A chicken entrepreneur is somebody who keeps his day job while he gets his ideal career going in the evenings and on weekends.
He is an entrepreneur because he is taking the initiative to start his own business. He is chicken because he is not willing to quit his job and lose the income. -Michael Masterson
When it comes to business success stories, the media will make you believe that most successful entrepreneurs are risk takers-who quit their jobs and bet their last savings, house on starting their business.
We have heard some inspirational stories of such entrepreneurs like Hugh Hefner, Mary Kay Ash -because they stand out from the norm.
These stories are the exceptions not the norm.
Majority of successful entrepreneurs started out the “chicken entrepreneur” route. In his book the millionaire mind Thomas J Stanley cautions that most millionaires have the courage to start a business but they are not gamblers. He goes on to point out that, the higher a millionaire net worth the less likely he is to gamble.
Who is a chicken entrepreneur?
A chicken entrepreneur is someone who starts a side business while pursuing his chosen career. Becoming a chicken entrepreneur is the route most successful entrepreneurs have taken to success.
I first became aware of this concept while reading an article by Michael Masterson best selling author and founder of Early to Rise newsletter
He talks about two qualities you need to be a chicken entrepreneur:
- brass loins when it comes to risk
- discipline, tenacity faith and a very understanding family-if you are already married
He concludes by saying” anybody with modest intelligence and drive can be a chicken entrepreneur”.
When I read this article, I was free of the guilt of not quitting my job and striking it out in business.
This also made sense to me because I had experienced the pain of losing my money in my first start-up venture. I was able to cushion the loss of my businesses in the past because I had a regular job.
The idea of being a chicken entrepreneur supports the investing mindset….
Let me explain
When the investing mindset becomes aware of opportunities he realises it’s an opportunity to become poorer or richer. The next thing an individual with an investing mindset does is to- analyze the situation.
The bottom line for the investing mindset is to take smart risk. He does not have to quit his day job -because he cannot predict if his ideas will work out.
The Essential Business Skills You need to Succeed
Mr. Masterson’s article identified the essential skills you need to succeed in any business.
- You need to master the fundamentals of direct marketing. You need to know direct marketing because it’s by far the most efficient way to sell products and services profitably
- You must learn about marketing on the internet. internet marketing is the easiest and least risky way to enter any market and the reach is global
- You must learn about the kinds of products your marketplace desires.
- You must know how your business makes the first sales. this means how you can generate a sale without spending too much money to get a customer
- You must understand how to upgrade a new customer into buying higher-profit-margin products. he call it the “back end” of the business
The good thing is you can acquire these skills before you invest any money in your new business.
Here are some tips to learn these skills.
- Use the internet to research and test new products. EBay is a great place to test your new product online. if you have physical product you can go to flea markets
- You can learn the back end of the business by becoming a customer of companies selling products similar to the one you want to sell. you can create your own back-end strategy by seeing you get from these companies after you make your first purchase
Common Start-up pitfalls you want to avoid.
- Wasting precious time and effort to bring something brand- new and exciting to the market place. You should avoid this. it’s better to start with a better or cheaper version of a product that has proven demand
- Spending too much time on non-essentials, (like business cards and office furniture). Devote 80 percent of your initial resources to making you first sales
This article made me wiser in my business ventures. I am grateful to Mr Masterson for this insight.
Have you reached the fork in the road of your career? Before you take the leap to start quit your job, I want you to think about what I have just discussed.
Listen to Mr. Masterson’s simple advice.
Master the essential skills. avoid the pitfalls. But don’t quit your job yet. Start small and build your business gradually.
Think rich and grow rich
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