Start a business: Make 10s -> 100s of millions, possibly billions.

[Mr. Pink]

Everybody says this my nikka. It's not that easy. Especially when you're black.

Oh I don't doubt it. Nothing worthwhile is easy. I'm serious about puting in the work though.
Btw, I'm a cac.

I agree. But I think MLM has it's place for some people. I've met a bunch of the top black earners for Primerica (I'm not in the company or affiliated with them professionally in any way) and it seems to have worked out well for them. A lot of those dudes are caking. Granted, they had the benefit of getting in on the ground floor, which is everything when it comes to MLM, but they're still caking. I wouldn't do it personally, but I don't knock em if they made it work. It's not an easy gig.

Well duh, MLM are basically pyramid schemes, or very close to that. So of course things for the people at the top of the pyramid are looking very rosy.
Now I'm not exactly Mr. Ethics or an idealist, but suckering a large number of people is not one of the things I'm willing to do. Not yet anyway.

People often forget that there's also a social component to business/ commerce. Your should not be looking to just to make a buck but also satisfy a need. Without that aspect you're just leeching money off hardworking people like a parasite.

 

[Habit]

This. You forgot to add a little luck too. Most business owners, if they're honest, will admit that luck played a role in their success. A good network doesn't hurt either.

This is also a factor.

I am interested in what industry these young entrepreneurs would focus on.

Because, so many people are advocating don't go to school, but start your own business nonsense these days. Most of these folks don't have a plan.

 

[Economics]

This is also a factor.

I am interested in what industry these young entrepreneurs would focus on.

Because, so many people are advocating don't go to school, but start your own business nonsense these days. Most of these folks don't have a plan.

The SBA has centers across the country that often partner with Universities to aid new start-ups/entrepreneurs (2 years or less) and those more established (2 years or more), but you'd be surprised on how many don't even look for resources like that and are still even when they engage in some free courses/tools offered by SBA to help them in their respective state/city for the industry they are trying to get in.

A lot don't do proper market research before they jump in either which is a big problem.

http://www.sba.gov/content/small-business-development-centers-sbdcs/

 

[dr. pill biden]

Check out your state's small business resources, you can usually find a website. A lot of states offer grants or subsidized business loans for majority (51%) minority and women owned businesses. Some states like Maine will give you a grant for some crazy amount like $100,000 but you have to open it in Maine though My pops had his own consulting business and they would eat good off of the city or state's quota for contracts fulfilled by minority and women owned businesses. This is some shyt they don't teach you at school so read up my nikkaz.



I think about starting my own business alot, but it's definitely not as easy as just deciding you're gonna start a business. A lot of codes and rules and regulations and laws and bullshyt hoops you gotta jump through. I dunno if I have it in me!!!

 

[Habit]

but it's definitely not as easy as just deciding you're gonna start a business.

Basically. Most people only reach this stage of their dream of starting their own business.

I'm surprised this thread isn't getting more feedback, since every other person on The Coli says start your own business don't go to college.

I can eventually open my own engineering firm, but I realize you can only make money by having clients. Marketing is extremely important along with networking, some people like competitive prices and a more personal interaction with smaller firms. But it is not easy as 1-2-3, that's why a lot of businesses fail.

 

[Economics]

Check out your state's small business resources, you can usually find a website. A lot of states offer grants or subsidized business loans for majority (51%) minority and women owned businesses. Some states like Maine will give you a grant for some crazy amount like $100,000 but you have to open it in Maine though My pops had his own consulting business and they would eat good off of the city or state's quota for contracts fulfilled by minority and women owned businesses. This is some shyt they don't teach you at school so read up my nikkaz.



I think about starting my own business alot, but it's definitely not as easy as just deciding you're gonna start a business. A lot of codes and rules and regulations and laws and bullshyt hoops you gotta jump through. I dunno if I have it in me!!!

