Tag Archives: entrepreneur ideas

Entrepreneurship Ideas

Entrepreneurship: Should You Quit Your 9-5?

Do you have to quit your job in order to become an entrepreneur? The 40-50-80 theory will help you put things into the right perspective.

If you survey a group of would-be entrepreneurs on what holds them back from starting their own businesses, one of the most common reasons is lack of time. They already work a full-time job, so they don’t think it’s possible to pursue entrepreneurship unless they quit their jobs.

I think a bit of reframing is necessary to dispel this myth that in order to start your own business you have to quit your job first.

So here is my 40-50-80 theory. It says that if you work 40 hours a week, and sleep about 50 hours per week (7 hours per day), you still have roughly 80 hours left in a week left to yourself. Let’s call it YOU TIME. Some of your you time will be spent eating, cooking, running errands and doing other necessary duties, but that still leaves plenty of hours to pursue your entrepreneurial goals.

Entrepreneurship Ideas

80 hours. That’s DOUBLE the average number of hours you spend at a standard 9-5 job. So no, it’s not necessary to quit your job in order to start your own business and pursue entrepreneurship.

Your Current 80 Hours

How do you currently spend the majority of those non-working, non-sleeping 80 hours in a week?

How many hours out of those 80 do you spend watching television?

Playing video or cellphone games?

Going to parties or buying entertainment on the weekends?

Tweeting or reading social media sites?



There’s definitely nothing wrong with some play time, but you have to ask yourself if using the majority of those 80 hours for playtime at this time in your life is the best idea. OR do you make some sacrifices now so that you can play more later (with more cash and freedom).

How to Best Invest Those 80 Hours

Now that you’ve reframed your week a bit, here are some suggestions for how to use those other 80 hours in your week.

– Start writing your business plan outline.

– Listen to motivational and educational audiobooks written by great business minds like Napoleon Hill, Dale Carnegie, Zig Ziglar, John Maxwell and Brian Tracy.

– Spend time practicing your talent, whether it’s art, music, writing screenplays, crafting jewelry, creating designs, speaking or serving customers. In his book Outliers, Malcolm Gladwell theorizes that people who spend 10,000 hours on their talent will MASTER it, so every single hour counts.

– Schedule weekly lunches with a potential business mentor (on you of course).

Join Toastmasters in your area or a similar skill building group and attend at least twice per month.

– Start building social media accounts that are only to be used for business purposes.

– Start building a small, modest yet professional business website where interested parties can contact you.

– Create a money plan and budget that will allow you to invest a portion of your monthly check into your entrepreneurial activities.

These are just a few examples of how you can spend those 80 hours. Start off by investing about an hour or two per day into the things that you really love that could make you a profit, and you’ll probably start to look forward to getting off of work so that you can invest even more time into those things.

In fact, if you put a microscope to your average day, you’ll probably find blocks of time when you can focus on your plans. For instance, if you take a train to work, how long do you spend sitting and looking out of the window each day (back and forth)? What about your down time when waiting for your bacon to fry or egg to boil? Pull out a tablet or an actual pad of paper and start writing down notes and ideas — if only for a few minutes.

Everyone Has Potential But…

I am a firm believer that everyone has a special skill or talent that would make them a good living if they invested time and effort into it. At the very least you can make a side residual income that will be a part of your personal retirement plan for a lifetime and beyond.

BUT not everyone truly WANTS to be an entrepreneur. And that’s okay. If that’s you, then no amount of motivation can make you change the way you use your 80 hours.

On the other hand, if you’re someone who definitely wants to pursue entrepreneurship but just feels a little “stuck,” you have to be willing to put your all into it—that means making some sacrifices and embracing change. Just a small shift in your daily or weekly habits can put you on the road to being a successful working entrepreneur or solopreneur.

The 40-50-80 theory doesn’t apply to everyone—at least not those specific ratios. Your work week, chores and sleeping schedule may be more complex than the traditional 40 hour-work week (especially if you have kids).

But even if your schedule is more demanding than the average 9-5 lifestyle, you can dedicate at least 30 minutes to an hour per day to starting a small business and pursuing entrepreneurship. As you will see in the coming years, now is the best time to get your feet wet in the pool of people who choose to create an income stream for themselves.

Louise Gaillard

Louise is a prolific writer, social media manager and marketing consultant.



3 Totally Doable Small Business Ideas

A lot of people hesitate to start a business because they think they need to invest a whole lot of money and time to get it going. Not so, thanks mostly to the Internet and social media, there are plenty of options for starting a business with a minimal investment. Here are 3 totally doable small business ideas to get your creative juices flowing.

