Books/general info about business...i would've put this in The Root but TL has more frequency...

[BrandonBanks]

If you hate the whole business discussion, then because that's what this thread is about.

This is random stuff for those of you who are remotely interested...recommended/requested by @Trigga in the last thread. Not saying this is the "one size fits all" way but this is just my perspective.

Let's get this out of the way now, you will have many ppl who are going to come in here and state that most new ventures fail the first time (as if this isn't already common knowledge...). They're doing this to try to discourage you. It's true that most business owners, including the very successful ones, have failed at least once before. Yes a lot of them failed the first or even second time, but the point is they didn't GIVE UP after they failed the first time they kept trying anyway. If you let possible failure scare you from even trying, then

I can understand not currently being in the position to take a possible L, and having to wait until you can more comfortably risk a hit. That's understandable, and that's entirely different from letting nikkas on the internet scare you from attempting anything.

First off, even though a book obviously won't tell you everything, i recommend checking out
books such as The $100 Startups, Millionaire Fastlane, and How To Get Rich.

I'm continuing the rest of this in the 2nd post, because i don't want this one to be too long

 

[BrandonBanks]

The business plan describes everything about your business..what it is, what yo're going to do, who your competitors are, what market research you have done, what you are going to do with the cash, how are you going to pay it back, where is your business going to be in 2, 3, 4, 5 years out etc

If you can, take advantage of any free training and counseling services, from preparing the business plan and securing financing, to expanding or relocating a business.

If you've got a business partner, make sure it's someone you know is reliable, it's been many times i've seen a cat go into business with someone but made a bad decision in choosing his business partner.

Choose your location, choose this wisely. Find government backed loans, venture capital and research grants to help you get started. Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

There's property development. I did that for awhile but now i have a technology consulting business. I got a lot of my start up bread from money i stacked when i was in the army

 

[Mowgli]

I think small flips are what people need understanding on.

If you only have 500 dollars and someone says invest your money a lot of folks are like invest in what

 

[BrandonBanks]

My little sister is making around 10k a month just from selling weave and club wear

All she did was find a decent cheap vendor and created an online store on like Big Cartel (i think, its one of those)

She gets like 50 bundles for like 3 bills and flips it to a few stacks

She's only 20...no reason for so many dudes to not be at least be flipping something besides coke....u can make decent bread legally espeically if u have internet access...flipping is another good way to make $. Its best to have more than one stream of income. Days of just having a job with no other source of income are ending

 

[Unknown Poster]

This should be more of an incentive to start getting into the entrepenurial spirit.

Ever since last year, I've had the satisfaction of working for myself. Now the job offers have been rolling in endlessly every day, but I ignore them in my emails until I see something that catches my eye because I'm not behind or above keeping my options over and open.

 

[Hijo de luna]

If you hate the whole business discussion, then because that's what this thread is about.

This is random stuff for those of you who are remotely interested...recommended/requested by @Trigga in the last thread. Not saying this is the "one size fits all" way but this is just my perspective.

Let's get this out of the way now, you will have many ppl who are going to come in here and state that most new ventures fail the first time (as if this isn't already common knowledge...). They're doing this to try to discourage you. It's true that most business owners, including the very successful ones, have failed at least once before. Yes a lot of them failed the first or even second time, but the point is they didn't GIVE UP after they failed the first time they kept trying anyway. If you let possible failure scare you from even trying, then

I can understand not currently being in the position to take a possible L, and having to wait until you can more comfortably risk a hit. That's understandable, and that's entirely different from letting nikkas on the internet scare you from attempting anything.

First off, even though a book obviously won't tell you everything, i recommend checking out
books such as The $100 Startups, Millionaire Fastlane, and How To Get Rich.

I'm continuing the rest of this in the 2nd post, because i don't want this one to be too long

I'm on the same journey. I haven't read Millionaire Fast lane yet but I'm on DeMarco's forum quite a bit so I understand the fast vs slow lane. Michael Gerber's, 'The E-Myth Revisted' goes into quite a bit of detail on why most businesses fail. I'm really focused more on wealth building at the moment, Dave Ramsey TMM, Millionaire Next Door, I'll teach you to be rich. Kinda cliche but there are little gems here and there. Your finances have to be in check before you start a business. If you're drowning in debt there is no way you can survive the inevitable ebbs and flows of a business in its infancy.

Entrepreneur books are kind of vague for the most part but 'Will It Fly' by Pat Flynn is a one I'll have to reread once I decide on a business idea and target market.

 

[mortuus est]

 

[thatdude954]

Good thread. Keep it coming.

 

[SirShaktus]

4 Hour Work Week by Tim Ferris.

It has good tips on starting up a hustle, but it's main thing is eliminating distractions to become a more efficient hustler.

 

[SirShaktus]

4 Hour Work Week by Tim Ferris.

It has good tips on starting up a hustle, but it's main thing is eliminating distractions to become a more efficient hustler.

 

[FSP]

I think small flips are what people need understanding on.

If you only have 500 dollars and someone says invest your money a lot of folks are like invest in what

More info on this, please.

 

[KOohbt]

I think small flips are what people need understanding on.

If you only have 500 dollars and someone says invest your money a lot of folks are like invest in what

If you only have 500$ you get a secured credit card and build your credit before thinking about flippin anything tbh.

 

[Rawtid]

If you only have 500$ you get a secured credit card and build your credit before thinking about flippin anything tbh.

Build your credit for what? You don't need good credit to create a successful business.

 

[KOohbt]

Build your credit for what? You don't need good credit to create a successful business.

Okay, but are you going to argue that people with good credit have more access to capital to sustain a business?

I would love to see the success rate for those who go into business with $500 as apposed to those with good credit and access to Tens of Thousands of $'s.

 

[Rawtid]

Okay, but are you going to argue that people with good credit have more access to capital to sustain a business?

I would love to see the success rate for those who go into business with $500 as apposed to those with good credit and access to Tens of Thousands of $'s.

I'd like to see the fail and recovery rate as well. Most businesses fail but one failing and owing a few thousand in debt is harder to recover from than one that started with $500.