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I'm a young professional, I have a bachelor's degree in both Marketing AND Management Information Systems. I've worked for 3 companies in 3 years, all pretty big, all pretty successful, been successful while there, but with the way the economy is and how companies are finding new ways to take advantage of the work force, I haven't been able to find a "home". The promises made to recent college grads of hard work + long hours = financial success has long wore off its illusion. I'm slowly realizing that no matter where I work, no matter how hard, I won't ever get where I want to be because my company will always hold me back. I am expendable.
I've had aspirations to start my own business. I want to do the research and learn as much as I can, so I can start turning my ideas into reality. I just don't want to make unnecessary mistakes along the way (but I'm sure failure is necessary to learn from and is inevitable). I'm looking for advice on how to take on a path necessary to become knowledgeable, meet other entrepreneurs, and learn what I need to do to get a business development process starting. I can write a business plan, anaylize markets, and I have excellent sales skills, and I have a strong technical background. I have no money to invest or begin with, so any help applying for investments or loans would be appreciated as well.
Thanks in advance for any advice or help you can provide.
I'm not sure how much of a feel for your advancement potential you'll get anywhere in a year, at least I never did. That said let's look at your start up plan:
What kind of business do you want to start?
Do you have any ideas? Technical, sales, marketing,???
How come you don't have any savings?
I've funded a couple of "start-ups" for others, but they had something TANGIBLE to show me about what kind of return to expect. And by tangible I don't mean just a "business plan" (IMO one of the most overtouted/worthless documents ever), I mean they had a "book" of business or a service that I could look at, evaluate and say; "yes, I would, and others will pay money for that product or service".
At that point I put in some capital, helped them do the business set up and made sure that they knew that I was taking A WHOPPING CUT OF THE FIRST 3 YEARS. I made money on all of them, lots on two of them, but in the long term the owners made more.
What do you want to do?
What do you bring to the party that I can't get from 100,000 other 25 year olds?
Good ideas and good business plans don't make a good business (I'm sure you know)
you really need LOTS of contacts and LOTS of teamwork to pull off a business
recognized your weaknesses - build them or mitigate their risk (have good friends to cover)
be ready for 5 yrs of 80 hr weeks (once you have capital + other stuff... product, Market, distribution, cash flow (or BooKooBucks))...
read "Die Broke", yes... you are correct, as long as you are working for someone else, you are an ASSET to their income stream and a liability to yours (hint: carry liability insurance to cover LOST wages). Sell your hours to the top bidder.
realize entrepreneurship doesn't happen overnight. (even to Bill Gates, or Steve Jobs)
I just finished a master's program with 'kids' and I made it a point to beat the tar out of the dean of the business school by telling him that they were doing young students a huge disservice by trying to academically teach 'entrepreneurship' to kids who haven't even run a lemon-aid stand or been under the discipline of 4-H or similar (military may also work for that ;0). Entrepreneurship is more 'caught' than 'taught' but it is yet another 'dream' that is achievable in the great USA. I spent last week with a good friend who worked the trenches for 30 yrs before striking out very successfully. He made a great point. He said all his previous jobs were 'Training" and he made the best of each opportunity. He made some really big bucks, as well as some really big mistakes. I feel the same way. I am a first generation 'employee' as I saw the business owner grief of all my predecessors, and I was sick and tired of caring for them. So, I got a great job at a wonderful employer, but.... I was never very happy with the thought of working for 'the-man'. Yet, it served me well, paid for lots of training, and provided overseas assignments that I really enjoyed (because I worked exclusively with 'national' entrepreneurs.)
I have friends doing micro-finance / bus dev in war torn countries and it is very rewarding, but... they each served their time.
Tuck in your pride and find the best opportunities that will contribute to your future, as well as provide an optimal value to your boss. I'd find some smaller companies if you feel confined, or a bigger company with more opportunity. I changed jobs every few yrs in my HUGE company, but I rarely felt I didn't have room for growth, and I only put up w/ crummy positions till I could change. I often worked nights and off-shift to get more chances to make independent decisions and to avoid the mass of 'upward mobile professionals'. I would 'leap-frog' them by just digging in and delivering, instead of 'pumping-me-up'.
I always had stuff on the back burner for 'escape / freedom projects'. Have your goals and get after it. Each day is but a stepping stone. (and a few tripping points)
I say go for it... I also did MIS w/in CoB and working on a business launch, takes a LOT of effort though, have several people working on it and I'm still holding down full time job..
Still in phase of building up clients.
I work on it most of the weekend hours usually so I get up and have a real day, then after work for a few hours everyday. I work on it on my lunch breaks as well.
I've worked 8 years for 4 companies, just not my type of lifestyle I want. I was going to go back for a masters but realized it would still put me in the same predicament so putting all my energy into this and you know what, even if we aren't makin gmoney yet, its FUN again. I'm working with another 4-5 people on this though, pooling capital and resources, and we have all worked in IT for about 10 years on average, so we know the business in and out and our biggest mountain is going to be marketing and getting clients. I don't know how I would fare in your about 5 year younger situation. If I didn't know the industry and have wide connections like I do, I wouldn't be trying to pull it off. I knwo a lot of "IT" people in Chi/SV/NYC
I've also started a business before so I know its a struggle.
