Where are the entrepreneurs? Who has cashed out their retirement accounts, savings, etc. and pushed all the chips to the center to go all in for starting their own business? All the debbie-downers can fuck off. I don’t mind hearing the struggles, but no out right, ‘oh, blah blah blah, I wouldn’t do it if I were so-and-so…’
And, maybe, other stories not related to business, but still swinging for the fences probably be cool to hear as well.
Just quit my job in business and will be taking off on in a few months on at least a 2-year bike trip and then working in an orphanage. No more cubicles with demanding bosses slowly bleeding life out of me. No more golden handcuffs, listening to the naysayers or waiting until I retire (I am 48).
I think lilpups has an entrepenurial (sp) blog
.
Quit the security of “the firm” 18 years ago to start a real estate appraisal business in another city. Commuted for a year before relocating my family. I was convinced that with hard work and a few breaks I could do better for my family both financially and quality of life. After a few tough years, we did much better financially but the quality of life is somewhat questionable. There are tradeoffs - we made a lot more money but it takes a lot of your time. A lot of your decisions are based upon your exposure to getting sued.
We added a real estate marketing business about 5 years ago which compliments our appraisal business. It has gained market share even in this down market, mostly because the efforts of my wife who pretty much runs it.
Would I do this again? At this point in my life I am looking for simplicity so its a tough question. I might rather work for “the firm” at this point and go home every day at five and have free weekends. On the flip side, you can’t beat the feeling of building a business from scratch and watching it flourish. Going forward, as our country moves in socialism-lite, I think it will be tougher to start businesses, but not impossible. You will have to count on more regulation and less take home pay.
In '95 my buddy and I took everything and started up a consulting business which grew to $5MM by 2001. Sold it to a public company for stock - that’s another story altogether…we’re not retired.
I can tell you I’ll never go that route again.
In '95 my buddy and I took everything and started up a consulting business which grew to $5MM by 2001. Sold it to a public company for stock - that’s another story altogether…we’re not retired.
I can tell you I’ll never go that route again.
Just to be clear … you will never, or you would never?
Do you have regrets?
Was everything REALLY everything?
Nice. Balls out. Enjoy.
In 1994 we sold our 4800 sf home in a very good neighborhood and moved the family into a 876sf home. Oldest daughter (10 at the time) was so upset, she wouldn’t invite friends over. Wife went back to work full time. I started a manufacturing business. Went through every dime of our savings, cash from selling the house and about $120k of our IRA during the first two years. Year three we finally showed a small profit. Work week was usaully 70+ hours per week during the first 7-8 years. Almost worked myself to death. Had major bouts of heart palpitations that lasted for hours. Fast forward to 2006. I put a management team in place (2005) and wife & I cruised the Bahamas for three winters on our sailboat and kicked back in our mountain home during the summers. No more heart problems!!!
Unfortunately, with the economy in the tank, I had to layoff two managers and I now work four days a week…but, things are getting better again. Goal is to re-retire by next summer.
1988- I was working in a small factory on the 2pm- 10pm shift. A pretty safe job with benefits. I also started a construction business on the side, that I did from 6am to 1:59pm, 6 days a week.
My wife was 8 1/2 months pregnant with out first son and we had just moved into out first house 3 months before. We both quit our jobs on the same day 2 weeks before my son was born and I went out on my own. My father tried to get me to wait until spring but I wouldn’t listen. It got cold early that year and I had no work for a while. ( my father lent me a few mortgage payments that winter ) I took any job I could get and some of them I wasn’t sure how to do until we actually started them. It was only through being young, dumb, and willing to “make it work” that we survived and then thrived as we built up our customer list. Today we work for some of the biggest companies in the country and have an excellent reputation for getting it done right. I’ve never taken any shortcuts and I’ve always tried to be honest. Looking back it was a good move for us, stupid at the time, but it worked out. Although I am sometimes envious of my friends that have 6 weeks vacation and benefits, I have never missed one of my kids school concerts, plays, sporting events, or birthdays. I will probably never retire but I do have my freedom. And that is worth a lot to me. As I sit here typing this on Sunday night, I’m not sure what this week will bring but I know it won’t be dull. The hours can be long and I consider myself to have been “lucky” to make it this far and I wouldn’t trade the freedom I’ve had the last 22 years for some security. If you have a strong stomach and are willing to work your balls off then I would say go for it. If that doesn’t appeal to you then stay where you are.
My motto is… “It sure ain’t dull.”
