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Post by Deleted on Jul 21, 2009 21:56:21 GMT
One ADHD trait like are mate Branson is meant to be entrepreneurism (can you believe I spelt that right first time) I myself am always coming up with crazy business ideas I’m now unemployed and craving to do something. I also feel that my education in business & finance tells me a recession is boom time for people to consider new services for alternative products and services and feel my total desperation is going to end up with me starting something. Just wondering if anyone else is like this and if so what are you up to if it aint giving the game away and have you got any ideas advice.
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Post by Atticus on Jul 22, 2009 8:45:31 GMT
Our weaknesses tend to be coming up with too many ideas and not sticking with any of them long enough to get just one or two completed. The dull day after day slog of running a business is a bit of a barrier.
I know this for I am always having business ideas. One, for example, is Funeral Planner. There are Wedding Planners that charge a fortune but you really have along time to plan a wedding, but funerals tend to happen with rather short notice. One top of this, just when you are feeling really down because someone close has died (and it is always the person closest to the deceased that has to arrange the funeral) you have to arrange a party! Hence the need for funeral planners. Anyway, back to the subject...
I suspect that, to be successful, you really must understand and come to terms with your weaknesses. This can be rather painful in some cases, and people prefer to ignore their weaknesses.
If you can come to terms with your failings and, if you can't change them, at least hide them and, especially in business, get together with people that can fill in for your weaknesses, and you can fill in for theirs.
Most successful businesses have started with a core of two or three people.
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Post by Deleted on Jul 22, 2009 9:00:30 GMT
I ran my own business for nearly ten years - it was a good experience.
Now I know how to do it I'd love to do it again, and not make the same mistakes.
The hardest parts for me were
a) having the confidence to jump into the unknown and b) being isolated as my own boss with no feedback or camerarderie from co-workers
It's surprising how easy it is.
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Post by andy12345 on Jul 22, 2009 11:50:20 GMT
Safensound,
Most people want the liberation of self-employment. The harsh reality, my opinion is as follows.
Forgetting the unprecedented, global recession which will put a block on many things for many years. Just look at credit now.........
Under normal circumstances, pre-recession, credit was pretty easy and I know that personally. However, getting money is one thing, but what you one does with it is another story.
Look at dragons den for those percentage of utterly useless people that had failed their businesses and then insulted the DD team by asking for money to prop them up, with no real potential or payback = cloud cuckoo land.
Anyway, er, there is a point here somewhere.
You will need energy, strong resolve, a stable mind, be prepared to work long hours to start etc.
I doubt that there are even a fraction of the opportunities to make large sums of money compared to the branson era etc.
Unless you find a niche market and let's face it, think for yourself of one idea that is really going to be any different to the others' out there.
Also, most markets are saturated with the same old stuff for sale, just look at ebay. You will see the same products, in 10 different packagings. Everyone is trying to make a living, but let's face it, the margins are smaller than ever (unless niche market)
Small margins mean less staff to support you. Less staff more stress. If the product needs a degree of pre sale or after sale support, argh that's more effort. Is the product reliable?
We know that the mobile phone selling market is saturated, look at the deals. Computer manufacturing is saturated Common electrical goods are sold everywhere. Argos is a big market Pc world, staples, dell for pc's. The list goes on.
Now, post-recession. Credit is harder to obtain, so I have heard and most companies are probably far less willing to extend a line of credit to new companies. This creates more stress. More companies are going bankrupt, even large, old, well established ones. This creates a severe lack of confidence. More people without jobs, instability, lack of spending due to no money or saving for rainy times (which are now)
The global effects have barely started to finalise. I expect at least 5-10 years before there are as many people in jobs as there were before this epic banking £$%^ up.
Also, credit will never be as easily obtainable, so companies must have a solid potential (once again niche market but they are saturated as well)
Low margins, support blah blah. Now that my post is in danger of becoming fragmented and all over the place, I must stop......
Planetdave, you ran your own business and now you are medicated, you know that your potential is now much greater, correct?
In another thread you mentioned, how much more stable your moods are and thus your exploding less etc.
So you have been there. Maybe you can add some comments, how you see things with the recession etc.. Its always good to have second opinions......especially when I tend to ramble on a bit cough cough and am in danger of losing the message that I am trying to give. Ps i am a negative, cynical, pessimistic person lol, this makes me more realistic, but also apathetic towards even starting a business. I am not exactly a healthy, resilient person either, so that also bars me.
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Post by Atticus on Jul 22, 2009 12:20:27 GMT
Then again, if you find something you are into enough, you may go into hyperfocus and be a huge success...
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Post by Deleted on Jul 22, 2009 13:47:19 GMT
Thanks for that Guys,
Sometimes just good to bounce even the most simplest ideas of people and today I need it as totally frustrated being unemployed need a building to demolish. I think am going to start something as a hobby as need something other than just doing house work as driving me insane, along with nagging partner.
