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| Aug 07, 2008 4:31 pm |
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re: Welcome!! |
Scott Allen
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1/ Write a little bit about yourself, in addition to what's currently available on your profile
I'm a multipreneur - have my fingers in a lot of pies. I think I have ADD on a macro scale - things don't hold my interest very well over the long term. So even though I have some things I'm in for the long haul, I'm constantly doing new things -- small side businesses, new passive income streams, serving on advisory boards to various businesses (I'm on three now -- getting ready to join one more).
2/ Write more about what venture you're currently involved in, or what venture you'd like to work on.
My primary business is Link to Your World, LLC (http://www.LinkToYourWorld.com), a consulting form that advises companies on social media and social networking strategy. We also work as an advisor to startups in the social media space and provide product direction and go-to-market strategy (http://linktoyourworld.com/portfolio.html). We also have developed an educational platform for social media / social networking (http://www.LinkToYourEducation.com).
I'm also the Entrepreneurs Guide for About.com (http://entrepreneurs.about.com), where I help tens of thousands of entrepreneurs every month to start and grow their business. I've been there nearly six years and there's a wealth of information there -- I hope you'll avail yourself of it if you haven't already.
3/ Share with others one lesson you've learned from being an entrepreneur.
I've learned that the single most important thing in business is this: CASH FLOW!
Without it, you don't have a business. You have an idea, or perhaps an expensive hobby.
It's the #1 reason business shut down. It's the #1 reason entrepreneurs give up on their dreams and go back to a traditional job. I've seen divorces because of it. I've seen attempted suicides because of it.
Personally, I think that if you're going to bootstrap your business -- if you don't have a ton of capital -- the first thing you should do is set up some passive cash flow for yourself, even if it has nothing to do with your main business. Network marketing, affiliate marketing, real estate, info-products, vending machines -- whatever. It just needs to be almost completely passive.
If you have $1,000 to invest, invest it in something that will earn back your $1,000 in three months and then keep generating that kind of income. Work on your business plan in the meantime, but don't rush to launch your business until you have some other sources of cash flow lined up.
- Scott -
Private Reply to Scott Allen (new win) |
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