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Who here has their own business?

7

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macrumors 68020
Original poster
Apr 11, 2004
2,365
0
NYC
Who here runs their own business? What is the business and how did you get into it?

The reason I ask this is because I am currently a very ambitious 19 year old entrepreneur wanna-be who is unhappy with uni life and considering his options. Yet I have no idea where to start. Sooooooo, I wanna hear your stories:)
 
I don't know if this counts, but...

I currently own a very low key skateboard brand. It is successful regionally (New York and Moore, Oklahoma) as I have a lot of supporters and people who buy merchandise, but not very productive in terms of actual creating new merchandise due to lack of a development team. Currently my product releases are limited to once every three months compared to when I first started releases were once a week.

So words of wisdom to you. If you need people to help out don't hire people who want just want free stuff/services.
 
You can make a million dollars however, you can also invite as many problems. At the top of the list is being stuck in the business, all your life.
Not wanting to sell because it's a cash cow, you don't want to betray your staff by selling to a multi-national, you don't want to subject your kids to the same problems, you don't trust anyone else with your life's work (and that of your father's before you), believe me the list is almost endless.

BTW we design, manufacture and export mining equipment, for gold mines mainly. I dropped out of tech-school, for various reasons, one of them was I hated study!
 
The best advice in entrepreneurship; "know when to sell."

It's very easy to become emotionally attached to a first business. You'll become incredibly creative with money. There exists a new element of stress when an employee's livelihood depends on your ability to deliver.

CEO Passport Media Enterprises - Advertising - Incorporated October 2002
 
Eh. On the other hand, you must be prepared to fail, take it in stride and learn from it. It's definitely not a bed of roses
 
well since im not old enough to own one.. my parents do.. (i hope it counts)
they own a farm labor contracting business.my grandparents started it and my dad took it over when my grandparents retired...
my dad doesnt want me to get into farming so he keeps me away from it... but then again id never know if id like it.. (but driving a forklift and getting lifted on one is fun :D:D i sat up there and thought for a bit)
 
I own a specialty foods company.. I specialize in Mushrooms and retail herbs.. I started this because I was a chef and I had a special interest in mushrooms.. At this time different mushrooms such as shiitake, portabella, and oyster mushrooms were still somewhat difficult to find on a regular basis.. I figured since Kennett Square, PA (the "Mushroom Capital of the World") was right around the corner from me I would spend a few hours on my day off getting the mushrooms for the week for my restaurant..

Eventually I was taking orders for my fellow chefs, and friends in the business, and one thing led to another and now 16 years later I ended up with 3 refrigerated box trucks on the road and my own label in supermarkets across my area..

I can tell you this though, the plan I originally had for the company is nowhere near what the company is today.. Things change- that's the only thing you can be sure of as a business owner.. Accept change- that may mean tearing up that business plan and starting over.. You have to be ready to take on a new challenge- ESPECIALLY when that means you may have to step outside your comfort zone..

Good Luck- all I can tell you is that I've made a lot of money, I've lost a lot of money, and I've had the time of my life doing it..
 
I am a failed business owner, having once owned my own locally distributed satirical newspaper.

As an aside, every aspect of the paper was done on Macs, from writing to design to layout to billing, etc. I do not blame Apple for my failure, however, but the anal-retentive, conservative, christian, right-wing city in which I live.
 
Well it can be challenging. I had a service business. Was doing very well but overextended the capabilities (did well so rented a fairly expensive retail store and that screwed up the finances) and got really stressed out. Stopped the business so I can go back to school.

Unless you have deep pockets, you have to be your own
- PR department (designer, etc.)
- receptionist
- sales agent
- accountant
- lawyer
- boss, planner
- worker
- problem solver

I've learned a lot (and had quite a bit a white hair). Right now I am taking a steady paycheck, working for a company.
 
I have my own vehicle detailing business. It's still a very new venture and in it's early stages, and currently only running part time, basically weekends only, until i can guarantee a solid income and leave my current job.

I've always been into cars and looking after them, making them look their best. Always had passers by and other people saying how good they looked, so decided to go for it.
 
Before you drop out of uni ... stay a couple semesters and take the accounting classes.

Knowing how to write checks, balance the books, and credit accounts is likely the single biggest help for any wannabe businessman.

Keeping track of a checkbook is the first step, knowing how to handle a double-entry accounting program can save the business if somebody keeps track from day one.

Much easier to write a business plan for further financing if you actually know the real numbers and can take an investor through the books ... and they'll have more confidence in you also, and you might be able to dispense with them seating an accountant in your business to protect their money.
 
I've had a few people wanting to buy my game studio off me, or rather the rights to my games, the source code etc. I don't know if that counts as anything.
Planning to set up my own game studio in a few years. My 5 year plan, like.
 
Consultant said:
Unless you have deep pockets, you have to be your own
- PR department (designer, etc.)
- receptionist
- sales agent
- accountant
- lawyer
- boss, planner
- worker
- problem solver
Click to expand...

+1

Any person that has applied for an S.B.A. Loan (Small Business Administration) will intimately understand the above.

My second SBA Loan is closing next week; I began the process in August 2007! The first application was in 2003 and took about 5 months.
 
We own a modular and manufactured home sales company. We did not start this company until we were in our thirties and had the buying power to borrow money to start the business.

We incorporated right off the bat, and we have a great accountant who is always available to answer questions. It is very important to stay on top of the business management, no matter what your business is.

University is a highly debated issue. I have a simple 2-year degree in data processing that has not helped me with my professional life at all. My husband took about 4 classes and dropped out. Even so, we make very good money doing what we enjoy.

Please don't take that as discouragement from higher learning; in no way am I saying that. That is a personal preference, and you'll not know if you made the right decision until later in your life.

I think the most important thing is that you try to determine what you would really enjoy doing, something you can be passionate about. And then, don't become easily discouraged when things don't always go as planned.
 
obeygiant said:
First Step:

Register a Business name and file paper work with the state as an s-corp or LLC.
Click to expand...

First step is to meet with an accountant and see which is better for you financially before you register.

I'm on my second company as owner and one previously as a partner.

Scientific/chemical instrument repair and resale. Got into it as an engineer 24 years ago and went my own way after a long university employment.

Hard work, taxes, advertising, sales - mentioned before but are really harder than you think. If going alone, not as complicated. Employees make it exponentially harder to manage.

I employ 10 in 5 different states and have contracts nationwide which further complicates matters.
 
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