Executive 2 Entrepreneur or e2E

Answer these three questions: Do you think you want to strike out on your own..? Do you know what it takes..? Do you have what it takes to persevere and succeed..?

If you answered yes to these questions chances are high that you have already made the move from Executive To Entrepreneur or E2E as I call it. Or, you are ready to take the full time plunge into the world of independent business ownership.

Leaving the confines of corporate America can be a scary for some of us! I was scared to death. Oh, I didn't show it, at first. But believe me, I WAS...!

I had to stop thinking about it and make my mind up to finally do it. It wasn't that I was fed up with corporate. No. I've always wanted to own my own destiny as an entrepreneur. the transition was tough at first. I had the energy. I also had several ideas but I lacked a transition plan to get started.

FIRST THINGS, FIRST...! COMMIT FULLTIME TO DOING WHAT YOUR PASSION TELLS YOU OR ELSE...DON'T DO IT...!

I've owned several businesses in the past. However, none of them were what I call full time entrepreneur. Two of them provided a very nice second income to be sure. In 1995 I started a premium cigar distribution company CSC Cigars International, Inc. It had very high margins and was growing nicely with several large supermarket accounts in the Southeast US. This was during the time that smoking cigars and hanging out at cigar bars was popular with Atlanta Uppies and DINKS. Start up costs included cigar inventory and some office supplies. My wife ran the operation a few hours per day out of our basement in Atlanta. I was either at work fulltime for Quaker Oats as a Beverage Field Manager or out of town on Quaker business. I prospected for new cigar accounts at night and on weekends.

But after two years we couldn't keep it going. Our customers began demanding that we add more services like merchandising and pricing the products in their stores. They wanted us to hold the inventory and to provide display equipment. Doing those things would require investment and taking on more risks. Not that I was opposed to that mind you. At the time however, my wife and I had always thought of this business as a low risk side venture to earn extra money for vacations and "rainy days", nothing more. Besides, I already had a full time corporate job with a strong six figure salary, company car and annual bonuses. We had very little debt and money in the bank. I also lacked the passion necessary to commit to doing this fulltime. It would take years to grow big enough to earna six figure income to live off of. We shut it down and sold the inventory.

The second business that provided a nice side income was rental property. We had a townhome in the Philadelphia area that we rented for several years. It was really nice. It had three bedrooms, a loft and two decks. It was also cheap to maintain and easy to rent. We used a realtor to find tenants and to manage the property. But like our cigar business, renting property was a side venture to earn some extra income. I wanted to expand and add more properties. However, tenants became troublesome with late payments and property damage. Several required eviction. There was also the time commitment needed to go look for properties to purchase a bargin. My wife also lacked a passion for this business. I couldn't do it alone part-time and keep my fulltime day job at Quaker Oats. In my experience, a successful fulltime executive trying to moonlight as a part-time entrepreneur to earn significant income is likely struggling with one of those or both.

Becoming a successful entrepreneur or business owner earning a significant sustainable six figure income requires a fulltime commitment and a passion for what you are doing. From owning a flower shop to selling hot dogs from a cart in Philadelphia or NYC, you have to have a passion for wanting to do it. Passion is the fuel that will make you go and grow. I have a real passion for making a profit by providing people or businesses space to live or conduct business. Rental and development of residential and commercial property provides the venue to realize and fulfill this passion. I also have a passion for providing affordable financial services to consumers. Check cashing, tax preparation, money orders and money transfer is the venue that provides me the opportunity to profitably fulfill this passion. Transportation specifically, trucking has always been a passion of mine since childhood.

NOW WHAT...?

After deciding to commit fulltime to following my passions into entreprenuership, I had to do several things before leaving corporate. As an executive for several years with PepsiCo, I had accumulated several thousand stock options as well as sizeable 401(k) balance. It was time to start thinking about how I could leverage these resources into a plan that could build real wealth. More on this in my other blog...