# Owning a business required for success?



## WilkensOne (23 May 2013)

This has been on my mind for the last fews months, information I have seen about successful individuals from people around me, celebrities and ASF members the consensus to me seems to be the same.

To really become wealthy and lead the life you would like, it would seem the requirement is running your own business. My parents have done just that, started a small business and put in the hard work however they are near retirement now and own their business, several IP's paid in full and can now have the freedom to pursue what they like. From my point of view I don't think this would have been achievable without running their business from the beginning. I would also argue unless you have a large amount of capital beforehand it would be difficult to achieve such results from investing/trading alone without the capital and income being received from your business. 

Apologies for the long introduction, but as a group of seemingly successful people I would be very interested in your thoughts.

Wilkens


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## Trembling Hand (23 May 2013)

Timing is very underestimated ingredient in mega success.


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## Zedd (23 May 2013)

IMO money is generated by using your time, your money, or a combination of both. The amount of money you can generate is a function of the risk you take on. 

Owning and operating a business I think is one of the greatest risks you can take with your time and money, and as such one of the best ways to make large money.

Even more so, creating a startup with no foreseeable income whatsoever, spending both your time and money, in an effort to eventually develop a marketable product. 

Conversely, working for someone else 9-5 uses some of your time, none of your money, and you only risk short-term future income if you lose your job. Lowest risk will give the lowest return.

I'm interested to know if the people on ASF who have made it would agree also ...


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## Julia (23 May 2013)

Trembling Hand said:


> Timing is very underestimated ingredient in mega success.



+100.   You can apply an equal amount of effort and capital at different times and get massively different results.
Appreciate cycles of asset classes.


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## qldfrog (23 May 2013)

I believe it does indeed help a lot with potential levels for increase benefits:
you can 
0) work for a boss-> you can not hope much, even CEO are somewhat limited
1) work for yourself (contracting/consulting for example) but you are limited to 24h a day
2) use plant machinery to work for you (contractor with plant-> ie a truckdriver, a taxi with license, an ATM network
3) above with employees-> you are the boss

and along all of the above, you can still ensure you do not work for the money, but the money work for you
for what it is worth


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## beachlife (23 May 2013)

Zedd said:


> The amount of money you can generate is a function of the risk you take on. ...



Not necessarily.  The successfull app developers take very little risk.  I think its more about finding a product that has a hungry market.



Zedd said:


> Owning and operating a business I think is one of the greatest risks you can take with your time and money, and as such one of the best ways to make large money....



If you survive.  I cant remember the exact stats but something like 4 out of 5 fail in the first year and then of the ones that survive year one, 4 out of 5 of them will fail in the next 5 years....something like that.




Zedd said:


> Conversely, working for someone else 9-5 uses some of your time, none of your money, and you only risk short-term future income if you lose your job. Lowest risk will give the lowest return....



Yes but you can switch off at night and on the weekend, have no risk of being sued by customers or staff, dont have to worry about finding staff, dont have to worry about ever changing legislation, finding new work to cover overheads, rent increases, staff that leave for more money after you have paid to train them, insurance costs etc etc.  As an employee you can take your wages and invest them and its easier to borrow for investments.  I made more money doing this than I have made while running my own business.  If you lose your job the govt will give you the dole, if your business slows, the govt will give you nothing.



Zedd said:


> I'm interested to know if the people on ASF who have made it would agree also ...



I have had a well paid job and now run my own business.  I love the flexibility but I much prefered having a job, but am now at an age where its near impossible to get back into the work force.  

When I started my business I was enthusiastic and excited.  Nearly 10 years on I have more stress, less money, less time for my family and less time to devote to trading.  I just invested $40k in equipment and training to expand and employ an extra staff member who left for more money after 3 months, but I still have contracts for the work that he was meant to do, so am working crazy hours to catch up.  Including wages about $80k down the drain.  

The worst thing about running a business is that staff can leave when ever they want, regardless of how it impacts on your business, but heaven help you if you want to sack one of them.  I am done with that, I would rather knock work back than employ more people.

I know you wanted to hear from those that have made it, but this is the reality of someone that didnt quite make it in the engineering design and drafting industry.  If I had my time again I wouldnt do it and once I become more profitable at trading I will close my business in a heart beat.


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## ROE (23 May 2013)

All the people I know are very successful having a day job and invest in properties and shares...They own properties and have stock market portfolio in million or very high six digit....

