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Wanting to start a small business - LoanUniverse Community

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Wanting to start a small business


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#1 Guest_owarren_*

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Posted 03 November 2004 - 11:52 AM

I am 19 years old and also a college student. For the past year now, I have thought about and decided that i really want to own a small business that will one day be a enterprise. I've gotten this idea from watching my parents grow from selling hotdogs to owning a famous soulfood restaurant where i live. now i want to own my own business, but i'm having a hard time deciding what kind of business i want to own and how to get funding to start it with little credit to no credit. if anything is possible i know there is some way i can do this , i just need some really good advice on what to do. any advice would help.

#2 Guest_Guest_STEVE@AMD-3D.COM_*

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Posted 03 November 2004 - 12:32 PM

biggrin.gif
I was at Florida A&M University when I started by first business. I Finally made up my mind when a guest speaker came to town. He said "find what you like to do and make that into a business". Before you start to invest any money into any business make sure that it is some thing that you like to do. Next step is to do some market reseach to see if your idea will make you some money. Last look for models to follow, business or personal (ie your Parents) look to them for thr insperation and to aviod the same mistakes that they might have made.
Steve

#3 loanuniverse

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Posted 03 November 2004 - 01:07 PM

Owarren:

I think that this is a good idea, but that taking the next step will require a little soul searching. I agree with Steve that the best thing to do would be to try to start your business in an area that you like.

For example, I donít like cleaning and I am not mechanically inclined so starting a business in those areas is not something that interests me. {there are a lot of other areas, which do not interest me, but those are two of them}. I can look at what it is that I like to do and probably make a business out of it. I like writing and I like the internet so I could turn this website into a business. Of course, it would need to be hugely popular in order to equal what I could get working for someone else gets me, and I donít think that could happen without serious effort so that is probably not going to happen.

Going back to your situation, you are going to college? What is your major? Why did you choose it? What were you planning to do with the degree? Would you be happy doing that? What would you be happy doing? Answer those questions and that will be the first step.

Afterwards, you will need to find out if being a business owner is something that agrees with you. Answering the questions in this link is the next step. http://www.sba.gov/starting_business/start...tup/guide1.html

The problem is that at 19 years old, your experience is so limited that your first choice will almost surely wonít be the one that you will end up gravitating towards.

That page in the SBA site has a lot more information that should be a good read. Once you figure out what you would like to do, we can talk about how to make it happen.

#4 Guest_owarren_*

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Posted 05 November 2004 - 12:13 AM

Big thanks, to the guys who responded to my topic. It's good to know I have some help. I know you think it would a good idea to get advice from my parents, but 1st of all my parents don't have any kind of degree in business took any classes, their business grew and is still growing on faith and learning as they go. Which has been working for them for about 10 years now. So as far as getting info, they really don't know what direction to put me in. thats why I'm here.
Well as far as ideas for small business, i have thoought about may be a lawn care service, where i could be cutting grass because i really don't know about landscaping. i thought about taking a class or actually working for a landscaping company to get experience. I thought about the idea of doing something i enjoy doing and thought about auto detailing since i love keep my car clean and wash it about 4 times a week. i wouldn't mind starting a business that i could learn to like. but i'm looking for any thing spectacular, i really need some good profitable ideas.
i want to start a business so bad that i'll try anything, i don't mind putting in a little hard work. what it is, i'll make it work.

#5 Rick

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Posted 05 November 2004 - 10:29 AM

owarren,

From what I gather from your posting, you are hesitant to seek advise from your parents, who are small business owners, because they have no formal business training. This could prove to be a huge mistake. Your parents have likely seen it all when it come to keeping their business operating. They may not be able to assist you with the type of business to start but I am certain they can help you avoid or manage some of the pitfalls that they encountered.

Business school training will never be a substitute for "on-the-ground doing". Business degrees do not teach you how to operate, manage, start, etc a business, but rather give you the skill to objectively evaluate a particular problem, in your case, starting a business. At the very least a business degree should give you the skills to know that you do not know. I have an engineering degree and an MBA and do not for one second feel that I have better entrepreneural skills than an "uneducated" small business owner.

Talk to your local government small business center (or equivalent). Most have people on staff who can assist.

Best of luck.

#6 Guest_Andrew_*

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Posted 04 December 2004 - 11:39 PM

{sorry but you need to register to look for business}

Also just because you change the name of something from MLM / Pyramid Scheme, it still makes it MLM / Pyramid Scheme

Edited by loanuniverse, 05 December 2004 - 08:42 AM.






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