| Author | Message | ||
| rick catalano (Tatcat)
New member Username: Tatcat Post Number: 34 Registered: 9-2001 |
look around, find a need and fill it. in my case my friends wanted tattoos my wife was an artist so she served an apprenticship for two years. we took that money rented a storefront and opened a studio. a few years later we bought a building moved the studio upstairs and opened a nite club on the first floor. it's been great fun. forget trying to get a loan until you've been in business for several successful years. start small and keep building. good luck dude just remember when you work for yourself its 24/7. it's all you. | ||
| bruce wellington (Bws88tr)
Junior Member Username: Bws88tr Post Number: 165 Registered: 4-2002 |
ryan in my case i knew what i wanted to do when i was 7 yrs old, my father owned a battery company( was a distributor for a major battery company)as my grandfather preceded my father.I always wanted to be like my dad, worked harded, sweat, no vacations, etc, and he became a succesfull business man.When i turned 17 i thought i would get a free ride into his company, well guess what i didnt.. he said go to college and you will work weekends, holidays, summers to pay for college, well when i turned 21, I graduated WITH A B.S degree in business adm, and never looked back.IM 41 YRS OLD,AND DOING THIS FOR ABOUT 23 YRS, AND BECAME ONE OF EVEREADY- ENERGIZERS LARGEST DISTRIBUTORS IN THE COUNTRY.. POINT HERE.. GO TO SCHOOL WHILE YOU CAN AND GET AN EDUCATION, AND YOU WILL BECOME A WELL-ROUNDED, SUCCESSFULL YOUNG MAN. BEST OF LUCK BRUCE | ||
| Dave328GTB (Hardtop)
Junior Member Username: Hardtop Post Number: 118 Registered: 1-2002 |
Ryan, If being self-employed is for you, the sooner the better. Most successful small businesses are started in a hobby (as mine was) or the result of a job where you learn enough to go out on your own. If you have a thought as to what you might want to do, first learn all you can by either getting a job in the field or reading, preferably both. But you have to take a hard look at yourself. Being self employed is not for most people. You need the following: 1. Hard, long work. 2. self discipline 3. a willingness to take big risks with potentially serious consequences. 4. an ability to admit it when you make a mistake (and learn from it). 5. a willingness to defer gratification. Forget about that Ferrari soon. If you think starting a business is the fast route to riches, think again. 6. Did I mention long, hard work? Let me mention it again. 7. a certain amount of confidence is a big help, but refer to #4. 8. Did I mention, the harder you work, the luckier you get? You should try to think of something that needs little money to start and you will have to be creative, because banks will laugh at you. Your father should be a wealth of info. I had my last job when I was 23, my only regret was that I spent some years screwing around in college instead of getting an earlier start. Never did finish college, neither did Bill Gates. I do believe the younger the better to start before you have adult commitments and responsibilities. When I did start, I took a big pay cut from last job. This is the type of sacrifice that is needed. I plowed every extra dollar I could back into the business. Having a business is great for me, even after 28 years, it is a challenge every day. The climate is constantly changing, competition comes from everywhere. You have to love this challenge and attack it. Many people can't do that, would rather be told what to do. I always like to hear from young entrepeneurs. Good luck, Dave | ||
| Tim N (Timn88)
Member Username: Timn88 Post Number: 823 Registered: 6-2001 |
Ryan, you should probably go to college. Thats what im doing next year so i can "get the skills to make mad bills." I may not be going to the college i wanted to go to, or the college that has exactly everything i want, but thats why i plan on transfering. Wheres that town in PA you live in, is it anywhere near MD? | ||
| Jack (Gilles27)
Junior Member Username: Gilles27 Post Number: 198 Registered: 3-2002 |
Ryan, don't be afraid to pursue something that holds a personal interest to you. Very often, pursuing these passions pay off down the road. It's easy to get caught up in chasing after money, and it's easy to wind up disappointed professionally, financially and spiritually. Judging by what you say, you don't strike me as the type who's afraid to take some chances. Sometimes failure at something can provide a wealth of experience. But in the meantime, definitely educate yourself. It's getting harder and harder to go from the mailroom to the boardroom. | ||