I’m a much newer/greener than many who have posted so far. During this recession last year I quit my stable well paying job to start a business in a completely different industry. By all accounts I had it pretty good at my old job but hell you only live once right? Like others have said, the work is twice as much and 5 times as intense. I used to frequently post here but don’t have time anymore. Things come fast and furious and there is a lot of pressure to make the right decision because your very survival depends on it. Unlike at a large company let alone one with mature cash flow there is no one else to rely on to fill the gaps in what needs to get done but yourself. Given that, like other have said I have complete intellectual freedom to move the business as I see fit. Things are going well so far. We are cash flow positive and I am hiring the 9th and 10th employee next week. It’s a mixture of complete satisfaction and terror at any given moment. I’m glad I did it.
Well said.
I live jumping on fences, maybe I need to try to swing.
Brief history - knew I didn’t like working for others (with I can do), employee and having hours, days, vacations not so much. 6 months before doctorate chiropractic graduation went ahead and started establishing myself in a community and building a business with massage. 4 yrs later and a patient base of right at 800, I’m just now feeling ok to hire another therapist or two. I was working for a mentor back when I set up shop, and he was debbiedowner on striking out on my own, well of course he was taking half the pay and his wife was filtering out whatever she liked (nice). Needless to say, I’ve never looked back.
So… Now that the athletic edge sports massage is built and runs smoothly time to look at the next step. 3 yrs ago I sent out new year cards that I paid a fortune for, they all fell apart. I sat down and made my own the following year (artist by right of birth - long long lineage). For the last 2 yrs doing handmade cards for personal requests, and put out a little over 1000 cards this last 2010 new year round, pretty much the same rate almost every month for individual requests. Going live commercially in 2-3 weeks. I don’t know where I’m finding the time, but it’s a hobby and it’s fun. Purchased a thermography machine (raised printing), and secured close to 28k in paper products. This is the perfect envionment to grab product for pennies on the dollar. 2 yrs ago took out a specific business loan for this project, and purchased most of the main equipment as I worked on ideas. Any free time I have, there is usualy a doodle pad for ideas.
So as I leap to the next fence, now I get to figure out how to raise serious capitol for an event at the end if the year in mexico. Marketing and allowing the whole image go public is a bit daunting, but to better serve my sponsors and thank those who’ve been my inspiration, well suppose it’s time to let the media in. Think this next 6 months are going to be the hardest challenge as actual fundraising (something I’ve never done), and taking aside time for cocktail parties, car washes, lunchins, dinners and expos well just hope nov 14th takes it’s time getting here, as there’s more work than time available, and training has to take the front seat. Overwhelmed is a word that is getting tossed around everyday. Back in 06 when launching the massage practice the word was fear and anxiety. Suppose overwhelm is the right sensation, I’m fortunate to have these self-induced sensations.
My sister also started her own business many moons ago - she’ll tell you a tale about a pool party and me suggesting find something to sell and sell it. Only on a few occassions have I felt grief for her struggles. She is setting up her business as a family business, and she survived the downturn. Now if she would just listen to me pushing her to go on the net…I think I’m close.
The main intent on working for myself: I’ve got a very strong work ethic, and why not me, why give my money to someone just for scheduling and electricity? It’s my knowledge and my service he patients are paying for, that’s what got me into my own place. As for the card business, well I had to find something I could do when physically I am wrecked postraces. Hopefully by this time next year the growth of the card business will reach the target retail/Internet shops I’m targeting. It’s just a numbers game and marketing. It’s good to hear no as it helps you grow and change product to the demands out there.
On mothers day my mom asked how none of us are afraid to leap, I laughed at her, it’s her fault. Every week at least once she drilled: you can do anything you put your mind to. Along with do what makes you happy, exercise everyday, and you are getting a college degree. I remember this back when I was 8. I got lucky in having talented parents, and even more lucky in ones that taught a very strong work ethic. Maybe a little bit much, as I’m really hard on myself. I screw up daily, and I learn from my mistakes. It’s funny, had a really mean man mistreat me one day, and I basically told him no one is forcing me to work on him, and if he didn’t treat me with respect I would refuse to see him. I wanted to help him bc if he’s that grumpy clealr he’s hurting. The entire massage I kept thinking he gets his food spit in at every restaurant. Once we were done he apologized and asked to come back. If I didn’t own my own practice he’d treat me differently, apparently. The next business step is to hire therapists to do my job (strong desire to franchise), and I forgot that’s the attitude some ppl give you when you are an employee versus owner. It’s going to be interesting to learn how to handle that step.
If you’re looking to leap, give yourself ample room. Know that you’re going to feel like you are always saving for a rainy day. It’s not going to be a bed of roses, and you might find yourself on a whole different path then you ever dreamed.
When you leap, try not to land in a puddle, get to the other side.
