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I am frustrated!!!!!! ANY input appreciated


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Old 7th March 2014, 11:50 PM   #1
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I am frustrated!!!!!! ANY input appreciated

I want to so bad be an entrepreneur. Watching shark tank here seeing these highly successful people, I want to be like them! People like that are my role models.

I am 20 years old and have seen and heard stories of young entrepreneurs being very successful. I have become extremely frustrated with myself

Here's my problem: I don't know where to start. Reading stuff online has not helped, I need to take action but I DON'T KNOW HOW!!!!!!!!!!!!!!!!!!!!!!!!

It stresses me thinking how I could make it happen while being in college right now.

What do I do to take action and be one? Please tear my @$$ up like Mark Cuban or Donal Trump would. Damn I'm pissed!!!!!!!!!!!!!!!!
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Old 8th March 2014, 12:39 AM   #2
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Do you have a product that you feel strongly about?
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Old 8th March 2014, 12:44 AM   #3
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most of the people on shark tank are inventors; they came up with some idea/product that is unique and then become entrepreneurs as they try to market and sell the product.
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Old 8th March 2014, 3:32 AM   #4
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Originally Posted by UpwardForward View Post
Do you have a product that you feel strongly about?
Yes, OP, please answer this because I would love to tear your @$$ up like Mark Cuban or Donal Trump would.
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Old 8th March 2014, 3:53 AM   #5
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You can have a really good idea. but without any money behind you, it may fall flat regardless of how good your idea is.

I took a risk starting my own business after my divorce, and I failed miserably. I lost everything- my house, my car, my dignity- and I'm paying for a personal loan I secured against my house to this day (ten years later) because I believed in my dream.

I'm all for taking a risk, and I can tell you that I am more successful in life now after having known failure.

It's a brave move, not for the squeamish. You do need to know that you're taking a risk- some succeed, many more fail.

I know my business could have been a winner- but I didn't have the money behind me to push through the wall during uncertain times.

If you want to take the plunge, do it- but weigh the risks first.

I quit while I was sinking, and still lost an awful lot. I did take off right away, and enjoyed 2 years of living the high life being very successful- but it came to a halt as quickly as it started.

I didn't save for a rainy day- that was a part of my downfall.
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Old 8th March 2014, 5:43 AM   #6
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OP, i actually share your dream and even attempted something, so i'll add what i've learned.

First of all, between your average entrepreneur and the likes of Cuban, Zuckerberg, Gates, Trump, there is a huuuuuge difference.
Most of them expanded in a void, in a market where there was none, or little competition.
Most of them were also not truly self-made. If you read their biographies you will notice a trend ... they had parents who helped them.
So them becoming billionaires was more the result of a dynastic trend, then the pure 100% result of their work, they had knowledge either from family who was in business, or from going to good schools and getting there with help of their families.
In fact, the only ones that i know who are billionaires because of their hard work 100%, who learned almost nothing from parents in the business department are Buffett and one of Google's founders, that Canadian hairstylist guy who opened many shops ... etc, you get the picture.

Second, the mindset of 'i want to be like them' is both good and bad.
It is good because it can be motivating, it is bad because it can both cause depression if you put too high of a goal in front of you that you will never reach, and puts you into a position to chase the benefits that come from succeeding.
It's bad to chase the benefits, the success, because the mindset they have is often of trying to minimize losses [expenses and mistakes or just plain trying to be more efficient] ... not to just look like crazy for wins.

Third, most of these ppl, learned a trade well, applied it well and got known for it, then tried to expand from there on with a business.
Very few actually went out there to try and be the result that you see now in that show, to be a venture capitalist.
They do the venture capitalist bit because they want to expand with having the ground floor into the next big thing, but this greed can also work against you [just look into how many bought the idea that FaceBook was worth the share price offered when it went public].
So focus on something, do it well, and go from there.
You might not become a self-made billionaire, but you will become a self-made millionaire.

Forth, most new businesses fail because of too low capital, around half of them i think.
So when you start something, make sure you have enough cash to do it, and put yourself a limit in front of you.
Many ppl who try to do their own thing dream of making it big, so when the **** hits the fan, and they should pull the plug, they put even more cash into something that is bound to fail anyway.
Having the capacity to recognize a bad situation is paramount, you have to know when to hold them, and know when to fold them.

So stay in school, get a good education, look at opportunities but stop being so stressed about it.
It will come on it's own, or not.

