Any entrepreneurs/small business owners : Like-minded Thread

[mashimarho]

I figured I'd open this one up for people to share thoughts, collab, learn, and most importantly.. prosper.

As they say, "You will be as successful as the people around you."

I'm certainly willing to share experience and take on more knowledge.

[RickFLM4]

Small as small gets... sole proprietor for 17+ years.

[jmg]

Founder, CEO, COO, Secretary, Coffee getter, etc all rolled into one here! 5 years strong.

[MKSixer]

Founder (1 of 3), President, CEO. The Closer.

[mashimarho]

As for me, I just quit my day job and am solo! Wanted to create this and build a small community. A pretty crazy experience.

[irishbimmer]

had as many as 65 and as few as 5...I can tell you this that the fewer humans working for you will result in fewer human problems which are a drag.

[DETRoadster]

I dont have the balls to be an entrepreneur. I like the relative safety of being a cog in the wheel, getting a paycheck, and having a 401k. On the flip side, I bust my ass 50 to 60 hours per week while the entrepreneur owner of the company I work for is fully retired at age 43 spending the winters at his house in whistler, skiing, and the summers in Europe. He took the risk, I play it safe. Hats off to him and to all you folks with the guts to strike out on your own!

[xQx]

Originally Posted by DETRoadster

I dont have the balls to be an entrepreneur.

Depending on how you do it, it can take very little courage. You've just got to be willing to try a bunch of different things and hold on tight and work your arse off when one of them takes off.

So much of it is putting one foot in front of another; being willing to "own" any problem that comes your way, and having the tenacity/fortitude to put another step forward when you've barely got the energy to stand.

I've managed an internet business that started two months before my first child was born which grew into a $500k/pa (turnover, not profit) business - which has now shrank back down to about a $20k/pa (turnover) under my management; without ever leaving my full time job.

AMA

[BMW F22]

Subscribed. Searching for a good idea/opportunity to do on the side.

[jmg]

Originally Posted by BMW F22

Subscribed. Searching for a good idea/opportunity to do on the side.

Side stuff is nice if you have a passion for doing something. I've found that investing in your career (ie time, development, networking, education, etc) tends to yield better results financially.

That being said, a source of passive income doesn't hurt!

[BMW F22]

Originally Posted by jmg

Side stuff is nice if you have a passion for doing something. I've found that investing in your career (ie time, development, networking, education, etc) tends to yield better results financially.

That being said, a source of passive income doesn't hurt!

Exactly. Just to earn some extra $ is always good. Of course I value my leisure time too so I wouldn't want to work all the time.

[mashimarho]

Originally Posted by xQx

Depending on how you do it, it can take very little courage. You've just got to be willing to try a bunch of different things and hold on tight and work your arse off when one of them takes off.

So much of it is putting one foot in front of another; being willing to "own" any problem that comes your way, and having the tenacity/fortitude to put another step forward when you've barely got the energy to stand.

I've managed an internet business that started two months before my first child was born which grew into a $500k/pa (turnover, not profit) business - which has now shrank back down to about a $20k/pa (turnover) under my management; without ever leaving my full time job.

AMA

Well put.

[mashimarho]

Originally Posted by BMW F22

Subscribed. Searching for a good idea/opportunity to do on the side.

That's always how it starts.. Take a hobby and make a few bucks. Before you know it, you won't think of it as work and you'll be doing what you love while keepin' food on the table. That's what my pops told me.

[MrRoboto]

Sold my last startup business and went back to work at a corporate job. I miss the startup world terribly...damn, time to make a change.

[mashimarho]

Originally Posted by MrRoboto

Sold my last startup business and went back to work at a corporate job. I miss the startup world terribly...damn, time to make a change.

Is that so? Was it tech related?

[Joe240]

I recently started my first sole proprietorship a few months ago reselling computer items on Amazon. Figured I’d only invest $500 into the business and whatever profits come from sales will get rolled back into more inventory for resale. This way I’m not dumping my savings into something that may not work out.

The idea of it was strictly “I like computers and networking, why not buy components and systems tax free for resale and hope for a little profit (not income).” Maybe one day I can turn it into my primary means of income, but right now it’s just semi passive hobby of mine. I look at components and systems daily from different sources so I’m not going out of my way there. Only thing that adds something extra is creating shipping labels and packaging the items. USPS will pick up and the UPS store is by the grocery store so I can stop in for shipments any time.

Any small startup will only be as successful as the work you put into it (there are caveats of course). Don’t need courage to do it, just gotta understand what kind of initial investment you are willing to lose should things go south. It’s no different than buying lottery tickets or gambling at the casino. You will either win or lose on the investment. But I feel the odds of winning with your own startup are much more in your favor than a lottery ticket or gambling

[natedog7700]

I'd love to hear from some of you out there! Im working my a$$ off right now so i can invest in a couple start ups i have in mind. I worked for a family owned business that grossed a million annually and unfortunately it got shut down. I had to get a new job and take a substantial pay cut. It tore us up pretty bad but now im pushing harder than ever.

[GT_Man]

I ran a small business a few years back from my bedroom and spare room of my parents house, whilst I worked full time too. I setup a website selling computers and components through my website, amazon and ebay. So much competition, was competing for pennies in the end and I felt I was just a small 1 man operation and couldnt do much more unless a huge investment of capital which never came. So decided to close up.

Would love to get back into something now as I learnt a tremendous amount from that failed business. Really tested you as a person

[Joe240]

Originally Posted by GT_Man

I ran a small business a few years back from my bedroom and spare room of my parents house, whilst I worked full time too. I setup a website selling computers and components through my website, amazon and ebay. So much competition, was competing for pennies in the end and I felt I was just a small 1 man operation and couldnt do much more unless a huge investment of capital which never came. So decided to close up.

Would love to get back into something now as I learnt a tremendous amount from that failed business. Really tested you as a person

Yea I know computers and components don’t make much. It’s the services that are pure profit. I hope to go from a few different components to small PCs with service addons to pad that profit margin, but I’m still active duty so don’t have the time to invest in it at the moment so leaving it small as small can be

Learn from us everyone, don’t get into computers and components! We don’t want your competition

[MrRoboto]

Originally Posted by mashimarho

Is that so? Was it tech related?

Yes, fintech.

[Spgm5]

Going 10 years strong and have reached 9 separate entities.

[MNR]

Originally Posted by Spgm5

Going 10 years strong and have reached 9 separate entities.

Congrats...that's awesome. What type of business?