I notice that numerous individuals within the O...

I notice that numerous individuals within the OE community advocate for rapidly achieving financial independence or venturing into entrepreneurship. Given that many of us are involved in the tech industry, are there any prevalent or suggested business concepts worth investigating?
12 Replies
Needle
Needle3mo ago
Thread automatically created by GlobalBuilder in #🤔|questions
flat-fuchsia
flat-fuchsia3mo ago
C2c itself is a business venture Otherwise all other business ventures are up to the individual to pursue and is reliant on their personal situation For example I'm betting on some really good inheritance windfalls from my folks and my wife's folks so doing real estate isn't a big priority for me -- and I've always wanted to build my own products
conscious-sapphire
conscious-sapphire3mo ago
TD is right that this is HUGELY individual. Like for me I've always planned living in a semi-rural area. The calculus of how much money I need is just so much lower. I only need 1.5mil to retire. If I had known about OE when I first started, I would have been retired by my early 30s because you can live a really luxury life where I am on 50K/yr and no house payment. This is a laughable amount of money other places. C2C is solid bet for most places outside of VHCOL areas and can get you there in 10-15 years depending on target
like-gold
like-gold3mo ago
With a C2C venture, you could attain financial independence in 10-15 years if you made it a priority and put in sufficient effort? It's understood that this applies to anything you strive for. I believe C2C is appealing, especially when combined with creating your own products. HoweverI feel I need clearer guidance on how it aligns with my personal goals and skills.
conscious-sapphire
conscious-sapphire3mo ago
C2C is just normal W2 work now with with the ability yo reduce your tax burden significantly and put far more money into retire accounts. It's riskier because it requires acquiring work on your own and your employer can drop you far more easily than normal W2 work. C2C is what your make it, although personally I don't think it's a viable route until you have at least 5 years experience. Doing actual consulting instead of staff augmentation is far harder, however the rewards are higher as well. With staff augmentation you're limited by how much a company is willing to pay a person regardless of that it's call "C2C", with product delivery, you're limited to what a company is willing to pay another company and that number is far far higher. But because of that companies are slower to invest in it. It's all a trade off
optimistic-gold
optimistic-gold3mo ago
Best bet is to try lots of different things to see what works. I doubt you're going to get explicit business ideas here because folks may already be working on those products and there's no incentive to share those ideas. If you want to venture outside of Staff Aug, Fulltime, non-consulting C2C, then you have to put yourself in a place to discover problems that your potential customers are having. This requires hustling and talking to people. Starting with C2C and approaching it from a sales-perspective is where I'm personally focused on for now. Maybe I'll find something, maybe I won't, but gotta get exposed to the messiness of customers to find that.
like-gold
like-gold3mo ago
Thanks everyone for sharing. Currently, I'm actively pursuing C2C roles within my niche, albeit progressing gradually. However, I'm unfamiliar with Staff Augmentation. Could someone provide more information, or is it essentially functioning as a staffing company?
conscious-sapphire
conscious-sapphire3mo ago
Staff augmentation just means that you're extra (disposable) employee. You're not there to solve a problem the company couldn't. You're there to be an extra resource they can drop when the crunch is over
like-gold
like-gold3mo ago
Isn’t that temp roles?
conscious-sapphire
conscious-sapphire3mo ago
Contracts for the most part are temp? Even when you work for a firm your tenure at companies is temporary even if it spans years
like-gold
like-gold3mo ago
So in that sense is this a more viable aspiration?
conscious-sapphire
conscious-sapphire3mo ago
It's all temporary. Staff augmentation or true consulting. You don't work for that company and are not going to retire doing work for them. I should all forms of work involve contracts. But yes, temp work through a staffing firm is the absolute easiest although the lowest paid.