Was he 8(a) certified getting the contracts from the minority status? Or was that a different thing (but same difference) going on that he got from his state/city locally?

 

[dr. pill biden]

Was he 8(a) certified getting the contracts from the minority status? Or was that a different thing (but same difference) going on that he got from his state/city locally?

I believe it was a City of Chicago/Illinois thing, because his contracts would usually be with city or state functions. Maybe he and his partner had to be 8(a) certified to qualify as minority owned? Not sure.

 

[Jello Biafra]

Can't really ignore the need for three things: start-up capital, hard work, and knowledge & expertise.

I would add a fourth: connections. Starting a business without some type of connections in the industry you are starting it in or just having deep connections with others who are successful in running thewir own business should not be ignored as a way to get a leg up in your attempts at branching out on your own.

 

[Habit]

I would add a fourth: connections. Starting a business without some type of connections in the industry you are starting it in or just having deep connections with others who are successful in running thewir own business should not be ignored as a way to get a leg up in your attempts at branching out on your own.

Networking is important, because that is how you get referrals.

 

[feelosofer]

Starting a business is not nearly as easy as people are making it out to be. I have tried and failed twice before having some success. First off acquiring capital is a long drawn out process. When going to the bank for a business loan, you need to have documents stating your type of business, what you do, what service you provide and why it would be potentially profitable. You need to have something of manifesto written as well as detailed workings into your business, because this bank is offering you a loan of around 100k plus, they want a return on their investment with interest. Also your credit and the credit of your partners will be checked.

Connections are very important as well, they can help ease the process for you and get you in doors you can't really open yourself. Connections are like credit in the sense that the right co-sign can really get you going. Connections can also help you gain a good client base which is key to maintaining business.

Once you get through that process which typically takes 3-6 months to finalize and receive funds, then you need to start finding a headquarters, whether it's a warehouse or office space, you also have to prospect for employees and set into motion the paper work for getting yourself a tax ID (not difficult) and using that to set up corporate insurance accounts and payroll.

Pay once these things are in motion and even if everything goes well, expect it to be 3-5 years before you start drawing a profit and keep in mind costs are fluctuating and the markets and demands change. But if you are not worried about that and are willing to whether the storm, business ownership may be for you.

In New Jersey there are not a lot of grants per se, but you can get most of your assistance through tax breaks, especially when hiring minority workers.

 

[Rawtid]

You can build a business from scratch without debt from the living room/ bedroom of your studio apartment. Why people are afraid to start small is beyond me.

Take an idea and cut it back to the smallest scale possible. In the time while you are finding ways to scale it back, save some money by grinding like crazy. A lot of businesses can be started with less than 5k. Starting a business with debt is DUMB. Especially when it will probably take you 2 years or more to profit.

 

[Habit]

You can build a business from scratch without debt from the living room/ bedroom of your studio apartment. Why people are afraid to start small is beyond me.

Take an idea and cut it back to the smallest scale possible. In the time while you are finding ways to scale it back, save some money by grinding like crazy. A lot of businesses can be started with less than 5k. Starting a business with debt is DUMB. Especially when it will probably take you 2 years or more to profit.

This is all theory, we need something more concrete. Show projected earnings, show market projections, we need hard numbers. You can't spend "grind like crazy".

 

[He Who Posts Well]

 

[Rawtid]

This is all theory, we need something more concrete. Show projected earnings, show market projections, we need hard numbers. You can't spend "grind like crazy".

The goal is to get a pile of cash while you're figuring out how to start your business from your house. Once you have a solid business plan you can get into specifics.

 

[Habit]

The goal is to get a pile of cash while you're figuring out how to start your business from your house. Once you have a solid business plan you can get into specifics.

Okay, now we are heading in the right direction.

There's a group of people on here actually saying "don't go to college, start your own business", which is bad advice. I don't advocate going to college one way or the other, college is not for everyone. But it is foolish to try to start a business without a solid foundation.