Any business Entrepreneurs here? Started your own business?

[usmccharles]

I have always been interested in starting my own business and do have some ideas.  So who has or who plans on it?  Pretty straight forward

[1/28/01]

Yup.

Been self employed my whole life (turning 34 next month) and I've been involved in quite a few things.

Currently own:

* A marketing and lead gen company.

* A mass tort law firm (Not a lawyer, though. DC is the only US jurisdiction where you can have non-attorney partners.)

* An ancillary medical program/device company providing physicians extra revenue through both medical and private payors.

* A horrible, money sucking radio station because my partners thought it would be cool.

In the past, I've owned a mortgage company (about 7 years) and also flipped houses somewhat successfully for a few years. First 3 were failures/broke even at best, but the last few in 2010ish were profitable.

Advice for those contemplating getting away from being someone else's slave or working for the man? Just do it! Pull the trigger. Sooooo many talk about it, but never act. Act! Pull that trigger! You may struggle in the beginning, but nothing compares to being your own boss.

Good luck all!

[usmccharles]

I'd be all fornitfor it, capital is my problem. When you were young how did you start? I assume Good credit or just a good situation. I've always wanted to do real estate.

I have a good job now working for the government but in a sense I'm miserable and feel I'm just withering away lol

[1/28/01]

I'd be all fornitfor it, capital is my problem. When you were young how did you start? I assume Good credit or just a good situation. I've always wanted to do real estate.

I have a good job now working for the government but in a sense I'm miserable and feel I'm just withering away lol

Sorry, haven't been on all day. I started as a loan officer for a company for about 6 months and just happened to enter the industry when it was hot and everyone was in it. Some viewed the industry as being too competitive and too saturated, but for me, it was perfect. 9 out of 10 loan officers/mortgage bankers were absolute morons. It was easy to pit others against the competent, halfway intelligent ones (category I thought I fell into) and win the business of realtors, tax advisors, builders etc. Did that for 6 to maybe 9 months, QUICKLY learned the business and industry and then opened my own net branch. That was roughly 2003/4 and the rest is history.

As for capital, if it's the dream, if it's what you want to do, stockpile money and do it when you can. But do it. Do not take on business debt at all costs. Stay liquid and solvent, save now and DO IT!

Oh yeah, vet out any business partners VERY thoroughly. Very! I've had 6 or 7 businesses over the last 13 or 14 years (3 current as mentioned earlier; don't count the radio station as a business and 3 or 4 others), but the only good partners I've had are the 2 I have now and since 2010; twin brothers who are diehard Ravens fans, family men like me and ethical, upstanding dudes. Be careful, my other 2 partners with previous companies were not!

[usmccharles]

Sorry, haven't been on all day. I started as a loan officer for a company for about 6 months and just happened to enter the industry when it was hot and everyone was in it. Some viewed the industry as being too competitive and too saturated, but for me, it was perfect. 9 out of 10 loan officers/mortgage bankers were absolute morons. It was easy to pit others against the competent, halfway intelligent ones (category I thought I fell into) and win the business of realtors, tax advisors, builders etc. Did that for 6 to maybe 9 months, QUICKLY learned the business and industry and then opened my own net branch. That was roughly 2003/4 and the rest is history.

 

This was one thing that worried me about wanting to get into real estate.  I have just met so many people that have their real estate agent license still working at Lowes, or as a server, etc... That could easily have to do with their work ethic but i didnt know them that well. 

 

San Diego is a big place so i would think i could do something else, but there is always a risk.  Right now im just working on becoming debt free, But this is the path id like to take.  I am sure a lot of people i know will say im dumb when i quit my government job but its just not cutting it for me, other than paying the bills lol

[K-Dog]

I owned my own business for 13 years.  Let me tell you, there is nothing like it in the whole world.  I absolutely LOVED IT !!. 
It really i awesome, but make no mistake about it, it is HIGHLY stressful.  Ultimately the buck stops with you.  Everything rides on your shoulders.   

My business was a partnership for eight years and I was sole owner for five years.