Official Entrepreneur Thread

[NSXRguy]

i figured id start a thread for those who are already or are considering starting their own business.

a little info about me, i am currently 24 years old and i work full time in the health care field. i do enjoy doing what i do, but in no way will i strike "oil" in it.

at this time, i have minute knowledge in business, but my SO is in accounting/management so she can help out. of course ill be putting my own time in it also.

if i do go all the way with this business idea, ill probably end up either temporarily leaving my career just in case i fail...

i am in a very young stage of starting up a business which is in a completely different field than what i have a degree in. yes, i know its risky, but if it blows up, it has a potential of becoming a multi million dollar company.

anyways, i come to the nsx community for some advice as i am sure that there are many business owners on this forum. for those who started their own company from literally nothing, care to share some hardship and success stories? maybe some tips? no need to get into specifics, but just some things to watch out for that are both inevitable or avoidable.

thanks!

 

[Jimbo]

Yeah, the big, big step is when you hire employees. At that point everything changes.

The current economic and political climate (IMHO) is very difficult (almost hostile) for the entrepreneur/small business owner. Nov 2 will tell us a lot as to the future direction.

Is this a service, manufacturing, consulting business or something else? That makes a huge difference.

 

[NSXRguy]

ill be my own boss and employee in the beginning, along with my brother and SO. its a simple process, but if the volume exceeds expectations, employees come to play.

its more a "service" than anything which combines 2 ideas that i dont think has been done before. those 2 idea put together will imo make it the hit i see it to be.

in my understanding, a business is as good as its exposure / advertising. i think i pretty much have that down, almost for free......

 

[Briank]

Find a need and fill it. If it takes off great if not try something else. Don't leave your day job till you can do at least $10,000 net a month before taxes for a year.

 

[HIJACKER]

Well, for the last decade and currently - I'm a Program Manager and I oversee and manage the entire Law Enforcement and Defense Division of a private contractor. I have approximately 120 employees.

My objective in about 5 years, is to branch off as my own firm. The biggest advantage in small business competition with the Government is our status. In my case, the business would start up as a SDVOSB (Service Disabled, Veteran Owned Small Business). I'm very in tune with the industry, customers, partners, marketing and business development strategies, as well as the game that has to be played in pricing. Right now, I'm just waiting for the right time to make that move and until I do, aligning myself with a VP position to become even more engaged at an Executive level and continue aligning my approach to meet future business targets.

So... 2015 is the year I look forward too.

 

[Steven Allen]

Interesting topic. I am the founder of several successful businesses.
I do not mind helping some as long as the discussion does not get too involved or time consuming.

 

[NSXRguy]

Steveb, care to share your experience in your first business? Hardships and successes?

As far as employees go, i think me, my bro, my gf with finances, and maybe an extra employee should manage just fine in the beginning, unless of course the chance it blows up quicker than expected. Yes, the non stop work and very long hours for basically all year long will be an obstacle, but like they say, rome wasnt built in a day =P

 

[docjohn]

remember when you build your proforma for the business....if this prduct of yours is service related then your profits may be limited by your manpower.If it takes too long to satisfy each customer then you will just end up working for yourself...if you are stamping out wigits that is a different story..

 

[CL65 Captain]

I just put in my bid for our Early Out (Buyout program) at work and am going to start my own business. I think I'm going to take some time off and then maybe start a business as an indoor farmer. :smile:

 

[DocL]

... I think I'm going to take some time off and then maybe start a business as an indoor farmer. :smile:

So you're going to grow pot?

 

[Ko-nsx]

I work offshore, 21 days on/ 21 days off. While living in St.Louis, i had rental property and wholesaled used cars. I enjoyed both businesses and did well, but it was a lot of overhead. Im looking for something to do on my 21 days off. I've been and electrician for 20 years and i was thinking of starting a commercial/residential buliding inspection service. Since i have the background i figured it be easy to run by myself and i wouldn't be re-inventing the wheel. At this point in my life(37) i'd like to do something that was fun first and money second(probably too late to start a racing career).
Many people say, "you could be your own contractor!" After being on the rig 21 days the LAST thing i want to do is electric work!

 

[Jimbo]

Steveb, care to share your experience in your first business? Hardships and successes?

As far as employees go, i think me, my bro, my gf with finances, and maybe an extra employee should manage just fine in the beginning, unless of course the chance it blows up quicker than expected. Yes, the non stop work and very long hours for basically all year long will be an obstacle, but like they say, rome wasnt built in a day =P

Be cautious about starting a business with family members. Of course, only you know your situation but very often this leads to problems over time.

And I think that every one who did have problems with this, at one time said, "Oh, no my situation is different. We're really tight knit and everything will be cool."

.

 

[HTN]

So true about working with family.
I personally think the best thing to do is JUST DO IT. You will learn so much from your mistakes and hopefully success will await you.

 

[Bear]

Helpful stuff I've learned about starting a succesful biz (I've been self employed for 20 years, started with nothing).

• It helps to be at the age sweetspot, 28-32 years of age, to maximize energy and motivation.
• Easier if you're single and have low living expenses.
• If your parent(s) were self employed it makes things easier.
• You need a 'real' skill (better if you have two skills you can mix).
• Understanding of accounting is important (taxes too).
• Experience in the field where you're going to compete is crucial.
• Good salesmanship skills are required (not the used car type salesman)
• Know what your competitive advantage is and exploit it.

Understand this.. When Sam Walton was starting out, and a customer came in to buy an out of stock product he would quote a lower price than his competitor and say "I have one in the back".. He would run out the back door to his competitor, buy the product.. rush back and sell it at a loss to his buyer..

If Sam's actions make sense to you, and you have some or all of the attributes mentioned above, then what the <blank> are you waiting for?

 

[cyberdog]

I started my own business when I was 14 doing web hosting, still going good to date but haven't really expanded it much due to work commitments doing network administration. I may grow it soon though, I have a few ideas up my sleeve... Employees are a hard hard thing to manage as a small company, and I imagine also as a large one...

Things I've learned are to trust your employees but not your vendors, and to always put in safe guards so you don't loose your reputation. Always have a backup of your backup plan, this has come in handy more than once for me . Also be prepared for high initial cost, although I think most people are aware of this. That's not to say it's an obstacle, if you grow slowly and stay in the black you'll do just fine...

So true about working with family.
I personally think the best thing to do is JUST DO IT. You will learn so much from your mistakes and hopefully success will await you.

+1, just do it, it's okay to screw up. Build off of what works, don't dwell on what failed.

 

[AR]

Having our own business for the last 12 years and I the best advice I can tell is do NOT work with family.

Secondly do not be afarid to downsize/upsize as you go along.

Lastly do it at your own pace whatever it is, don't worry what Tom, Dick or Harry might be doing of getting.

I hope it all works out for you.

 

[serialNSXer]

Having done a couple of startups myself, this is a pretty reasonable read on the subject.

 

[NSXLVR]

Having done a couple of startups myself, this is a pretty reasonable read on the subject.

that is an EXCELLENT read!

I'll let you know how it works for me here withing the next year :tongue: