I find it interesting how many professional individual contributors have home based business. They usually say it with pride when they tell you. “Well I have my OWN business” – usually there is emphasis on the OWN.. it’s not because they think they are better than you. The emphasis exists when they tell you about it because they are so excited about the opportunity in the business. On the whole it makes sense.. For the most part the PIC’s work in the private sector. They are instrumental in making business happen successfully. They have the chops, they prove it every single day.
Bandwidth is time, focus, and attention
The question really is why do so few of these take off? I think the answer is bandwidth and resources. Bandwidth is time, focus, and attention. It takes time to run a insurance company. It takes time to buy and sell leather goods. It takes time to trade on eBay or on Craigslist. I know from personal experience It takes time to write a book or a blog.
In lieu of time we can use resources.. but the whole point of starting the side business is because generally we are resource constrained. We need a few extra bucks for Christmas, or to get out of the upside down loan on our car. We don’t have the resources to spend 10,000 dollars on phone book or internet display ad advertising to learn that it doesn’t work well. We don’t have the resources to hire a research assistant and social media expert to develop and promote content for our media sites.
So what to do? I think the PIC population is very intelligent. They are doing what they can do. Most millionaires don’t start the business they get wealthy at until they are in their 40’s or even later. So if you have that business idea, then get started and keep at it. Even if it’s only a few transactions a year. Even if it’s a blog no one will read.. get started and work at it.. because one day you’ll have the bandwidth.. and you’ll be finally be able to accelerate because you will have already learned to avoid many of the mistakes you could make.