Intimidating..

--cresko-- · Soul Rider Joined: 03 Dec 2006 Posts: 496

For three months I have been planning out my e-business. I have worked out everything, costs, estimated return over a given period, advertising, web hosting, domains. I declined allowing a few of my friends becoming partners based on the fact that I am greedy, and also picky. And my friends will not accept anything less than a 50% ownership. I have complete faith in my plans, but there is always a portion of uncertainty.

On a brief side-note, I know this should go in the business section, but it is barely visited.

To continue on, I am a university student, which means my money is very limited. The cost of everything will leave me with around $400.

So has anyone here made an investment or started a business with almost all the money you have? Its a nerve wracking experience for sure. Any experienced advice would be comforting..haha.

ontrider · Ladies Man Joined: 30 Jul 2003 Posts: 16491 City: Russia

Google AdWork is a scam, sorry.

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

dude, much respect. Good luck. I'm envious.

BigAirNZ · Criminal Joined: 31 Mar 2009 Posts: 59 City: Auckland

I dont know much about adwork but a quick search revealed a number of things saying its a scam. Look at something else for sure.

On the topic of spending all the money you have yes I have done it. Its bloody hard work and for the last 2 years I have been pouring my own money that I earn into running a business each week just to keep it alive. Finally seem to be getting it sorted and am starting to see the results (well at least its paying its own way)

All I can suggest is try something small to start out with. Its a huge learning curve running your own business and you will make mistakes (lots of them in my case) so keep it small and learn from them.

SPARC · Newbie Joined: 17 Jul 2009 Posts: 47 City: Charleston

You're still young and I'm assuming you do not have a wife or a family yet...so go ahead and take chances while you can. Internet ventures are very hard these days, but you can't be the one in a thousand if you don't take the chance.

A few years ago I had a great job designing computer hardware for a certain company (my SN should clue you in) but decided to leave my job and go back to school to get my M.S. It was hard at first considering I went from being able to do whatever I wanted to a broke college student...but hardwork and dedication always prevail and make it worth it in the end.

Take chances...money will come and go in your lifetime

--cresko-- · Soul Rider Joined: 03 Dec 2006 Posts: 496

ontrider,

I know it is a scam, I dont plan to use it to increase traffic. I have taken a month alone to plan out advertising. Obviously with minimal money after the site is running, I will have to stick to the basics. After I begin making a return, I will pump most/all of the money back into advertising.

cameraboy,

Thank you. I started planning this back when I was working a dead-end job. I just thought to myself "why am I working here". I have a hard time working under people. And so I just started thinking, and it all came to me. And the way I justify spending the money, is that the only other thing I will spend it on is gas, beer and the bar. I can do without for a while.

ontrider · Ladies Man Joined: 30 Jul 2003 Posts: 16491 City: Russia

--cresko--, it was a joke about another thread. What is the business?

--cresko-- · Soul Rider Joined: 03 Dec 2006 Posts: 496

ontrider,

I will post a link when the site is up and running (Sunday is my target).

_bruky · Wakeboarder.Commie Joined: 24 May 2009 Posts: 1201

I know the feeling. A need for a change of pace is often an opportunity.

Partners usually don't work. I should have taken my father's advice regarding partners in my first start-up. If you do have a partner, make sure he's an application man and not a money man. He'll work for you that way, and you control the capital.

Don't quit. You're throwing your money into the hole, you may as well jump in. Some things seem unobtainable, whether it be making the rent or stealing a lucrative opportunity, set everything aside and focus on what you want to achieve. You may be working until morning and doing the jobs of ten people, but it will pay off financially, in experience and in ethic.

Get used to living an insecure lifestyle. You won't have job security, and you don't know what's going to happen next. You most likely won't run into a pot of gold, but the better you do, the more people you will have dragging at your feet. You will hustle exponentially more than the amount of money you're making.

Lastly, learn to take things one step at a time. Problems will pile up, but you will only lose grasp once you take on more than one at a time. You'll learn very well to control your stress and eventually become one of us weirdos who become mellow in times of great stress.

None of this really applies to an online business, and I don't have a clue what you're selling or what service you're offering. Best of luck and congratulations on becoming an evil, capitalist pig Laughing

GnarShredd · Posted: Aug 28, 2009 1:12 pm Post subject:

You have to take chances and spend money to make money.

JeffreyCH · Posted: Aug 28, 2009 2:18 pm Post subject:

_bruky, Wow man you nailed it on the head. The stress of insecurity about did me in my first few years in business. I was doing all the work, sales, books, ect. ect. Maxed all my cards to get through the first winter, almost starved before I built a name for myself. Living from job to job, becoming unemployed as soon as a project ends, bank account hovering around zero more often then I care to recall. Would I trade it for anything, hell no, the mere thought of working for someone else kept me going through the rough times. It's also these first few years that will define what type of business man you are, it will toughen you up or break you. I'm at a point now where I only work about 20 hours a week, and make a comfortable living. All the suffering was worth it, I don't stress about anything, go riding 3-4 days a week, so yeah I wouldn't trade it for the world.

PimpinD2 · Posted: Aug 28, 2009 2:52 pm Post subject:

--cresko--, the words you used to describe your planning make me feel like you need to continue planning a bit better.

--cresko-- · Soul Rider Joined: 03 Dec 2006 Posts: 496

_bruky,

Good summary, thanks man. And most of my "partners" are money oriented, barely overviewed my business plan. They just asked "how much is the return?". And since this is my baby, planning for months, dreaming, preparing myself, then I will do it myself.

JeffreyCH,

One of the biggest things I have prepared myself for is little to no return for a while. Putting money in with little payoff at the beginning.

PimpinD2,

I'll take your $0.02 and put it in my bank account. Anymore?

_bruky · Wakeboarder.Commie Joined: 24 May 2009 Posts: 1201

ontrider · Ladies Man Joined: 30 Jul 2003 Posts: 16491 City: Russia

...and be prepared for your "business plan" to change frequently and drastically. Even if you don't succeed you will still gain experience for the next venture.

--cresko-- · Soul Rider Joined: 03 Dec 2006 Posts: 496

I should clarify that my business plan served the sole purpose of attracting partners. I then pulled my plan from my friends hands' after realizing I want it to myself, I did everything.

ontrider,

I understand that a "business plan" is mobile. And there is no way to plan the exact direction of my company. I can lead it and direct it, but when it comes down to it, things change.

hanssapo · Soul Rider Joined: 11 Aug 2003 Posts: 450 City: Mexico

--cresko--, like SPARC said, if you want to start your own business do it now while you're young and don't have any responsibilities other than your own, and be prepared for rough times. At the end if u put your heart to it, everything will pay off.