I've said for a long time that being employed and self-employed are often more similar than being self employed and being an Entrepreneur.
A person who works for a bank writing mortgages, and a person doing mortgages while working for themselves are similar. Working as an accountant for a large company and working as an accountant doing accounting for several companies are very similar. Across almost any industry this concept can be applied. A worker cuts the hassle and overhead of a boss - and provides similar or the same work product while being their own boss. For those used to having jobs or a steady income this might seem a lot like entrepreneurship - and in some circumstances it can be. As an Entrepreneur I find less in common with many self employed individuals than with executive level employees.
Entrepreneurship is RISK - and often won't endear friends and family.
A possible definition for a true entrepreneur may be "one who risks". Of course in any job and in life there is risk. Risk of being fired or laid off, opportunity costs, etc. These risks whether seen or not seen are "part of the deal". In addition an entrepreneur risks capital, time, reputation, and failure. With these risks come other risks - such as being personally attacked, accused or sued for the result of the endeavor. Become too successful and be sued. Don't make enough money and get sued. A common theme in my discussions with many true entrepreneurs is the inevitable criticism - often from friends and family - of the undertaking. The criticism comes in the form of warnings before the endeavor begins - and "I told you so's" at the end - unless the venture is successful - and all too often if it is successful there is jealousy and criticism... "I thought of that first" or "anyone could do that" or "it will never last - just a trend".
This post isn't about Entrepreneurship - but dedicated to how to manage the RISK
One of the great and important truths of life is to remember that no matter how good - or bad things get - they won't stay that way for very long. I've benefited from several times of abundance in business ventures - and felt the pain when the market turns quickly. I have to learn to understand and heed the signs. Creating the correct legal structure for a venture from the beginning is one of the most important ways to protect against dramatic market turns or other events that can bring a successful venture to its knees. After the structure is in place - business owners should strictly follow a set of protocols to ensure the legal structure is enforced.
I've decided to create STORM HOLD - a company dedicated to educating and advising Entrepreneurs on creating and following the correct legal structure to protect against the storms that can come. We offer advise covering the topics of Asset Protection, Corporate Accountability & Structure and Insolvency.
I continue to invest as an investor in new businesses and ideas and look forward to the opportunity to share the lessons I've learned.