Being in the right place at the right time also help but once you have a plan and the discipline, you tend to be at the right time in the right place more often than not....

Properties and shares all have many cycles in your life time, when you have the plan the cycles will comes but if you don't it just pass you like the wind and when you wake up you think all these people are lucky to be in the right place at the right time...but all along these people probably already standing on time line waiting for it to arrive

all about priority, disciplines, a good dose of effort and hard work..

most people wont get any where having a 40K job so the first they need to do is work on their skills and get to a higher paying jobs...
and make sure their spending patterns is not up lift with higher paying job...

work hard, put in the effort, train yourself in specialist skills that you can command the big bucks...once you get to 100K plus it become an easy ride investing while having a day job and close to risk and stress free


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## Zedd (23 May 2013)

Thanks for the thoughts beachlife. 
Few quick replies:
1. Fair call on the App developer. They can certainly spend a lot of time on a project though for no return.
2. "If you survive". Absolutely. That's the risk isn't it. And I suppose you're not just looking to survive, but achieve a return above what you could get as an employee with the same skills.
3. Employee has many lifestyle benefits. They certainly don't get a share of the profits though.

Interesting to note you were/are an engineer. Me too, and actually looking to go down a similar route, if I can't get a start in finance/investing. Sorry to hear it didn't work out. Hopefully your username is an indication of life outside work which should be some consolation.


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## WilkensOne (24 May 2013)

Well thank you everyone for the replies!

The different perspectives are great and I can see the amount of work and stress starting out can really sour the experience, even if you are successful. I'm still at university so no decision making yet but my accounting and finance degree should hopefully bring a decent salary. I do agree that working.. For the man : does have benefits especially if you are able to keeping your spending down until you have a sizeable capital for investments, it would seem that currently property especially in Perth isn't the best investment because of the cost and capital required to enter the market but I am open to opinions.

For those that discussed it would anyone care to explain more about this investment life cycle, I remember it was posted here once but some further explanation would be great.

Thanks everyone for the input!


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## tech/a (24 May 2013)

WilkensOne said:


> Well thank you everyone for the replies!
> 
> The different perspectives are great and I can see the amount of work and stress starting out can really sour the experience, even if you are successful. I'm still at university so no decision making yet but my accounting and finance degree should hopefully bring a decent salary. I do agree that working.. For the man : does have benefits especially if you are able to keeping your spending down until you have a sizeable capital for investments, it would seem that currently property especially in Perth isn't the best investment because of the cost and capital required to enter the market but I am open to opinions.
> 
> ...




As a very high number of business ventures fail and of those that survive very few generate more than a wage for the owner (mine was like that for the first 10 yrs) Business in itself isn't the sole answer.
But T/H's Timing is ---but it needs to be coupled with the ability (read know how and money) to take advantage of that timing.

Unfortunately Money does make Money.
Sound use of other peoples money---banks etc can often open doors not only for business but individuals.


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## beachlife (24 May 2013)

WilkensOne said:


> it would seem that currently property especially in Perth isn't the best investment because of the cost and capital required to enter the market but I am open to opinions.
> 
> For those that discussed it would anyone care to explain more about this investment life cycle, I remember it was posted here once but some further explanation would be great.




Here's my 2c on cycles.  They are nonesense.  The economy follows demographics, not the moon, not the magical number 7, not reserve bank manipulation.  Read thegreatbustahead.com  (usual disclaimers apply)

As for property, while I was earning a good wage I invested in Perth property, and eventually was renovating and developing full time, and spending a lot of time at the beach.  After a few short years our net worth was $1.4m, life was awesome.  By the end of 2008 it was reduced to $200k.  I lost $1.2m in property in 12 months!  I had planned to be out by 2010 based on the demographcis.  I didnt see sub prime coming.  People ask why dont you just start developing again, the short answer is that the numbers dont work anymore, times have changed.  The problem with property is that you cant get out when things go bad.  In 2008 we couldnt sell and interest rates got up to 10%.  We had shares, logged on, pressed sell and they were gone.  We lost our money because there is no liquidity in property when things go bad.  If you need some quick cash you cant just sell a bedroom.  If the demographers are correct, many fans of property will get burnt in the next couple of years.  If they are wrong I will miss some growth in property, but I wont go broke by being out of property.

