Chris Guillebeau on Financial Independence Amidst Entrepreneurship

Converge: The Business of Creativity Podcast with Dane Sanders

A Narrative many can relate to

Most people who read a business book are actually interested in business, making it a very segmented market. Chris wrote an inspirational business book- but in the fiction genre. Money Tree is a narrative about an individual named Jake; he has a lot of financial pressure even with a good job. Jake is a relatable character as he has a great work ethic and a decent job, but he is struggling under the weight of debt. Do you find yourself relating to Jake? This book isn’t about celebrities or very rich people, but instead it is about ordinary humans. Maybe you don’t find yourself interested in entrepreneurship, but maybe it is something you need to consider.

The types of ways to make a business

The first group for starting a business is the kind that entails capital and a lot of risk. Usually, you are unsure if this will pay off until after a long time. The second group involves investors and a lot of risk. Here is where people like Chris come in, the third way of starting a business- entrepreneurship. Most people in the third way group are people trying to earn money apart from their day job; some eventually want to quit, others want to pay off debt, and some just want to build a larger savings. Usually, this looks like small side projects until you can determine if they will work and to what scale.

To do this, you have to start where you are and with what you have. Imagine if someone hadn’t thought, “Wow, there has to be people just like me who really want a lightsaber?” There is in fact a market for Star Wars fans, and there is a market for something which you are passionate. Accidental entrepreneurship still has struggles, and often you find that a project doesn’t work out. When it doesn’t work out, the solution is to then take that knowledge and apply it to your next project. When it comes to going at business this third way, due to the low risk, you are able to keep trying and keep being creative.

Unconventional Business

Chris gave up a lot and changed many of his habits over the past few years, and one habit he picked up is saying, “Congratulations,” in a variety of situations. One example he gave is that when it come to losing a job, he has found sometimes it opens up individuals to share about their issues at the job and what they would rather have been doing. In life, there is so much you cannot control, but Chris encourages you to focus on the 1% that you can control. Another way to go about entrepreneurship is through curiosity, and sometimes that looks like trying to see what your expertise, skills, and passions can offer to the world. Whenever you figure that out, the next step is taking action. You cannot get anywhere without the follow up of action.

Timeline

[02:10] “Some obstacles are more doable than you think with a little bit of curiosity and a little bit of chutzpah."

[04:31] In a world of Covid, what can non-first responders and healthcare do? What do I have to offer, and how can I make myself available?

[06:58] C.S. Lewis mirror books were written to reach a broader market as was Money Tree

[08:32] What are the parameters of the first way to start a business?

[08:58] What makes the second way both different from the first?

[09:12] The large amount of risk in both way one and way two is what can deter so many.

[09:23] The third way of starting a business is the accidental entrepreneurs: ordinary people doing what they care about and have knowledge of simply by starting with a skill or passion that they already have.

[09:51] How does following the third way reduce a financial risk?

[12:21] The idea of creating business based habits

[13:51] Ask yourself what are the topics that people look to you to provide answers about.

[15:05] If you really want to accomplish something, you’ll work hard at it even it means writing multiple drafts of the same book.

[16:08] What do you do when something doesn’t pan out quite right?

[17:08] “Challenge is the value.”

[19:07] Stop saying sorry and instead, start saying, “Congratulations.”

[20:22] "If 99% of things are out of your control, what is the 1% in your control? What are you going to do about it?”

[20:56] Look at your skills and ask yourself what you can offer in an entrepreneur sense

[21:38] What are the four things you can do differently?

[22:07] Power of observation

[25:35] There is always room for growth.