So here’s the deal. I would like to, start or buy a business, I have money, ideas, I develop the ideas, but then I can never bring myself to do it for real, I can never convince myself the numbers add up. The risk seems excessive in all cases. I see financial risks, legal risks etc everywhere (insert the 6th sense meme) another angle is : the rewards aren’t enough for the risks entailed.
May I ask, only from people who have been here before, and who’ve overcome this stagnation hesitation phase, can you share your experience, how did you take the leap and then what happened, did you succeed?
Seeking advice – overwhelmed by risks, costs etc
byu/PrestigiousWheel9587 inEntrepreneur
Posted by PrestigiousWheel9587
4 Comments
just do it. think of a way of how to do it for practically nothing. ask chatgpt for advice. ask it for alternatives to the paid options. I saved a shitload of money by following these guidelines… use AI to your advantage. hope that helps.
Just start small, validate your idea, and iterate. Don’t let fear paralyze you.
Have you tried analysing the competitors?
You deal with it as the situations arise. You’re defining the difference between the stability and security of a 9-5 job vs. the mountain of paperwork you’ll find yourself doing (or paying someone to do) at every corner in business.
I’ve started and terminated about 15 businesses now. 13 of them were a loss. 1 of them was a crazy success (multi-million) but I lost it all due to unforeseen circumstances. The last one is still going. I’ve spent about $45,000 so far with only $50 profit.
To embody the entrepreneurial spirit means you just keep going. It’s going to be the most challenging job you’ll ever have because not only do you need to think quick and react quick, but you’ll work 24/7 and you’ll have financial risk at every corner.
My advice? Get a kickass stable job while building the business, delegate most of your opportunity, and above all make sure the businesses you’re in you feel you’d be proud and passionate to fight for.
Find a problem, solve it, sell the solution.