Official Entrepreneur/Business Thread vol.1

[pointguard]

P4L

Dental related business, but those books will be read.

No problem , If there's a book your interested in let me know I've bought many over the years and have no problem sharing.

 

[girlslovewaffles]

Get into wedding photography. People spend a lot of money on that because of it's emotional value.

 

[pointguard]

No excuse not to be prepared when you have the ability to get a Stanford education for FREE available 24/7 .... here it is for those interested : https://www.youtube.com/channel/UCGwuxdEeCf0TIA2RbPOj-8g

 

[iamdef]

Get into wedding photography. People spend a lot of money on that because of it's emotional value.

never was really sold on wedding photos even though they pay out really well. 

 

[flyknitlvr]

There is no substitute for experience.

You can read every book, study every successful entrepreneur, enlist a dozen mentors, etc., and perhaps these will increase your likelihood of success, but the only way you can truly learn is by failing. The fact of the matter is you will screw up and you will make rookie mistakes, and no book on Amazon is going to change that. You have to go through the motions of starting your own business - struggling to make ends meet, fighting tooth and nail for your first customers, etc., so you can gain that experience and grow that thick skin that is required if you want to have any chance of being successful.

I used to be afraid of failure. In fact, I thought that failure was something to be embarrassed of. Now, I whole-heartedly embrace it.

Fail fast. Fail often. Iterate. There's no substitute for this. If I'm not failing, it means I'm not trying. And I'm a firm believer in throwing as many proverbial darts as possible and seeing what sticks.

But to fail, this means you have to start somewhere. And like I said, you can read all the books in the world, but there's a big difference between reading a book on your couch and actually putting your money where your mouth is and going through and executing on a business idea. Most people are talkers (even in business), unfortunately.

Like wj4 said, most people just see the end result and ignore the hard work and sacrifice that someone made in order to be successful. Just look at AirBnb. You see a massively successful billion-dollar business on the verge of an IPO. What you don't realize is it took almost 8 years to get to where they are today, with the bulk of that success only coming in the past 4 years. So for 4 years these entrepreneurs grinded with no guarantee their idea would take off. Lots of people would quit. In fact, most people would quit.

View media item 1323290
My advice to anyone wanting to start a business? Have a personal runway of at least 2 years saved up.

 

[sea manup]

agreed ^

gotta have that somewhat irrational mindset of having 100% faith in your business working as long as you work hard and work smart but also knowing when to pull the plug and use everything you learned to move on to the next project. I think my next project will be successful but im also going to use it as a learning and networking experience to help me out in future projects

if you have a good idea, go for it. if you need a team of people then go out and find that team, although understand that if it works then your team is a decade long commitment so pick good people to work with.

"in order to succeed in a startup you dont need to know about startups, you need to be an expert at your own users"

 

[sea manup]

 

 
Im starting a 3d printing service at my university this coming semester, along with 2 other guys. We currently run an entrepreneurship club that focuses on disruptive technology and we have convinced two of our schools faculties to lend us their 3d printers since we have the technical abilities and time to operate them properly and with out us they would just be collecting dust. we dont really need these additional printers (although more is always better in this case) as we each own our own printers but we wanted to gain control of as many school printers as we can in order to eliminate any potential competition before starting our service this january.

our target market is going to be engineering students and various other classes where 3d printing can be used in the creation of class projects. from here we will be able to get a better understanding of the most efficient ways to interact with our customers and create a streamlined online ordering interface which will allow us to scale in the future. the goal is to set up our first 3d print shop at our school but eventually branch out to other schools in the area and even local tech hubs. 