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Post by andy12345 on Jul 22, 2009 16:41:57 GMT
Ah, the wonders of rambling like an old sargeant major and forgetting things like what Atticus said....
Is hyperfocus alone, enough to guarantee good business running in this current epic/unprecedented scale economic instability?
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Post by Deleted on Jul 22, 2009 16:48:05 GMT
Andy as i started out saying recesions are a great time to get customers as they are looking to reduce overheads EG they will take the chance of a newby if he is cheaper and his product services looks OK. As a metaphore its just like everyone starting to go to ALDI to safe money they will try them new baked beans as they are 20p a can etc etc.
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Post by andy12345 on Jul 22, 2009 17:22:27 GMT
Don't get carried away safensound.. I have been there myself a few times. I actually have to disagree with you. I don't like disagreeing so I want you to know that I would like to disagree in a constructive, civilised way even though sometimes it's difficult for me. So, peace to you and here's my opinion. I agree with your logic on the cheaper goods. However, if I was a businessman I would not change "andy limited" suppliers of goods for even 20% savings, because quite simply I would not be assured of the consistency/quality/stock levels from a new company. I would check any potential co. on the companies house webcheck and get cred reports to see if what they say matches with their spiel etc. So, if you offered 40% savings on stock, maybe, but I could risk andy plc supply chain to my customers and lose reputation points blah blah. There is nothing better in life or business than consistency.. I love consistency. Who wants instability when they can avoid it? ALDI is well established, a new company is not...... Your turn.....
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Post by Deleted on Jul 22, 2009 19:20:45 GMT
I will be my own boss one day, its destined
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Post by andy12345 on Jul 23, 2009 0:18:31 GMT
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Post by Deleted on Jul 23, 2009 21:37:05 GMT
Andy I not getting carried away you know Microsoft was born in the last recession its like a forest fire all the old is gone and its time for the new. I agree in certain circumstances about your take on my attitude it wouldn’t work if I was setting up a medium sized biz but even an SME or a sole trader your sweeping statement doesn’t hold water. But I don’t want to get heated about this but I have studied business at uni and have several successful business in my family and some not so and due to this know alot of other self employed people and what factors are relevant and what aren’t. It has even been suggested to me to set up as a trouble shooter as I have a intuitive nature into problems solving in small businesses.
In general I was just chewing the fat on self employment. Bit of a wana be Del Boy but know one will ever get anywhere being defeatist.
I was watching newsnight where an old bush adviser was saying that money should have been given to people to set up new businesses stating that the government couldn’t get the country out of a recession but people creating wealth through trade would.
Mad scot what would your dream biz be I think Atticus’s idea on funeral events is a good niche but not for me a bit grim but probably good money. Reminds me of the End of wedding crashers were their mate is crashing funerals to get into the widow LOL
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Post by andy12345 on Jul 23, 2009 23:53:18 GMT
Safensound, your first paragraph gives me more confidence. It contains a lot of positive indicators that show your potential. So, that's you sorted lol, we know your potential, but I am more concerned with the factors outside of your control. Still, what's the alternative? Stagnate in the negative loop of pessimism, cynicism skepticism and er defeatism. Certainly, not a good idea and I know a lot about the negative loop side of things as I have practically avoided doing most things in life due to apathy, self defeat, procrastination etc.
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Post by Deleted on Jul 24, 2009 14:54:53 GMT
So Andy seem to be into the whole Business thing so if you lived in an ideal world and all was good what would you like to do i've been thinking id like to get into farming away from people working in the outdoors getting fit being incharge etc ect everyone i tell think im madder than ever my grandfarther used to have a farm never really new him.
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Post by andy12345 on Jul 24, 2009 20:07:32 GMT
Lol safensound, don't confuse my attitude with being a business expert hehe. Safensound, If I lived in an ideal world (the land of the rose-tinted, spectacled, mythical cloud cuckoo(wonder if they have ad/hd?)) , I would probably form co-operatives instead of single businesses where too few people get too much money and consequently spend it on shit to make themselves feel better (but that's mental health and we are on ideal world mode so I would not like to pursue that) Co-operatives are in essence much more beneficial all around. Instead of relying on a small amount of people, you get to rely on more, but make less profit. As a conscientious, (anti, but societally-minded (is that even a real word?) ) I would take a smaller profit any day, as in the ideal world, no one would screw me over and if I was ill, the other 30 partners could buffer me until I got better lol and vice versa. Then we could have 30 associate meetings, with chocolate biscuits, lots of debating and whitty jokes etc. Obviously too many partners (like john lewis etc) may spoil the broth lol, but in an ideal world.......pfft it does not matter. In the real world though, I would not be a businessman because I don't really have the vitality, enthusiasm, drive, focus, to bother. So there A farm eh? Hard work, but why not? Make sure you grow some mangos under glass or else..!!
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