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Old 06-13-2014, 10:10 AM
 
4,366 posts, read 3,849,953 times
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I think I would be well on my way to starting a successful business if I could do these four things.

1. Clearly state a plan or "vision" for my company.
2. Present information in a way that makes people want to come on board and help me.
3. Organize my operations to a fault and have a prescribed method for everything.
4. Present my company to my customers as an appetizing service that can meet many of their needs.

Did I leave anything out?
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Old 06-13-2014, 12:45 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
33,244 posts, read 60,421,211 times
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If it were that easy, everyone would do it. You have to provide a product or service that people want and/or need, and in a manner that keeps you ahead of the competition. It's easier if you invent and patent a new product, but entering the market late with something already available it's hard to catch up and beat the others already selling it that have an established international market and offshore, cheap labor.
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Old 06-13-2014, 03:23 PM
 
420 posts, read 680,902 times
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Here's an easier way:

1. Start a Roth or Traditional IRA in your mid twenties.
2. Fill it up with mutual index funds that capture the market
3. Pay the maximum contribution amount every year
4. Budget and cut costs whenever/wherever possible
5. Don't have too many kids
6. Bam you're a millionaire, now you just need to know how you could possibly retire on only $1M
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Old 06-13-2014, 06:58 PM
 
34,083 posts, read 18,075,689 times
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Make sure you count the costs... plenty of hidden regulations lurking that the Government Acronyms will be happy to tell you about.
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Old 06-13-2014, 08:29 PM
 
Location: Atlanta (Finally on 4-1-17)
1,850 posts, read 2,601,676 times
Reputation: 2581
Learn how to put together a PPM.

Buy 4 businesses that pay you over $250K each.

After a while, sell all four businesses.
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Old 06-15-2014, 07:27 AM
 
1,858 posts, read 3,180,683 times
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This is certainly the most realistic option for the vast majority of people. It's not that easy though, given how little people save and how crappy they generally are as investors. Think of how many knuckleheads actually consider their home as an 'investment'.

Quote:
Originally Posted by jaekn View Post
Here's an easier way:

1. Start a Roth or Traditional IRA in your mid twenties.
2. Fill it up with mutual index funds that capture the market
3. Pay the maximum contribution amount every year
4. Budget and cut costs whenever/wherever possible
5. Don't have too many kids
6. Bam you're a millionaire, now you just need to know how you could possibly retire on only $1M
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Old 06-15-2014, 09:04 AM
 
4,366 posts, read 3,849,953 times
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Quote:
Originally Posted by stoutboy View Post
This is certainly the most realistic option for the vast majority of people. It's not that easy though, given how little people save and how crappy they generally are as investors. Think of how many knuckleheads actually consider their home as an 'investment'.
This doesn't sound difficult, but could someone who makes a little more than minimum wage year round establish anything like that? If so, what would be the steps in detail? Also, is there a way to speed things up so that the person saving money accumulates more than $1M?
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Old 06-15-2014, 09:06 AM
 
Location: SC
8,795 posts, read 6,359,441 times
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Quote:
Originally Posted by kmb501 View Post
I think I would be well on my way to starting a successful business if I could do these four things.

1. Clearly state a plan or "vision" for my company.
2. Present information in a way that makes people want to come on board and help me.
3. Organize my operations to a fault and have a prescribed method for everything.
4. Present my company to my customers as an appetizing service that can meet many of their needs.

Did I leave anything out?
Having a bankable idea for business. While planning, detail, financing, and all that is good, you still need a pro=duct or service someone wants.
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Old 06-15-2014, 09:41 AM
 
4,366 posts, read 3,849,953 times
Reputation: 2931
Quote:
Originally Posted by blktoptrvl View Post
Having a bankable idea for business. While planning, detail, financing, and all that is good, you still need a pro=duct or service someone wants.
I thought that was covered in number 4.
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Old 06-15-2014, 10:05 AM
 
795 posts, read 1,101,194 times
Reputation: 550
Quote:
Originally Posted by kmb501 View Post
This doesn't sound difficult, but could someone who makes a little more than minimum wage year round establish anything like that? If so, what would be the steps in detail? Also, is there a way to speed things up so that the person saving money accumulates more than $1M?
That is no more harder than asking the same person to follow your simplistic steps... both have a learning curve and obstacles.

Part of their 1, 2, 3... plan would be to make more than minimum wage.
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