I've wanted to start a business for a long time. I also have some solid ideas (i.e. ones that have a business model I could get to work). But to be honest I don't know how so many people can overcome the fear of failing. I can deal with 16 hour work days, I can deal with anxiety and I can deal with rejection. But how do you deal with the fact that you're easily several $100k in the hole? How can you ever recoer from that if you're not starting life as a rich kid? How do you ever fix your reputation?
I don't know. I just want some honest answers, some honest experiences. Is failing in business as catastrophical as I imagine?
Is it actually a good idea to be an entrepreneur if you don't absolutely have the next big thing in your head and you're starting life with $0?
>But how do you deal with the fact that you're easily several $100k in the hole? basically the whole point of LLCs
Thomas Smith
>afraid of failing wew
Carson Nelson
I was once like you user, I learnt my wealth secruity was a fallacy. I dont know your age but i am fairly young. I am 26. When i was approx’ 23 i was on about 120K, had a really nice car and apartment. I lost everything but the apartment and fooked my credit history in the doing, I am planning to build a enterprise level crm hybrid which will ultimately make me or break me for another 10 years
Julian Howard
What do you actually mean by "my wealth security is a fallacy"?
I should maybe also have added that I'm a Europoor. After taxes you're doing well earning 2k. If I had to pay off 1k of debt a month I could barely survive, let alone save or buy a house. Without saving or buying real estate I'm basically fucked long term, since our social pensions are not as generous as people think they are (you won't be able to survive decently on them).
What I'm saying is that paying off debt of a failed startup for 10 years instead of using that money to actually save is, seeing as failure is quite likely statistically, a very irrational decision. I was wondering if there's something more to it. For example, are there risk minimization schemes apart from LLC's I don't know but should know about? Do governments sometimes help in this regard?
And do you already have a plan considering how to convince new investors after your first failed attempt to still give you money?
Sorry for picking your brain, I'm just a newbie
I don't know what it's like in the US, but here in my country (Belgium) to get a LLC you have to put in some of your own capital (not really that much, but still) and you're also going to have to lend money to employ some people you need, get some freelance work done and rent some office space etc. So I don't see how you're not going to be spending a lot of money and how people can go so casually over starting a business for themselves, even if it's a LLC.
Finally, please, I like business and entrepreneurs. I don't want to bum anyone out, but I think it's good if we can have a honest conversation on a dark side of this world that most normies never want to have because it exposes them to harsh reality too much.
Jace Hill
Find businesses you can start cheaply to build up the capital—lawn mowing, vending machines, etc. and then sell those or hire out when you start what you really want or find investors to provide the capital while you do the work.
Don’t obsess over not having the next brilliant idea—the world needs hot dog stands, house painting services, and retail stores, too. The key now is to build something that appeals to a strong niche you know and can reach.
Justin Sullivan
>vending machines
What do you mean by this, if you don't mind me? I'm actually an engineer, so I could start on my own working on systems, but I'm not sure what you mean and it sounds interesting ... I'd mow lawns but people typically just hire a kid off the books.
But I like the gist of your suggestion. How easy is it actually to sell a business? What kind of people buy businesses? And what do you mean by hiring it out? Letting someone else run it for you?
Jonathan Sanders
worked with my father and we went bankrupt at then end I basically lost 5 years of work, including the money, and 1 year of sever depression
I have only one thing to say: success in life if 99% about luck
no mater how good your are or how good your product is no mater how much you work or how much you invest
if luck isn't on your side you will fail
Carson James
OP here, I completely agree with you buddy.
I've actually known some entrepreneurs and it's really unpredictable who's company goes broke. A guy I knew started a contracting business at a time when newly built houses were booming and fell to the ground hard. Another guy started a shop selling fucking carpets and it thrives.
But to be honest - the same thing applies to more things in life. I work as a software engineer and I can assure you that the majority of promotions and leadership roles in this industry are nowhere near "earned through hard work and competence". But, eh, what do I know ... I'm not going to complain about it: I'm not gonna chance it anyways.
Ian Thomas
what are some of your ideas?
Christian Green
well all I can say is good luck at least you're optimistic witch is good
but don't honestly don't overwork and keep your social life after all of the money and time I lost, putting my social life on hold, not meeting people and girls is probably my biggest regret
You can start a business for free, and never go into the negative.
The fact that you think you have to risk losing 100k to be in business means you're too stupid to have a business.
Keep wagecucking,
Sebastian Clark
Yeah, yeah, yeah, let me guess? You became a millionaire in 1 year putting in 3 hours of work a month and you're going to tell me all about it if I pay up several grand for your shitty webinar?
Kill yourself
Jace Robinson
I've been running small businesses for 10 years since I was 18 and I started from 0, and never went under 0.
Keep wagecucking you fucking beta male. It's obvious from your posts you're too stupid to ever make it in business.
Nathaniel Brown
I grow "organic" berries (blueberries, black, rasp) and other low maintenance fruits and sell them at a huge markup to boomer soccer moms. This can be done with a small investment and on just a few acres. The fruit trees like peaches take a good 4 years until they start producing fruit. Steady income and it's an honest living for a college dropout like me. Of course, there was a risk of failure, like the crops dying, drought, etc. but there is no reward without risk. You can do this user.
Josiah Reed
>So I don't see how you're not going to be spending a lot of money and how people can go so casually over starting a business for themselves point is the company's debt isn't your debt. so you can borrow money without fear of it ruining you financially
Ayden Foster
Started a business and failed, lost about $30k in investment. Worked out, it helped me get my current job in the same industry and making about 65k before taxes. I will try again once I recover and build a nest egg.
Lucas Torres
This is also why banks probably wouldn’t loan any money to any LLC without 3 years of financials
Jonathan Richardson
if your worried about debt the main concern would probably be all the unpaid bills for the supplies and services you didn't pay up front for.
Jaxon Fisher
Im on work PC now... I thought I was untouchable. Since I was making a lot of money, and my cashflow was really, really healthy I thought it would stay around forever, so I did shit all to maintain it. In my opinion you are being over analytical in context to your question. For me, I wouldnt even bother calculating future negative 'maybes' and 'what ifs'. Your question goes beyond the relm of a one sentence answer. Speaking in very basic terms, I'd rather try and fail. Plan for my new investors? Im lucky that I have access to equity to build my product. Still, if I needed to find investors, I have some idea as to what I want to do.
Eli Roberts
OK, thanks for the thoughts
Do you actually develop your product yourself? Do you use a platform such as fiverr to offload some stuff to starving college students, or something? Or do you use friends etc. ?
Cooper Jones
This is also something I've thought about, but I was never sure whether the market appreciates people who've had their own business (they might think you are not motivated enough to work under someone, at least that's the rationale I've heard ...)
I get this concept, but is Limited liability honestly really no liability? And if it really is, who is than actually willing to loan someone like me money, since I actually would need a way to get some initial equity to get started.
Nathaniel Morgan
so, basically you are admitting that you sucked dick to get a job. nice.