The gurus love to sell property seminars and books stating the super rich have made their fortunes in property.  But they dont say what type of property.  The super rich have their money in casinos, hotels, shopping centres etc - commercial property, yet the gurus push median priced residential rentals.  I cant think of any super rich that own entire suburbs of median price residential rentals.

To see what the smart money thinks of property look at the weekly chart of peet (ppc).  No recovery since 2008.

I will be back in property in 2025, based on demographics, but I will be buying commercial.

As for the gurus encouraging people to buy "cheap" USA property, you have to wonder why the Americans arent grabbing these "bargains"  Can 300 million Americans be so wrong?

For me now, the best business is trading the markets.  No staff, no customers, no suppliers, low ongoing costs, limited risk, low start capital, make money regardless of market direction, not chained to a desk, high liquidity.  Like any other business, the majority that try fail, but those that make it work have a great lifestyle.

If the demographers are correct, the biggest correction in history is just around the corner, a great opportunity to make a fortune trading short, especially when the QE bubble bursts.

2008 happened.  It changed the world forever.  Companys that closed have not re-opened.  Companys that got bailed out at tax payer expense did not change their ways, and our govt has plumeted us into debt.  There is no money left for a school halls bail out next time.  On top of the demographic problem, China will eventaully stop building empty cities, and the USA QE bubble will burst, and our market will crash with them.  Terrible for most, great for those that can trade short.

This is just my opinion, I could be wrong 

Good luck with your endevours.


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## beachlife (24 May 2013)

Zedd said:


> Thanks for the thoughts beachlife.
> 
> Employee has many lifestyle benefits. They certainly don't get a share of the profits though.
> 
> Interesting to note you were/are an engineer. Me too, and actually looking to go down a similar route, if I can't get a start in finance/investing. Sorry to hear it didn't work out. Hopefully your username is an indication of life outside work which should be some consolation.




Geez I write too much.  I'll try and keep this short.  Yes I am an engineer with 20 years exp.  Had I stayed in the work force I would probably be earning around $300k pa now.  I dont make anything like that in my business and work about 60 hours a week.

Here's a tale of a fabricator I know that resented his boss making all the profits.  His workmanship is awesome.  He quit his $100k pa job, sold his house and bought his own fabrication business.  6 months later, his staff all left to work on the mines, and he was finished.  He lost everything and is now back on the tools working for someone else, happy for them to have the profits.

ok one more

I know another guy that has a similar business to mine, but bigger.  He has 8 staff.  He has only made over $100k pa for himself twice.  Many of his staff make more than he does.  The profits arent always what you would imagine.

But it's not all doom and gloom, I do know others that are making a small fortune, but they all started their businesses many years ago and took a long time to get to where they are now, but they are still slaves to their business, just richer.  

As they say, a business is just a job where you work harder, take all of the risk, and pay yourself last.


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## WilkensOne (25 May 2013)

Sorry the late reply, busy few days!

Thanks tech and beach for your input, it is really useful getting from what I can tell an experienced perspective on the situation. I can definitely see what you are saying Beach that you are carrying all of the risk for the potential of no benefit to yourself. I guess it makes me think that you would want to own a business not run a business.. Easier said than done. 

I am still unsure what my opinion on cycles are, from my limited economics studying it seems economics is very good in practice, in application isn't always the same result unfortunately : I was however about to purchase a house 6 months ago and decided against because of the uncertainty in the near future and as was stated lack of liquidity. 

I do not currently have the experience I feel to confidently invest in a bull market let alone another GFC haha, guess I will start researching how profit could be made during the GFC so I may find opportunities if it occurs again.

After all of this, I wonder when is the time to purchase property especially somewhere to live if there isn't a cycle to follow and the foreseeable future isn't clear?


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## Dowdy (25 May 2013)

beachlife said:


> Not necessarily.  The successfull app developers take very little risk.  I think its more about finding a product that has a hungry market.




I was about to make an app about a months ago. Had an idea so took it to developers. Prices for apps range from 8k for basic all the way up to $250k for things like games

And with the app market so over saturated, as the saying goes 'there an app for that'

Turns out my idea had already been thought of - well 95% of it. Mine differed slightly but for the money, it's not really worth it

AS for starting your own business. Have a go and start off very small. If it works, then pursue it, if not learn from your mistakes then try again. 

I originally started with 5k worth of goods. Now my stock is worth around 200k. I only started in 2008. 

