Hi Scott,

Just wanted to drop a line to let you know that you write very nice and usefull articles. Thanks ! I just read your article on How Business school Killed the Entrepreneur and though I could comment a bit, and hopefully, help a few people make the plunge: I am an engineer (with a Master’s) and have have worked in large companies for approximately 12 years. I then changed a bit my professional course and became a patent agent (it took 5 years to pass the exams…). I have worked in that field for about 5 years. I used my professional experience to learn many things (product design, 6 Sigma, intellectual property) while still earning money. About 6 months after I became a patent agent, I let everything go. I was aiming to become a partner and earn mucho $$ ( I was already earing 120K$, which is not bad itself), but then I realized I was building the dream of somebody else. Mind you, the stress and chest pains also helped take my decision…
Two years in the making of my projects, I haven’t earned much money yet. Mind you , I spent 1 year looking for investment partners right after recession, so my timing could have been better. I have another project that looks promising now, and I am going 100% at it, although I know that I won’t be making money before at least 2013. I love the experience (although sometimes it is though to be alone all day…) So here is my advice to fellow readers to make the plunge:

1- Prepare yourself 1: Education: get a basic education, ideally a Bachelor of something, ( I agree with Scott, forget the MBA unless you do not want to get up the corporate ladder working for someone else, which is not a bad idea in itself, if it fits you) and ideally get some work experience. Use that work experience to learn and add new skills (you get paid to learn !!!). Make contacts in the industry. This will be your PARACHUTE if something goes not as planned once you took the plunge. I know I can make a few calls and get a well-paid job within a couple of weeks.
2-Prepare yourself 2: Money: do not live above your means. My house was paid before I was 40. So we can live on my wife’s salary (she’s a teacher, she’s not making millions…). I sold my 2007 Acura MDX (which was almost paid) and got a Golf TDi (yes, with a wife, 2 teenagers, a dog and ski equipment. You’d be amazed how ingenious you become once you have no choice). Now I enjoy SAVING gas…
3-Prepare yourself 3: Have a well-defined idea of what you will be doing and prepare. I worked on my ideas a couple of years before I took the plunge (I had two business ideas: a vehicle (for which we did not find financing, so I switched to idea 2) and an innovative ski helmet which I patented). Obvisouly, your ideas of what to do should fit with your passions. For me, they definitely do.
4-Prepare your spouse: For me, my wife told me for years to leave my job. So it is rather her who prepared me. A supporting spouse is a must.
5- Just to it: Go. Not tomorrow. Now. Boss, I’m leaving. Bye ! I saw this experience as someone who takes a sabbatical to climb Mount Everest. It’s not easy (nobody said it would be, otherwise everybody would do it), it might even be scary, it might not be profitable at first (from a $$ standpoint), it is definitely challenging, it is not acheived overnight, but it will be your experience of a lifetime. So if you want to have something interesting to say to your grandchildren later, just do it…
6-If ever it does not work (which I doubt if you put your mind at it), call your contacts, go back working and wait a bit. Maybe the timing wasn’t right.

At this point, I do not know exactly how things will turn out for me. But it is looking good and I certainly put the effort to help then turn good. I’ll keep you posted (if that is of interest to anybody !).

Sorry, I realize I have taken much space. But it’s a change from talking to my imaginary friends, Bob and Marley, here in by basement…

Danny

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