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Welcome to the Personal Development for Smart People Forums, the place for lively, intelligent discussion of all personal growth issues -- physical, mental, financial, social, emotional, spiritual, and more. You're currently viewing as a guest, which gives you limited read-only access. By joining our free community, you'll be able to post your own messages, access many members-only features, see the new messages posted since your last visit, and of course remove this header message. Registration is fast, simple, and free, so please join today. If you arrived here from a search engine, you may want to explore the main site first, which includes hundreds of deep and insightful articles on a variety of personal development topics. |
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| I'm 23 years old. Until I'm 25, I'm fortunate enough to not have to pay for food, shelter, and health insurance (thanks, Gov. Corzine!). I also have enough savings to start a small business, which I consider a VERY important step in my long-term career plan. But I'm not sure how I should invest my time: all of it toward starting the business (considering I don't have any expenses for the next two years), or part of it toward a part-time job to for more investment capital. Any thoughts as to which would be the wiser move in the long run? Last edited by Jes : 05-17-2007 at 11:34 PM. |
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| I believe that only an accountant with all the info and data could answer that question... However, I know that in the town I live in, there are some free help for young entrepreneurs... they will help you to develop a whole plan for your business... ...and there are also organizations where retired professionals and businessman will act as mentors... free of charge... I would certainly look into that if I were you... With the little info that you gave here... I don't think anyone could give you a valid educated suggestion... Best of luck to you... . |
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| To clarify a bit ... There are people, especially in the PD world, who believe their time is more valuable than whatever their employer pays to do his/her work. In other words, an hour invested into profiting from your purpose > (is greater than) $7.25 or $72.50 for helping increase someone else's profits. Steve touches on this briefly here: http://www.stevepavlina.com/blog/200...ver-get-a-job/. While I mostly agree with this, I'm slightly concerned that my business's growth may be slowed down by a lack of consistent investment resources. For example, if my product sells well, vendors may request much more inventory from me before I even get paid by my distributor. That can be a nightmare scenario, as I won't be able to afford to have more product manufactured until I get paid. By that time, the market will be over it. It'll be too late. But then again, that may never happen. The business might grow just at the right pace. Or maybe even too slowly. It's hard enough for me to get into the habit of being a professional at home. If I picked up a part-time job, I might get too distracted to do all the other work. And it's a LOT of work. I'd also be lucky to find a job that pays even $12/hr. Realistically, I might have to settle for minimum wage ($7.25 USD). Is that kind of money worth it? Or should I tough it out while I still have the opportunity? |
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| Try and find a part time job that is related to your business in some way or will help you develop your entrepreneurial skills. This way you'll get the best of both worlds.
__________________ Pick the Brain An Analytical Approach to Self Improvement www.pickthebrain.com If you love Steve's blog, I think you'll love mine too. I have a different style, but we both share a passion for honest, intelligent writing and continuous improvement. Take a minute to check it out! |
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| Develop a business where you don't have to buy products... Use only your brain and time to develop a business, i have now (it was in plan for about 6 months, i procrastinated lot trying to find perfect programming environment for it and i found it... but i still don't know how to use it right.. Your time does not cost you nothing, you could spend watching tellie, or side kicking extra learning material Best of Luck, Patrick |
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| I understand why you would be concerned about this, but some companies make an excellent business out of having more customers than inventory. A smooth growth can give you something that's profitable from the beginning; even if it's not a huge profit that's not a bad thing. If you really are going into a new market where you have a chance to become the leader by growing fast, you'll probably need to borrow money or get outside capital. This is a great example of the differences: Strategy Letter I: Ben and Jerry's vs. Amazon - Joel on Software (not my site, I just re-read it last week and thought it would apply here). People make mistakes in both directions; some companies set up lots of infrastructure and barely managed to get a few customers, while others (a tiny fraction) have no idea how fast their idea will take off. In the end, the best thing you can do is think through each possible outcome, so once you start you won't be caught by surprise and wonder what to do while you lose money. |
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| What kind of small business do you want to start?
__________________ I am always open for feedback on my posts. That might focused on the argument at hand or on my writing style. If your feedback would go offtopic feel free to send me a Personal Message. Reality is fragile |
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Generally record companies are really for B&J type of making business, only later when you have substantial cash flow & profit can you start to grab more and more market, you must use a lot of guerrilla marketing both online and offline... Best of Luck! |
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