I find the best thing about having a business is work/ life balance. Most people say it takes over your life but I have no intentions to grow massive. I'm at a point where I'm happy with the income generated and the free time I have. I work part time at my other job only 3 hours a day as I'll probably get bored if I stayed home all day. So I have the rest of the day to myself. To some business work, go for a jog or if the weather is nice just read a book in the park.

As the saying goes. Don't put all your eggs in one basket - that includes your business. Have a few backup plans, I've got 2, studying for a 3rd


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## beachlife (25 May 2013)

Dowdy said:


> I was about to make an app about a months ago. Had an idea so took it to developers. Prices for apps range from 8k for basic all the way up to $250k for things like games




This is not an edorsment and my sig tag just might apply but Google Chad Mureta.  Saw him on 60 minutes.


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## Dowdy (26 May 2013)

beachlife said:


> This is not an edorsment and my sig tag just might apply but Google Chad Mureta.  Saw him on 60 minutes.




Like people have said, timing is everything. He entered the market in 2009. I doubt those idea would work/earn him the same amount of money in todays market


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## merlinnn (26 May 2013)

I've owned two businesses over the years, one was a brief venture into importing and retail with very average results. The other a security biz which was a lot better, I guess having worked in the physical and electronic security world half my life helped. I found that a business that sells needs as opposed to wants can go through varying economic cycles a lot better. For example the security industry didn't even blink during the GFC, which can't be said for a lot of industries. 

My business gave me more hours, but a lot more flexibility as opposed to being an employee. My other frustration as an employee is limited scope for income, at the end of the day as a business owner you do have unlimited opportunities, whether or not they come to fruition is another thing.

A lot of business owners are also building a saleable asset for the future, having said that its also a lot harder to sell a biz than a house. I myself am currently an employee, but will return to business when the opportunity is available.


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## satanoperca (26 May 2013)

The key to owning a business, is have a plan, stick to plan, review plan regularly and allocate time each week to work on the business rather than in it. It alarms me how many people setup a business without having ever developed a business plan.

It is also important that you understand the market your business is in and just like trading, you must have an edge, especially over the competition.

For me learning to trade after owning businesses throughout my life taught me a lot about running a business.

Also another thing, just because you are a good employee, earning good money doesn't necessary translate into that you can be a successful business owner.

And the most vital part to having a successful business is you must be passionate about what you do.

Cheers


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## waimate01 (27 May 2013)

Depends how you define "success". I know guys who have spent their whole life 'working for the man', and who managed their finances sensibly, lived modestly, invested wisely retired early and now travel business class multiple times per year and dine five star. I think in anyone's terms they can be called 'successful'. They're the envy of other guys I know who spent their whole life working for the man, spent profligately, still have mortgages and credit card debt and never seem to have enough money. Interestingly, the 'unsuccessful' guys look at the 'successful' guys in bewilderment, wondering why they're not them.

Building a business is a great way to make it a step above that level. You don't have to be Larry Ellison or the Tumbr guy, either. Making a billion dollars is pretty rare and there's a fair amount of luck involved. You may as well decide to take up golf because Tiger Woods (used to) make a lot of money and Greg Norman has a big boat - yes it can be done, but it's so rare as to be almost not worth seriously considering.

But, the suburbs are full of unremarkable people who have made two, ten or twenty million from their businesses. You won't see their names blazoned across any gleaming sky-scrapers, and they don't have a jet parked in the driveway. That level is readily attainable from running your own business. 

But the caveat that most small businesses fail early is absolutely spot-on. The trick is to be one of the ones that don't. The odds are pretty good, though, and you can make them even better by hard work. You'll work damn hard for the first few years and won't see much from it - you'll probably be way less affluent than your friends who stayed in their jobs. But stick with it and the payoff will be worth it. My view is that the best time to do this is before kids and before mortgage, so you can live on the smell of an oily rag for a couple of years if you need to.

Probably comes down to personal appetite for risk. You can live very well working for the man.


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## tech/a (27 May 2013)

> But, the suburbs are full of unremarkable people who have made two, ten or twenty million from their businesses.




Sadly a gross over statement.

There is less than 1% of Australians who are Millionaires (rated as assets over 1 million(US$) readily available for investment.) Principal place of residence not included.

