Monday, October 13, 2008

Mike Michalowicz dispels five common entrepreneur myths

Today's mompreneur monday features a recent guest post by Mike Michalowicz, author of The Toilet Paper Entrepreneur, on The Big Idea Blog. In his post "Don’t Share Your Big Idea Because Investors Will Steal It (And Four Other Stupid Misconceptions)," Michalowicz puts to rest five common myths related to being an entrepreneur:

  1. Don’t share your big idea (i.e. investors are not lying in wait to steal your idea; they have better things to do)
  2. Go in 50/50 with your best friend (think about assigning equity based on performance; LeShan and I are happy with a 50/50 relationship but it doesn't work for everyone)
  3. Writing a business plan improves your chances for success (save a few trees and stick to three important documents: a one-page prosperity plan, a one-page quarterly plan, and the daily metrics)
  4. Count your profits at the end of the day (do just the opposite and set up a PFA or "profit first account"--I really like this idea!)
  5. Balance work and family through self-employment (ha ha! any mompreneur knows balance is about as achievable as a daily nap, but integrating the family in the business can help!)
Michalowicz gives more details on each myth in his post and it's truly worth your time to read it in its entirety (it's not very long). And when you're done you might want to read more about his book The Toilet Paper Entrepreneur. After reading more about him and the rave reviews about his book, I'm thinking his book is going to be a must-have for my business library. --Emily

1 comment:

Susie said...

What a great resource!! Thanks for the post!