what i really look forward to in this startup is creating a positive change in the world while promoting our company name. we have been in contact with a local hospital and as a way to not only do something really cool for people in need but also use it as a method of getting media coverage and brand recognition, we are going to be giving out free custom fit prosthetic hands for people that need them (costs like 15 dollars per arm in material costs to print). we are also looking to make a bunch of microscopic lens that you can slide on to your iphone that allows iphone (we also have models for a bunch of other popular brands of phone) cameras to take pictures at 100x, 350x and 1000x magnification. we are going to donate a bunch of these (costs half a dollar in material costs to make) to local grade schools in hopes of promoting interest in science. 

when it comes to entrepreneurship its great if you can build a profitable business and thats what you should always be striving for, but its always been the freedom to try and make a change in the world that excites me and motivates me to work harder than the competition

So eventually you want to become sort of what alibaba suppliers do by having someone contact you online and you manufacturer and send them there product right? So you eventually want a huge factory if my understanding is correct.

nah more like a chain of 3d printing shops, kind of like the print shop at your university where you can go and get anything printed. the exciting thing about 3d printing is that there is no need to have a huge factory anymore, anyone can buy a printer and print anything they want from the comfort of their homes. What we are doing is setting up "small factories" in busy areas (schools, tech hubs, business centers) that allows the wonders of 3d printing to be more accessible to people who dont have the 3d modelling skills and hardware to make their own stuff.

going to start with a website to place orders on where we will just print from the printers in our homes and deliver the prints but the plan is to get space for an office by mid semester (we're in talks with our school and doing the paperwork) so we can actually have a physical shop for people to come learn about this technology and its many uses.

 

[pointguard]

There is no substitute for experience.

You can read every book, study every successful entrepreneur, enlist a dozen mentors, etc., and perhaps these will increase your likelihood of success, but the only way you can truly learn is by failing. The fact of the matter is you will screw up and you will make rookie mistakes, and no book on Amazon is going to change that. You have to go through the motions of starting your own business - struggling to make ends meet, fighting tooth and nail for your first customers, etc., so you can gain that experience and grow that thick skin that is required if you want to have any chance of being successful.

I used to be afraid of failure. In fact, I thought that failure was something to be embarrassed of. Now, I whole-heartedly embrace it.

Fail fast. Fail often. Iterate. There's no substitute for this. If I'm not failing, it means I'm not trying. And I'm a firm believer in throwing as many proverbial darts as possible and seeing what sticks.

But to fail, this means you have to start somewhere. And like I said, you can read all the books in the world, but there's a big difference between reading a book on your couch and actually putting your money where your mouth is and going through and executing on a business idea. Most people are talkers (even in business), unfortunately.

Like wj4 said, most people just see the end result and ignore the hard work and sacrifice that someone made in order to be successful. Just look at AirBnb. You see a massively successful billion-dollar business on the verge of an IPO. What you don't realize is it took almost 8 years to get to where they are today, with the bulk of that success only coming in the past 4 years. So for 4 years these entrepreneurs grinded with no guarantee their idea would take off. Lots of people would quit. In fact, most people would quit.

View media item 1323290
My advice to anyone wanting to start a business? Have a personal runway of at least 2 years saved up.

I agree with everything except. .
The 2 years saved up, there's businesses you cab start with 200$ dollars.
That 2 year vision is why people never get started and just talk about it for years

 

[Gill Baka Esq. LLC.]

I like this thread a lot.

I actually wanted to throw my hat in the ring of starting my own business in the coming year but I got so much on my table.

If you guys remember, my uncle fell off a ladder (needs help with rehab), I have one of my graduate externships to finish (5 months), been getting some depression lately from fear of what the future might hold for me.

29 now and the need to get something popping for myself is ever present in my mind.

I wanted to start my own business with 30k and having a physical store and merchandise in the shop, but rent prices in nyc are no joke, and i've been scouting locations, and trying to become social media savvy...its work but what else can you do.

At the end of the day, if you want it bad enough your gonna get it. In my case I feel I need to clear some things off my plate first and then move from there.

But i've still been reading, still been gaining knowledge on business and sales in general.

