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Those of You Who Own Businesses, How Did You Save Up to Start It?


WheelsRCool
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At 21 I found myself in a new country, couldn't speak a word of English with $300 in my pocket, after few unsuccessful credit card applications I was finally given one with a $9k limit, the rest is history, long history :icon_mrgreen:, in short I would have zero issues selling ice to Eskimos, not only that, I bet I could make them line up for it :icon_mrgreen:

 

Just curious Fortis, but how did you go about learning English? Did you take lessons or just gradually pick it up? Formal salesmanship I don't think is a strongpoint of mine.

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So before you even get to the money raising. A far more important question is - do you have the skill set, the personality, the self discipline and motivation to run a successful business? It is definitely not for everybody and one of the main reasons why most new businesses run by people with no experience fail in the first year. If it's a restaurant - odds of success drop even further.

 

I believe I have the personality and motivation, definitely the self-discipline, as for the skill set, I am working on learning all the basics.

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Just curious Fortis, but how did you go about learning English? Did you take lessons or just gradually pick it up? Formal salesmanship I don't think is a strongpoint of mine.

 

Mostly self taught, I read my native language to English and English to native language dictionary from cover to cover at least twice in addition to that I also studied English full time for about 12 months in a government subsidized school.

After school I'd study for an additional 4 to 5 hours everyday, including Saturday and Sunday, speaking on the phone helped a great deal because you can't read body language, lips, etc. and you can't really ask people to repeat every second word so that put me completely out of my comfort zone and forced me to fully concentrate in order to comprehend what was said but the dictionary reading did the trick.

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Mostly self taught, I read my native language to English and English to native language dictionary from cover to cover at least twice in addition to that I also studied English full time for about 12 months in a government subsidized school.

After school I'd study for an additional 4 to 5 hours everyday, including Saturday and Sunday, speaking on the phone helped a great deal because you can't read body language, lips, etc. and you can't really ask people to repeat every second word so that put me completely out of my comfort zone and forced me to fully concentrate in order to comprehend what was said but the dictionary reading did the trick.

 

Where are you originally from? I always pictured you as crocodile dundee driving a Lambo with a bad ass house. Lol.

No disrespect intended

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Where are you originally from? I always pictured you as crocodile dundee driving a Lambo with a bad ass house. Lol.

No disrespect intended

 

Haha that's hilarious, no I am not the Crocodile Dundee sorry to disappoint, as for where I am from that doesn't really matter, everyone here have their own imagine in their head about me lets not alter that :icon_mrgreen:

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  • 1 month later...

My father is more interesting. His father was in the Navy, they lived in on base housing. Not much money, just above poverty. At 13 he got a job at a store and another cleaning out chicken coops. At the store he read an article about a stock broker. He thought this seems easy, plus its a lot of money, perfect job for him. So he saved for a year. Opened an account with a broker. You needed to be 16 to open an account, he lied about his age. He mostly picked stocks based on liking the name. He didn't make very much money to non at all, but he didn't lose money either. 18 and out of high school, he joined the Navy, as a junior officer, paid for his university. Out of the Navy, his broker got him a job at the brokerage firm as a broker. He worked there for two years and was recruited to join another firm. He learned security underwriters make more then stock brokers. Started under writing securities.

 

By the time I graduated high school, I had a trust fund. Been basically working with my Father since 1992.

 

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I'm 24 and have started two businesses so far with a 3rd in sight. Both businesses and future businesses I've had an investor. Money is easy to come by to borrow, so as long as the idea and everything is good you should be able to get funding. I've realized you can't be too greedy with equity, as long as you're still a majority owner then it's worth it. It cuts down time and stress on trying to fund it yourself. Once you a build a good relationship with that person that funded you, you can usually have them fund future ventures as well.

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My parents bought a flat for me in the early 2000's which was rented out whilst i lived in the USA. It serviced it's debt and had a decent yield during that time (had a mortgage). The flat went up over the years and i decided to leave LA and moved back to the UK to open a business after releasing 50k of equity. Not been an easy road but it never is really. The only thing different i'll be doing next time is i will take on a partner. I haven't got the energy nor desire to take on the stress by myself again.

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My first business, which celebrated its 7th year this year, I didn't save for it. Through my connections and consultation work, I met a struggling entrepreneur. Offered him a whole new model, and he bought into it, we partnered and the new corporation absorbed his old one.

 

My second, that I am working on, will need some financing. I'm currently working on the plan, now. More than likely use my network for angel investors.

 

I find that a lot of "small business owners" are very adverse to financing, and many only work with cash on hand, and maybe, a conservative line of credit with an institution they have a close, long relationship with (such as a mortgage).

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Edit:

 

The previous stories of success are motivational. I was just talking to an old colleague from my alma mater. While explaining my current work as a consultant, I explained that it's basically mastering discount shopping, coupon "super-saving", and being extremely frugal. I limit my driving predominantly for business, unless it's family (family is always important) otherwise I am using public transit or my bike. My apartment is totally behind in the times, as having a state-of-the-art HD TV and 100+ cable stations and all of the other things folks own are not necessary right now. My house apartment is geared for 1) Working and 2) Sleeping.

 

I am renting office space from a friend who has a 1,000 sq. ft office space, which benefits her as she needs the revenue. I've pretty much downsized everything that isn't going to make me money. Fortunately, I am a "techie" (Despite the lack of new tech in my house) so I have two laptops and a desktop that I have rebuilt to my needs and can maintain them (both are 3 years old and run as if I purchased them this morning...also, Mac's are amazing). And, I have been teaching myself how to maintain and repair my vehicles without having to spend money at the dealer$$$.

 

Even if I get angel investors to pony up, and I absorb the assets of a business I am targeting, every dime is going into making my business model a reality, and going for aggressive market penetration. I haven't written myself a salary into my capital needs...I have the ethic that, my worth is based off of the quality of my work.

 

LamboPower stays a great tool of motivation and direction.

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