| acw (Acw)
New member Username: Acw Post Number: 18 Registered: 2-2002 |
Ryan, As some mentioned, I think the most important thing is to get some kind of formal education in whatever area you want to work in. If your business does not work, at least it will be easy to find a job to recover and then try again. Another thing to consider, is that it is very hard to run a successfull business without some kind of experience. You can gain that experience by working in a similar business for a few years. Get to understand the problem space, market, customers, suppliers, etc, at some body else expense! Finally, I think there is one think really important: work really hard. That probably means 7 days a week. I found a few books to by inspiring. One of them is "Rules for revolutionaries" buy Guy Kawasaki http://www.amazon.com/exec/obidos/ASIN/088730995X/qid=1019959772/sr=2-1/ref=sr_2_1/103-0591676-9824645 Good luck ACW | ||
| Tyler (Bahiaau)
Junior Member Username: Bahiaau Post Number: 249 Registered: 12-2001 |
Dave, I couldn't agree more. | ||
| Dave (Maranelloman)
Junior Member Username: Maranelloman Post Number: 138 Registered: 1-2002 |
I started as a sales rep for a tiny software company in 1983 at age 21--right out of college. I was horrible, but learned fast, and became really good. Worked my way up into higher & higher levels of management. Had some excellent luck, and some horrible luck. Made a mint, and lost a bunch too. Now I consult with high tech companies & entrepreneurs who are having big problems. I help them turn around or unload their companies in as cost-effective & humane a way as possible. It's interesting to be in a counter-cyclical business that is good when the economy (especially for high tech) is bad. IMHO, 99% of success is just showing up...and swinging the bat one more time than the other guy/gal. | ||
| Steven J. Solomon (Solly)
Member Username: Solly Post Number: 274 Registered: 6-2001 |
I began a a delivery boy for a shoe repair store at 9, then busboy, waited tables, parked cars for a valet company, worked as a bouncer, went to med school, didn't like it so switched to dental school, worked as a security guard/limo driver to pay my way through school, opened 4 practices and sold 3 of them, bought commercial real estate in NYC in late 80's and lost my shirt, left my practice after a chance meeting with a state senator in 1995 who advised me that managed care was coming to the dental field in a big way under new governor (Pataki). Founded a health care company which now owns HMOs and dental/medical practices, a third party administrator, a consulting company and a few other related businesses. Had many near-failures and one big failure before hitting it. Point is to have the drive and fortitude (and enough cash)to stick out the bad times, and keep believing in yourself. Also great to have an advanced degree or special skill to fall back on so you can always earn a living during the hard times. There is nothing like being your own boss, even with all the headaches-and there are a lot of them. Visionary idea=5% Luck=10% Sweat=85% | ||
| Tyler (Bahiaau)
Junior Member Username: Bahiaau Post Number: 247 Registered: 12-2001 |
I'd advise toward getting an education. I'd make sure your education provides a skill as well(CPA, J.D., M.D.) I think a good accounting background gives you solid roots in any business. Law is also a great area because it is essential in every aspect of business. Get the education first and then start the businesses. | ||
| Greg Rodgers (Joechristmas)
Member Username: Joechristmas Post Number: 259 Registered: 3-2001 |
Jay way you say makes a lot of sense. A 4 year degree (in most cases 5 years now) doesn't seem to hold as much weight as it did years back. It is true in college they don't teach you how to make money otherwise the professors wouldn't be there as they would have lots of money. I did learn to critically think etc. I agree that the best way to get ahead is by not working for someone else but there are some exceptions. Please keep the info coming. | ||
| Greg Rodgers (Joechristmas)
Member Username: Joechristmas Post Number: 258 Registered: 3-2001 |
That is what I am trying to figure out. I greaduated with my degree last year from college and I entered into Chiropractic School but after attending for this year I am not sure this is the direction I want to be headed. I have done ok with buying and selling etc. I was just wanting to know some info on small businesses. I was thinking of going this route as I am not sure what road to take next as there aren't many great jobs for pre-med bachelors degree people. Long story but I wanted to see my opinions. Thanks. | ||
