What can I do to develop more confidence in myself?

[ironpony]

I'm taking a huge leap in life, especially now that I am not working now, since I lost my job before covid.  I decided to take a huge leap on a business investment, but I'm really terrified that I might loose a lot of money.  I am wondering how other people are able to gain a lot of confidence in themselves when it comes to business investments, and what they do, if anyone has any advice on that?

Thank you for any input!  I really appreciate it!

[preraph]

It's always a risk.  Right now, the world is a risky place for more than one reason, so if it's a business, I think I'd wait.  If it's the stock market and you have any experience in it, seems like a good time to me as long as you can wait it out for 2 years.  

 

It's always scary.  But you're a smart guy.  Just don't risk more than you can afford to lose.

[Foxhall]

I think you need a good personal passion for the business idea, or of you are more of a silent partner you want to have good faith in the other protagonists,

in terms of your product or service, it is at a complete beginning stage or is it already developed to some extent?

what benefit is your business idea providing- how does it differ from what is out there and will it sell,

Im probably a bit wary on business ideas, I lost 25000 backing someone elses dream- a bakery business a few years ago-

Id avoid food businesses anyway with that in mind, but personally I might try again if the right idea comes my way.

 

[regine_phalange]

I think providing online services is a good area to start a business of 1 person with less risk, given that you have the skills to do creative/technical/consultant work.

Where I am, once you register your company of one person, there are minimum costs for contributions towards healthcare/pension etc that one has to pay regardless of income. Other than that, any personal equipment (eg your laptop) or professional software (if applicable). A good chair. A brand identity and mission (you can create one on your own instead of hiring someone). Costs for meeting clients or going to conferences etc. Especially in the beginning if you have to network.

Then if you feel like stopping your freelancing work because it's not profitable, it should be relatively straightforward without much extra cost included.

[ironpony]

Oh okay.  Well now that covid is dying down I was thinking of putting a lot of my moeny into a feature film to make to try to get it out there and break into the business.  I am just worried about the investment not adding up to anything and worried about it being a waste or regretting it, and trying to figure out how others take such leaps and gain such confidence.

Edited July 5, 2020 by ironpony

[alphamale]

5 hours ago, ironpony said:

Oh okay.  Well now that covid is dying down...

it's not dying down

[Foxhall]

15 hours ago, ironpony said:

I was thinking of putting a lot of my moeny into a feature film to make to try to get it out there and break into the business

id say go for it, it is your passion and you know what you are doing,

from reading a few of your posts, this idea is always at the back of your mind so why not,

if it doesnt work out at least you tried,

that money I mentioned I lost on my other post there, I got most of it back in other ways, so look you can always bounce back too if it goes wrong.

[ironpony]

I suppose I can bounce back but fear I will not have that kind of money saved up again until I'm 60.  And people act like I am crazy and I don't know what I am doing so that is a confidence downer, but trying to keep the confidence high though.