Having been furloughed recently, I have got an abundance of time. I have documented that a few times already. What I have not documented yet, is that I have always been quite entrepreneurial. I have always wanted to create a business and have had a few non-starts in the past few years. This post series will document the struggles (and hopefully success!) of creating a business.
I truly believe this is not a fad. I do have a lot of time, but I have also started businesses before and have always been looking for the next business opportunity. Well, I am creating a business.
How it came about?
My chosen book topic is business / economics. Having studied this at University, I relentlessly hunt for books on the following topics:
- Economics theory
- Finance theory
- Business autobiographies
Having recently read Lean Start Up, $100 Start Up and 4-Hour Workweek; I am feeling particularly entrepreneurial recently! I’m lining up some more but I have already read Shoe Dog and all the Virgin (Branson) books, so I’m going to actually have to research beyond the 2nd page of Waterstones online.
$100 Start Up is a very easy read. It is a number of stories about people who have invested no more than $1000 in starting up their company and are now reaping significant financial and/or lifestyle rewards.
I am half the way through Lean Start Up, by Peter Thiel. This is a really good read so far, very intellectual. His approach to analysing start-ups and why they succeed is of a much deeper level than a lot of start-up related books. I had not really considered the role that Venture Capital and the creation of monopolies has on the economy before.
The 4-hour workweek is a great read. It does get a bit same-y, but it gives a realistic and achievable insight into setting up a business for your own purpose and goals. It shows how Tim Ferris built a nutrition company which he managed to automate, allowing him to work ‘4 hours’ a week and travel the world.
Creating a business in the pursuit of Fire?
For those unsure what the FIRE movement is, I have written about it here.
I do think it is dangerous to go into things half-hearted and with alternative motives. But, undeniably a massive incentive of becoming entrepreneur is the idea of being your own boss and dictating your own earnings / retirement.
In an ideal world, though, I would not retire. I would be running a company like the one I am creating and never stop running it. Sharing the management with my co-partner, how cool would it be to set up a company and work there forever? In my parents’ generation, you would stay with your employer for 30+ years. Albeit, you did get a decent pension out of them, unlike nowadays. Nevertheless, what an exciting proposition to work that same 30+ years for a company that you ultimately own.
I also have an passionate desire to a run a company that pays well-above market rates to the employees. Helping employees achieve their own personal dreams, whether than be financial or elsewise.
So what is this company?
Well, you will have to wait and find out!
In doing a lot of research and brain-storming, I’d say that this concept is the 3rd iteration of a business idea I came up with 3 to 4 weeks ago. The first few wetted the appetite, but I was not completely sold. The fact my business partner was kind enough to say he thought it was good… but here we are at a slightly pivoted version, suggests we needed to develop it a little.
To be completely clear, this is not a generic bloggers business idea (eBook, real estate investment etc.) this is a fully functioning business. I may never write another post on this. It may not even take off, but I am sure going to try.
I am in the process of writing a mission statement, but in light of a lot of current economic and social issues, let me share a small insight into the objectives of the company:
- Support small and independent businesses
- Support business owners from all backgrounds equally
- Reduce the carbon footprint of the consumers of our business
I really hope that I do end up writing multiple posts on the topic. I hope that episode 2 reveals what the business is. That episode 3 gives a trading update after the first month of trading. Then, that episode 10 announces that we are raising some investment for growth after a period of good growth and proof of business concept.
Until the next episode, I will be balancing creating a business with going back to work and the reopening of the economy. Follow my twitter here.
Have you ever set up a business? How did it do and how did it end? Let me know in the comments below!