TMBA453: What’s The First Step To Becoming an Entrepreneur?

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This week, Dan and Ian are talking about the very first step to creating a lifestyle business.

Contrary to popular belief, that is not quitting your job or coming up with a business idea.

It begins with your personal finances. We’re talking about treating your bank account, your spending and your earning like a business.

A few weeks ago, we spoke about the cult of early retirement, or what has commonly been referred to on the internet as the FIRE (Financial Independence, Retire Early) community.

In that episode, we explored the differences between early retirement seekers and entrepreneurs.

Today’s guests are proof positive that these communities actually have quite a bit in common, and that they might even exist as two sides of the same coin.

Kristy Shen and Bryce Leung are bloggers at Millennial-Revolution.com, and they both retired in their thirties. As their blog name suggests, they are millennials and quite a lot younger than other prominent figures the FIRE space.

In this episode, we speak to Kristy and Bryce about their investment strategy, how they survived the crash of 2008, the common mistakes that people make with financial planning, and a whole lot more.

Transcript

Listen to this week’s show and learn:

  • How Bryce and Kristy were able to retire in their thirties with a million dollar portfolio. (6:38)
  • Why they felt compelled to write about financial independence. (14:19)
  • How they respond to critics in the community that don’t agree with their entrepreneurial endeavors. (27:34)
  • The biggest barriers to entry in the FIRE space. (35:32)
  • Why people who have experienced poverty tend to be successful in early retirement. (43:45)

Mentioned in the episode:

This week’s sponsor:

This week’s episode is sponsored by Noviland.  If you’ve ever run a product-based business, you know that sourcing from overseas is frustrating from beginning to end.  Noviland is a US-based, free-to-use eProcurement platform with a network of over 2,000 custom manufacturers overseas.  They can help you to get factory pricing on a wide array of products quickly and easily. Once you create a free account at Noviland.com, they will walk you through the entire sourcing process. To get started, visit Noviland.com now and use promo code TMBA20 to get a $20 credit added to your account. Big thanks to Noviland for sponsoring this week’s show.

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In the entrepreneurial world, it’s rarely questioned that “exiting” is the end goal of a smartly built business and a prestigious waypoint in a successful career.

In 2015, Dan Andrews and Ian Schoen sold their business for multi-seven figures, and although they don’t regret selling – there are many mistakes they made that were avoidable.

The book presents thought experiments designed to help you avoid similar mistakes.

Whether you are in the early stages of building a business or thinking of selling, this book is designed to help you build with the future in mind.

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Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST. Cheers, Dan & Ian

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