A friend of mine is battling with the idea of starting his own business. He has had a lot of experience at developing property through subdivision and has a knack for spotting great deals that others might miss. I consider myself somewhat of an entrepreneur, perhaps very immature, but still an entrepreneur. So I wanted to try and give him some advice which would help him to get past his fear of losing the stable income, and anything else he might be concerned about.

The way I see it, he has two options facing him, he could come up with a brilliant idea which is very innovative and creates value for people, develop it as a product or service and reap the rewards of having a low marginal cost of sale for each additional client. The other option is to be a consultant and charge people for his time and advice on an hourly, or per project basis.

I’d love to find out if anyone out there has some advice for my friend. He is 24 years old, has a wife and a job that suits his skill set.

  • How do people our age get over the fears that face us when thinking of starting our business?
  • Is it best to start small, keep your day job and grow your business on the side?
  • What are your experiences?

I look forward to reading your advice!