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Questions For Those Of You Who Run Their Own Business
Posted on 2/19/18 at 10:01 am
Posted on 2/19/18 at 10:01 am
What made you decide to start your own business?
What failure did you learn the most from?
How big of a risk were you taking when you decided to start your own business?
For those who are not going to give a legit response.. I know..
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
What failure did you learn the most from?
How big of a risk were you taking when you decided to start your own business?
For those who are not going to give a legit response.. I know..
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
19
Posted on 2/19/18 at 10:03 am to OweO
quote:
For those who are not going to give a legit response.. I know..
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
i dont have a response to the thread, but cheer up guy
Posted on 2/19/18 at 10:05 am to OweO
quote:
I know..
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
Posted on 2/19/18 at 10:07 am to OweO
1) To create wealth for my family. Rarely do you create wealth when employed by someone else.
2) Not reinvesting some of the profits into the business. Took a few years to figure this out
3) Left a great job for someone in their early twenties.
Gotta have nuts and believe in yourself. Most importantly, be honest with yourself. You have to find a space where you have some type of competitive advantage...could be knowledge, skills, low-overhead, better product, etc., otherwise you’re just pissing money away.
2) Not reinvesting some of the profits into the business. Took a few years to figure this out
3) Left a great job for someone in their early twenties.
Gotta have nuts and believe in yourself. Most importantly, be honest with yourself. You have to find a space where you have some type of competitive advantage...could be knowledge, skills, low-overhead, better product, etc., otherwise you’re just pissing money away.
This post was edited on 2/19/18 at 10:17 am
Posted on 2/19/18 at 10:08 am to OweO
chris, do you work and hold a job?
Posted on 2/19/18 at 10:10 am to OweO
quote:
- The fact I put run in my title is crazy funny.
Posted on 2/19/18 at 10:12 am to LouisianaLady
I had to get it out the way, because I am sure someone would throw it out there..
Posted on 2/19/18 at 10:12 am to djangochained
quote:
chris, do you work and hold a job?
Yes. Do you?
Posted on 2/19/18 at 10:13 am to OweO
Chase dreams
Wasn't as ready as I thought I was
Made too many emotional decisions
I'll be in a cubicle or office the rest of my life now trading time for money so hopefully I can retire when I'm too old and crippled to really enjoy my savings.
Wasn't as ready as I thought I was
Made too many emotional decisions
I'll be in a cubicle or office the rest of my life now trading time for money so hopefully I can retire when I'm too old and crippled to really enjoy my savings.
Posted on 2/19/18 at 10:16 am to OweO
I really want to start my own business, but I'm admittedly too scared. Wife and I have baby #1 on the way and a mortgage to pay.
I'm not sure how I'd pay myself enough to maintain our life the first few years and that is terrifying.
I'm about to finish my MBA and hopefully I can use some of that information to come up with a business idea and model to succeed.
I just feel like every day I'm a little farther from that dream because I'm getting older.
I'm not sure how I'd pay myself enough to maintain our life the first few years and that is terrifying.
I'm about to finish my MBA and hopefully I can use some of that information to come up with a business idea and model to succeed.
I just feel like every day I'm a little farther from that dream because I'm getting older.
Posted on 2/19/18 at 10:17 am to PortHudsonPlaya
Was fixing to have to start traveling a lot over seas for the same pay i was getting to travel in the states so decided to open my own business. My biggest decision was deciding if I should take out a large loan or pull early from my 401k in case the business didn't work out I wouldn't owe much money and I could start replenishing my 401k/retirement in a few years.
Posted on 2/19/18 at 10:17 am to Tyga Woods
What kind of business?
Posted on 2/19/18 at 10:19 am to OweO
Started my own business after I watched previous employers/owners buying beach houses and boats, then claiming that the company did not make profit.
My first good lesson out of the gate was don't hire someone to start-up all of your business filings. It's your business so you are going to be answering all the questions anyway. Do it yourself, call the Sec. of State for where you are setting it up...they will help you for free. I waisted alot of money paying someone to do something that I could have easily done and have since done on my own with some other business ventures.
It is always going to be a huge risk. You have to have a certain level of confidence that you can get the work and provide a service that will continue for the foreseeable future.
Best advice...have your company set up and work to do before leaving your current employer. You don't want to start out under undue stress.
Good Luck, I hope you report back in a few years as an OT millionaire
My first good lesson out of the gate was don't hire someone to start-up all of your business filings. It's your business so you are going to be answering all the questions anyway. Do it yourself, call the Sec. of State for where you are setting it up...they will help you for free. I waisted alot of money paying someone to do something that I could have easily done and have since done on my own with some other business ventures.
It is always going to be a huge risk. You have to have a certain level of confidence that you can get the work and provide a service that will continue for the foreseeable future.
Best advice...have your company set up and work to do before leaving your current employer. You don't want to start out under undue stress.
Good Luck, I hope you report back in a few years as an OT millionaire
Posted on 2/19/18 at 10:20 am to TheCaterpillar
quote:
Wife and I have baby #1 on the way and a mortgage to pay.
Wait until the baby starts school. You won’t have time for a business until then...unless you want a divorce
quote:
I'm not sure how I'd pay myself enough to maintain our life the first few years and that is terrifying.
Start it out as a part-time business. Continue to work at your current job
Posted on 2/19/18 at 10:20 am to OweO
quote:
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
Posted on 2/19/18 at 10:22 am to Tiger Ryno
quote:
What kind of business?
Franchisee of a national chain restaurant. I have three locations and trying to expand further.
Got a used car license first and sold one used car at a time, purchased from auction, until I had enough money to buy into a franchise. Did this while working a full time job
This post was edited on 2/19/18 at 10:24 am
Posted on 2/19/18 at 10:26 am to OweO
(1) Hated working for incompetent people
(2) No clue
(3) Not much. If you fail you just work for someone else. End up at the same place as working for incompetent people, except you actually tried to work for yourself
(2) No clue
(3) Not much. If you fail you just work for someone else. End up at the same place as working for incompetent people, except you actually tried to work for yourself
Posted on 2/19/18 at 10:27 am to OweO
quote:
What made you decide to start your own business?
Decided I did not want someone else controlling my future.
quote:Not all growth is good growth, profitability is all that matters.
What failure did you learn the most from?
quote:
How big of a risk were you taking when you decided to start your own business?
Moved my family across the country with no safety net and proceeded to take on an incredible amount of debt. Best decision I ever made, succeeded because at the end of the day I bet on myself instead of someone else.
Posted on 2/19/18 at 10:27 am to Tyga Woods
quote:
Franchisee of a national chain restaurant. I have three locations and trying to expand further.
Did you start off with three? Or did you start with one and work up to three?
Posted on 2/19/18 at 10:32 am to OweO
We started our business because the companies providing the service to us sucked. We knew we could do it better.
Biggest failure was under valuing what we were offering (our prices were too low when we started). Since we were new I didn’t see the value of what we provided and it took more than a year to slowly raise our prices to where they needed to be.
At the time it wasn’t a big risk because we were still flipping houses. Little did I know that the flip market would tighten so much that we would end up doing the new business full time.
Biggest failure was under valuing what we were offering (our prices were too low when we started). Since we were new I didn’t see the value of what we provided and it took more than a year to slowly raise our prices to where they needed to be.
At the time it wasn’t a big risk because we were still flipping houses. Little did I know that the flip market would tighten so much that we would end up doing the new business full time.
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