The Entrepreneur / Business Owner's / Self Employed Lounge

Pointy Elbows

Woodpecker
Orthodox
Art Williams claims in his famous speech that he has a normal IQ not high but he doesn't say low either
Thanks for sharing that, he is inspiring. I especially like him emphasizing the "all in" mindset at 10:40. If you go into business, you have to be all in. There's something about the fear of missing Payroll. It forces a man all-in. That's when the best comes out of a man.

The Spanish Conquistadors would take their men ashore, then send a little boat out to burn the ship in the water. All the men saw: there is no going back. Now that's all in.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Coja Petrus Uscan, how did this work out? Interesting dilemma.

I never heard anything back. I suspect that will be it, but sometimes these companies take a long time to make their decision. I've had inquiries about this for years and don't expect anyone to go for it. The last two have low and mid XX billion caps. There isn't another source of the data and it's not really feasible to assemble ones own. So I should provide the price up front rather than wasting more time on them.
 

SeaEagle

Sparrow
I'm a 29 year old looking to start a specialty garment manufacturing business done entirely in-house. I have the equipment, time, and talent stack to accomplish this. The issue seems to be analysis paralysis or fear of failure. Has anyone else struggled with this? I get stressed out that I'm being lazy, try to work, get distracted, and before I know it it's bedtime.

I should add I'm only a week into sobriety from weed and nicotine after 7 years, so maybe my brain is still healing too. I kicked pornography and video games earlier this year thanks to this forum/Roosh in large part.

If anyone has even a tip, philosophy,
or mentality I can utlilize to be productive I'd be grateful. God bless you all.
 
I should add I'm only a week into sobriety from weed and nicotine after 7 years, so maybe my brain is still healing too. I kicked pornography and video games earlier this year thanks to this forum/Roosh in large part.

Congratulations. Keep at it, brother.

The issue seems to be analysis paralysis or fear of failure. Has anyone else struggled with this? I get stressed out that I'm being lazy, try to work, get distracted, and before I know it it's bedtime.

Entrepreneurs are an emotional bunch and running a business is an emotional experience. I'm hardcore about working and I still beat myself up sometimes. Best for you to get organize and disciplined. Work time is work time with specific, attainable accomplishments. Then downtime is downtime doing things that mentally recharge you. I often turn off my phone and walk the beach with my family. If I get those thoughts, I push them aside. It's time for re-charging. I would also recommend starting each day by pumping yourself up with a review of your accomplishments, either from this year or past years. Whatever gets you feeling good about your talents and skills. To get out of fear of failure or paralysis: just do the thing, whatever the choice, and think about the consequences later. This can become a habit: briefly consider, execute, review, start again.

Owning a business is very difficult but it's rewarding. It takes a certain type of person though. DM me if you want to talk (venting, advice, etc).
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
The issue seems to be analysis paralysis or fear of failure.

I had this when I was younger. I think it was partly due to a father who did nothing but was in front of him and partly due to being demoralised in school for being a free thinker and subverter of the boredom factory that is school.

I had a few ventures before the age of about 22/23. Very disastrous experiences. The underlying feeling was that I couldn't do anything on my own. I had some good ideas, but always ended up with some shyster. I started a couple things on my own and just gave up, essentially out of lack of belief. Even though they would have been viable or were viable.

The way out of this was being forced so low though my hand was forced and I just had to push through. Once you can get through, all of this doubt will be lifted from you.

You are 29 and have no doubt been sold a slew of lies and been left to raise yourself in a demented system like a free-range chicken. In my opinion the 20s are for establishing yourself. There aren't many people who can establish themselves in their 30s. And by this time I see that many think it's too late to do anything about it.

Though there was a guy who posted here he was in the same position at 30 and managed to make things work by 35.

So, I would think of this as your shot at a shrinking window. You don't have all the time in the world and (IMO) youth ends at 29. You don't have time to be procrastinating or worrying or doubting. You just have to do it, and let the chips fall where they may.

***************

Query for anyone who may have dealt with large companies.

Recently I have been dealing with a few big companies and I have found they are excessively gathering information (in my view). One sent me a questionnaire to fill in asking me all kind of questions about operations. There were multiple questions on if I have business-jargon-sounding plans. I didn't know what most of this stuff was. It struck me as being very jobsworth, put together by people with MBAs who rather than learning what works and doing it - think they are important by jumping through jargon-laden hoops.

Has anyone been exposed to this culture? And what would you say about it?

Tagged: @rainy , @EndlessGravity , @BURNΞR
 

Magnus Stout

Woodpecker
Orthodox
Hello @SeaEagle,

A few small biz tips:

1) It is usually best to work for some person/company in your area before striking out on your own. This allows you to understand the business and to focus on any unmet/undeserved needs.

2) You must "always be closing." Sink or swim. You have no boss, but no one to blame but yourself. With power comes responsibility.


3) Avoid debt and monthly expenses like the plague. Whatever you don't spend is your actual income. Remember that.

4) Time is money. Spend for things that make you more efficient.

5) Take care of your spiritual and physical health.

6) Take pride in your work and push yourself to be better.
 

Papaya

Peacock
Gold Member
I'm a 29 year old looking to start a specialty garment manufacturing business done entirely in-house. I have the equipment, time, and talent stack to accomplish this. The issue seems to be analysis paralysis or fear of failure. Has anyone else struggled with this? I get stressed out that I'm being lazy, try to work, get distracted, and before I know it it's bedtime.



If anyone has even a tip, philosophy,
or mentality I can utlilize to be productive I'd be grateful.
God bless you all.
"Leap and the net will appear"
 

BURNΞR

Pelican
I had this when I was younger. I think it was partly due to a father who did nothing but was in front of him and partly due to being demoralised in school for being a free thinker and subverter of the boredom factory that is school.

I had a few ventures before the age of about 22/23. Very disastrous experiences. The underlying feeling was that I couldn't do anything on my own. I had some good ideas, but always ended up with some shyster. I started a couple things on my own and just gave up, essentially out of lack of belief. Even though they would have been viable or were viable.

The way out of this was being forced so low though my hand was forced and I just had to push through. Once you can get through, all of this doubt will be lifted from you.

You are 29 and have no doubt been sold a slew of lies and been left to raise yourself in a demented system like a free-range chicken. In my opinion the 20s are for establishing yourself. There aren't many people who can establish themselves in their 30s. And by this time I see that many think it's too late to do anything about it.

Though there was a guy who posted here he was in the same position at 30 and managed to make things work by 35.

So, I would think of this as your shot at a shrinking window. You don't have all the time in the world and (IMO) youth ends at 29. You don't have time to be procrastinating or worrying or doubting. You just have to do it, and let the chips fall where they may.

***************

Query for anyone who may have dealt with large companies.

Recently I have been dealing with a few big companies and I have found they are excessively gathering information (in my view). One sent me a questionnaire to fill in asking me all kind of questions about operations. There were multiple questions on if I have business-jargon-sounding plans. I didn't know what most of this stuff was. It struck me as being very jobsworth, put together by people with MBAs who rather than learning what works and doing it - think they are important by jumping through jargon-laden hoops.

Has anyone been exposed to this culture? And what would you say about it?

Tagged: @rainy , @EndlessGravity , @BURNΞR
I have not been exposed to this make work bullshit but thats because I barely ever worked in a corporation.
 
Has anyone been exposed to this culture? And what would you say about it?

I have too much experience with it and it's odious and pervasive. They basically use it to gate-keep people and 99% of the time it's just a basic process or way of doing things dolled up to with some silly flow chart or acronym. You can definitely make money coming in and being like yeah, that's all BS, we don't do jargon or powerpoint presentations.
 

Pointy Elbows

Woodpecker
Orthodox
I have too much experience with it and it's odious and pervasive. They basically use it to gate-keep people and 99% of the time it's just a basic process or way of doing things dolled up to with some silly flow chart or acronym. You can definitely make money coming in and being like yeah, that's all BS, we don't do jargon or powerpoint presentations.
Similar thoughts. Avoid corporate-speak, especially with customers and blue collar guys. Don't say "shifting paradigm," say "change how we do XYZ."

I chuckle now when I hear military/corporate/gov bureaucrat speak. So happy I'm out of all that.
 

Pointy Elbows

Woodpecker
Orthodox
I'm a 29 year old looking to start a specialty garment manufacturing business done entirely in-house. I have the equipment, time, and talent stack to accomplish this. The issue seems to be analysis paralysis or fear of failure. Has anyone else struggled with this? I get stressed out that I'm being lazy, try to work, get distracted, and before I know it it's bedtime.

I should add I'm only a week into sobriety from weed and nicotine after 7 years, so maybe my brain is still healing too. I kicked pornography and video games earlier this year thanks to this forum/Roosh in large part.

If anyone has even a tip, philosophy,
or mentality I can utlilize to be productive I'd be grateful. God bless you all.
Congratulations, you are:
1. getting control of your bad habits
2. on this forum
3. finding ways to lower costs
4. maximizing your strength

Time management is big, but I am not against being smart and a tiny bit lazy. Smart and slightly lazy guys find efficiencies. Really lazy guys don't get anything done though. Grade yourself carefully.

For mindset, I read all of the "millionaire next door" series. Also, read the Rich Dad, Poor Dad series. Combined you can get a good feel for different types of entrepreneurial mindsets.

If you are selling a product that you make yourself, you have to be sure you REALLY want to do that. Famous case of the lady that won all the baking competitions, opened her own bakery, and hated BOTH the business and baking a few years later. Problem being: the business realities are unavoidable and often unpleasant. If that takes the joy out of your "hobby/side gig" then you are left with neither a joyful hobby or a business.

Also, you need to consider making your custom garment manufacturing business be able to do more than you can do, even if you were working 24/7. Will you be able to train others to do it? Can you protect business methods, production, and intellectual property/customer lists from employee/competitor poaching? How do you get to 5X your business, besides being the best salesman and producer ever?

Sometimes business just isn't fun. So what? Your business is like a little truck. This truck's job is to carry you and your money to Wealthville. Period. Your truck's not there to make you happy. That's a personal problem. Nobody is in my industry because they "have a passion to blah blah." We solve problems, persuade people to follow and buy from us, and make money. We get to use the business and resources as a force for something good, even if it isn't always fun.

Employees are so important. Without them, your business will only be your job. In their given field, hire people as good as you can possibly get, and hopefully better/smarter than you. Even if you are able to have great employees, you will still have employee problems.

Plenty of good advice from other guys above. Good luck, and yeah the paralysis of analysis is real. You do have to take a big leap to do it.
 
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rainy

Kingfisher
I had this when I was younger. I think it was partly due to a father who did nothing but was in front of him and partly due to being demoralised in school for being a free thinker and subverter of the boredom factory that is school.

I had a few ventures before the age of about 22/23. Very disastrous experiences. The underlying feeling was that I couldn't do anything on my own. I had some good ideas, but always ended up with some shyster. I started a couple things on my own and just gave up, essentially out of lack of belief. Even though they would have been viable or were viable.

The way out of this was being forced so low though my hand was forced and I just had to push through. Once you can get through, all of this doubt will be lifted from you.

You are 29 and have no doubt been sold a slew of lies and been left to raise yourself in a demented system like a free-range chicken. In my opinion the 20s are for establishing yourself. There aren't many people who can establish themselves in their 30s. And by this time I see that many think it's too late to do anything about it.

Though there was a guy who posted here he was in the same position at 30 and managed to make things work by 35.

So, I would think of this as your shot at a shrinking window. You don't have all the time in the world and (IMO) youth ends at 29. You don't have time to be procrastinating or worrying or doubting. You just have to do it, and let the chips fall where they may.

***************

Query for anyone who may have dealt with large companies.

Recently I have been dealing with a few big companies and I have found they are excessively gathering information (in my view). One sent me a questionnaire to fill in asking me all kind of questions about operations. There were multiple questions on if I have business-jargon-sounding plans. I didn't know what most of this stuff was. It struck me as being very jobsworth, put together by people with MBAs who rather than learning what works and doing it - think they are important by jumping through jargon-laden hoops.

Has anyone been exposed to this culture? And what would you say about it?

Tagged: @rainy , @EndlessGravity , @BURNΞR
I'm not sure if my answer directly relates to the question here but I'll give it a shot anyway.

I've had a lot of employment experiences in my 20's across multiple industries and I quickly learned I one day wanted to work for myself. Didn't matter what I was doing, I have always hated the reality that someone else earns more off my hard work. My last job was as a corporate financial recruiter. Decent money but again, a slave to my bosses.

This was a few years ago but there was one day, and here I am 32 yrs old with a newborn, working these long hours in the office and interviewing/recruiting in the evenings as well, where my boss confronted me about being in the bathroom too long. She was the type that wouldn't allow breaks during the day, expected you to work thru lunch and then she pockets the majority of my commissions. And it was that day when she questioned why I was in the bathroom too long that I decided that was it.

I was in CA at the time but after doing a lot of research I discovered what I thought was a great opportunity. That being, many boomers who started and grew their small business and had full client rosters are now looking to sell and retire. And I thought, find the right one and it would be a great opportunity to transition into a proven business rather than start from the ground up. One thing led to another, tapped out my social network poking around and came across that exact situation from someone my parents knew.

Two brothers who built a company, grew it for three decades and one of them had been semi retired for years. So I made the approach. Took a year of negotiating, going over the numbers, CPA and attorney going thru everything, and brought my brother into it as well but in the end, we took out loans and bought the company. I moved my family across the country and here we are a few years later. It's in a blue collar industry, we service many clients and this year and last has actually seen significant growth vs pre-COVID. Like so many other related industries. And unlike the previous boomer owners, my brother and I are tech savvy, understand premium customer service and are ambitious. Lot's of work. Long hours. Lot's of pressure. Financially it's still extremely tight right now. But no one else will reap the rewards from out sweat equity. And we can see a more comfortable lifestyle within a few years given our successes and learning curve.

So, I've been in corporate situations which I despised. I've never respected authority. I have never been able to stomach someone I feel is less intelligent or doesn't work as hard, making more than me and earning off my efforts. If you get to the point you're fed up enough and are willing to sacrifice, there are a number of opportunities like the one I found out there.

And advice I would give is one, find a company where the owners are looking to retire, two, they have brand recognition and a repeat client roster and three, are in an industry where people need regular and consistent service. My company is landscape design & maintenance. People always need their lawns mowed. But once you educate and up sell, most clients have signed up for cleanups, mulching, pruning and lawn applications. The previous owners didn't do that. Notice most landscape companies are in and out as quickly as possible. Well, IMO they missed the opportunity. If everyone else is going for quantity, what if we go for quality. And lean towards the high-end. A 5K account becomes a 10K account with extra services. Constant communication. Reviews. Suggestions. Goes a long way. After consistent dialogue that 10K account decides ok, let's redo my front landscape, or back landscape, or I want a privacy border from the neighbors and that 10K account becomes a 20K+ account. And many want landscape design regularly. That 5K account remains a 5K with semi-retired complacent owners. That 5K account becomes a 25K account with young, ambitious new owners with loans to pay off and children to raise.

There is a generational wealth transfer we're seeing here at play.

Now multiply that by all the connected industries we work with. Lighting. Irrigation. Masonry. Tree services. Pool installations. All these guys right now are crazy busy and the demand is through the roof. And a number of them are.....owned by boomers who would love to cash out and retire in Florida. And you don't need to buy the company outright. Take out a loan, make a down payment of 20% value of the company, then give them 10% a year for the next 8 years. Why wouldn't they be open to that? That's a nice check coming each quarter or each year to them and for 8 years and they are now retired, golfing, relaxing, etc.

