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That is the dumbest thing i have ever heard people will always need shoes
Official Entrepreneur thread...vol. I'm a BOSS!
- Thread in 'General' Thread starter Started by truthgetsbusy,
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That is the dumbest thing i have ever heard people will always need shoes
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so you think CEO's just sit around and chill all day?Originally Posted by recycledpaper
so what about all the businesses that started off with just one store but are now full blown corporations? they all have to start somewhere. hell amazon started off in the founder's garage and i'm sure as hell he aint working 24/7 in order for amazon to stay running now lol.
the people who run those companies are always on call/watch or it will be there #@$
and your talking online his talking brick and morter you dont have a grasp of what hes talking about...
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I think some of you are not understanding my point, but most of you do.
I am talking from my own experience, I make well over six figures and I am younger than you recycled paper, so I know what I am doing. I am just sharing that there are MASSIVE hardships in any retail business with inventory of any kind.
What I make compared to what I do is nothing in my opinion. Opening multiple stores is not hard. You just need to carry more debt. If I wanted to open 10 stores in 6 months, I can and I have the capital, but with that there is more risk. Too much risk for me to dive intao and I like to keep an eye on my own businesses instead of relying on managers because I have trust issues from past experiences.
Being your own boss is cool, but as someone else said before, you put everything into it to make it open the next day/month/year.
Anyone going into any sort of business should remember,
RESEARCH EVERYTHING AND ANYTHING ABOUT THE BUSINESS YOU CAN, AND ALWAYS ASK FOR HELP IF YOU DONT KNOW SOMETHING.
RESEARCH EVEN MORE because most likely it will fail if you don't put more than 200% more than what you are thinking of putting in, in effort and time.
IT IS EASIER, IF YOU CAN PUT 50k ON THE SIDE FOR EMERGENCIES or 20% of you initial investment. If you calculate that it would cost 200k to start a business it usually takes 250k.
DONT RELY ON PEOPLE YOU KNOW. DONT TRUST ANYONE WITH YOUR MONEY/STORE. ALWAYS HAVE A FIRM GRASP on any situation that arises. You cant trust anyone these days.
That's all I can think of right now off the top of my head.
Last thing, ALWAYS BE SURE YOU WANT TO BE YOUR OWN BOSS, NOT EVERYONE IS A LEADER.
Remember I am in a retail sneaker business with inventory and not a service oriented business.
If anyone wants to ask me anything, I will gladly answer with my opinions. I am not always right.
I am talking from my own experience, I make well over six figures and I am younger than you recycled paper, so I know what I am doing. I am just sharing that there are MASSIVE hardships in any retail business with inventory of any kind.
What I make compared to what I do is nothing in my opinion. Opening multiple stores is not hard. You just need to carry more debt. If I wanted to open 10 stores in 6 months, I can and I have the capital, but with that there is more risk. Too much risk for me to dive intao and I like to keep an eye on my own businesses instead of relying on managers because I have trust issues from past experiences.
Being your own boss is cool, but as someone else said before, you put everything into it to make it open the next day/month/year.
Anyone going into any sort of business should remember,
RESEARCH EVERYTHING AND ANYTHING ABOUT THE BUSINESS YOU CAN, AND ALWAYS ASK FOR HELP IF YOU DONT KNOW SOMETHING.
RESEARCH EVEN MORE because most likely it will fail if you don't put more than 200% more than what you are thinking of putting in, in effort and time.
IT IS EASIER, IF YOU CAN PUT 50k ON THE SIDE FOR EMERGENCIES or 20% of you initial investment. If you calculate that it would cost 200k to start a business it usually takes 250k.
DONT RELY ON PEOPLE YOU KNOW. DONT TRUST ANYONE WITH YOUR MONEY/STORE. ALWAYS HAVE A FIRM GRASP on any situation that arises. You cant trust anyone these days.
That's all I can think of right now off the top of my head.
Last thing, ALWAYS BE SURE YOU WANT TO BE YOUR OWN BOSS, NOT EVERYONE IS A LEADER.
Remember I am in a retail sneaker business with inventory and not a service oriented business.
If anyone wants to ask me anything, I will gladly answer with my opinions. I am not always right.
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Originally Posted by recycledpaper
Originally Posted by wawaweewa
Originally Posted by recycledpaper
then you let him walk. how many managers you know quit their job at pizza hut to start their own pizza hut? how about quitting a management job at sport chalet to open another sport chalet? it's called complacency and a majority of people are very complacent.
Your logic doesn't make much sense.
