Two Years Before Your Startup

Dec 19, 2012 2 Comments by

You have it in you. You’re an entrepreneur at heart and it is only a matter of time before you start your company. Now is the time to prepare.

I knew I was going to start a company when I was in university while doing my undergrad. I had a large network that encouraged leadership, entrepreneurship and creativity. Although I could have attempted a startup early on, I knew I wasn’t ready financially, nor did I have the necessary experience. I decided to find meaningful work in my field and take new learning experience over pay increase. Once I was satisfied with my learning experience, I went back to school to get a Master’s in business management that focused on startup management. I expanded my network of professional contacts and sought potential mentors. I also aligned my finances so that I would have fast wealth creation through real estate. This was a powerful plan for me as I’m now very close to being in a position to dedicate myself full time to a startup.

Now that you’re working or you’re still in school, you should plan your steps to being in a position to start a company if entrepreneurship is your goal. Start by creating a financial plan of how much money you will need to start. You will need to create an income while you are not pulling a salary either through savings, passive investment income or through consultation. Also decide how you will access cash in case you go over budget. The bank won’t give you a line of credit when you no longer have an income. The second part of your plan should be your career advancement. What kind of job should you get before your startup? Will you learn more from working in a small or large company? Maybe you should learn basic accounting and corporate taxes when you have the time. You should also consider putting yourself in a position where you need to exercise your leadership and presentation skills.

I had all my cards in place, I was ready and had a business idea. I still wasn’t ready, the reason being I was lacking confidence, discipline and balls. Getting confident was easy with the help of my professional network. Now I’m working on my discipline and balls.

Entrepreneurship, Investment, Real Estate

About the author

Clara Cannes, the chief author from Goldeneer is a Canadian that works as a full time employee in the engineering field. Her passion is real estate, entrepreneurship and sustainability. Clara has finally reached financial independence in her late 20's and is on the path to a comfortable retirement by 35.

2 Responses to “Two Years Before Your Startup”

  1. Veronica @ Pelican on Money says:

    Looking back, would you say the Masters degree was an absolute MUST, or could you have done without it?

    • Goldeneer says:

      My Masters was not a must and could have easily done without it. I did learn some valuable high level information on how to run a startup effectively but there are many things I didn’t learn such as basic accounting and setting up a corporation and share structure.

      The biggest detriment to doing a Master’s is that it sets you back financially and steals years of your time that you could have been working on your startup or building experience.

      Instead of doing a Master’s, I would recommend joining a group of entrepreneurs and taking action for your next startup.

      I have all the skills but am stuck on the action part.