Its pretty elusive


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## newtrader1982 (27 May 2013)

This thread really interests me because i have seen both sides of the coin. I am 31 and started my business 11 years ago and in this time I have had some great success being able to own my house and a few $$$ in investments. But I have also seen the otherside where my father got into business and lost everything! really hard when you see someone really close to you work hard there whole life and lose everything. I have noticed in the last few years the government doesn't really do much to help people out who own or want to start a small business it sometimes seems more benficial to sit at home and recieve handouts.


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## waimate01 (27 May 2013)

tech/a said:


> Sadly a gross over statement.
> 
> There is less than 1% of Australians who are Millionaires (rated as assets over 1 million(US$) readily available for investment.) Principal place of residence not included.
> 
> ...




Okay, the suburbs aren't literally "full" of them, but when you consider a suburb might consist of 10,000 people, that means there's more than likely 100 people with net investables over a mil, and of those maybe 10 will be above 5m, and maybe 2 will be above 10m. They're around, and it might not be all that obvious if you walked past their house. 

(Of course, it's not an even distribution - some suburbs will hardly have any, others will have plenty. But there's a couple of hundred thousand $1m+ people in Oz, so they're not exactly like hen's teeth)


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## WilkensOne (27 May 2013)

tech/a said:


> Sadly a gross over statement.
> 
> There is less than 1% of Australians who are Millionaires (rated as assets over 1 million(US$) readily available for investment.) Principal place of residence not included.
> 
> ...



Thanks for the statistic, it is interesting as 1% sounds very small but in actuality the number is quite large I think. As always people who work hard and are smart about their decisions with some good timing on their side are those who will achieve what they want. 



merlinnn said:


> I've owned two businesses over the years, one was a brief venture into importing and retail with very average results. The other a security biz which was a lot better, I guess having worked in the physical and electronic security world half my life helped. I found that a business that sells needs as opposed to wants can go through varying economic cycles a lot better. For example the security industry didn't even blink during the GFC, which can't be said for a lot of industries.



I think an issue I am coming up against currently is that I don't have twenty years experience any any industry, I have 22 years in experience in life : and I guess I haven't found/investigated a business idea which I am really passionate about, better get my thinking cap on!



waimate01 said:


> But the caveat that most small businesses fail early is absolutely spot-on. The trick is to be one of the ones that don't. The odds are pretty good, though, and you can make them even better by hard work. You'll work damn hard for the first few years and won't see much from it - you'll probably be way less affluent than your friends who stayed in their jobs. But stick with it and the payoff will be worth it. My view is that the best time to do this is before kids and before mortgage, so you can live on the smell of an oily rag for a couple of years if you need to.
> 
> Probably comes down to personal appetite for risk. You can live very well working for the man.



Thanks for the info waimate01, I definitely agree that there is a large amount of risk starting your own business and that until established the work required is very high. I think for me success would be having the ability to stop working and spending money living life and experiencing things or spend time working in a community or mentoring people as others have done for me, that is me anyway 

I just wanted to thank everyone for their great responses it has definitely given me a lot to think about. I would like to know if people had their time again, what would you do when starting your working career, work for the man, start a business, continue partying?

Wilkens


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## WilkensOne (27 May 2013)

newtrader1982 said:


> This thread really interests me because i have seen both sides of the coin. I am 31 and started my business 11 years ago and in this time I have had some great success being able to own my house and a few $$$ in investments. But I have also seen the otherside where my father got into business and lost everything! really hard when you see someone really close to you work hard there whole life and lose everything. I have noticed in the last few years the government doesn't really do much to help people out who own or want to start a small business it sometimes seems more benficial to sit at home and recieve handouts.




I think I have had a similar view, maybe not as drastic. My parents have run their business for about 20 years and for many many years it wasn't very profitable and income was low. Then it grew a lot quickly and our lifestyle changed quite a lot and now again it has shrunk and I am not sure if they would be able to sell it at present. I guess a business can be swings and roundabouts.. 

 Life would be so boring if everything was simple..


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## Vixs (27 May 2013)

WilkensOne said:


> I just wanted to thank everyone for their great responses it has definitely given me a lot to think about. I would like to know if people had their time again, what would you do when starting your working career, work for the man, start a business, continue partying?
> Wilkens




Now that I've found my feet in a business I can start building a career within, my biggest regret is that I wasted so much time in crap businesses/working for crap people.