Get Crafty

In the past, the only people who benefited from your creative crafts were your mom and maybe your cat, but now thanks to sites like Etsy, Zazzle and Cafepress you can get “crafty” and make some money in the process. You can sell your creations on a highly trafficked site that gets a lot of attention from the public. A lot of online craft sellers promote their creations on Twitter and other social media sites… and yes, they sometimes make a nice bit of change doing it.

So get crafty and have some fun making some really cute jewelry, home décor, clothes and other items from scratch.

Your investment: the costs associated with the site, which usually include a small listing fee and a percentage of each sale, so yea, basically not much at all. Oh and the investment of your time spending your weekends making beautiful crafts (as if that’s some type of chore! Have some fun with it).

Time for Your Close-Up – Start a YouTube Business

You may be surprised to learn how many people make a nice living from YouTube. With this totally doable small business idea you make money by posting videos that provide information, tips, advice, funny content and other things that people really want to see online. So how do you make money? Google has a program called Adsense where you can run ads besides your videos and make cold hard cash every time someone clicks to your page.

Your investment: the cost of a really good camera (a web camera works) and 1+ hour per day recording videos for posting.

Start a Flourishing Business – $5 at a Time

Another totally doable small business idea for entrepreneurs young and older who are just getting started out is to start a Fiverr business. If you’re not familiar, it’s a site where people can post what are called “gigs” – a service like writing, translation or design – for $5 per gig. You can also sell products on the website, it’s totally awesome and easy to use. There are plenty of resourceful people who have built thriving “Fiverr” based businesses earning a living on the site.

Your investment: none (besides the $1 fee for each completed gig) and your time investment providing the service.

So as you can see despite popular belief, there are ways to start a business without having to invest your life savings or work yourself into the ground. Have some fun with it and remember that when you do what you love, people can tell and they will buy from you. Get started today!



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

How to Find Your Talent – Your Calling

What is your calling in life? How do you find your talent — the one thing that you have a knack for that could make you a lot of money if you set up a proper system to sell it?

But to be clear, when I ask the question, “what is your calling?” I’m not just asking what you’re good at. Everyone has skills in one area or another, but just because you’re good at something doesn’t mean that it’s your calling. You might be good at copying papers, but do you really want to copy papers for a living?

When I ask “what is your calling” I’m asking what do you LOVE to do. That’s what it comes down to — you have to love what you do first and foremost. You can always learn and refine your skills as time goes on.

So what do you love doing? How can you make money from it? Here are a few suggestions for brainstorming and coming up with a good idea:

  1. Take a trip back to your childhood. In elementary school I wrote a little book in one of those small white hard covered books where you can draw a picture on the cover) and also won 2nd place in a statewide poetry content. It wasn’t until 15+ years later that I realized I loved to write and could make a living from it. Think back to what you loved to do when you were a child but may have stopped doing because someone told you you had to be a “grown up” now.
  2. Ask yourself, what would you do even if you weren’t getting paid for it? What are you passionate about? What makes your heart flutter when you even think about doing it?
  3. What do you do on your free time that you really enjoy? Golf? Tennis? Are you the grill master on weekends? Do you love to snowboard? Reading? Start off with your hobbies, activities that you’re knowledgeable about, and then think of innovative products, services that you can sell to other people who have the same interests. Maybe even an online store selling the best stuff or an informational blog on the subject that earns money from clicks.

Start off with these ideas to find your talent. You might have to try a few things until something takes off. If you have to keep working in the meanwhile, no problem; do that, and use your nights and weekends to work on your new business idea.

Whatever you do, don’t give up! Keep pushing forward until you find your calling and can finally say that you love what you do for a living.

 



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Entrepreneur Ideas

Come to this section of StartUpaSmallBiz.com for entrepreneur ideas to inspire you to start your new small business.

An entrepreneur is officially defined as someone who “organizes and manages a business undertaking, assuming the risk to make a profit.” Does this sound like it could be you?

– Do you really like the idea of being your own boss?

– Are you comfortable with the challenges involved in starting a small business?

– Can you handle the pressure involved when starting up a small business and money doesn’t flow in as quickly as you’d like it to?

– Do you have money set aside to invest in your business ideas and pay your bills while setting up your small business?

– Do you like innovating and creating new things?

If the answer to these questions is yes, then keep this page bookmarked for inspiration and useful entrepreneur ideas.

Visit the entrepreneur ideas category page >>



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.