| J. Grande (Jay)
Member Username: Jay Post Number: 345 Registered: 10-2001 |
I started my business by accident. When I just graduated highschool I was working in a wholesale grocery store as the freezer manager (I was the only one in the department hence the term "manager") When I was passed over for a promotion I quit and went to work with a friends dad who owned a hardwoord flooring business. I ended up being stuck in that job making $12/hr (for really hard work) for almost 5 years. Then I took the plundge and bought my own flooring stuff. Never looked back. I can't believe how much money I lost out on for all those years working for other people. It is scarey at times because if you don't have anything lined up you don't make any money. It can be busy one week and dead the next, you really have to learn how to manage money and think long term. There is nothing better then working for yourself! Do it! My suggestion is not to put too much emphasis on Collage, it is important depending on what line of business you want to start, but initiative and a desire to learn can be worth alot more than a piece of paper (of course there are exceptions!).IMHO | ||
| wm hart (Whart)
Junior Member Username: Whart Post Number: 242 Registered: 12-2001 |
Do what you love. Your enthusiasm, and drive to do it right, will help you overcome many obstacles. But, as others have said, get an education. One guy who comes to mind (rick rubin) started what became the rap music business from his dorm room in NYC. | ||
| Mr. Doody (Doody)
Junior Member Username: Doody Post Number: 162 Registered: 11-2001 |
i've been starting businesses in the software space since the 1980s. angel money, venture capital, credit card loans - you name it, the money's come from everywhere. bootstrapped a couple, but find smart investors generally awfully valuable (for more than just cash). go to school. get your bachelors degree. high school teaches you all sorts of basic stuff. in college, if you're sharp, you'll actually learn how to learn. and start your account in the "luck bank". luck matters. a lot of people can build businesses, but actually making real money is definitely one part luck. doody! | ||
| Randy (Schatten)
Member Username: Schatten Post Number: 288 Registered: 4-2001 |
yes, fall back on that piece of paper! or better yet, start with something small while you venture through college trying to find that nitch that sets you off. personally, I'm just starting out with my own corporation, and learning some things the hard way - but learning indeed. startup businesses get loans or credit lines if they have been in business for 2 years. most business fail within those two to five years, so that's where financial institutions limit the lending and credit lines - they want to take risks, but calculated risks at that. so.. as stated before, unless you have personal equity, it will be difficult to get a loan. But I'd say, go for it, if the cutthroat business of cell sales looks promising. Most of all - listen to people and see what they want and how you can offer that to them in terms of products, services, or anything that you can think of, and of course, your father will have great advice being a business owner himself. | ||
| Doug Meredith (Doug308)
Junior Member Username: Doug308 Post Number: 147 Registered: 2-2001 |
18 years old...get a college degree. At least you will have something to fall back on if you are not a successful business owner. | ||
| Tyler (Bahiaau)
Junior Member Username: Bahiaau Post Number: 244 Registered: 12-2001 |
I started early. Mowing lawns and washing cars as a kid. I was making a hell of a lot more than my peers by the time I graduated high school. From there I went on to own various auto businesses and restaurant ventures. I have started lots of small businesses. I have had some great successes and lots of failures. I currently am involved with several small businesses and have a busy sales career as well. I agree that you should start small. Don't be afraid of failure either. Take intelligent risks and don't underestimate the expenses(both $$ and time). As for financing I began with cash I earned from running micro-businesses(washing cars, mowing lawns, etc...). As the business grew I traded up to bigger businesses. I have gone the loan route as well. It's difficult to obtain financing for new businesses and from personal experience it's no fun to have a business fail and then owe the bank several Ferrari's worth of loans you still have to repay. I can't tell you enough that you cannot be afraid to try things. You may fail and that is ok. I've got lot's of entreprenurial friends and though we all are doing well now, without exception we have all failed with at least one startup. | ||