To a point I'm still doing it now, except that I know given a few years I'll be in a position to step out from under them and build a business for myself. Right now, I don't have the resources or experience to reasonably do so.


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## WilkensOne (27 May 2013)

Vixs said:


> Now that I've found my feet in a business I can start building a career within, my biggest regret is that I wasted so much time in crap businesses/working for crap people.
> 
> To a point I'm still doing it now, except that I know given a few years I'll be in a position to step out from under them and build a business for myself. Right now, I don't have the resources or experience to reasonably do so.




Thanks Vixs, so in your situation you are working for someone else until you have the resources to move out on your own? Can I ask what industry you are working in?


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## FlyingFox (27 May 2013)

I come from generations of businessmen (four generations that I know of, probably more). Grew up in my dad's business (previously my grand dads), learnt the ins and outs from a young age. I think I could give simple change before preschool.

I think a business is a great way to achieve financial success but to be successful in business you need a business mindset. It's the X factor, I can't describe it. My dad has relatively little formal education but spending 30 + years in a business, it's amazing to see how he looks at things. Quite different to most people (ASF members aside). This is what I think separates the successful businessman from the unsuccessful ones. I think alot of people assume that if you can do your job well, your business will be successful. I think the ability to run your business well is more important.

If you have the mindset or a great idea and the perseverance to see it through, you will do well. Also timing is quite important. One of the mantras my dad lived by in business. Personally I would not start many types of businesses in the current economic climate. 

However business can be quite boring and monotonous for many, depending on what the business. Personally i think this is a bad way to do business, if you can't commit, you will fail. This is one of the reasons my brother nor myself followed my dad into business. 

The advantages are that you are your own boss and therefore the effort you put in will be reflected in your results. Also there can be many advantages to owing a business, including tax advantages. 

Is it a requirement for "financial" success? No necessarily. It can help though.


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## WilkensOne (27 May 2013)

Thanks FF, interesting that you didn't choose to following step by running a business. 

I feel although I have seen the benefits the possible costs are large and that working for someone else may prove less stressful and provide similar financial benefits.. Much to think over.


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## FlyingFox (27 May 2013)

WilkensOne said:


> Thanks FF, interesting that you didn't choose to following step by running a business.
> 
> I feel although I have seen the benefits the possible costs are large and that working for someone else may prove less stressful and provide similar financial benefits.. Much to think over.




Both my brother and I chose career paths were it is difficult to start your own business even if we wanted to. My dad's main business was overseas and that was another factor in us not taking over.

Might go back into some sort of business one day ... the financial benefits of a relatively successful business can be great.


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## Vixs (27 May 2013)

WilkensOne said:


> Thanks Vixs, so in your situation you are working for someone else until you have the resources to move out on your own? Can I ask what industry you are working in?




I'm a financial planner. I work for a senior planner and perform appointment setting and admin duties for them. I'll eventually not need to look after their clients and will advise my own.

I have a good head for business, which came from my own upbringing and early jobs working in a family business which was not particularly well run. Things that are crucial no matter what business you end up in:


Cash flow management. No matter how good your ideas are, if your bills are past due and your clients aren't paying, your business is finished. Control expenses and don't take on deadbeat clients.
People management. The consequence of poor people management is that good staff will leave your business, and you will be left with the white ants that undermine it. Dollars aren't always everything, a sincere "Thank you, you are doing an excellent job and I am grateful I have you on my team." is better than a $5k p.a. pay rise for some people. People that have pride in their role will always do a better job.
Reputation management. The immeasurable value of having a positive reputation as a business that does what they say they will and does it well. It's harder to earn a good reputation than a bad one, and a bad reputation is very hard to make good. A good reputation, however, can be shredded with one bad job/phone call.
Time management. In business, you miss 100% of the shots you don't take.

I look forward to the day I can branch out on my own, because there is a good living to be made giving people better service and adding more value than the none that most get from lazy planners today. It's an exciting time to be hungry to succeed, regardless of what the markets are doing.


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## FlyingFox (27 May 2013)

Vixs said:


> Things that are crucial no matter what business you end up in:
> 
> 
> Cash flow management. No matter how good your ideas are, if your bills are past due and your clients aren't paying, your business is finished. Control expenses and don't take on deadbeat clients.
> ...




Thats really good advice . Covers most of what you will need to have a successful business. Personally, Control expenses bit is quite important in Oz.


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