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

[feelosofer]

The thing with business, is that you have to start small. Even if you have just a few clients, you can build into something significant. When I started in media consultation, I started on a city councilman's campaign, I worked for free basically and just asked to get enough money to cover expenses. It was real basic ground level stuff, but it got me started and I got some referrals that got me going. The thing with business ownership is that you gotta start on something sustainable, then you build a piece at a time until you have what you want. I don't have a huge business but it's a nice source of income for me and my family and I provide a service for many people who need it at reasonable rates, I'm far from a millionaire but my family wants for little and it's something I can do until I retire.

 

[Habit]

Trillions!!!!!

Research on Small Businesses - start-ups, statistics, SBA, bankruptcy, GEM, failure, business closures, developing countries

fukk starting a business just for the hell of starting a business. The #1 focus should be building wealth. You don't need your own business to do that.

And people think running a business means not having to work for anybody? W/a job you have 1 interview, 1 boss. W/a business, you have to basically interview + network for every paycheck.

Like that link I posted said, most businesses fail very quickly.

Dont think having your own business will be some panacea because you hate your job. And dont even bother with a business if you don't have a good idea or connections. WEALTH. BUILD IT.

Chuuuuccchhhhhh!!!!!

The "start a business, fukk school" movement seems like all hype.

We gotta bring these folks back down to reality. There is some really good feedback in this thread.

Only 24% of the U.S. population hold at least a bachelor's degree, so a college degree is NOT a necessity for success, but hard work is...

 

[Enzo]

The thing with business, is that you have to start small. Even if you have just a few clients, you can build into something significant. When I started in media consultation, I started on a city councilman's campaign, I worked for free basically and just asked to get enough money to cover expenses. It was real basic ground level stuff, but it got me started and I got some referrals that got me going. The thing with business ownership is that you gotta start on something sustainable, then you build a piece at a time until you have what you want. I don't have a huge business but it's a nice source of income for me and my family and I provide a service for many people who need it at reasonable rates, I'm far from a millionaire but my family wants for little and it's something I can do until I retire.

Can you tell us a little bit more about what you do specifically, like what value service you provide to your customers,how you got experience in it, and how it has changed throughout your career?

 

[Habit]

Can you tell us a little bit more about what you do specifically, like what value service you provide to your customers,how you got experience in it, and how it has changed throughout your career?

This is from another thread...

I graduated in New Media and Communications about 17 years ago (which is the equivalent of your major now).

There is very little steady work in your field, you are essentially going to make a living off of freelancing. You can get a steady gig but it won't be until you get at least 5 years of experience. Don't get me wrong you can make a very healthy living if you make a good reputation for yourself but you need to do a lot of work outside your classes keep up with the latest tools and technology and you should learn xml and some basic programming languages. You will have a rough start, but keep at it because the change in income from entry-level to mid-level work is insane.

You can get a job working a local TV station but don't expect to make more than 30k. But your hours are low, you won't work more than 25-30 hours a week, you can supplement your income doing freelance work. Web-Design and Video pay the best.

Best advice, don't be a jack of all-trades, I use them as interns and they never make it past part-time work, specialize in one or two and make that your lane.

There is a lot potential with this thread, its possible we all can network and build with each other. I know a lot about the construction field, and I'm entering my 2nd year for Civil Engineering.

 

[TLR Is Mental Poison]

Chuuuuccchhhhhh!!!!!

The "start a business, fukk school" movement seems like all hype.

We gotta bring these folks back down to reality. There is some really good feedback in this thread.

Only 24% of the U.S. population hold at least a bachelor's degree, so a college degree is NOT a necessity for success, but hard work is...

Yep....

All Im saying is, do what works...for you

You might be the type who is happy w/working for someone else. U think executives pulling 7-8 figures give a fukk about waiting on a paycheck?

You might be an entrepreneur. But still, school might give you some tools to really "upgrade your hustle"

The thing with me is I won't knock anything until I try it. Most of us are pretty young, we don't have all the answers. We don't know. So its goofy that so many people here speak w/such authority. You got dudes who have never had a business in their life talking about "fukk working for the man" Def check the quality of the sources of info you get.

 

[BamdaDon]

Owned my own business and went to college. Made great money from 05-08 lost it all in 09 due to economy. Moral of the story ain't no guarantees. My advice only get into something that there is an actual market in your area. Connections are more important than you can imagine. Venture capital make things way easier than trying to fund stuff yourself. Master mind associates, you need a team who all are thinking on the same page. Ride the wave of the hot industry. That's all kind of bland shyt but you get the drift. I tried a couple things last couple years after I lost my business insurance agent, manger for construction company, now I own my cleaning company shyt fukking sucks it's not me at all so another point get into something you like and wouldn't mind doing for free. My new shyt for 2012 is app development or starting a non profit like Dan Gilbert (cavs owner / quicken loans) shyt is a great idea and will get you in good circles and real talk if I can raise enough money I would really just buy a franchise and get a district shyt is just expensive as fukk. I was trying to get a ihop back in 08 didn't have enough with three people.

