletes & rappers. The rest will go nowhere.

      Same thing with corporate employees. A very small percentage will be an executive or CEO

      Everyone in my extended family was a millionaire by age 60.

      NONE did it through entrepreneurship.

      They worked regular wage jobs as doctors, lawyers, scientists, engineers, bankers, invest their money for the long-term, and were able to support a wife & kids, and send all their kids to college, med school, grad school with no debt.

      You don't need to be a billionaire to have a good life. For most people, happiness will come from having stability & financial security for their family.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:52 AM - Hide
    • . posted:
      So basically you're screwed either way

      That's life. :lol:
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    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:55 AM - Hide
    • . posted:
      He ran his own business developing websites for small businesses. Says it wasn't all it was cut out to be and is happy with a steady FT gig.

      I found that interesting as I was thinking about starting a similar type of business.

      That's not really being an entrepreneur in the real sense. He was just providing an individual service to various clients rather than just one. Not a huge difference from being in a job. A real business would be if he was hiring a crew of people to do this and he had a whole web service agency. Then maybe. Even better if he created a product he was trying to sell.
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    • .
    • Fscking Moron
    • Re: Co-worker had his own business, would rather work a job
      Posted 03/23/2017 01:56 AM - Hide
    • . posted:
      Same thing with corporate employees. A very small percentage will be an executive or CEO

      If you stick around, you will.

      What I do know is that if you QUIT, then you definitely won't become an executive or CEO.

      My point: Don't quit the high paying Fortune 500 executive track job track until THEY FORCEFULLY PUSH YOU OUT.

      If you are in a good spot, don't fucking move unless you have something better locked up.
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