A complacent person would not make a good manager. If you entrust the bulk of your operations to a manager then that means he would have to be the opposite of complacent if you were to succeed.
You are trying to apply a public corporate structure to a private business/ corporation. It doesn't work. Two entirely different beasts.
Again, I'll say it. In a majority of markets there is enough demand even to sustain (some) poorly run businesses. If you are a hands off owner, you will "get got" and you will bleed talent constantly.
first of all... if you not being involved with the business 24/7 = a poorly run business, you have a BIG BIG problem. you shouldn't even be in this position if your business plan was on point and your figures were accurate. now...
why wouldn't a complacent person make a good manager? you give em a good job with responsibilities with good/fair pay, they're gonna like what they're doing and be with you as you expand. they won't have thoughts of starting something on their own because they're already happy with what they have now. maybe you're thinking of people who are are lazy or complacent with not doing work, in which case they obviously wouldn't be because you weed those out in the interview process.
also, something that helps a lot is to teach them enough to do everything you need them to but not enough for them to start their own business. and if you're operating a pretty well-known business with a brand name, that name doesn't go with them if they start their own business and they know that. things like that matter and are the reasons why people don't just quit their jobs to open a similar business of their own. if you're getting paid $60-70k for a management position with possibility for raises/promotions, why the hell would you ditch that to start a competing company? that doesn't make sense to me.
IMO, the perfect business is an automated one that doesn't require a lot of time and effort by the owner/founder. if you're working 15 hours a day, that's great but only if YOU ARE PUTTING THAT IN VOLUNTARILY. if you're working 15 hours a day and *****ing about it on NT, that's when you know you need to give your business a second look and find out how to run things more efficiently. NO BUSINESS OWNER WANTS TO WORK 15 HOURS A DAY FOR THE REST OF THEIR BUSINESS' EXISTENCE. that is the biggest BS i have ever heard. if they say that, THEY ARE LYING. hell, the whole reason people start their own business is because they want to avoid the time-sapping 9-5 jobs everyone else has. if you told someone that having their own business = 15 hour days instead of 8 hour days, NO ONE WILL WANT TO OPEN THEIR OWN BUSINESS.
Didn't you say that you would give your manager 50% of the profits? If I was your manager and was halfway competent why would I be satisfied with 50% seeing as I was doing most of the actual work? As soon I felt comfortable enough, I'd start my own venture and +!@% on your operation.
I don' know where you're getting your idea from but I worked for a few summers with a family friend who owned an e-retailer based out of NYC. The company employed between 100-120 people and generated revenues in excess of 100MM. He was about 62/63 years old then. He still worked 12 (at least) hour days. Believe it or not, this operation wasn't even his main business. His family owned large swaths of commercial (mainly leased to banks) and residential real estate in NYC which made up the bulk of their business.
Of course he didn't have to work anymore. I was sort of his assistant for the summers and we talked a lot. I did ask him once, why he was even working anymore because it was obvious he didn't need to. His first response was that he enjoyed it. His second point was that he saw it time and again where people who did have a successful (or on their way to successful) business took a hands off approach and eventually lost the business. His favorite saying was, '...some people are too smart for their own good...'.
His reasoning was that he was one who had the most skin in the game. He had the most interest in seeing the business prosper.
To be quite honest I'd rather listen to this old man (he's about 70 now) He's still working and involved in the day to the day operations of both businesses. He was a very intelligent guy (very old school though; still wore pocket protectors
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Why would you not mention what the website is? Your losing profits
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Originally Posted by 23MCpizzle23
so you think CEO's just sit around and chill all day?Originally Posted by recycledpaper
so what about all the businesses that started off with just one store but are now full blown corporations? they all have to start somewhere. hell amazon started off in the founder's garage and i'm sure as hell he aint working 24/7 in order for amazon to stay running now lol.
the people who run those companies are always on call/watch or it will be there #@$
and your talking online his talking brick and morter you dont have a grasp of what hes talking about...
first of all, CEOs are usually not owners/founders. some owners/founders can choose to be CEOs and that's on them because obviously, they love what their company represents and love to be involved with day-to-day operations. essentially, that is a full-time position.
so again, you're making poor comparisons. and while a b&m business is different from an e-commerce business in many ways, that doesn't mean the owner/founder has to be running the show at the business that many hours out of a day. YES keeping tabs on the management team and sales team is important but does that really take 15 hour work days? no. i'm not saying you don't have to work at all, just that you don't need to be putting in that many hours a day as the owner, and if you are, your business is efficient and you should look to streamline everything a bit more.