| BretM (Bretm)
Intermediate Member Username: Bretm Post Number: 2487 Registered: 2-2001 |
I wonder if you can get a loan to start a brothel. My father has also owned his own business, all pretty much in steel construction. I don't think I will get into this though, although I wouldn't be surprised if I did. Not enough money in it to by F50s and F40s though every year unless you own like American Bridge or US Steel, so hopefully my new england college education will pay off someday. If not we can always try that brothel idea... | ||
| Rob Lay (Rob328gts)
Board Administrator Username: Rob328gts Post Number: 1487 Registered: 12-2000 |
Start small, but no one ever made it without taking a few risks. Just minimize the negative impact by starting small. As you learn the lessons, then start thinking bigger. When I was 7 years old I wrote a letter to Zebco fishing reels offering to sell their products. I was turned down, but they sent me cool patches. I've probably done 4-5 different businesses on the side. I started and ran an on campus new and used CD store through school and learned more about business doing that than from any of my classes. I had a dot com not go anywhere a couple years ago, but luckily I only had time and about $100 invested. Most successful businesses are after many failures. Most everything I've done didn't require much capital. If you do require capital, loans are personally risky, but give you complete control and ownership. The other option is to create a business plan (do an internet search for templates) and submit it around to attract interest. | ||
| Michael (Mtabije)
Member Username: Mtabije Post Number: 258 Registered: 10-2001 |
Cell phone biz is CUTTHROAT, I know first hand. But it's fun and you make good good money. | ||
| TomD (Tifosi)
Member Username: Tifosi Post Number: 627 Registered: 9-2001 |
loans are tough without a history or hard assets, most people use home equity or family members, friends etc | ||
| Greg Rodgers (Joechristmas)
Member Username: Joechristmas Post Number: 257 Registered: 3-2001 |
How difficult is it to get a small business loan? Any info would be appreciated. | ||
| Ryan Strickler (Rstrickler)
New member Username: Rstrickler Post Number: 3 Registered: 4-2002 |
Im thinking of opening a cell phone store in my town (Doylestown, PA) which is basically a rich community. Cheap to start, with almost no overhead. and you need hardly any inventory... Anyone have any insight into starting a company like this? | ||
| TomD (Tifosi)
Member Username: Tifosi Post Number: 622 Registered: 9-2001 |
ok I understand, can't speak for myself but in my family - back in the 1970s some family memeber were asked by friends to suggest places to ski in the alps - ended up organizing a trip for them and others and 25 years later is one of the largest wholesale travel operators to Italy. Work harder than most people I know | ||
| Greg Rodgers (Joechristmas)
Member Username: Joechristmas Post Number: 256 Registered: 3-2001 |
That is a great ? Ryan. I am curious to know as well. I am thinking about going this route. Any advice would be helpful. What types of small business owners do we have on FC? | ||
| Edward Gault (Irfgt)
Intermediate Member Username: Irfgt Post Number: 1208 Registered: 2-2001 |
I opened my Auto Repair business in 1980 after working at a Dealership for 6 years. I got a bank loan to purchase the existing building and property and have never looked back. I work by appointment only and have been at least a week behind since I opened. I now only work Mon-Thurs and really enjoy a 3 day weekend every weekend. I go home to Fla. for a week every 6 weeks or so. | ||
| Ryan Strickler (Rstrickler)
New member Username: Rstrickler Post Number: 2 Registered: 4-2002 |
I have, just trying to see what the world is up too. Cant live with out diversity... or at least I cant  | ||
| TomD (Tifosi)
Member Username: Tifosi Post Number: 621 Registered: 9-2001 |
sounds like you should ask your dad, | ||
| Ryan Strickler (Rstrickler)
New member Username: Rstrickler Post Number: 1 Registered: 4-2002 |
I'm 18 now and am aching to open my own buisness. My father has always owned his own buisness from a DQ all the way to custom kitchens. Any advise on starting a company? How did you fund your new investment? A large loan? Also how old were you when you started your buisness? Enlighten me guys! I HOPE to see a Ferrari in my future soon!! -Ryan |