Any entrepeneurs on here?

Motorbreath310 · 07-10-2012, 11:07 PM

Hi all,

Just wondering if anyone here has/had their own business or has been involved with a startup or joint venture project? Care to share any experiences?

I'd like to get involved with a minerals exploration project or something along those lines.

Anybody else who has an interest in all things entrepeneurial feel free to post too!

b2tf · 07-10-2012, 11:35 PM

Certainly wouldn't call myself an entrepeneur but I am in the process of starting my own business. Running a bit behind schedule due to an upcoming wedding too! I'm a pest management tech by trade so spiders, termites etc are what I sort out. I worked for a company for 5 years doing it, learnt my trade etc, and got out due to being offered better money out of the industry. I didn't intend on getting back into it for myself but a few people put the idea in my head and it all went from there.

Be interested to see what this thread digs up!

flappist · 07-10-2012, 11:57 PM

First rule. If you do not have a thorough understanding of all aspects of the business do not get involved, it will almost always end in tears.

Iggypoppin' · 08-10-2012, 05:32 AM

That's a good point flappist. The other thing you should note is that if you want to be something, get the spelling right first! Entrepreneur. I study a bachelor of business in entrepreneurship so if you have any questions feel free to ask me.

Motorbreath310 · 08-10-2012, 08:47 PM

Quote:

Originally Posted by Iggypoppin'

That's a good point flappist. The other thing you should note is that if you want to be something, get the spelling right first! Entrepreneur. I study a bachelor of business in entrepreneurship so if you have any questions feel free to ask me.

Haha I sat there looking at it when I made the thread wondering if it was right or not then thought "meh, people get away with worse..."

Apparently not

Iggypoppin' · 10-10-2012, 01:02 AM

Sorry buddy tongue in cheek with my comment haha, first day of the course I sat there trying to spell it....
Everyone in the whole class was struggling too it seems! It's not an easy word to spell though.
What exactly do you need more information on?

glavas · 10-10-2012, 12:43 PM

Got invloved in the weapons trade when i was in the army and when
I left. until the courts thought i should go on a tax payer funded holiday. Running a business is quite stressfull but has its perks money women and power i say go at it mate good luck.

Edit: watch scarface to get you motivated.. Came from nothing worked hard got it all but flew to close to the sun and got burnt poor tony.. Great leason in running a business regardless of what the market.

Dash_XR · 10-10-2012, 01:16 PM

Favorite movie of all time.

Motorbreath310 · 10-10-2012, 08:54 PM

Quote:

Originally Posted by Iggypoppin'

Sorry buddy tongue in cheek with my comment haha, first day of the course I sat there trying to spell it....
Everyone in the whole class was struggling too it seems! It's not an easy word to spell though.
What exactly do you need more information on?

Just interested in peoples experiences, ideas or even aspirations for future ventures.

What about yourself? With the study you're partaking, you must have something in mind?

I can't shake the idea of an exploration tenement at the moment. Something I'd like to consider/investigate more. Also researching various means of capital raising (equity finance etc.)

Somewhat ambitious I know but it's do-able.

Iggypoppin' · 10-10-2012, 09:07 PM

Looking at opening a restaurant mate. Won't be easy but I want to give it a crack.
Been in the industry a long time so looking at doing my apprenticeship as a chef and going from there. You need to learn all aspects about what it is you want to be/do.

**Revolver** · 10-10-2012, 09:33 PM

I have a small amount of advice.

Not to get you downhearted just remember these stats. They may have changed. But they are just like Marriage/Divorce rates.

50% of business go belly up in one year.
Of those, 50% go the next year.
Of those, 50% go in 5
& of those 50% go in 10.

But those who survive this are very sound in leadership, principles, direction, & business plan.

Now thats not to say your doomed from the start, but as flappist said, you must be completely aware of your chosen field.

Its all about doing your due diligence, take some courses. Read - Alot. Some books to get you started: Rich dad, Poor Dad & Cash flow Quadrant - Both by Robert Kiyosaki. In Fact anything by him is great but those are two you have to start with. He also has Co Authored With trump 2 or three books now. You can pick these up on ebay cheap most of the time.

Remember it takes alot of time (& money) setting up your own business. Alot of the time is detriment to your family, friends & hobbies. Also the old cliche/saying "If you fail to plan, You plan to Fail" is especially true in buisness. you need to have a 1, 5 & 10 year plan.

There are a number of members on here who have travelled down this path. They might pop their head in or PM you.

Barnaby · 10-10-2012, 09:46 PM

Go and watch all these, then tell me what you learned about being an Entrepreneur. Yes its tech start-ups, but the attitude is the same no matter what you do. Off you go...

http://thisweekin.com/thisweekin-startups/

xrystl · 10-10-2012, 10:55 PM

I have been "self employed" for the past 25 years - there are many minefields being in business creates .
A couple of tips .
1 - don't go into business with a friend as this will ruin a friendship and make an enemy .
2 - don't go into a business with a relative for the same reasons as 1 above and then they always remain your relative .

