EFP 45: 6 Unexpected Realities For Startup Entrepreneurs

Justin Cooke

May 2, 2013

Making the decision to go out on your own and become an entrepreneur can be exhilerating.  You’ll be starting something new…something exciting and you start thinking about all the benefits of being your own boss.  Sometimes this enthusiasm (if it doesn’t wear off quickly) provides a rosy hue through which you view your future.  Everyone’s excited for you, but it’s YOU that has to make this work.  Sink or swim…the responsibility is yours, so it makes sense to know some of the downsides that may be coming your way.

The 6 Unexpected Realities Facing Startup Entrepreneurs

In this episode, Joe and I wanted to cover some of the unexpected issues or challenges that come into play when you drop the chains of the J-O-B and start out on your own.  Don’t get me wrong…we would trade it for the world…but there are some surprises and challenges you should be aware of.  This episode is for you if you’re just about to get started building your online empire or if you’re a relatively new entrepreneur.

Check Out This Week’s Episode Here:

Direct Download – Right Click, Save As

Quotables:

“Be very clear about responsibilities with new partnerships.” – Joe Click To Tweet!

“You gotta think of personal runway and business startup costs and consider them separately.” – Joe Click To Tweet!

“Making dollars, spending pesos, and putting a ton of money in the bank…” – Justin Click To Tweet!

Topics Discussed This Week Include:

  • iTunes May Giveaway! Any iTunes reviews in the US/UK/Australia in May will be entered into a drawing to win a niche site. (Valued at $150-$200) Winner announced in early June!
  • We need YOU! Have a site you want to sell? Check out our Premium Broker Package and list your sites on our marketplace!
  • Fighting through “The Resistance” and your own civil war
  • The lonely road for entrepreneurs and the difference between business/personal runway
  • Upside/Downside of partnerships
  • Nobody cares more than you
  • Start solving problems instead of creating markets

Mentions:

Have you run across any challenges as an entrepreneur that were unexpected? Share your thoughts below or on Twitter and we’ll see if we can come up with solutions together!


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Discussion
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  1. Iain says:

    How ironic is it that I just reviewed your podcast and you release a contest for reviews lol. Ah well from Canada anyways lol.

    That is life.

    Another amazing podcast. My personal favourtite tip was about the runway.

    You really have to set yourself up for success by providing yourself with some running room.

    This has been something that I have been thinking about, but it’s not easy to pull the trigger and let ‘er rip.

    Cheers.

  2. Mike says:

    nice tips!

  3. ilias diamantis says:

    Hi guys !

    Experience from my newly found greek candy store : double your expected costs , half your excepted earnings and you are good to go . :)

    Be healthy and smile !

    • Justin Cooke says:

      Some painful truth there, eh? I was just listening to a Foolish Adventure podcast about a guy that buys/sells sites and businesses and they were saying something similar, heh.

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