Sean Eby

Preparation

There isn't a doubt in my mind about doing the things you love. They require virtues difficult to fabricate out of thin air: Patience, Flexibility, Adaptability, Preparation, Organization, Perseverance, and Practice. If you're wondering why you or someone you know is struggling to do the things they love or succeed at best, it's because they're lacking 1 or more of the above. It takes someone with a minimum level of all of those traits to be successful in any endeavor. I'm convinced that a lack in any one of those areas requires huge amounts in the others to offset any weakness in the lacking trait.

It's certainly possible to train one's self in these areas, to become better at them. Nevertheless, make no mistake: Future success is all about increasing amounts of chance opportunities and the more one can do that, the more one is exposed to higher level opportunities, be they based on challenge, financial reward, intellectual reward, or just fun.

This post, though, is about preparation. Most people, my family included, are somewhat in awe or surprised about my choice to start my own business. Not that anyone think it's bad (in fact everyone thinks exactly the opposite) but that a lot of folks' reactions comes off with caution and it isn't because they're concerned about me. No, I think they're concerned about themselves because most people love the idea of "self-employment" and "being your own boss" with such an affliction that they doubt their own abilities internally when they hear that someone else is running their own business. Of course, when they hear that, they assume that person is "self-employed" and "being their own boss."

The self-doubt people have about their own abilities is often exaggerated but then again, if you're seriously lacking one of the above areas, you're going to find trouble starting a business. Starting a business is straight-forward but certainly not easy to make successful.

As far as preparation is concerned, starting your own business should include making substantial amounts of savings before you do so. You should be prepared to live for 12-24 months with ZERO pay. In fact, 6-12 months is my own personal minimum even if you work a professional career. To add to that, I'd say your savings should never decrease below 6 months, but grow indefinitely to the point where you could not work for years and years and years straight and still maintain a suitable lifestyle. Most people may think this is insane: "How could I possibly save when I live paycheck to paycheck?" "Why would I expect to be able to get to that level when I only save $50 a week?"

The answer to saving is a combination of living below your means, saving, and investing your savings. Most people I've run into lack all of those traits and thus can never live long without a job. Fortunately for them, at least some semblance of a retirement plan is a way to stay disciplined about the prospect of one day living without a regular income.

The fact is, in all these situations, whether it be starting a business, living well without a regular income, or retirement, preparation always starts right now.