Any of you guys Start Your own Company?

[luckyluchiano]

I've been thinking about a lot of stuff as of late in regard to becoming wealthy, and working a 9 to 5 isn't going to really make that happen. I`m not going into details on what I plan on doing, but I`m really thinking about starting my own company or what every you want to call it. 
To those of you that did do this, did you do it solo, or did you go into with friends, or you found people with a common goal? My boys aren't tech savvy enough to really help me in terms of what I`m trying to do, but they would probably in the end help invest.

Any tips?

 

[scshift]

Do you actually want to run the show because you want to lead yourself and impact your world, or are you just after wealth?

 

[mitchellicious]

I wouldn't go in to business with family or friends, unless you know 110% that you can trust them.

Money changes people.

 

[secretzofwar]

Finding good partners is very hard...Choose wisely. I knew mine for about a year before we started working together (though we're not really off the ground yet).

Some advice:

- There is never enough research to be done. You'll find new things every day.

- You're going to screw up. Especially if you're young, we make mistakes all the time, just learn from them.

- Serve your market. Can't stress this enough. If the market's not there, don't go after. We've had some great ideas, but the economics of the industry just don't work out.

 

[scshift]

Originally Posted by Mitchellicious

I wouldn't go in to business with family or friends, unless you know 110% that you can trust them.

Money changes people.

I hear this a lot, but at the same time, if you can't go into business with people you trust, who can you go into business with?

In my experience though, I usually try and do things with people I trust but aren't close friends with, and eventually we become close friends through the things we did.

 

[rick2345]

Have a up and coming clothing company just printed our first shirts not to long ago. So far people are really responding to the designs. Feelsgoodman.

 

[dopestop]

Don't mix friends and business.
Money always changes everything.

 

[mitchellicious]

Originally Posted by scshift

Originally Posted by Mitchellicious

I wouldn't go in to business with family or friends, unless you know 110% that you can trust them.

Money changes people.

I hear this a lot, but at the same time, if you can't go into business with people you trust, who can you go into business with?

In my experience though, I usually try and do things with people I trust but aren't close friends with, and eventually we become close friends through the things we did.

But what happens when things go sour. There's too many examples from the past to show that it's not a good idea.

That's why you take capital from strangers and if it doesn't work out you take your cut and say "Thanks!"

The best people to borrow money from are dentists btw. Lots of disposable income.

 

[biglescobar]

yuku...

 

[myjaysgetrocked]

Whatever you choose, start small. The old business model that included pages and pages of business plans is slowly being replaced by this whole lean idea.

Also, there are A LOT of groups that help people with start up businesses. These groups are mostly composed of entrepreneurs that want to help future entrepreneurs. Search online for groups in your area.

 

[biglescobar]

Go into business solo if at all possible.

I have had bad experiences going into business with friends as its tough to seperate friendship and business.

In some situations its hard to avoid having partners, but in certain situations I've been in I have grown to just wand to do everything myself rather than delegate to partners because I'd rather just know that it's done right then have someone else do a lazy job on it....

In certain types of businesses its hard to avoid a partner whether you need additional capital or whether they bring a certain skillset or connection to the table that you need in order to get the business off the ground.....But if possible, and you believe in yourself and have enough capital and the connections, then you don't need anyone else.....

 

[luckyluchiano]

I want to make an impact on the world but also be my own boss. With being my own boss I can create things how I feel it should be and also wealth would be nice lol, not becoming rich but more so generational wealth. I love technology and in the industry I work in I see so much untapped potential I feel I might as well be the one to fulfill these things.

 

[skateboard]

My father came her as a refugee from Soviet Afghanistan with only a couple thousand dollars, minute compared to the huge amount of wealth his family had before he left. He didn't get anything because the Soviets invaded Herat and seized his family's estate. He worked his *** off working two jobs to support my mother, older brother and I until I was 5. He started his own business when we moved to Fairfield. Since then, his fabric business now has two locations. He now makes $150k a year. He went into business alone and it has paid off for him. If you keep it small in the beginning, you'll find it easier to control your business. If you need employees, 2 or 3 will do fine. DO NOT try to fund a second location unless you're making "excess" revenue that you can invest.

 

[supraman1784]

i started my own company...check my sig. site is currently under development and almost ready to launch...just trying add a few more features to lay a basic foundation so that users arent constantly running to errors on the site.

although becoming wealthy is something i would like to achieve, its not a goal to just be filthy rich....i enjoy my freedom and my hobbies outside of work as well as hanging with friends and fam. to me, thats more important, but on top of that, id also like to achieve that baller status at some point in the near future. 9-5 wasnt for me....but right now im still in it so that i can fund this business for me...itll be a side project for now until we're all comfortable enough to leave the corporate life.

as with my business partners....finding the right one or ones is difficult and sometimes it takes a while. ive been lucky with the opportunity to find two other people that share my vision and my goals and its funny because i really didnt have to look very far to find them. networking is key....probably the most important thing in finding business partners, people to fund your project or even to help spread the word for you. i could give a whole talk on how to properly network....as they say your net worth is the net worth of the people you surround yourself with. not saying you should get rid of all your friends....but start surrounding yourself with people that you feel are successful or influential in some way. one of my business partners is a friend from school....probably one of the most tech savvy mfers ive ever met and the other i met through networking, we all seem to fit and work well together.

