At BrazenCareerist.com Penelope Trunk and Ryan Paugh had another (almost) weekly webinar on career management: resume doctor, location independent, how to be a better blogger, so on. This time it was about self-employment, which touches on almost everybody's nerves. (They do pick interesting subjects.) Here is the summary of their messages.
To employ or to be employed
- There is no shame in suiting employed life.
- Self-employment is NOT a goal. Set a work goal.
- If you are doing good as employee, test your water by doing side projects. If you can't do that well, you won't be able to handle self-employment.
- You can try, and you can always go back to corporate life. It's not going to be a dead-end in your resume.
- Do or hire great marketing.
- 80% marketing, 20% real work.
- Random hook-ups does not hurt. Just try it as a marketing tactic. Don't be bad in bed, though.
Self-employment vs. Entrepreneurship
- Self employed and Changing-the-world are different. The former is a one-person operation and comprises almost 90% of all entrepreneurs. The latter works in team and is actually about being funded.
- It is very hard to find a fundable idea. (For Penelope) finding the right idea and team for funding took 3 years.
- There is no unique idea. It's all about execution.
- People who don't tell idea are people who don't do anything.
- Most entrepreneurs go through 15-20 ideas before they hit on one.
Am I ready?
- The only question: are your skills/ideas marketable?
- Don't think of yourself as woman. Men have all the power, no women did it all alone. Dress like women, network with men.
- Once you think failure doesn't matter, it's much easier to start.
- Be specific at what you are great. Nobody wants to hire non-experienced freelancer.
On time management
- System for time management: most people work 100% of their time.
- Have personal time to keep yourself from getting crazy.
- Most entrepreneurs get up early. at 5am. And they work more hours than most people.
To keep on going
- Declare what you don't do.
- At the beginning, take whatever.
- Be great at spending less consistently.
- Have a structured, excellent package.