Any Entrepreneurial minded people out there ?

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Comments (5)

ToledoGuy in Toledo, Ohio

86 months ago

I'm guessing that most of the people visiting this website, are looking for jobs. (myself included) At least for now.

It seems like schools & society in general, program people to become EMPLOYEES. Most people would agree, that there is a lot of MONEY to be made in running a small business. I think 1/3 of the millionaires profiled in the book THE MILLIONAIRE NEXT DOOR, were small business owners. There wasn't anything special about these people either. Most of them had an average GPA of around 3.0 in college. Some much lower.

And I was listening to a speech by author/speaker/business consultant Tom Peters. He recommended never hiring anyone with a 4.0 GPA anyway, because these people JUST bought THE ACT (while in college). He at least wanted to know that the people he was hiring, were real people and goofed off once in a while.

I'd like to hear from people that have already run a small business or have a great idea for a business. Also, does anybody know of any good business-related websites, where people discuss business & marketing ideas ?

I feel bad for the 50-something year old engineers, who posted messages on this site and talked about how they're having a hard time finding a job. I hope their story, doesn't become my story (or your story) in 20 or 25 years.

I know I must own my own business someday. We've all heard sayings like: "You either have a plan to become a millionaire yourself or you work for someone who does."

Does anybody have any commentary ? I'd like to hear from anybody that has some business ideas or knows of a particular industry, that looks good to them.

I'll chime in later, with some more of my own thoughts & ideas. I just wanted to get the Ball Rolling. --THANKS

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Audrey (Host) in Austin, Texas

86 months ago

This is a great topic!

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Call me Carlie in Atlanta, Georgia

85 months ago

Audrey (Host) in Austin, Texas said: This is a great topic!

I agree. What "Toledo" says is very true. We all think about the world of business as being a sort of "us against them" sometimes but the reality is that those "employers" out there are just people who started their own businesses. No matter how big the business, you can trace it back to one or a few people deciding to "become" a business.

Obviously there are factors that dictate what kind of business you can start or how successful it may become. You can even start your own bank but you got to come up with millions of dollars to invest in it and go through a world of regulations and laws make it a reality. Likewise, you can start a very simple business that sells home made articles like candles or crafts with very little investment.

There are basically two different kinds of businesses. Either it sells goods or it sells services.

Goods businesses can sell anything from those candles all the way to space ships and satellites. Goods businesses require that you have a product and that means buying the product wholesale and selling it retail or designing the product and manufacturing it for sale. Usually there is a large investment up front to purchase the inventory, store it and distribute it.

Service businesses require a lot less investment and less costs for inventory and storage. You basically buy the necessary tools to do the work and you are a business.

(Cont'd)

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Call me Carlie in Atlanta, Georgia

85 months ago

(cont'd) One of the businesses I owned was a simple home remodeling and repair business. I started out just as a handyman, offering services to my friends. Eventually, these friends told their friends about me and that word-of-mouth advertising is more valuable than a TV ad during the Olympics to a small business.

At one point, the business grew to the point where I was ready to compete with other similar businesses. That meant advertising along with everyone else and competing on an equal scale. Take a look while you are driving at pickup trucks and vans that have signs advertising a business. You will find that the cleaner, better and more expensive trucks will list licenses and insurance while the beat up rusty old truck full of tools and dirt will only have a name and phone number.

This is crucial.. any service business will eventually either fail within a short time or will grow to the point it needs such things as licenses and insurance. You have to have such things in order to compete.

Some people start out at that level. You can go to the SBA and get a loan for two million dollars if you do the proper research, have selected a good niche and write an excellent business plan. They will even connect you with retired professionals who have had such businesses and for a fee, you get excellent advice on running that particular sort of business.

You can't get a small loan however. I once asked SBA for $2000 and they told me to come back when I needed two million.

On a grander scale (if you have a really solid business plan) there are people who are called venture capitalists and they will hook you up with money amounting to several million dollars.

(cont'd)

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Call me Carlie in Atlanta, Georgia

85 months ago

(cont'd)

The idea is that becoming a business is simply deciding to do so, but keep in mind that you will have to ask yourself to gladly do all those things employers have to ask sometimes, like work 12 hours straight. You also have to do those things that many employers want, like doing the job of three people. You will eventually have to make that horrible decision to fire someone.

My advice is to dream, but at the same time, go out first and buy a book on simple bookkeeping. No matter what happens, the first thing a business has to do is keep track of the money and pay the taxes. If you are the sole proprietor of the business, it is up to you to be the bookkeeper, in addition to doing the work. This is necessary as soon as you bring in as little as $400 a year.

You can also start a business on the side as long as it does not compete with your present employer. Remember, the present employer can sue you and take every penny you make if you have agreed to not compete with them.

The next best thing to do when starting a new business is to consult an attorney. It won't do you any good to make $100,000 and THEN find out another person already has a patent on what you are making and selling for example.

Lastly, give a LOT of thought to the name of the business. Seriously. You never know what will happen. Nobody is likely to buy $10,000 worth of candles from "Suzy's Candles" instead of "Wax Works Inc." Don't name a business after a pet or family member. Dave Thomas already did that with Wendy's and the business suffered when Wendy became far older than a fresh faced red headed girl. Keep it professional and name the business with the assumption it will succeed. Don't go overboard and call it "Amalgamated Candles of North America" but keep it real.

Good luck! :)

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