 

[feelosofer]

Can you tell us a little bit more about what you do specifically, like what value service you provide to your customers,how you got experience in it, and how it has changed throughout your career?

Media Consultation. I basically work with local community leaders, business owners and occasional politicians (or aspiring politicians) in handling things like speaking engagements, appearances and I handle things like small commercials and things like that. I own and run the business but my specialty is video and broadcasting (at a local level). Actually I am fairly new to media consultation, I spent most of career in broadcast tv. I also got on that new media wave that came in the early 2000's in terms of digital video and outlets like youtube, and dailymotion. Broadcat TV is an awesome career but it's very difficult for Blacks to get on nowadays. A lot of the African American connects left in the early 2000's and went to other avenues and there are just not as many outlets. I saw the windows closing and decided to go in biz for myself but it took a few tries, I had one going in 2002-2004 but I had a bad partner and got screwed out of a lot of money (took out loans that couldn't be paid back). So I tried again in 2007 and so far, my gains are fairly modest but they're steady, so hopefully it all works out. But I think more Blacks owning businesses that are not hair salons, or soul food restaurants are keys to our long term success and building and sustaining out own microeconomy.

 

[BamdaDon]

Media Consultation. I basically work with local community leaders, business owners and occasional politicians (or aspiring politicians) in handling things like speaking engagements, appearances and I handle things like small commercials and things like that. I own and run the business but my specialty is video and broadcasting (at a local level). Actually I am fairly new to media consultation, I spent most of career in broadcast tv. I also got on that new media wave that came in the early 2000's in terms of digital video and outlets like youtube, and dailymotion. Broadcat TV is an awesome career but it's very difficult for Blacks to get on nowadays. A lot of the African American connects left in the early 2000's and went to other avenues and there are just not as many outlets. I saw the windows closing and decided to go in biz for myself but it took a few tries, I had one going in 2002-2004 but I had a bad partner and got screwed out of a lot of money (took out loans that couldn't be paid back). So I tried again in 2007 and so far, my gains are fairly modest but they're steady, so hopefully it all works out. But I think more Blacks owning businesses that are not hair salons, or soul food restaurants are keys to our long term success and building and sustaining out own microeconomy.

my cousin does what you do he literally moved to Santa Monica to be close to Hollywood. But it's going pretty good for him because he gets hand me down contracts from dudes who shoot documentaries and small time Netflix type movies. But you ain't never lied about blacks I swear we just need our own states /union everything been setup against us.

 

[The Message]

Bump for the motivation....

I think a lot of businesses fail not because of lacking a great idea or having discipline and passsion. I think it's due to the product/service not satisfying a particular need or problem within their market. Good biz provide solutions to existing dillemas or builds upon products currently in the market. It being cool or trendy is just a byproduct or icing on the cake. Spanx is now an empire worth billions because it solved a problem with women's pantyhose and improved on it. Problem solving is the key to business.

 

[AgentGrey]

Im looking to invest in something that yields passive income (ie vending machines), does anybody have experience owning/operating a business like this?

Also, I've come across people who are willing to sell their operations for a set price. Does this sound like bullshyt to you guys? The reason Im considering it is because I know someone who purchased an established business kinda like this. They haven't done much to improve it but they just keep running it as it was before, and have made their money back by now. Whats the consensus on 'buying' a business?

 

[Mr. Negative]

why arent threads like this one and the make money online thread not stickied?

and yes, while the affiliate marketing thing may be or seem like a pipe dream to some, it's still food for thought in escaping the confines of a 9-5.

and yeah, even if stickied some folks will think they're full of ducktales and hell, someone may not even post in them for weeks on end... but I can promise you SOMEBODY is gonna be reading through, clicking links, trying to network, looking to bounce ideas off somebody....

you can't do that if the threads are on page 12.

Sticky the threads, please!

 

[newarkhiphop]

Great , thread. Am such a procrastinator i have a great small small business idea which i have wanted to get started for years but never have. My ultimate goal though would be to own a modern internet cafe somewhere in south america

 

[Mr Uncle Leroy]

most folk who build wealth do so as entrepreneur or a rank/file arbitrary exec

more "9 to 5er" can achieve wealth thru entrepreneurship than vying for the few VP, SVP, EVP, CEO, COO, CFO, etc roles.

 

[stealthbomber]

already working on my first lil enterprise

 

[The Message]

We've been lied to. The oft repeated get a degree, get a job, rise the corporate ladder, stack your 401k, save 10% of your paycheck, pay your debt down, live frugal, get married, have kids and get a house is being revealed for what it is in this day and age. Plenty have played by these rules and looked where it got them. Laid off, divorced, underwater on their mortgage and suicidal. I'm not saying following those rules is wrong, but I've come to realize there is no freedom in it. It's not all about the money for me - it's freedom. For 40 years we trade our life for a salary. It doesn't sound like a good bet anymore. This 9-5 sh!t is a plantation. To me it's JUST as risky as starting your own business. It goes against the grain of everything we've been taught as kids. We've been taught to be consumers and not producers - black folk especially. Ownership is key.