Nick Bare built a company that lost money for three years, paid him nothing until year five, and didn't turn profitable until year six. He says there's no perfect time to start, waiting for all the answers is pointless, and entrepreneurship isn't for everyone despite the trend of calling yourself one.
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What advice do you have for young professionals that are looking to start a business? Because you've been entrepreneurial kind of since day one. I learned that in the book. You've been messing around with different projects and kind of getting your hands dirty in different areas of life, always with the intent of kind of overcommitting and overobsessing on them. And so when is the right time to start a business?
I don't think it's ever too early to get started. If your business fails in the first 5 years, make it work in the first 10, right? Like my business failed for the first 3. I didn't take a paycheck until the first 5, and we really didn't start making good money until year 6. And I don't think there's ever a perfect time or a right time to get started because you're never going to have all the answers before you get started, right? Like, you're going to mess up a lot. The best thing you can do is find a mentor and start learning and just start getting your feet wet and trying things out and finding what works and what doesn't. But at the same time, I truly believe that not everyone's meant to be an entrepreneur. I think it's very— it's like a cool term right now, like, to be an entrepreneur, especially serial entrepreneur. And to be honest, most of the serial entrepreneurs I've met, most of their businesses are failing