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so because you're younger than me you make more than me? sounds logical to me
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Originally Posted by wawaweewa
Originally Posted by recycledpaper
Originally Posted by wawaweewa
Originally Posted by recycledpaper
then you let him walk. how many managers you know quit their job at pizza hut to start their own pizza hut? how about quitting a management job at sport chalet to open another sport chalet? it's called complacency and a majority of people are very complacent.
Your logic doesn't make much sense.
A complacent person would not make a good manager. If you entrust the bulk of your operations to a manager then that means he would have to be the opposite of complacent if you were to succeed.
You are trying to apply a public corporate structure to a private business/ corporation. It doesn't work. Two entirely different beasts.
Again, I'll say it. In a majority of markets there is enough demand even to sustain (some) poorly run businesses. If you are a hands off owner, you will "get got" and you will bleed talent constantly.
first of all... if you not being involved with the business 24/7 = a poorly run business, you have a BIG BIG problem. you shouldn't even be in this position if your business plan was on point and your figures were accurate. now...
why wouldn't a complacent person make a good manager? you give em a good job with responsibilities with good/fair pay, they're gonna like what they're doing and be with you as you expand. they won't have thoughts of starting something on their own because they're already happy with what they have now. maybe you're thinking of people who are are lazy or complacent with not doing work, in which case they obviously wouldn't be because you weed those out in the interview process.
also, something that helps a lot is to teach them enough to do everything you need them to but not enough for them to start their own business. and if you're operating a pretty well-known business with a brand name, that name doesn't go with them if they start their own business and they know that. things like that matter and are the reasons why people don't just quit their jobs to open a similar business of their own. if you're getting paid $60-70k for a management position with possibility for raises/promotions, why the hell would you ditch that to start a competing company? that doesn't make sense to me.
IMO, the perfect business is an automated one that doesn't require a lot of time and effort by the owner/founder. if you're working 15 hours a day, that's great but only if YOU ARE PUTTING THAT IN VOLUNTARILY. if you're working 15 hours a day and *****ing about it on NT, that's when you know you need to give your business a second look and find out how to run things more efficiently. NO BUSINESS OWNER WANTS TO WORK 15 HOURS A DAY FOR THE REST OF THEIR BUSINESS' EXISTENCE. that is the biggest BS i have ever heard. if they say that, THEY ARE LYING. hell, the whole reason people start their own business is because they want to avoid the time-sapping 9-5 jobs everyone else has. if you told someone that having their own business = 15 hour days instead of 8 hour days, NO ONE WILL WANT TO OPEN THEIR OWN BUSINESS.
Didn't you say that you would give your manager 50% of the profits? If I was your manager and was halfway competent why would I be satisfied with 50% seeing as I was doing most of the actual work? As soon I felt comfortable enough, I'd start my own venture and +!@% on your operation.
I don' know where you're getting your idea from but I worked for a few summers with a family friend who owned an e-retailer based out of NYC. The company employed between 100-120 people and generated revenues in excess of 100MM. He was about 62/63 years old then. He still worked 12 (at least) hour days. Believe it or not, this operation wasn't even his main business. His family owned large swaths of commercial (mainly leased to banks) and residential real estate in NYC which made up the bulk of their business.
Of course he didn't have to work anymore. I was sort of his assistant for the summers and we talked a lot. I did ask him once, why he was even working anymore because it was obvious he didn't need to. His first response was that he enjoyed it. His second point was that he saw it time and again where people who did have a successful (or on their way to successful) business took a hands off approach and eventually lost the business. His favorite saying was, '...some people are too smart for their own good...'.
His reasoning was that he was one who had the most skin in the game. He had the most interest in seeing the business prosper.
To be quite honest I'd rather listen to this old man (he's about 70 now) He's still working and involved in the day to the day operations of both businesses. He was a very intelligent guy (very old school though; still wore pocket protectors) and I learned a lot from him. When I was working with him, a lot of his philosophy didn't make much sense to me. I was sort of like you. However, the older I become I realize just how right he was.
50% of the profits for that one business location, not the company as a whole. so in actuality, it's not that much but to the manager, that's a good chunk of change for a set amount of responsibilities.
and again, just because you would ++#@ on a company that you're working for doesn't mean everyone is like that. i guess you're the type of person who's best bet at making some $ is starting your own business because no one will hire you with that mentality.
in response to the second part, of course him working 12 hours a day would be okay if he's ENJOYING it. you're missing everything i'm trying to say. 15-hour work days are dope if you love everything about your company and love being involved with day-to-day operations. but if you're working long days and you're starting to hate it... that's when you know there are some changes that need to be made to your business structure. oh and for the record, those companies that failed probably weren't steady yet or had poor management.