F6 Dan · 12-10-2012, 06:28 PM

Started business 5 1/2 years ago with $2000 haven't looked back. A Lot of hard work is required to succeed but if you like what you do then its not really a job , just another day of making money. Oh , by the way I left high school after year 11 , and by know means I'm not a brainiac either. Just had a willingness to listen to old heads. In this time I've become married, bought a house, had a child, bought a hilux, SSv ute ,sv6 wagon ,Ducati Diavel , my f6 , the wife's xr6t and had some excellent holidays locally and overseas. Other tradeies I know still cant believe how far I've come in just a short time. You can read all the books and go to heaps of courses but at the end of the day street smarts and a willingness to work 6/7 days a week at the start have certainly paid Big dividends for me now.
Just my 2 c

rancidpunx · 12-10-2012, 08:16 PM

I have built my current lines of income by myself from nothing, its hard work but totally worth it. I agree with most of the comments here. You have to work hard and be prepared to sacrifice a lot of time and other commitments. You have to be good at what you do and make sure everybody knows it but also be down to earth with exceptional people skills. You can read all the books but if you are a **** and clients don't bond with you, you are not going to see them again. Customer service is a lost art but goes a very long way to winning customers and then retaining them. You can be a lot more expensive than the next guy but if you put in the time and build some rapport with potential clients that wont matter. Make sure you also have half decent language (including grammar) and numeracy skills.

There is also the other side of the coin though. You have to make time for yourself and have strict work practices if your planning on working from home. Personally I am easily distracted and if I'm working from home I have to be strict on myself and work away from the TV and Internet or unfinished DIY projects. It also goes the other way and I can work long after midnight without realising it. What I'm trying to say is that make sure your up and ready for the day as if you were working for the man, do you work like normal (just at home) and then relax later on. Obviously everyone is different, but I strongly believe that you have to make sure that your working day is clear and that your motivated to work to it.

Good luck

Motorbreath310 · 12-10-2012, 11:35 PM

Thanks for all the contributions/warnings/ideas/stories so far people. These are exactly what I wanted from this thread and hopefully it'll keep going. :thumbup

Just to clarify though, I'm not actually looking at going into business right now or even in the foreseeable future as I lack any form of direction at this stage which was the primary idea behind this thread. To discuss.

I'm constantly on the lookout for ideas or opportunities. I'm in a good position at the moment. I have a well-paying job and a lot of time to myself. If I can hold onto it (the job) during this downturn, then it'll continue to serve me well. I'm also sans mortgage and children which means I'm far from being risk averse. If I can pursue it, so be it. If it fails, lesson learnt and no regrets for not trying.

I'm not a "buy a house, pay it off and settle" type of person. I need to do something satisfying and stimulating. Hard work is far from being a concern. I work my ar$e off anyway. At least if it were for myself, It would feel like I'm achieving something.

Keep the comments coming guys

KW XRT · 12-10-2012, 11:51 PM

well lots of good advice here.What my good idea is.

Build a drift track to get these f/wits off my local roundabout and onto a safe area where people would pay money to see them F 2234 up.That would be find enough people to buy a decent plot of land or lease same from local drag stip build a series of roundabouts all linked like about 4 or five and wide enough for two cars to drift around each roundabout and race.Could muster a fair deposit if another 12 people want to make heaps of money with me.lol

rancidpunx · 12-10-2012, 11:58 PM

Should also add although its fairly obvious but often over looked. Once you finish a job and go home you are technically unemployed again until you start the next job. You also wont be getting any holiday pay or leave loading rates and you have to pay your own tax, super and various types of insurance. Not just to protect those you are working for and their property but to cover your own **** as well long term illness/injury.

Barnaby · 13-10-2012, 01:42 PM

Quote:

Originally Posted by Motorbreath310

Keep the comments coming guys

Just be aware that the business fail rate data is not always accurate. Yes, a lot of businesses stop trading but its not always about finances. A lot of people go into business and once learn of the commitment required say screw this and it all fizzles out. Partnerships break down under the stress or people just cant agree to move in the same direction.

In my opinion it all comes down to passion...people who have a passion for their vocation do well in business but it doesn't make them an entrepreneur, they are successful because they love what they do, they do it well, people discover this and keep going back and recommend them to others so it all works out.

People who love what they do will look for better ways to do their job; they're innovators. People who innovate usually do better than their competition.

Entrepreneurs are a different breed, they want to leave their mark as well as be successful. They can also be innovators which is a pretty serious combination that can create big things and big wealth.

marlin351 · 13-10-2012, 02:59 PM

Hi mate. Borrowed a lot of money 4 years ago to buy a bussines I had no idea about. Had to make it work or I would loose our family house. It was the fastest lurning curve of my life! You only live once, and worse case you fail. so what! I have been on call 24/7 for the last 4 years but wouldnt change a thing. Has allowed me to buy/play with cars I couldnt have done on a wage. I still keep in the back of my mind though that failure could be one day away!

distortion · 13-10-2012, 03:06 PM

Started my business 2 years ago and love it, had 10 years of experience behind me in my field when I started, and an awful lot of industry contacts/clients. (signage, graphic design and websites).

Thinking of starting another business selling panel protection films. (i.e for long distance trips, 4wd'ing etc, you'd put on this clear film ontop of your panels, and it would absorb a lot of scratches, bug marks, tar etc). Already researched and have the product range locked down, but as I have never entered the retail market, I'm unsure of my next step

Hood-G6 · 13-10-2012, 03:26 PM

This is also something I am looking at doing in 12-18 months once I have a few other things sorted. I have 10 years experience in my trade, but am just making sure I have everything covered first. Still need to get more info about paying tax etc.

JAZSXY · 13-10-2012, 03:54 PM

At the end of the day it will come down to two very simple things.

How much do you know about the industry your attempting to carve a living out of?
How hard are you will to work to make it pay off?

All the other things such as
Controlling costs
Profit / Loss margins etc

Will all be worked out when your business is up and running.