Today’s advice comes from Tim Sykes, founder and CEO of Investimonials and Profit.ly, via his interview with Young Entrepreneur:
“Quit being such babies. If you always wait for perfect opportunities, you’ll waste precious time that could be used to learn and gain experience during the tough times.”
While attending Tulane University, Sykes started his entrepreneur career by regularly trading penny stocks and turning the $12,415 he received in his Bar Mitzvah into $2 million. He ended up starting a hedge fund during his senior year.
Sykes says that if entrepreneurs are able to succeed in tough economic times, they’ll be even more successful when the market “bubbles.”
His idea is that when there’s not a lot to lose, you’ve got nothing to lose, so why not go for it?
“Long story short, it’s great to get into an industry when it’s depressed and then sell out when there’s too much hype and morons are willing to pay excessive premiums for something you know goes in cycles.”
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