Books I personally recommend, especially if your in sales which everyone is in some form or another, is all of Jeffery Gitomer's books. I'm reading his "Little Teal book of Trust" after reading his gold and red book. Some bomb stuff and very readable.

Thanks to OP for posting those book pdf's as well.

 

[flyknitlvr]

I agree with everything except. .
The 2 years saved up, there's businesses you cab start with 200$ dollars.
That 2 year vision is why people never get started and just talk about it for years

I should have elaborated.

If you are trying to build a company, you need as big a runway as possible. To me, there's a distinction between starting a business and building a company, with the former simply implying that you are creating a job for yourself. So yes, for as little as $200 you can go into consulting or some sort of non-scalable professional service, but you ARE your business and in my opinion you would be better off working for someone else if that's the case (guaranteed salary + benefits + etc.).

Now I did say that books come second to experience, but despite this I do read a fair bit and hands down the book that has made the biggest impact on me is Built To Sell (which ironically enough is about as easy a read as they come): Amazon product ASIN 1591845823
View media item 1323563

At the end of the day, if you want it bad enough your gonna get it.

Unfortunately this isn't true. It greatly increases your likelihood of success, but nothing is guaranteed.

View media item 1323575
Another good book is Ben Horowitz's "The Hard Thing About Hard Things". Lots of funny rap references and things like that. The biggest takeaway for me from this book was basically to "get out of the building" and build my own inertia. Lots of people sit around and see their competitors appear to basically do nothing and have all this business flock to them, but this is because they've created their own inertia. Building this takes time (again this ties into my advice of having 2 years of money saved up, because year 1 is going to be spent crashing and burning, year 2 is going to be spent making a bit of headway but still nothing solid, and year 3 is where you begin to flourish).

Amazon product ASIN 0062273205
View media item 1323580

 

[pointguard]

I should have elaborated.

If you are trying to build a company, you need as big a runway as possible. To me, there's a distinction between starting a business and building a company, with the former simply implying that you are creating a job for yourself. So yes, for as little as $200 you can go into consulting or some sort of non-scalable professional service, but you ARE your business and in my opinion you would be better off working for someone else if that's the case (guaranteed salary + benefits + etc.).

Now I did say that books come second to experience, but despite this I do read a fair bit and hands down the book that has made the biggest impact on me is Built To Sell (which ironically enough is about as easy a read as they come): Amazon product ASIN 1591845823

Unfortunately this isn't true. It greatly increases your likelihood of success, but nothing is guaranteed.



Another good book is Ben Horowitz's "The Hard Thing About Hard Things". Lots of funny rap references and things like that. The biggest takeaway for me from this book was basically to "get out of the building" and build my own inertia. Lots of people sit around and see their competitors appear to basically do nothing and have all this business flock to them, but this is because they've created their own inertia. Building this takes time (again this ties into my advice of having 2 years of money saved up, because year 1 is going to be spent crashing and burning, year 2 is going to be spent making a bit of headway but still nothing solid, and year 3 is where you begin to flourish).

Amazon product ASIN 0062273205

Yeah you're definately right about difference between a business and company ...that's the transition in trying to make now

 

[wj4]

I like this thread a lot.

I actually wanted to throw my hat in the ring of starting my own business in the coming year but I got so much on my table.

If you guys remember, my uncle fell off a ladder (needs help with rehab), I have one of my graduate externships to finish (5 months), been getting some depression lately from fear of what the future might hold for me.

29 now and the need to get something popping for myself is ever present in my mind.

I wanted to start my own business with 30k and having a physical store and merchandise in the shop, but rent prices in nyc are no joke, and i've been scouting locations, and trying to become social media savvy...its work but what else can you do.

At the end of the day, if you want it bad enough your gonna get it. In my case I feel I need to clear some things off my plate first and then move from there.

But i've still been reading, still been gaining knowledge on business and sales in general.

