It’s been a long time since Michelle Madhok has received a weekly paycheck. In 2004, when she started SheFinds.com, an online shopping publication, she thought she could pay herself a regular salary. But she quickly realized that was not how it worked when you become an entrepreneur.
Ms. Madhok, who is based in New York, had to put in about $20,000 of her savings, including stock and severance she received from AOL, to finance her venture. And all the money SheFinds generated, which wasn’t a lot during those first few months, had to be pumped back into the business, so that meant she had to live on whatever savings she had left.
It took about six months for the business to begin generating income and she was able to pay herself back the $20,000. In 2005, the company took in $300,000 in revenue and today Ms. Madhok pays herself about $10,000 once a quarter, but that’s dependent on how the company is doing, she added.
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