Starting your own business

March 29, 2008

A friend of mine is battling with the idea of starting his own business. He has had a lot of experience at developing property through subdivision and has a knack for spotting great deals that others might miss. I consider myself somewhat of an entrepreneur, perhaps very immature, but still an entrepreneur. So I wanted to try and give him some advice which would help him to get past his fear of losing the stable income, and anything else he might be concerned about.

The way I see it, he has two options facing him, he could come up with a brilliant idea which is very innovative and creates value for people, develop it as a product or service and reap the rewards of having a low marginal cost of sale for each additional client. The other option is to be a consultant and charge people for his time and advice on an hourly, or per project basis.

I’d love to find out if anyone out there has some advice for my friend. He is 24 years old, has a wife and a job that suits his skill set.

  • How do people our age get over the fears that face us when thinking of starting our business?
  • Is it best to start small, keep your day job and grow your business on the side?
  • What are your experiences?

I look forward to reading your advice!

Advertisements

9 Responses to “Starting your own business”

  1. Gary Barber Says:

    Just do it, a little research, get the idea, go with it. He is young no dependents, no real ties. While he is young he should be just going for it. Otherwise He’ll be 50 and going “only it if had…”


  2. Don’t wait – Go now – the earlier the better. Once you start – Never give up. Fight fight fight.

    Test many things and delegate as much as you can.


  3. Remember – it is going to be hard to start your own business.

    You need to be able to do EVERYTHING. That is;
    Marketing manager
    Human Resources Manager
    Finance Manager
    etc etc. The list does not stop.

    You are no longer an employee – but a business owner. This is significantly different than being an employee.

    Read Michael Gerbers EYTH book and this will open your eyes on what you are gettting yourself into.

    Be prepared – read as much as you can – protect your reputation and employ smart people and a good accountant.

    This is a MUST! Good luck !

  4. Chrissss Says:

    Thanks for all your input guys, I’m still hoping to hear some more because it has been very interesting reading so far.

  5. Merc Says:

    I started slowly on the side to get my business going. Starting a business should get, but it takes a lot of work… so if you are not willing to put in some extra time on the side, the chance are that you will not do what it takes if you quit your day job.

    Start now! Start as soon as possible… there is no reason to wait at all. Again waiting is just a sign that you will not do well with your own business.

    Just my opinions. Take them or leave them.

  6. Chrissss Says:

    Thanks Chris, I’m a witness to your success so I appreciate your input.

  7. abusinessman Says:

    Since the free online classified is getting popular, many business owners are seeking every single free marketing channel to help boost the sale, http://www.boxforyou.com is another free classifieds site. Here we can buy & sell new or used goods, look for a car or job, find local events and lots more. Another free channel to promote business, and we can do it all for free!

  8. Dana Suazo Says:

    Check out Michael Walsh’s article titled “Thinking About Starting Your Own Business?” at: http://business-growth.com/2008/03/09/thinking-about-starting-your-own-business. You will have to let me know if your friend found it helpful.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: