Hey /biz/nessmen, I'm a 19 y/o and I come from a family of government workers. It's genuinely afforded me a good lifestyle, but for the average guy to become very wealthy it seems that starting a company is the way to go. The thing is, I'd have no idea where to start or what the nuances of starting a company are, because it requires a specific type of tenacity and creativity that I haven't been exposed to.
So. My question is, what are the biggest hurdles in starting a business and how would someone overcome them? Obviously the situation varies depending on the niche market/ industry/ whatever, but I mean in general terms.
I want to be as prepared as possible, ANY help from people who have started their own successful businesses would be greatly appreciated.
Maybe cliche but you will not put in the effort it takes to create a successful company.
You won't work every day 18 hours a day.
You won't stop playing video games, hanging out with friends, or whatever else you entertain yourself with to wholly pursue this.
The fact that you don't already know the "tenacity and creativity" required tells everything. It's honestly something that you will either have by your age or not.
Feel free to prove me wrong.
Research the market for what ever you are trying to "sell"
Create a business plan based off of your research
For most businesses, plan on spending most of your initial time/money marketing. Advertising is the most important thing for a start up.
Estimate how much money you will need for the first year assuming you bring in 0 dollars. Multiple that by 2.5. Make sure you have this amount of capital before you even begin.
Started multiple businesses.
> I want start a business
> Not sure what kind
I see these threads constantly. It's like saying, I want to paint a painting, but I'm not sure what to paint.
Oh, IDK, just pick something you are interested in and fucking do it! There is no exact method here.
Jesus what is wrong with you posters.
That's not what I'm asking. I'm asking, in general terms, what hurdles to expect in conjunction with the process of starting a business.
Not like I have any credibility in the matter, but surely I should put more thought into it than just picking something I'm interested in and doing it, right?
Best advice I've gotten so far- thank you.
I should start a construction/ stone masonry job pretty soon, and I'm thinking (long term) about starting a business in either that industry, or mining. I'm sure oil and gas would be lucrative but I'm not sure how plausible it is to attempt starting a company in such a volatile field. If you have any more incites please do share.
I am in a sort of similar situation, I am 32, married, have nearly paid off my house and have a good job, however i would like to own my own business. I have been studying business at uni and i think that helps alot, there are alot of things you don't even think of. once I fininsh and completley own my home i will either buy a business to expand or i will start one, but finding the area of the market i want to enter is difficult. I am also looking at investing in stocks instead.
having worked in trades (electrican by trade) the market is too competitive to make serious money in any service trade, you can make a good living but not serious money unless you are really lucky/smart.
>My question is, what are the biggest hurdles in starting a business and how would someone overcome them?
Well first you need to have some good ideas, and get into a growing industry, where being in it early will bring money your way. Also being prepared is good - if you want to make money in a company making iPhone apps, it's best to be a programmer, if not that at least someone who can draw icons and designs, and that's better than someone with no skills.
The real answer, beyond a good growing field and bringing something to the table, is an enormous amount of hard work. If you break your ass and work like hell for two years, you'll be lucky if you're making $30k a year. If you have a partner, they'll probably not want to re-invest revenues back into the business and will be working less than you.
It's just an enormous amount of work. 24/7. You won't be making the salary you can get working for someone else for several years.
Nope. Only been out of high school for a semester and although I've been saving money that I've made from part time jobs while in school, it isn't nearly enough to be considered 'serious capital'. Hence why I took a semester off, to get a real job or two working my ass off and figuring out what direction I need to take.