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Old 09-23-2010, 06:16 PM
 
Location: Myrtle Creek, Oregon
3,587 posts, read 4,150,304 times
Reputation: 3791
Quote:
Originally Posted by MisterCobalt View Post
I actually have an idea for a business... However, starting a business requires a big loan, and loans are hard to come by these days. Plus I highly doubt any bank would want to loan that much money to a 21/22 year old anyhow.
Banks don't loan venture capital, or at least they shouldn't . If you need startup funds, you need to go to venture capital investors. Put together a good business plan and go money shopping. Your loan will be high risk, so you will pay high rates. Rates will be variable depending on that business plan and how well you sell it. They will also want an in depth background check. If you were a flake in school, or have bad credit, nobody is going to loan you a nickel. Standard venture loans go for 12% to 20% a year, which reflects the fact that many of them are uncollectable.

Good luck. Let us know if you get rich.

 
Old 09-23-2010, 09:21 PM
 
Location: Just outside of Portland
2,581 posts, read 2,230,563 times
Reputation: 2085
Quote:
Originally Posted by Boompa View Post
It's a joke
They want to sell shirts
Perhaps Mice with human brains


Pinky: Gee, Brain, what do you want to do tonight?
Brain: Pinky, are you pondering what I'm pondering?
Pinky: Are you pondering cheese sticks?

(I know this is not what Boompa meant (though maybe it is).

Last edited by pdxMIKEpdx; 09-23-2010 at 09:38 PM..
 
Old 09-24-2010, 02:31 AM
 
35 posts, read 53,523 times
Reputation: 32
Quote:
Originally Posted by Silverfall View Post
See about small business start-up grants. The founder of Wordpress is a whopping 25/26 now. I think he was 18 or so when he started the company that runs Wordpress.

I agree that a traditional lender won't loan you the money, but there may be some local business people that might. The Chamber is a great way to meet and network with local business owners. You might be able to pitch your idea to some of them.
Network? Ah...hahahaha...ha... 1)I barely know what networking consists of. 2) My social skills are nearly nonexistent.

Quote:
Originally Posted by Larry Caldwell View Post
Banks don't loan venture capital, or at least they shouldn't . If you need startup funds, you need to go to venture capital investors. Put together a good business plan and go money shopping. Your loan will be high risk, so you will pay high rates. Rates will be variable depending on that business plan and how well you sell it. They will also want an in depth background check. If you were a flake in school, or have bad credit, nobody is going to loan you a nickel. Standard venture loans go for 12% to 20% a year, which reflects the fact that many of them are uncollectable.

Good luck. Let us know if you get rich.
I have about a 3.15 GPA right now... Does that count as being a "flake" ?
 
Old 09-24-2010, 05:40 AM
 
Location: Kalamalka Lake, B.C.
1,377 posts, read 1,375,484 times
Reputation: 1436
Back to the thread: I noticed when the Y2K furor was ongoing that all the prophets of doom were coming out of unibomber cabins in Oregon lead by academics with a guaranteed check. Oregon isn't so much communist as in an Ivory tower.
Then again, I could be stuck in Washington.
Two states; two states of mind and go figure; they're right beside each other!
 
Old 09-24-2010, 09:29 AM
 
Location: Myrtle Creek, Oregon
3,587 posts, read 4,150,304 times
Reputation: 3791
Quote:
Originally Posted by MisterCobalt View Post
Network? Ah...hahahaha...ha... 1)I barely know what networking consists of. 2) My social skills are nearly nonexistent.


I have about a 3.15 GPA right now... Does that count as being a "flake" ?
If you are going to be in business, social skills are important. The people you meet are your livelihood. Besides being 100% self-starters, another constant with successful business people is that they are all great to talk to and can be loyal friends. You hear a lot of grumbling about the "good old boys" networks, but that is who they are, in their hearts and minds.

As for your GPA, at least it doesn't automatically disqualify you. You could be really smart and a flake, or average and hard working. Average and hard working would get you a hearing.

There's a simple recipe for business success:

Early to bed, early to rise,
Work like hell, and advertise.
 
Old 09-24-2010, 10:48 AM
 
Location: Salem, OR
10,860 posts, read 18,180,905 times
Reputation: 6733
Quote:
Originally Posted by Larry Caldwell View Post
If you are going to be in business, social skills are important. The people you meet are your livelihood. Besides being 100% self-starters, another constant with successful business people is that they are all great to talk to and can be loyal friends. You hear a lot of grumbling about the "good old boys" networks, but that is who they are, in their hearts and minds.

As for your GPA, at least it doesn't automatically disqualify you. You could be really smart and a flake, or average and hard working. Average and hard working would get you a hearing.

There's a simple recipe for business success:

Early to bed, early to rise,
Work like hell, and advertise.
I agree. If you don't have social skills then launching a business will be extremely difficult. Often what happens with situations like that is a partnership is formed with the "idea" person behind the scenes and the "social" person out there marketing.

Most business owners are social, but some are serious sharks and get "successful" by running over people. I'm not a fan of that approach. If you have a tech idea, it's a lot easier to be lacking in social graces. The tech arena is used to that.
 
Old 09-24-2010, 06:01 PM
 
5,578 posts, read 8,013,132 times
Reputation: 5597
Quote:
Originally Posted by karlsch View Post
Because she's the perfect example of a person who is wealthy and stupid?
Wealthy, yes. But my hunch is she just plays stupid for attention and publicity - which in turn makes her more wealthy. Her sister tried playing stupid for profit for a bit, too, but it's actually a talent one must have and not everyone is that talented.
 
Old 09-24-2010, 06:05 PM
 
5,578 posts, read 8,013,132 times
Reputation: 5597
Quote:
Originally Posted by MisterCobalt View Post
Network? Ah...hahahaha...ha... 1)I barely know what networking consists of. 2) My social skills are nearly nonexistent.


I have about a 3.15 GPA right now... Does that count as being a "flake" ?
You might try online networking. Technically, we're networking here. I read a story about some moms who turned their blogging hobby into something profitable through networking online with other moms whom they've never met in real life - it all happened exclusively online.
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