I am sure maybe some of your colleagues feel the asme about the "rat race"
I'm slowly realizing that no matter where I work, no matter how hard, I won't ever get where I want to be because my company will always hold me back. I am expendable.
Some employees are expendable, but companies that think all (or even most) of their employees are such are expendable as far as the economy is concerned.
The concept of an entrepreneur is so vague its meaningless. The modern notion seems fairly similar to that of a gambler. Regardless, like riding a bike no amount of research is going to tell you how to start a successful company. It is something you have to do.
This is all very good information, I appreciate all of it.
Golfgod: I don't know what type of business I want, I have ideas but I'm reluctant to share them in detail. One is a restaurant idea and the other is a fairly simple website idea. I have no money or savings because job #2 did not pay me a commission rate that was promised to me, therefore I had to slowly use savings each month to make ends meet, thinking I was going to start rolling in the commission $ soon, but after a year I realized they scammed me. They were cutting every corner in the book just to get their IPO. Thank you for the questions, as you're helping me curb my thinking to what I need to do to get a solid business going. You've already helped me start to understand the mindset of an investor.
StealthRabbit: this is good, I am looking for tangible resources to learn from, and I understand your point...I need to do it, not read about it. That's why I'm really looking into a website idea. It's an area I can get my feet wet with minimal cost and low risk, it may help me get that experience I need. I need more examples of these opportunities you speak of that I should be looking for.
Grapico: I've worked in IT for 3 years now, and I know a lot of people who have gone off to start their own business in IT. I don't see myself going that route. I think it's an oversaturated market with too many niche players. I'm not super technical, and I don't have a passion for business technology. It's good to hear others who were in my position are going after it though.
The question I'm still asking: Being 26 years old, little or no credit history, and zero capital, is it even possible for me to start a business? Do I even have a chance?
Suppose I get an idea I really want to go after, and I'm able to put together a solid proposal to be successful and profitable. Would any bank or firm ever give me a chance anyways?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
Quote:
Originally Posted by cdubs3201
...
The question I'm still asking: Being 26 years old, little or no credit history, and zero capital, is it even possible for me to start a business? Do I even have a chance?... I get an idea I really want to go after, and I'm able to put together a solid proposal to be successful and profitable. Would any bank or firm ever give me a chance anyways?
#1, yes you have a chance
#2, NO; bank or professional lender is only interested in your track record, (They DO-NOT provide start-up funding) Initial capital is best to come from you. I have had many clients who unintentionally took their family and friends to the cleaners.
Do something with low capital and fund it yourself (2nd time - "there is no free money"). I have a 27 yr old friend who is doing a great business with web and referral access to clients. He prepares financial data for business plans. He is very good and found a job @ 22 that gave him lots of exposure to this business. He was able to 'break-free' after 4 yrs and is very successful, $xxx,xxx in first yr (that is VERY unusual). BUT he has a skill that is in demand, AND he learned the business side on someone else's nickel (dime).
I too am in a similar position as you. I also did the job hopping after college looking for the right opportunity. I have a degree in Economics with experience in sales/accounting/finance. With the way the economy is right now, I am also looking to startup my own business. I have a couple of good ideas that I know will hit a niche market that isn't being affected by the recession.
These ideas come from knowing several people in this industry over the last 5-6 years. I already the know the demand is there and the price people would be willing to pay for my product. I have already spoken to several of my potential future customers and all say they would welcome my business.
My initial obstacle would be acquiring just a little more funding. If I don't get this funding I may have to scale down a bit and just start smaller. This may hurt profit margins initially but I would quickly acquire the necessary capital to expand to a more profitable size.
My advice to you would be to offer a product or service that will save people money, you can not go wrong with this theme.
#1, yes you have a chance
#2, NO; bank or professional lender is only interested in your track record, (They DO-NOT provide start-up funding) Initial capital is best to come from you. I have had many clients who unintentionally took their family and friends to the cleaners.
Do something with low capital and fund it yourself (2nd time - "there is no free money"). I have a 27 yr old friend who is doing a great business with web and referral access to clients. He prepares financial data for business plans. He is very good and found a job @ 22 that gave him lots of exposure to this business. He was able to 'break-free' after 4 yrs and is very successful, $xxx,xxx in first yr (that is VERY unusual). BUT he has a skill that is in demand, AND he learned the business side on someone else's nickel (dime).
good luck
yeh that is mostly what we are doing, same thing, learned the business by being in there seeing how it is really done and just need to break free, there is more money to be made and you don't have to be tied down to the 9-5... well, you will be working more HOURS honestly but it isn't exactly the same office everyday and you don't have to worry about if you have a PTO day or something if you need a day of rest or time with the family. plus you are closer to the pie... of course the government is still going to get their hands wet :/
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
Reputation: 46171
Quote:
Originally Posted by grapico
... plus you are closer to the pie... of course the government is still going to get their hands wet :/
not much if you move to a US protectorate (that is where many of the 'high earners on internet live).
1st - Git urself OUT of CA
There are plenty of 'income tax free' states within a day's drive of you.
NV will probably have the best business climate for you.
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