I want to learn about what's involved in running a business

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Old 07-01-17, 03:05 PM
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I want to learn about what's involved in running a business

This question already asked a bunch of times I'm sure. I tried to search similar threads. How do I learn how to start and run a business............books........networking group........free or online course?

I know nothing about it. Not even the basics.
 
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Old 07-01-17, 03:11 PM
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A business organized to do what ?
 
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Old 07-01-17, 03:24 PM
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I'm not sure yet. But let's say buying and reselling products for an example. I don't know anything about taxes, bookkeeping, regulations, marketing, payroll, etc.
 
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Old 07-01-17, 03:30 PM
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Read some books on business law & watch all the reruns of Shark Tank. Mon-Thurs 7 PM.
 
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Old 07-01-17, 05:40 PM
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Are you employed right now? If so, stay that way and start something part time. An accountant can advise on what you will need for record keeping but starting part time while you have the security of being employed is a great approach. One caution would be to not compete with your current employer.

Starting with a blank slate is difficult. You will need to find an interest, a hobby, or a skill you can market. Always nice to enjoy what you are doing.

There is an old saying "you know something about everything and everything about something", credit unknown. But find something you enjoy and become the expert in that topic.

Bud
 
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Old 07-02-17, 03:17 AM
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I agree with starting out part time! The more you know about a particular business the more suited you'll be to start it. When I became a painting contractor I was already a painter and started out with side jobs until I got enough work to be full time. I would be totally lost if I decided to become a jeweler or anything else that I know relatively little about.
 
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Old 07-02-17, 04:42 AM
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Life is only about 27,000 days long, so you won't find too many people who've started and run multiple businesses successfully. I've only started three and only one wound up paying the freight for me. There's no need for anyone to do this twice if their 1st venture is a booming success; most fail.

I looked at your profile and nothing jumped out as being an area of great interest that could be converted into a profit making venture easily, and you said that you're a transplant from back east, so you don;t have an abundance of family and school chums to rely on in a new venture.

The most important aspect of considering a new venture is the truthful self-assessment of your own strengths and weaknesses, your personality traits that will help or hinder you . . . . followed by whether you're going to be restricted to a given geographic territory which may offer opportunities because it's deficient in supplying certain goods or services. For example, our last Dry Cleaner (within a 40 mile radius)closed up shop last year, and no one has recognized the potential to start a new business; I guess it's just too risky in a day when so many people wear only wash & wear clothing

You don't mention what assets you might have to invest in starting a new venture . . . . or buying a going concern; or a time frame in which this could be, or should be, made into a self-supporting activity, so I won't make any assumptions in that area.

I know of a few businesses that are for sale right now because the Owners never bred a Son or Daughter with the interest to take over the reins . . . . and others that are for sale because they've outlasted their usefulness or run out of Customers for their product or services. Just like the makers of Buggy Whips !

I once obtained an MBA and the requirements included some Courses on entrepreneurship, which used several study materials including many Case Studies from the Harvard Business School. I'm reminded on one where a young man had inherited a small amount of money and wanted to "buy a business". His mind was open and he didn't limit himself to only businesses that held some glamour or would be proud to own . . . . he focused solely on the current book of business, the earnings or ROI, the ease of learning, the potential for expansion, the reliability of raw materials and other suppliers, the skill level of employees and their longevity with the Company and aspects like that which wouldn't or couldn't be easily altered.

The Subject in that Case Study wound up purchasing a small manufacturing Company making Jams and Jellies . . . . something he knew nothing about, except as a consumer; but his analysis was sound and he was able to slowly grow the business over the following decades. Others may have turned their noses up at being associated with a business like this; but he knew himself, and had an open mind.

Your local University, College or Business School may have a Library where you could access Case Studies like this one. And there are thousands of opportunities where you can learn from the mistakes of others.

Good Luck !
 

Last edited by Vermont; 07-02-17 at 05:05 AM.
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Old 07-02-17, 10:42 AM
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My only asset is a savings account with a small nest egg. And I'll probably inherit a small house in the next few years. I think the case study thing is a great idea. There are networking and entrepreneurship groups in every big city including where I am also.

....turning up one's nose at a Jam and Jellie business? Not me.
Heck, I would design and manufacture feminine hygiene products if it was profitable. I ain't proud.

You're correct. My mother and siblings are all back East. It's just me out here with a few friends.
My hobbies, interests, and skills are pilot ratings from years ago. More recently, small unmanned aircraft certification, and IT tech support.

I recently talked to a guy out here in Phoenix who has a couple businesses. One is a construction business employing one tradesman. He told me he knows nothing about construction and has no experience. So I asked him where he derives his income from. He said his guy does the jobs and he completely takes care of the business side. I have no idea if he is succeeding or not.

Thanks for the great input.
 
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Old 07-02-17, 11:39 AM
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Since you are in IT you are familiar with Cisco training. I've been away from the field for many years but last I heard qualified people were scarce and the pay was exceptional. There is a pioneering attraction to owning your own business but there are a lot of drawbacks and the success rate is dismal. I have family in IT and at the Cisco level and they wouldn't trade for self employment ever.

Just think about the number of business owners out there who desperately need technical support but doubtful they could they could load up a new pc. The infiltration of technology into our society is expanding exponentially and thus the need for support. One of the specialists I know got into security and now regularly flies around the world managing security in the corporate offices of the company he works for. He makes more money in one year than you could dream of in 5 years and his comes with all the perks and paid vacation.

How close are you to getting a Cisco certification or whatever is tops today?

Bud
 
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Old 07-02-17, 11:57 AM
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I have to run a few errands. Promise I will reply later today.
 
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Old 07-02-17, 03:34 PM
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My IT experience only consists of 2 years of mobile device support with RSA Soft FOB and a little VPN and administrative tasks thrown in. I don't have any certification yet. I was under the impression I would need to get an intro cert like A+ or something.
 
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Old 07-02-17, 03:56 PM
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I'll mention it one more time. There is a Shark Tank marathon on all day today on CNBC. People who are starting or have started a business ask millionaires for investments. I've learned a lot about starting a business.
 
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Old 07-02-17, 04:09 PM
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I watch Shark Tank. Definitely something to learn by watching successful entrepreneurs in action.
 
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