If you’re thinking of walking out on your day job and starting your own business, then check out this CBS News post for a quick reality check. It offers some basic advice on what it takes to live like an entrepreneur. For example:
Live like a college student. It’s almost impossible not to spend money before you make money; some small businesses take months and years to turn a profit. Don’t assume your savings will see you through. Eliminate every drop of personal spending that isn’t necessary. A huge percentage of startups fail because they run out of money, and even if you don’t, chronic money problems can lead to poor long-term decisions. Before you start the business, cut all personal expenses to the bone.
Full story at CBS News.
More tips for entrepreneurs.