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I would agree with you but only in that it only makes sense to work for yourself (long hours and all) only if you're making more than you could otherwise earn working for someone else. My father's boss doesn't enjoy what he's doing and works long hours but he makes substantially more than he would make working under someone. Better being a miserable millionaire then a miserable and broke.
Why wouldn't someone hire me with my mentality? Because I care too much? Maybe people like you wouldn't because they just wish to maintain the status quo and enjoy mediocrity? I have some acquaintances who would not hesitate to deal on the side (with your merchandise) and cook your books (to skim some money) if they were in a postilion with a hands off owner.
btw, the old man has been in the real estate and retail business for over 40 years. The business he saw go bust involved plenty of (one time) stable operations. models...management structure...yada, yada. "...some people are too smart for their own good...". Before I wouldn't understand what he meant but now I do.
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I don't think I was *****ing on nt about my business lol. I'm just telling people things that they will not realize until they get into this.
Being automated is great. Making money is great. Being able to tell people I am under 25 and making more money than that person is great too.
I don't think there is anything wrong with my business plan, because it works? I am not complaining about anything and if you think I do, I cant stop you LOL
And when I meant working 24/7, I'm pretty sure 90% of the people reading this thread got my point, the rest 10% just think a little more or pm me and I can explain lol.
I am expecting a pm from someone soon.
Being automated is great. Making money is great. Being able to tell people I am under 25 and making more money than that person is great too.
I don't think there is anything wrong with my business plan, because it works? I am not complaining about anything and if you think I do, I cant stop you LOL
And when I meant working 24/7, I'm pretty sure 90% of the people reading this thread got my point, the rest 10% just think a little more or pm me and I can explain lol.
I am expecting a pm from someone soon.
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people with money, always want to think they're right.
look at all this bickering, lmfao
look at all this bickering, lmfao
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I'm a Realtor with Century21. You're your own boss and you might be working in a office but you're a business. If anyone want help in that department, PM me or [email protected].
Also if anyone is trying to or knows anyone that is trying to buy a home or is trying to sale their house and needs some advise and/or help, PM me or email me at [email protected]
Also if anyone is trying to or knows anyone that is trying to buy a home or is trying to sale their house and needs some advise and/or help, PM me or email me at [email protected]
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Originally Posted by wawaweewa
I would agree with you but only in that it only makes sense to work for yourself (long hours and all) only if you're making more than you could otherwise earn working for someone else. My father's boss doesn't enjoy what he's doing and works long hours but he makes substantially more than he would make working under someone. Better being a miserable millionaire then a miserable and broke.
Why wouldn't someone hire me with my mentality? Because I care too much? Maybe people like you wouldn't because they just wish to maintain the status quo and enjoy mediocrity? I have some acquaintances who would not hesitate to deal on the side (with your merchandise) and cook your books (to skim some money) if they were in a postilion with a hands off owner.It's not really a laughing matter but I've seen it happen more than once.
btw, the old man has been in the real estate and retail business for over 40 years. The business he saw go bust involved plenty of (one time) stable operations. models...management structure...yada, yada. "...some people are too smart for their own good...". Before I wouldn't understand what he meant but now I do.
yeah see, the point of the whole thing is to avoid hiring those kinds of people
i guess integrity is much harder to find in today's society than ever before.
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I wish I could run into a guy like you here locally. I am very trust worthy and could really do you good. Don't let one bad apple or a couple spoil the bunch. You should look for guys that are in school with at least a 3.0 gpa. A veteran in school could be epic. It's a lot of us out here.
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Originally Posted by recycledpaper
This is probably the most ill-advised comment I've read all day.
First. When you're a business owner, you don't want to work 24/7. You NEED too. Your on the clock all day, every day. Here's a perfect example. This morning, I got a call from my ADT security company at 7:30 in the morning saying there was a possible break-in because something triggered the alarm. So the police were notified and I had to jump out of bed to my car and meet them there ASAP, at 7:30 with no shower, brushing teeth etc. Come to find out, a paper-thin poster had fell off the window and the motion from poster falling triggered the sensor.
On the way to my store, I was like this:"I swear to God if I catch whoever robbed me Im gonna ..."
Well I got there before the police did and I immediately went:,.....................after seeing no glass broken and the poster laying in the middle of my store.
