How Not to Be Another Broke Entrepreneur

Technology Entrepreneurs who are broke

There are tons of absolutely broke dreamers out there, and hopefully I’ve moved in the right direction over the years. I have definitely learned a few things along the way, and I’d like to share a few in hopes of saving at least one person from wasting at least one hour of their life.

Ideas, ideas, and more ideas, if you are creative then you already know exactly what I’m talking about. The problem is how to manage them, and which ones get top priority. I have always figured if something is going to work out, it won’t take long to do so. If you have a revolutionary new product and the first 100 people hate it, chances are the next 100 will too.

The definition of insanity is doing something the same way over and over again yet expecting a different result. Sure somethings just take time, but that’s the exception and not the rule.

Scratch your own itch

I love reading the story of William Hoover, inventor of the famous Hoover vacuum cleaner. He had problems breathing and wanted to solve them. So, he devoted part of his life to building a better vacuum cleaner. Years later, his legacy is seen in the thousands of Hoover vacuums around the world.

Set goals

If you think giving a new idea 6 months is a fair shake, then give it a go for 6 months and see how it turns out. Maybe something happened beyond your control, maybe circumstances had you distracted, then sure take that into account. Don’t second guess yourself, and don’t think you just need to hold out. That “just around the corner” mentality can cause years of wasted time you could be spending elsewhere. Be realistic about it and get outside opinions before you invest more time than you originally planned.

Diversify your capital

There was a season in my life where I thought I could just get rich quick and not have a backup plan, those days are gone. Don’t be so prideful about a single “greatest idea ever” that you don’t work, and don’t save your money. That idea may be awesome, but treat it like anything else. Decide a time frame, plan out a budget, and stick to the plan. No quitting your day job to “go for broke”, because that’s exactly what you will end up being if you get cocky about it.

Stop assuming the win

Maybe you were meant to work a 9-5 and need to learn to be content with the cards dealt to you. The majority of “entrepreneurs” I talk to are so sure they are going to hit the jackpot and live out the rest of their days on the beach somewhere. I really question people’s motives who simply want to get rich, because that’s really not what makes a successful entrepreneur. It’s that deep desire to be creative, overcome obstacles, and think outside the box that makes everything come together.

Have fun

If you aren’t creating businesses that you love, if you aren’t doing things you are passionate about, it’s going to make it really hard to succeed. You’ll always be trying to get away with the bare minimum, and spend your nights reading up on the latest “get rich quick” schemes.

Success is a road, and for most a long and painful one. Ask yourself what you want out of life, and why you want it. And please, don’t be another broke entrepreneur.