One of our subs is also a guy in his 30's who bought a tree service company. It consisted of 3 crews, the equipment, trucks and location. I believe the valuation was 1M based off 5X 200K net. He took out a loan for 250K and bought the company. Is giving the previous owner 100K per year until the additional 750K is paid. And according to him his revenue has gone up over 50% in his 4 years as owner. So if he's now at 1.5M in revenue, net is around 300K, he's paying off 100K per year plus maybe 25K per year of the 250K loan. So he's taking home maybe 125-150K given a cushion for reinvesting. But those 100K payments will end in a few years. So he'll be 200K+ per year. And continued growth and the initial loan ending a few years later would see him 300K+ in his 40's. Not bad. No desk job. No boss. Outdoors. Winters off. And building something which he can eventually either sell himself down the road for millions or pass on to his children.

If someone wants to be a doctor or a hedge fund manager or something similar, go for it. But if you're wasting away at a desk like I was, to a boss, miserable, I would highly consider looking for an opportunity similar to the above. All the sudden you're in control. All marketing, HR, hiring/firing, compliance, budgeting/forecasting, networking, business development, etc. If you don't know accounting you learn it quick. The P&L is your best friend. But the hand cuffs are off. You see an opportunity to try something or to expand, go for it. Fail, you learned. Succeed, compound it.

And an important point here I have observed is many boomers who grew their companies and are earning 150-200K per year, have been passive for years. Their ambition is long gone. That has opportunity dripping all over it if a young buck comes in with fresh ideas, ambition, marketing, networking and grows it beyond a stuck in their ways, passive 65 yr old.

These are my long winded thoughts. Despite everything going on with our economy this is an area I see serious potential. And it is mentally freeing.

One other key point. You don't need to be the expert. I am not a landscape designer. I am not an expert on lawn applications or hand pruning, nor do I want to be. I found a company with a top tier designer and a GM versed in all areas. Find a company with an expert, a GM, something similar who will still be there if the owner sells. Find a company where the owner already has stepped back and has someone else running day to day operations. Then you come and and grow the company. Network. Become very good with financials and understanding statements. Become close with your attorney and CPA and make sure your bases are covered. Strategize. Let your experts and employees excel in what they do and develop the bigger picture going forward. Good luck.
 
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Pointy Elbows

Woodpecker
Orthodox
Top shelf input from Rainy.

For those facing hard situations at corporate America, check out bizbuysell.com for a while. This is the zillow of businesses for sale. You can search by location, industry, revenue, price...

Rainy is right, there are lots of boomers looking to sell. And many of their businesses are underperforming.
 

Papaya

Peacock
Gold Member
Ive started and sold 3 companies. Here is a quick rule outline of what would philosophically advise anyone starting a business.

-Treat customers like gold. Deal with them with integrity and whenever possible exceed their expectations. But dont be afraid to fire bad ones.

-Treat employees like family. Help them grow and they will return your investment in spades. But don’t hesitate to. fire bad ones

- Treat the government as an adversary. Every level. It is nearly impossible for a start up to play by all the rules from the beginning and flourish or even survive. Learn which rules to bend and which to break as needed but only for as long as needed to manage risk

- Always invest. Never spend. That goes for all capital.
 
Guys, you gave very useful advice, thank you very much. Guys, I would like to consult with you as a specialist about opening your own YouTube channel to promote your business and, in general, to create a successful personal blog. I have a problem choosing a name for my YouTube channel. I turned to a free name generator for help, which offered me some pretty unusual and cool youtube names ideas. What can you advise me?
 

Easy_C

Peacock
I've got a research type question:

How do I go about finding incentives for startups in various US (and international, but we are doing US first) jurisdictions? We'd be looking for things like hiring incentives, tax benefits, Matching equity programs, and the like.
 
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