So to recycledpaper, I take it you have a lot to learn about being an entrepeneur. You can't just hire anyone to run your hard-earned business. You can't just trust anyone. A bad employee can be the downfall of your business. That is why you'll usually see family operated franchise business. Ill stop right here.
i am young, i always have a lot to learn, and i do appreciate you taking the time to tell me your story. i do agree that when certain things happen, your presence and attention is needed and no one else's will suffice. when the DHL van that was supposed to deliver our weeks shipment was stolen at gunpoint, i was the one on the phones and i was the one making sure our insurance claim went through and we got compensated.
but for everything else, my presence is not required. that is the point i'm trying to make. i allow people certain decision-making abilities if it's under a certain cost level so that i do not have to be bothered with trivial issues. that is my way of streamlining everything so i can focus on other things, maybe spend time with my family before it's too late, spend the day listening to my vinyl collection, etc. where we share similarities is that in both of our cases, they're not your average responsibilities. does your alarm go off that often? no it doesn't. if you're managing your store, can you find and hire a trustworthy manager to fill in your position? yes you can, if you have good interview skills (not saying you don't). would you be willing to pay the manager almost 50% of your store's profits in order to keep them around and make your life easier? that's the problem most business owners face because on one hand, that extra 50% profit is VERY nice and heck, why pay someone else when you can do it yourself? but then you find yourself complaining that owning your own business is a pain in the %*+, the hours are long, haven't had a vacation in 10+ years, etc etc. these problems can all be avoided but most are just too greedy to accept the solution that's right in front of them. it's easy to quantify money, you can touch it and feel it and spend it and count it. time... not so much.
but yeah, again i respect everyone that's posting in here because it really does take a special skill set and passion to do something you love and to make a profitable business from it. i'm just trying to argue that time is a very valuable asset that also plays into how successful a business is. and i think that's the #1 complaint business owners have is that running their business takes too much of their time.
sorry if some of the things i said don't make 100% sense.. i'm a bit tired.
you must've read the 4-hr workweek.
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The concepts and theories outlined in the 4-hr work week are awesome, but 100% fool proof and practical as Tim Ferries makes them seem. It's not about creating a company, it's about automated income.
In my opinion, taking the route outline in 4HWW, isn't being an entrepreneur, it;s being an entreprenothing.
anyways, I've found love for the construction industry since the age of 16. Now I'm 21, with one year left to finish my construction management school. Work for a couple years at a J.O.B to get rid of my student loans and stick a few k in the bank... then it's time for take off.
My agent of infection? Homes which are affordable, ecofriendly, environmentally conscious, HIGH performance and the quintessential of quality. Putting an end to production style homes (this is an epidemic in my area)
The virus will spread.
In my opinion, taking the route outline in 4HWW, isn't being an entrepreneur, it;s being an entreprenothing.
anyways, I've found love for the construction industry since the age of 16. Now I'm 21, with one year left to finish my construction management school. Work for a couple years at a J.O.B to get rid of my student loans and stick a few k in the bank... then it's time for take off.
My agent of infection? Homes which are affordable, ecofriendly, environmentally conscious, HIGH performance and the quintessential of quality. Putting an end to production style homes (this is an epidemic in my area)
The virus will spread.
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posting for later
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I don't have a business of mine yet, but as a Web Developer, I got to say that your visibility on the web is WAY more important than some of you think. And if you decide to get a website, get it done by a professional; Not by your uncle who knows someone whos kid made a website back in 1999 when he was in high school. A bad website is equivalent to no website at all.
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this is EXACTLY what my friend is passionate about and is working towards. are you working towards building homes from the ground up or renovating?
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I'm an architecture major and I'm with you on that. I absolutely hate those neighborhood houses where every house looks the same. I'm thinking, "you spent close to a mil on your house just to look like the next one? lame"
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Same here. I hate "McMansions."Originally Posted by The Black James Bond
I'm an architecture major and I'm with you on that. I absolutely hate those neighborhood houses where every house looks the same. I'm thinking, "you spent close to a mil on your house just to look like the next one? lame". I think pre-fab and modular construction is the future.
doe or die 22
Banned
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For later.
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I have started a shoe company. We design/manufacture eco-friendly sneakers, custom branded/designed footwear, and steel/composite toed safety footwear.
It's very expensive to start, and extremely time consuming. It's even harder to build a brand from scratch. But, it's my passion and dream, I LOVE it and would not consider ever doing anything else.
It's very expensive to start, and extremely time consuming. It's even harder to build a brand from scratch. But, it's my passion and dream, I LOVE it and would not consider ever doing anything else.
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checking in