Books I personally recommend, especially if your in sales which everyone is in some form or another, is all of Jeffery Gitomer's books. I'm reading his "Little Teal book of Trust" after reading his gold and red book. Some bomb stuff and very readable.

Thanks to OP for posting those book pdf's as well.

You're the same age as I am, and we probably feel the same way. I feel like time is against me since I'm about to hit 30 next year. I wish I can go back 10 years ago and tell the young me who was starting college to do things differently. My friends who are in their 40s laugh at me for feeling old, and say that if they can go back 10 years to themselves in their early 30s the lessons they've learned from failed businesses, they would've saved themselves a lot of headache and became successful sooner than later.

I have a decent job in corporate America, but truthfully it's pretty boring. I have no doubt that I will branch out sooner or later. I hope that you cover your bases before you make the leap and don't feel that time is a factor especially since you're still young.

Rent is tricky. When I was consulting for nearby brick and mortar places, they were getting muscled. Locations are great, in downtown with a lot of foot traffic. But the lease negotiation goes up every time they renew it. This forced most of the small owners to move out, and most spaces are now occupied by franchises or businesses with big financial support.

 

[pointguard]

I like this thread a lot.

I actually wanted to throw my hat in the ring of starting my own business in the coming year but I got so much on my table.

If you guys remember, my uncle fell off a ladder (needs help with rehab), I have one of my graduate externships to finish (5 months), been getting some depression lately from fear of what the future might hold for me.

29 now and the need to get something popping for myself is ever present in my mind.

I wanted to start my own business with 30k and having a physical store and merchandise in the shop, but rent prices in nyc are no joke, and i've been scouting locations, and trying to become social media savvy...its work but what else can you do.

At the end of the day, if you want it bad enough your gonna get it. In my case I feel I need to clear some things off my plate first and then move from there.

But i've still been reading, still been gaining knowledge on business and sales in general.

Books I personally recommend, especially if your in sales which everyone is in some form or another, is all of Jeffery Gitomer's books. I'm reading his "Little Teal book of Trust" after reading his gold and red book. Some bomb stuff and very readable.

Thanks to OP for posting those book pdf's as well.

Look up "dropshipping" you're still selling a product like you would at a physical store but it's all online -commerce and you only order from suppliers when a customer orders so very minimal costs kind of an arbitrage type business model.To me it makes 0 sense to start of with a physical store for your first business and droppshipping will give you the experience of running a store without the cost of a physical store plus ifmyour successful with it you can later add a physical store along with the dropshipping website.

Read This: https://ecommerce.shopify.com/guides/dropshipping

 

[Gill Baka Esq. LLC.]

Point - Will look into that. Having the physical store is actually something necessary for the business to run, atleast my envisioning of it. I live in NYC and this business definitely has a market here but its just the cost of it to start up and have enough bankroll to fund me through that initial period that is throwing me off.

Wj4 - you and me are '85 babies it seems. Yea brah, you hit the nail on the head. I feel something should have been already poppin in my life so far. I've been in school for a long time and hopefully by next year I attain my M.S. in speech-pathology but maybe like you...I feel it's something I could fall back on and isn't necessarily the "one" thing I want to be doing right now. I had this stupid timetable of where I thought I should be by now and i'm no where near that. But I got faith in myself and a definite determination to make something happen.

Will be checking into this thread often!

 

[sea manup]

Point - Will look into that. Having the physical store is actually something necessary for the business to run, atleast my envisioning of it. I live in NYC and this business definitely has a market here but its just the cost of it to start up and have enough bankroll to fund me through that initial period that is throwing me off.

Wj4 - you and me are '85 babies it seems. Yea brah, you hit the nail on the head. I feel something should have been already poppin in my life so far. I've been in school for a long time and hopefully by next year I attain my M.S. in speech-pathology but maybe like you...I feel it's something I could fall back on and isn't necessarily the "one" thing I want to be doing right now. I had this stupid timetable of where I thought I should be by now and i'm no where near that. But I got faith in myself and a definite determination to make something happen.

