Guest Anonymous Posted April 10, 2002 Share Posted April 10, 2002 I'm in the process of starting up my own business in the relm of Educational Software. I'm sure many of you have started your own business or have been closely related in the creation of one in some way. I'd just like to have some thoughts/opinions/war stories of people that have actually been there, no matter what the product/service. I've got the idea and the resources for a local start-up and in hopes one day it would be sold coast to coast. But first things first, I'm still writing my BuzPlan. So who out there has had an Idea and taken it all the way? And do you have any general advise that you would give to the young Entrepreneur. Thanks, Match Quote Link to comment Share on other sites More sharing options...
Mikelly Posted April 10, 2002 Share Posted April 10, 2002 Interesting question.... I have owned a recording studio, and two Zcar related businesses. I also have worked business developement for my current company, the second largest defense contractor in the world. The two words of advice I can give you are this: Research your product to make sure it is something the customer wants in a large enough quantity that it will be able to support you Make sure you listen to your customer and FULLY understand what they want from your company or product. If possible, Do HIS (Or Her) Job with YOUR product to try and fully understand his (Or Her) expectations... I plan at some point in the not so distant future to open up a full time business of my own without the need of a "Real" day job, but I'm not exactly sure doing what or when... Mike Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted April 10, 2002 Share Posted April 10, 2002 Hey Mike, maybe doing bicycle stunts in the movies! Regards, Lone Quote Link to comment Share on other sites More sharing options...
johnc Posted April 11, 2002 Share Posted April 11, 2002 1. Triple whatever amount you think you need to survive the first two years. No one can think of all contingencies in their bplan. 2. Be very, very, very careful and only hire the most intelligent and enthusiastic people. Its orders of magnitude better to delay a good hire than make a quick bad hire. 3. Spend more than you plan on marketing and sales but don't spend much money on advertising. Word of mouth, refrrals, and return customers are what you have to rely on for the first two years. 4. Be ruthlessly honest with yourself, your investors, your employees, your vendors, and your customers. Be willing to NOT start this company or end it at any time. Everyone and their mother-in-law has a got a great idea, very, very, very, few can excute. 5. Expect and demand that your business savvy investors participate in the business. Their savvy has to transfer to you or you will fail. Quote Link to comment Share on other sites More sharing options...
MYRON Posted April 11, 2002 Share Posted April 11, 2002 How about this... DONT LET YOUR LIVE IN GIRLFRIEND BE A SIGNATORY ON YOUR CHECKING ACCOUNT!!!..... I did. We broke up and after I removed her from my account and sent her packing she STILL snagged a check and got away with 20 grand..... That was a real mess.... Myron Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted April 11, 2002 Share Posted April 11, 2002 If there is cash involved trust no-one not even your best friendor your brother or sister. If you have a good useable product or service beware of so-called friends and old buddies as they will come out of the woodwork. Don't let friends use your shop ever for anything, because if one friend sees another the party is over everyone will be using your shop and tools. No matter how much they say they will take care of your stuff they never do. Make a plan and stick to it. If you think $75,000.00 will get you started and through the first year double that. If there is any retail involved plan on bar coding everything and inventory intermittantly without a pattern and you'll catch a thief if you have more than three employees. Sorry to be so negative but I've been there and done that. Quote Link to comment Share on other sites More sharing options...
DavyZ Posted April 12, 2002 Share Posted April 12, 2002 I was one of the principals in a startup here in the Bay Area. The plan was that we would have enough sales to keep us afloat with only angel capital and no venture capital. Well they did not take my advice in spending what money we did have on sales and marketing, thus my hands were tied as the sales and marketing manager!! Stupid. I can't say the business has failed, but it sure has not gone anywhere yet as they are still waiting for more funding. So here are some pieces of advice froom my experience of what should be done: 1) Make sure there is some kind of check and balance system with the MONEY. If you fail to do this, someone somewhere will put a lot of entertainment expenses on the company's accout and it will suck you dry. 2) Someone has to be in charge. If it is you make sure you follow through with EVERYTHIING! If you are the least bit phlegmatic, get someone who is a choleric personality (a go getter/a driver) to manage and get done what needs to get done. 3) Be prepared to wear many hats....ALL OF THEM. 4) Be prepared to lose everything you invest, and then some. I took a realistic look at what I stodd to lose, and it came to be about FIVE TIMES HIGHER in terms of lost wages. At the end, my savings were drained, I was out of work in a down market (5.5 months), and I have lost about $50,000 in money I could have made outside of the startup. Live & learn. 5) Have some contingency plans for goodness sake. Without any, you can find yourself between a rock and a hardplace in short order. $$$$$$$$$.... 6) Never apologize for going out on your own and doing your best, even if the business fails. The advice given above in all the posts has been right on the money, period. If you decide to jump, jump in with both feet!!!! Don't look back either. I'm trying not to be negative, but just trying to be utterly realistic here. Davy Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted April 17, 2002 Share Posted April 17, 2002 Any busness takes a clean strong head. Head to any area where there are small buisness owners and talk with them. Some will tell you to get lost, but most will be willing to help because they understand the use of suggestions. Write everything down, you might need it later. Look for funding through the government. They issue checks for small buz start-ups. The other good thing is the write-off. Find the limits for income, profit, and Capital gain/loss. Don't go over or under the limits, you will pull out ahead. When you get a few bucks put a Copyright or Patent on it ASAP! Once you have things set do a trial run. Sell the merchandise at a discounted rate and demand feed-back. If this is a CD type program chat with hackers and get a program that will encode, encript, date and time lock, and hide secure files. A blank CD costs .01 cents, and you get no profit if the disk is copied (not that I've done that often). The biggest hitter is overhead. Find a way around it and you have less of a headache. This stuff could be fun. Shoot me an e-mail we can chat. Nic Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted April 23, 2002 Share Posted April 23, 2002 Originally posted by Match:creation of one in some way. I'd just like to have some thoughts/opinions/war stories of people that have actually been there, no matter what the Partners suck. Only reason to have a partner is money. You can buy any other talent in the world. Take calculated risks. Count on twice as much time as you think it will take before you get money out of the business, then quadruple it. Think of a partner as a really crabby spouse that never puts out, and never will, but you are stuck with until "the end of time". Meet people that will buy your product. Put a face to them. Ask them for money for your very first version. I've had several businesses. One I sold for a fair bit of money. 3 or 4 others I've lost a little time on, and at least a little money. Still trying though. -doug miller Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.