Best way to get experience in how to start a small business? (lending, loans)

[the city]

Hi,

I just graduated from a well-known university w/ a liberal arts degree and I'm working in retail right now. I heard from some one who used to be a store manager at Staples, that retail management like being an assistant manager or store manager, is a good way to get experience in running a small business. I also heard you can come from different backgrounds to opening a small business. I heard a good way to start out is buying from some one selling an existing business. My area has a lot of tourists, so I heard small businesses do well and that CA is a good place to do business. The part I like about working as a retail manager or running my own business is the ability to set my own hours. One of my friends told me to start watching shark tank and that will give me ideas on what to look for.

Anyone go the route of working in retail and moving into running a small business? One of my friends ran his own computer repair business for a while. I hear it's harder to run a food place like a restaurant, but it can be better than some other places. I hear a business offering a service is a good way to go too.

Thanks,

the city

[Ace_TX]

Originally Posted by the city

Hi,

I just graduated from a well-known university w/ a liberal arts degree and I'm working in retail right now. I heard from some one who used to be a store manager at Staples, that retail management like being an assistant manager or store manager, is a good way to get experience in running a small business. I also heard you can come from different backgrounds to opening a small business. I heard a good way to start out is buying from some one selling an existing business. My area has a lot of tourists, so I heard small businesses do well and that CA is a good place to do business. The part I like about working as a retail manager or running my own business is the ability to set my own hours. One of my friends told me to start watching shark tank and that will give me ideas on what to look for.

Anyone go the route of working in retail and moving into running a small business? One of my friends ran his own computer repair business for a while. I hear it's harder to run a food place like a restaurant, but it can be better than some other places. I hear a business offering a service is a good way to go too.

Thanks,

the city

I'm just curious, but when people pursue a 'liberal arts' degree what is the usual type of job/career that they usually end up in?

anyways, retail management on a local level isnt anything more than budgeting hours and people. and it is driven more by the incentive of hitting bonus the more in depth work is district regional mangment etc, but then for alot of these guys they are looking at reports and "numbers" all day and seeing how "numbers" can be fixed

the best way to get into business is to have an idea, come up with a solid plan, and then dive in and dont be afraid of failure

buying an existing prifitable business is an option if your independently wealthy, but you still need to know what your doing or you can tank the business

research, the internet has alot of resources, the state your in has lots of info and programs

good luck

[cpg35223]

Originally Posted by Ace_TX

I'm just curious, but when people pursue a 'liberal arts' degree what is the usual type of job/career that they usually end up in?

anyways, retail management on a local level isnt anything more than budgeting hours and people. and it is driven more by the incentive of hitting bonus the more in depth work is district regional mangment etc, but then for alot of these guys they are looking at reports and "numbers" all day and seeing how "numbers" can be fixed

the best way to get into business is to have an idea, come up with a solid plan, and then dive in and dont be afraid of failure

buying an existing prifitable business is an option if your independently wealthy, but you still need to know what your doing or you can tank the business

research, the internet has alot of resources, the state your in has lots of info and programs

good luck

Ummm. I earned my degree in liberal arts and built a $5 million company in the space of four years and then sold it off. And I'm not even much of an outlier. Now, I have long-term relationships with a host of clients around the country in multiple industries. Jeez, I hate lazy, conventional thinkers.

Back to the original question: Start with an idea and do it on the side for a bit. That way you'll cut your teeth.

[MrRational]

Originally Posted by the city

Best way to get experience in how to start a small business?

By failing at the attempt.
But most can't afford to do that... even once.

Anyone go the route of working in retail and moving into running a small business?

Tons have. It's the default "norm".

...I'm working in retail right now.
...a good way to get experience in running a small business.

This is a different question/perspective on life than the thread topic.

The skills (and mindset) needed to run a business are VERY different from starting one.
And a large reason why franchise deals are so popular.

[Hemlock140]

Retail work can be helpful if you are planning to run a retail business. It will not help you run a restaurant, for that you need to work in a restaurant. The problem with either is that you will not make a lot of money, and it will be hard to save up the $100,000 or more you will need to start or buy a business that caters to tourists.

[the city]

I heard it's easier to get business loans if you have a college degree?

To become a retail store manager, do most companies want to see you have a bachelor's degree? I think I heard it's true for Target and Kohl's.

[cpg35223]

Originally Posted by the city

I heard it's easier to get business loans if you have a college degree?

To become a retail store manager, do most companies want to see you have a bachelor's degree? I think I heard it's true for Target and Kohl's.

Forget the business loan for now. Banks just aren't lending to small business, especially a startup.

Instead, you'll need to bootstrap for a while. Get a working model, get some capital from private sources, make some sales, refine your model, lather, rinse, repeat. Once you have a good track record for making money, then go after the loan. But the First National Bank down on the corner isn't lending you money until you've been out there a while, especially with the new, incredibly boneheaded restrictions fobbed on the economy by Dodd Frank.

[the city]

Originally Posted by cpg35223

Forget the business loan for now. Banks just aren't lending to small business, especially a startup.

Instead, you'll need to bootstrap for a while. Get a working model, get some capital from private sources, make some sales, refine your model, lather, rinse, repeat. Once you have a good track record for making money, then go after the loan. But the First National Bank down on the corner isn't lending you money until you've been out there a while, especially with the new, incredibly boneheaded restrictions fobbed on the economy by Dodd Frank.

Yeah I think I will need to work my way up into an assistant manager or manager and save up money. Then when I have enough I can use that money to start investing.

I am reading now that many liberal arts degree people are starting to go in jobs that don't require a degree, but go in these jobs and move up fast and usually negotiate a higher salary since they have a degree. And that some businesses, like real estate offices, hire agents with licenses and degrees even though technically you don't need a degree.

I suppose many sales jobs are like that too, they say you need sales experience and high school diploma, but in reality you will only get hired if you have a degree.

I guess they don't flat out say you need a degree because there are the rare instances of the associate's degree and high school diploma guy getting the management role.

One of my ideas for this area is to buy an existing business, start a business related to golf, or open up an apparel store of some sort. We have 4 golf courses in 15 miles. So that was one idea. Another idea is perhaps something that relates to selling health foods since I have a passion for that and it'd be easier to open a small market rather than a large market. There is no more land to build a new large grocery market, so a small one would be easier to get built by taking over an existing space.

[pghquest]

Best experience is to find someone in the field and work for them, get close to the owner, and listen to everything they say.

[Hemlock140]

Retail store management jobs require degrees because they can, they used to go to employees without degrees being promoted.