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I got laid off in 2004 by a Fortune 500 company after working there 26 years.
I had started an e-commerce site in 2001 to sell custom-made jewelry I design and make out of my home. I remember my initial goal - I just wanted to make an extra $500 a month to buy a new Corvette! ( Lesson #1 - never set your goals this low!)
When the layoff came I was making OK side money on this venture, but not enough to live on. Luckily I got a severance package and unemployment to carry me for a year.
My motivation came from a direct competitor who brags in various forums how much money he makes. I verified his claims by looking up the value of his house, and I entered incomplete orders on his web site to get the assigned order numbers. A little math on order volume and I was able to verify his claims. I figure he makes between $300 - $400K a year. (Lesson #2 - never brag about your success in such great detail on the web - someone like me is always standing by, ready to compete).
He has a big jump start on me, but I now make 20% more than I did at the corporation. And I have a lot less stress. I'm not rich, but I make a nice living and my online business continues to grow.
Still don't have the new Corvette, although I could pay cash for one. Instead I reinvest in the business and always put some away for a rainy day.
Ed
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