PS: I also tried my hand at something, and though it failed, i managed to get out with some money.
I then decided to use that money to go back to school and finish my degrees.
I wanted to go to law school because there were some opportunities, but it looks like i may be able to salvage the degree i almost finished 8yrs ago and go into a good paying field.
I hope to raise enough money by working in that field, so that some day i will try to have my own business again ... or i may go the venture route if i make enough by working for others ... i live very frugally and i don't need much.
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Old 8th March 2014, 6:20 AM   #7
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You realise you need an idea FIRST!!

And your idea doesn't have to be your million idea - most business men start small (and learn on the job before playing with big money!)

Alan Sugar sold stuff out the back of a van before he got where he is today.

If you want it, quit sitting round thinking about it and go start something!



Id say use your skills but if your really stuck just google small business ideas.
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Old 8th March 2014, 6:29 AM   #8
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Yes,..! i must fully agree with radu ! The message that you gave regarding this situation of this young man being so exited and passionate about his idea of becoming an entrepreneur, is very useful and informative. My believe in life pertaining to everything in general is, you can only discuss or talk about something or an experience for that matter, when you've been there yourself. Because when nothing has been ventured, nothing can be gained, and according to what you've said, i can relate to your experience regarding a few interesting ventures that you've been through yourself, good advice and understanding. I wish this young man all the success and strenght into making his dream become a reality. As you've also mentioned radu,..maybe he's just being too serious about the whole thing and that it will come with time,..the right time offcourse. He just got to be and stay persistent and believe in his own abilities and skills. If it is a product or service that he is interested in getting onto the market, there should also be a need for it as well. Hava wonderful day !!
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Old 8th March 2014, 12:56 PM   #9
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Originally Posted by UpwardForward View Post
Do you have a product that you feel strongly about?
Not a product of my own making. I use to sell skin care products, but I was more into that for the potential extra money to be made. Do you mean is there a product that is not of my production I feel strongly about? If so, it would be guns perhaps (I have become a decent gun salesman at my granddads gun store recently)
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Old 8th March 2014, 12:58 PM   #10
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Quote:
Originally Posted by D-Lish View Post
You can have a really good idea. but without any money behind you, it may fall flat regardless of how good your idea is.

I took a risk starting my own business after my divorce, and I failed miserably. I lost everything- my house, my car, my dignity- and I'm paying for a personal loan I secured against my house to this day (ten years later) because I believed in my dream.

I'm all for taking a risk, and I can tell you that I am more successful in life now after having known failure.

It's a brave move, not for the squeamish. You do need to know that you're taking a risk- some succeed, many more fail.

I know my business could have been a winner- but I didn't have the money behind me to push through the wall during uncertain times.

If you want to take the plunge, do it- but weigh the risks first.

I quit while I was sinking, and still lost an awful lot. I did take off right away, and enjoyed 2 years of living the high life being very successful- but it came to a halt as quickly as it started.

I didn't save for a rainy day- that was a part of my downfall.
The money part concerns me. I don't have $50k of my own money to start up a business with
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Old 8th March 2014, 1:00 PM   #11
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Quote:
Originally Posted by Radu View Post
OP, i actually share your dream and even attempted something, so i'll add what i've learned.

First of all, between your average entrepreneur and the likes of Cuban, Zuckerberg, Gates, Trump, there is a huuuuuge difference.
Most of them expanded in a void, in a market where there was none, or little competition.
Most of them were also not truly self-made. If you read their biographies you will notice a trend ... they had parents who helped them.
So them becoming billionaires was more the result of a dynastic trend, then the pure 100% result of their work, they had knowledge either from family who was in business, or from going to good schools and getting there with help of their families.
In fact, the only ones that i know who are billionaires because of their hard work 100%, who learned almost nothing from parents in the business department are Buffett and one of Google's founders, that Canadian hairstylist guy who opened many shops ... etc, you get the picture.

Second, the mindset of 'i want to be like them' is both good and bad.
It is good because it can be motivating, it is bad because it can both cause depression if you put too high of a goal in front of you that you will never reach, and puts you into a position to chase the benefits that come from succeeding.
It's bad to chase the benefits, the success, because the mindset they have is often of trying to minimize losses [expenses and mistakes or just plain trying to be more efficient] ... not to just look like crazy for wins.

Third, most of these ppl, learned a trade well, applied it well and got known for it, then tried to expand from there on with a business.
Very few actually went out there to try and be the result that you see now in that show, to be a venture capitalist.
They do the venture capitalist bit because they want to expand with having the ground floor into the next big thing, but this greed can also work against you [just look into how many bought the idea that FaceBook was worth the share price offered when it went public].
So focus on something, do it well, and go from there.
You might not become a self-made billionaire, but you will become a self-made millionaire.