When I met MissP 10 years ago she was working in a Hair Salon. She is a Hair Stylist and Designer. She liked the salon work, but in that business, you tend to give over half your income back to the salon - it works differently in different places, but in many salons you essentially rent the chair from the Salon. At the same time, she had some clients, who she saw away from the Salon - in their homes, mostly elderly ladies who could not physically get to the Salon. For these clients, she kept 100% of the money Her idea, that she discussed with me, was what if *all *her clients where like that? She did a bit of market reserch with a group of woman friends and she found that, in addition to elderly women, who could not physically get to a salon, there was also a large group of women( stay-at-home Moms, really busy working Moms), who going to the salon, was not an option due to the time commitment. She started to work it a bit and the client list grew quickly, and within a year she cut her ties with the Salon( no pun intended) completely now 100% of her business is cutting, coloring and styling hair in the homes of her clients. She treats it as a premium service, charges as such and the business has done extremely well.
i think this girl needs some business cards printed…
http://www.youtube.com/watch?v=UbB8xynL4qU&NR=1&feature=fvwp
roadie I can’t see it on my iPhone, but not into business/calling cards. So totally afraid what u linked.
To the OP thought about this when i got up today and wanted to add: Starting businesses that are not mainstream and a new challenge is so fun, just having a little bit of trust in your abilities goes a far way.
roadie I can’t see it on my iPhone, but not into business/calling cards. So totally afraid what u linked.
it’s a funny video, no need to be scared. a chick dancing to ‘Come on Eileen’ in her home.
Thats cute, it’s not what I had envisioned with u linking. Hope u are staying outta trouble!
In 2000 I left a ten year career in finance, including gigs as Nat. Sales Mgr & COO of $100-300m companies to form a wine import company—definitely followed my passion instead of my knowledge base & walked away from about (what turned out to be) $7-8m in ownership of the last company I worked for. First couple of years were really lean & burned thru a couple hundred $k of savings getting the company off the ground, especially since it was serious learn-as-I-go. Built it up to about $10m in revenue in 2008 before we hit the wall at about a million miles an hour with the combo of the economic downturn/collapsing US dollar/slowdown of the US demand for Aussie wine (75% of the companies in our biz either shut their doors at the same time or have completely revamped their biz model as well). Shuttered the doors of the import company & am now winemaker/marketer/label designer/jack-of-everything of a couple of brands that I created back in 2004 + have a couple of other fun cycling specific brands that we’ve launched this year. Worldwide revenue of the two wine brands in 2010 will be about $5m, and my stress levels + quality of life is much better.
Was leaving finance back in 2000 the right play? Yes, for me, as quality of life was much more important than killing myself in the rat-race, and while there are several million reasons why I should have stayed in finance, at the end of the day the dollar differential isn’t that different.
Would I do it again? Yes. But (at the time) I also had no kids to support, a pretty big safety net built up, and left my industry near the pinnacle/while young + didn’t burn any bridges----I could always return to it (still could as had some offers last year). Plus as several posters have pointed out, the thrill of building a successful business oneself is much greater than doing it for someone else.
I left a job I absolutely hated and ran into the relative safety of a Top10 MBA program because I didn’t know what the next step in my life was going to be. During Year 1 of said MBA program I realized I sucked at working for other people. During Year 2 I struck upon a decent idea and spent the entire year working on a business plan. Around the same time I was interviewing for 6-figure income jobs (at other companies) I happened to land my first major customer which helped solidify for me the fact that I should do this entreprenuership thing fulltime.
I’m now in Year 4 and it’s been a rough four years (due in large part to the economy) but I’ve loved 98% of it. I honestly can’t see myself doing anything differently. I love the strategic planning, I love the branding and marketing, I love the actual product production, I love learning about and trying to understand my customers, I love trying to determine market trends and take my product line there before anyone else, I love trying to build solid relationships with my customers that keep them coming back.
My business has been 100% self-financed and we likely would have broken even last year had the economy not taken such a nose-dive. However, I’ve learned some incredible lessons due to the recession and I honestly think it’s only made my business strongers as a result. I have learned how to trim a budget without impacting brand image like a champ! 
Sometimes I miss the fact that i’m not making that 6-figure income. But I honestly believe that this business will get me there eventually. And in the meantime, the flexibility, creativity, and learning opportunities this business presents makes it’s worthwhile.
(All that being said, it helps a HUGE amount that my husband has a ‘day job’ that pays for the mortgage, bills, food, etc.)
Quit my job about 30 years ago cause I was sick of ‘the man’ holding me down. Spent a few years working my ass off, 90+ hour weeks, reading anything and everything about my field and generally destroying myself for my passion. A few years of blood, sweat and tears later and I had it.
I invented the internet.
Seriously though, I’m turning 30 in a week and still happily doing the 9-5 gig, but it’s cool reading about people who took the plunge. At some point I’d imagine you realize your time on this planet is finite and if you want to get everything you possibly can out of life you might just have to go all in and see how the dice fall. Success or failure, congrats to all of you for having the balls to live your life the way *you *want to.