Any Entrepreneurs here? (IRA)

[Blondie621]

Originally Posted by bentlebee

Most people who made it big time, never thought about the money in the first place...they loved what they did and the money came later....If you think first about the money, IMO that isn't the way to strike it, because you will loose the important view on what is important first.

Well, I have to disagree there. But I do believe it is very important to love what you do! Unfortunately not many people do. That is exactly what I posted if you read it. I have many talents that I simply love. I just need some kickstart ideas. Of course I would not put the money first! Whatever I decide to do it has to work though.

[golfgod]

The two best pieces of advice I can give (I've started 4 businesses) is to find a way to MAKE MONEY from what you're really good at; and to know how (and to whom) TO SELL your product of service.

A short story about a couple of friends of mine. Both of them found themselves at a "career crossroads", topped out in earnings in their field. Both studied different opportunities and got into the same business. It was kind of a franchise, but I don't want to do anything to disclose what or where. For the first two years both worked "by the book" building the business to the point where they could enjoy the income they'd had in their former field.

It took them about 4-5 years to get their. However person A only ever did one or two things that were kind of "outside the box". He stumbled into one of those situations and his client offered him a HUGE payday and opportunity to expand what he had done. He took advantage of the huge payday, but never exploited the opportunity, with that customer or any of its competitors.

Person B is one of those kind whose mind never stops churning, and is at least as good a salesperson as A. Within 6 years of starting he was a very active board member of their statewide trade association, with 8 years the same thing with the national association. He constantly studied up on changing industry trends and laws affecting the business. Through his contacts he became involved in a university funded study on a certain part of the industry, which almost every one of his competitors turned down because they were only looking at the CURRENT PAYCHECK, not the future potential.

Eight years after that project started (and some heavy volunteering along the way) he is the recognized industry leader on how to implement the new process, and has VERY CLOSE CONTACTS within a five-state region among those responsible for implementing it locally. He has more "work" and pay from just lecturing and consulting on this part of it than 3 of him could do in the "basic work" part of the job.

It took a long time, but the cliche about "thinking outside the box) is true.

And while this is mostly an interesting story, the two points that I made at the beginning are the best advice I can give.

golfgod

[Humanoid]

Honestly, if you are having trouble coming up with "some kickstart ideas" you are unlikely going to do well as a entrepreneur. All the entrepreneurs I know of (myself included) come up with business ideas all the time and have numerous ideas on the back burner.

If you read the stories of successful business you will find that the people that created them often failed a few times before they succeeded. When most people fail they walk away with their head down and thats that. Successful entrepreneurs will fail and learn from the failure and start over even more motivated then before. Anyhow, you are more than likely going to fail and lose whatever seed money you started the business with.

[Movie Lover]

I am also an entrep, lately nothings come in. So an idea was needed, it mutated and angled itself around and now the money that I will get in one full year is £75,000 to £126,000. One problem though: Almost everything I've done in the past is not exactly legit. I have a disability and must have a low IQ to boot. I've looked at legit ways and found the stocks and shares options, but then came something called the Credit Crunch. There you go, game over. Now I can't be blamed for doing things on the other side of life.

[GoCUBS1]

Originally Posted by bentlebee

Most people who made it big time, never thought about the money in the first place...they loved what they did and the money came later....If you think first about the money, IMO that isn't the way to strike it, because you will loose the important view on what is important first.

Well, I'd have to agree 100% w/this. I started out as an independent consultant right out of college and then bought an existing business and turned it around. I wasn't motivated by the $. I'd say I was most motivated by the freedom to pursue your own business ideas and the opportunity to create something new... And I have a very high risk tolerance...

[Driller1]

I am 100% money motivated.

[Movie Lover]

At full speed, the £75,000 - £126,000 now stands at a nice total of £504,000 in one year.

[She'nvestor]

When someone says they are 100% money motivated, I don't believe it. I ask WHY they want the money, and I immediately start getting a list of things they will do with the money...That LIST is actually the motivation. The list should be the focus of why they are driving forward.

[GoCUBS1]

Originally Posted by She'nvestor

When someone says they are 100% money motivated, I don't believe it. I ask WHY they want the money, and I immediately start getting a list of things they will do with the money...That LIST is actually the motivation. The list should be the focus of why they are driving forward.

That's cool that you revived this thread one year later... I'd be interested in hearing updates from other entrepreneurs in this market... As some of you know from my previous threads, I just negotiated a new loan to expand my existing business. Sales are up and I'm developing a new business venture...

Have to agree w/She'nvestor that it's not 100% about the money for me. As I said B4, I like the freedom, the lifestyle, the risk, the learning process, the passion, the creativity.... I also have a crazy amount of energy, am confident and competitive, and love working with (and mentoring) all types of people. I have no idea if I'm a "typical" entrepreneur. It works for me though and I'm happy.

Also agree w/Humanoid... I am not afraid of failure or losing money. Since I was kid, I was always conjuring up business ideas. My head is filled with them (I keep a notepad by my bed so I can write them up in the middle of the night). Man, you should have seen the big plans I had for the Chicago Olympics... Could have been VERY profitable... Oh well, you win some, you lose some..

[nimmysnv]

Hi,

Well, I am newbie here and accordng to me it is important to work what you like the most and comfortable in so that it will not difficult for you to manage further.

As, it is important to make your work more and more better and to to stay honest for your work.

Thanks!!