there's no right or wrong time to start....just get going and see where it takes you. starting is the hardest part, believe me on that, ive caught myself on making stupid excuses on why i shouldnt start a business at the moment, but once i did, all the pieces fell into place.

feel free to pm me with anything as im also learning how to run my own business as well and i dont mind bouncing ideas off each other as well. i dont bs when it comes to this and ill tell you if i think an idea or a concept is worth pursuing or adding....but like all opinions...it shouldnt be the only one you listen to.

 

[socalkid]

I am in school. I am trying to learn what i need in order to do so.
If it is something that is going to need more manpower at the start of it, then there is a need for more people to join you.
Anything is possible though.

 

[triple homicide]

I started by business SOLO.

Most people tell you to get a job because its guaranteed money but nothing is guaranteed. They also don't tell you that its LIMITED money. When you start a business your income isn't limited. It can be low or it can be high. It just depends on the business and the market.

I advise going into business alone.

 

[supraman1784]

Originally Posted by BigLescobar

Go into business solo if at all possible.

I have had bad experiences going into business with friends as its tough to seperate friendship and business.

In some situations its hard to avoid having partners, but in certain situations I've been in I have grown to just wand to do everything myself rather than delegate to partners because I'd rather just know that it's done right then have someone else do a lazy job on it....

In certain types of businesses its hard to avoid a partner whether you need additional capital or whether they bring a certain skillset or connection to the table that you need in order to get the business off the ground.....But if possible, and you believe in yourself and have enough capital and the connections, then you don't need anyone else.....

not necessary to always bring in a partner for a specific skillset....you can always outsource...there are multiple venues for that. as for connections....it depends, with social media these days its easy to get in touch with people, but then again if that person doesnt dabble in any social media outlet....you might have to find other ways to get into contact with that person, but not necessary to bring in another partner.

 

[drama23]

any suggestions on how to get SEED money to jumpstart a company or best way to get investments w/o investors taking too much shares?  
i have a great idea (at least to many people people i spoke to) but I was told having an idea is not enough.  VCs will eat me up if they do invest, but I can't afford to do much since I've worked crappy jobs and never saved due to bills & helping the family.

 

[thunderchunk69]

where can I find someone to make an autocad design and/or fabricate something in plastics?
where do I even get started?

 

[supraman1784]

Originally Posted by ThunderChunk69

where can I find someone to make an autocad design and/or fabricate something in plastics?
where do I even get started?

try something like odesk....they have people you can outsource to make an autocad design, then maybe you can find someone that does prototypes for plastics....i know a company that does it, the name just isnt at the top of my head at the moment.

 

[lazyj10]

Originally Posted by Drama23

any suggestions on how to get SEED money to jumpstart a company or best way to get investments w/o investors taking too much shares?  
i have a great idea (at least to many people people i spoke to) but I was told having an idea is not enough.  VCs will eat me up if they do invest, but I can't afford to do much since I've worked crappy jobs and never saved due to bills & helping the family.

Unless you're bringing your own capital along w/ any outsiders, there's no way you're getting seed money w/o giving up a good amount of shares (pref and common equivalents).
  

 

[myjaysgetrocked]

Originally Posted by Drama23

any suggestions on how to get SEED money to jumpstart a company or best way to get investments w/o investors taking too much shares?  
i have a great idea (at least to many people people i spoke to) but I was told having an idea is not enough.  VCs will eat me up if they do invest, but I can't afford to do much since I've worked crappy jobs and never saved due to bills & helping the family.

There are MANY groups in different cities that help start-ups without asking for a big piece of the company(Accelerators). 
Also, I don't know how much money you need, but VC's usually deal with companies that are asking for millions and have been in business for at least a couple of years. They rarely invest in start-ups. 

Another route may be Angel investors, instead of VC's. There are A LOT of resources available....

 

[coolgraymemo]

I've always wanted to start a company. I don't know what though.

 

[captainkicks]

Haven't started a business but I know a few people that had...

Just know that there are a lot of expenses you don't expect and it takes a lot to get the ball rolling

 

[Moheezy]

It sounds like you want to have a tech startup. It is a lot easier to bootstrap your business if you are online based, that's what I did and we are doing fine so far.
If you are looking for investors, the idea itself is important, but what is more important is the team you have around you. They look at the passion and the ability to do what ever it takes for you to succeed.

I have heard more than one VC say that they expect you to fail at your first startup, but they like your drive and so they will invest with you for your second company.

If it is a tech company, I strongly suggest you have a team of three or four people. a perfect team of founders would have the 3Ds

Develop: the developer who can basically create anything.
Design: the guy who works on user interface and make sure the product is polished.
Deliver: the business development guy who can close the deals, the leader of the team and the visionary.

VCs would love to see a passionate team like that.