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The Best Advice For New Entrepreneurs

by Michael Coughlin |

No one really talks about the stark realities of becoming an entrepreneur. Often times it's glamorized and looked at as some cool way of living. Though it may be at times there is a reality which is often overlooked. 



I was asked recently in an interview with Thrive Global "What’s the most valuable piece of advice you can pass along to other entrepreneurs?" and below is my answer.

"I would advise most entrepreneurs is to not underestimate the opportunity cost, (i.e. lost wages) that you may incur by starting a new venture.

Even though you may start a low-risk business model like mine, with no overhead and very little debt,  you may have to take a significant pay cut.  

This is the biggest thing that I underestimated. I thought I was going to be making the same money I was making at a full-time job right out of the gate, but it was a long and tumultuous journey just to get to back to the point where I was when I left my last job."

 

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