Will be checking into this thread often!

if you dont mind me asking, what kind of product are you selling for a physical store to be necessary? if you need to have face to face meetings with your customers, whats stopping you from doing that without a store and just doing it here and there? 

 

[Gill Baka Esq. LLC.]

well there definitely can be an online component to it but there is a need to differentiate yourself from the already existing competition for one and my vision is creating a lounge for the use of said product.

There's a need for customers to sample the products before buying.

 

[johnnyredstorm]

I see where your head is at Grim. Not a bad idea. Just need to find a spot with affordable rent.

 

[pointguard]

I see where your head is at Grim. Not a bad idea. Just need to find a spot with affordable rent.

He hasn't really explained it enough to know if it's  good idea or not... 

Grim we need more details!

 

[johnnyredstorm]

Not gonna put his business out there if he's not comfortable. But I know Grim a little to put two and two together and it's an interesting concept with a decent niche market.

 

[sea manup]

well there definitely can be an online component to it but there is a need to differentiate yourself from the already existing competition for one and my vision is creating a lounge for the use of said product.

There's a need for customers to sample the products before buying.

ah i see what you're getting at. so i take it you have access to everything you need to start this except for the physical shop location? since you're differentiating yourself from the competition it sounds like you're manufacturing your own product?

 

[flyknitlvr]

The worst thing you can do is keep your idea to your chest. You should be doing the total opposite. Try and validate your concept as early as possible by "getting out of the building" and talking to as many people as possible.

It's shocking how many people fail at this, only to dump thousands of dollars into their venture on the assumption that their customer wants want they are building/selling. Not saying that we are Grim's target market, because we aren't, but the same principles apply.

The best thing you can do if you're thinking about or planning on starting a business is to ask someone in your target market how much they would be willing to pay for what you plan to sell right there on the spot today. You'll be shocked (in a bad way) at what you hear, more often than not.

 

[sea manup]

The worst thing you can do is keep your idea to your chest. You should be doing the total opposite. Try and validate your concept as early as possible by "getting out of the building" and talking to as many people as possible.

It's shocking how many people fail at this, only to dump thousands of dollars into their venture on the assumption that their customer wants want they are building/selling. Not saying that we are Grim's target market, because we aren't, but the same principles apply.

The best thing you can do if you're thinking about or planning on starting a business is to ask someone in your target market how much they would be willing to pay for what you plan to sell right there on the spot today. You'll be shocked (in a bad way) at what you hear, more often than not.

all entrepreneurs think that their idea is the greatest thing since sliced bread. thing is, even if it is a good idea everyone else is too busy doing their own thing to steal your idea. i talk to people about my projects because most people dont think its possible to just start a startup and become sucessful so they will tell me "it wont work because of _____" which ends up helping me perfect what im trying to do. 

dont be afraid to tell people what you want to do, just be a little more careful about telling people exactly how you plan to do it 

 

[pointguard]

The worst thing you can do is keep your idea to your chest. You should be doing the total opposite. Try and validate your concept as early as possible by "getting out of the building" and talking to as many people as possible.

It's shocking how many people fail at this, only to dump thousands of dollars into their venture on the assumption that their customer wants want they are building/selling. Not saying that we are Grim's target market, because we aren't, but the same principles apply.

The best thing you can do if you're thinking about or planning on starting a business is to ask someone in your target market how much they would be willing to pay for what you plan to sell right there on the spot today. You'll be shocked (in a bad way) at what you hear, more often than not.

upvote for you... People either don't care, think your idea will never work, or are too scared to ever start a company

 

[law3001]

I currently own a fast food franchise overseas, but am planning to return back to the states. I am really intrigued by a food truck, anyone who has or operated one before?

please pm any details especially those in the bay area

 

[rocafella kidd]

I'd be just as interested on info regarding food trucks as well.