Do you have the courage to start your own company?

I haven’t. I think it requires a certain kind of personality and attitude to be successful (read about Ted Turner, for example). On the other hand, it is part of the American Dream. If it’s a really good idea and you’re good at making it happen, you will attract clients, which means money.

An actual business, no. But I’ve been slightly entertaining the idea of doing freelance makeup and styling.

Done it and will do it again. My ex husband and I met in Jr. College, we were each teacher’s aides for a metalworking/jewelry class and decided we would start our own jewelry design business which we did and kept for almost a decade before divorcing. It’s an idea we throw about now and then to re start it and lately I’ve had some other encouragement to do it sooner than later. Yes, it takes a degree of courage if you know of and accept how much hard work is sometimes required. We spent several years pretty much working 24/7, often sleeping in our studio in order to finish up commissions. It took courage for us as under 25yr olds to go out and compete in a niche that was very exclusive, tightly knit and much older but we did and we had a wonderful ride.

@Facade I teach through a private school, mainly business clients (ESL). I also freelance. But it’s still a far cry from, say, opeing a school myself. I know the owner and manager personally, and I do not think they are “better equipped” than I to run it. She (it’s one person), just does. My question is, I think, what’s the x factor? Is it indeed courage?

@hungryhungryhortence Details, please?

@Zen I don’t think there’s one particular thing that’s needed. A lot of things are. Courage, money, time, motivation, business sense, patience, clientele, a venue, the list goes on.

@Facade I was hoping for some success or horror stories to further uinderstand the x factor. Not that you are incorrect, just that you have gerealized.

@Zen all I have for you are generalizations. sorry

I plan on doing it for sure. Starting my own company, that is.

I did.. It just sorta happened. I did some freelance jobs in college and then clients recommended me to other people and eventually I had to hire friends to keep up with demand. This was while I was going to school for economics, so I had a better than average knowledge of accounting and business stuff.

It actually worked out really well. It wasn’t Netflix, we only had four employees. But everyone was paid OK. (we all made the same, 25% went to retained earnings)

It was a lot of fucking stress on me. One client decided to not pay last summer. I was stuck with dealing with how to pay the three other people that worked on the project. I had to pay them so it came out of my pocket until I could get the money. My lawyer was able to get the money out of the client with a harshly worded letter. But the situation sucked.

Thanks JP.

I have been in business for myself most of my adult life. I started because I was unhappy in my career and wanted out. I began with virtually no money and the bare minimum of equipment, but I loved what I was doing and I was good at it. The original business lead me to branch out into several other areas within the same field. The disadvantages are of course, the buck stops here, no paid vacations or health insurance, if an employee calls in sick or with a sick kid at the last moment, it is your problem. I didn’t have a Christmas off for 15 years.

But I was my own boss, if I didn’t like the way something was going, I changed it. I don’t know if it takes bravery or just total discontentment with current lifestyle.

I think just figure the worst case scenario if you do try and fail. If you can cope with or come back from that, then you might as well give it a go. If you don’t think you could, then don’t take the chance but remember, if you don’t, you will always wonder what if…..

I think I may have the courage, but a lack of viable business ideas. If you decide not to open a business how about sharing your business ideas?

I may consider it in future.

I know some people who did it. One of them worked in a company. He built relationships with people in the company. He then decided to start his own business with help of them.

I think you ought to know some people in marketing and/or supplier/vendor side. It would help to take business from those people first. And, after you make money and goodwill, you may approach others and expand your business.

I have started my own businesses. It is challenging and fun and a little scary.

What most people don’t realize about starting your own business is that you need to be good at all the major parts of the business. Let’s say, for example, you are good a woodworking and make beautiful chairs. You think you can start a chair business. Great. But, making chairs is only the manufacturing part of the business, you also have to market, sell, advertise, bill, collect money and keep accounting records, do the taxes, test out new designs (marketing, sales, accounting, R&D). Most people don’t have all these skills, so they fail, thinking their main skill will carry them.

You have to find what you do well and do that, plus find others who can do what you don’t do so well.

I started a business, and gave it up after a few years when I realized I’d be making a higher hourly wage if I worked at McDonald’s.

If you intend it to be a real business, you NEED to have a lawyer and an accountant on speed-dial. You also need a solid business plan: not because everything is going to go according to plan, but because you need to think about how you are going to go about things and you need to know what your measurements are for success.

Once you’ve done that, if your reasonable estimates do not show your business covering its own costs before your savings run out, don’t start the business.

Thanks guys.

Yes and did so for 16 years and I just started it cause I had graduated college and couldn’t get a decent wage or job. And this next year will buy the company I have been working for 14 years. It does take confidence in yourself to assume all that responsibility that will assuredly keep you awake nights, rob you of peace of mind and hopefully reward you financially in wake of all these added challenges. Courage sounds so much better than insanity!!