Forth, most new businesses fail because of too low capital, around half of them i think.
So when you start something, make sure you have enough cash to do it, and put yourself a limit in front of you.
Many ppl who try to do their own thing dream of making it big, so when the **** hits the fan, and they should pull the plug, they put even more cash into something that is bound to fail anyway.
Having the capacity to recognize a bad situation is paramount, you have to know when to hold them, and know when to fold them.

So stay in school, get a good education, look at opportunities but stop being so stressed about it.
It will come on it's own, or not.

PS: I also tried my hand at something, and though it failed, i managed to get out with some money.
I then decided to use that money to go back to school and finish my degrees.
I wanted to go to law school because there were some opportunities, but it looks like i may be able to salvage the degree i almost finished 8yrs ago and go into a good paying field.
I hope to raise enough money by working in that field, so that some day i will try to have my own business again ... or i may go the venture route if i make enough by working for others ... i live very frugally and i don't need much.
You bring up many great points. Things for me to give serious thought into
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Old 8th March 2014, 1:02 PM   #12
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Originally Posted by Shepp View Post
You realise you need an idea FIRST!!

And your idea doesn't have to be your million idea - most business men start small (and learn on the job before playing with big money!)

Alan Sugar sold stuff out the back of a van before he got where he is today.

If you want it, quit sitting round thinking about it and go start something!



Id say use your skills but if your really stuck just google small business ideas.
This is very true. Perfect example is Michael Dell, owner of Dell computers. Started with $1,000 and some tools in his garage, now he's the richest man in the great state of Texas

I want to start something, Im just torn on ideas to the point where I want to punch a hole in the wall
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Old 8th March 2014, 1:12 PM   #13
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Originally Posted by King Bowls View Post
I want to start something, Im just torn on ideas to the point where I want to punch a hole in the wall
Okay, so now this is a much better place to steer your thread.......

Along what lines are you thinking?

Consider which Ideas are logistically feasible, and that you can realistically get off the ground?

Of these ideas consider the pros and cons of each business idea...
thinking like...
  • Time requirements?
  • Start up cost?
  • Margins?
  • Is there enough customers / do people want or need it?
  • where's your nearest competition?
  • will you need other people?
  • will you need space/machinery/transportation - and do you have access to this?
  • how long before you start making money?
  • how long till your profit covers your expenses?
Compare your answers for you different business ideas and then make an informed decision about which one to run with.


I'm a firm believer that 100hrs of reading theory won't teach you as much as 1hr of experience!
Its great to have role models and read business theory and everything but you wont learn until you DO!
So forget about what other guys have done for a while and concentrate on what your gonna do!!

What business is some kid gonna say "did you know king bowls did this first before he made his millions"??
You need to stop reading history and start writing it!!
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Old 8th March 2014, 1:31 PM   #14
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Originally Posted by King Bowls View Post
Not a product of my own making. I use to sell skin care products, but I was more into that for the potential extra money to be made. Do you mean is there a product that is not of my production I feel strongly about? If so, it would be guns perhaps (I have become a decent gun salesman at my granddads gun store recently)
As others have said, it takes money (and a Good idea) to develop your own product.

But to distribute an existing product, you could begin small, with purchasing at ground level - then sell on the net, and with no overhead but your product.

Or if not easily sold on the net, it would only take a batch of business cards, or flyers with pictures, to distribute to those you think would have interest.
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Old 8th March 2014, 1:38 PM   #15
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Originally Posted by D-Lish View Post
You can have a really good idea. but without any money behind you, it may fall flat regardless of how good your idea is.

I took a risk starting my own business after my divorce, and I failed miserably. I lost everything- my house, my car, my dignity- and I'm paying for a personal loan I secured against my house to this day (ten years later) because I believed in my dream.

I'm all for taking a risk, and I can tell you that I am more successful in life now after having known failure.

It's a brave move, not for the squeamish. You do need to know that you're taking a risk- some succeed, many more fail.

I know my business could have been a winner- but I didn't have the money behind me to push through the wall during uncertain times.

If you want to take the plunge, do it- but weigh the risks first.

I quit while I was sinking, and still lost an awful lot. I did take off right away, and enjoyed 2 years of living the high life being very successful- but it came to a halt as quickly as it started.

I didn't save for a rainy day- that was a part of my downfall.
I still have a roomful of mine, stacked on racks. And determined the failure was from my poor marketing.
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