"Business is extremely risky" - A Fallacy?

[MoreThanSmooth]

I was discussing the idea of starting a business with my father today. He was saying how he's had dozens of ideas over the years but he's never done it because of the "extreme risk". Losing your house, etc.

This seems to be one of the most popular reasons for not going into business for yourself.

I find it kind of perplexing though. The way I see it, in the age of the internet going into business is now easier than ever. You want to buy and sell something? You can now do that with clicks of a button without requiring commercial space or high overheads.

You can make profit very cheaply if you find a suitable niche. You shouldn't have to be mortgaging your house on a business idea unless you're spending cash without planning.

If you go into business with a sound plan (that you've actually written out and costed), I fail to see how the risk is "extreme" if you go into a sensible sector (i.e. something that isn't insanely volatile or a fad). A lot of people seem to just stupidly throw money into a dumb plan and lose it all, I think this is where the idea of "extreme risk" comes from.

Would the more experienced business leaders/wealthy guys here concur with this, or am I just too optimistic about how business works? I understand there is an element of chance, but I think my father's far too paralysed by doubt when it comes to start ups.

 

[Billtx49]

A business start up is a gamble on your personal abilities, determination, confidence, work ethic, decision making, and resources. It’s always about the quality of the man behind the business…
Fear is what’s stopping your father. It’s not a good mindset to have in business.

 

[Von]

I was discussing the idea of starting a business with my father today. He was saying how he's had dozens of ideas over the years but he's never done it because of the "extreme risk". Losing your house, etc.

This seems to be one of the most popular reasons for not going into business for yourself.

I find it kind of perplexing though. The way I see it, in the age of the internet going into business is now easier than ever. You want to buy and sell something? You can now do that with clicks of a button without requiring commercial space or high overheads.

You can make profit very cheaply if you find a suitable niche. You shouldn't have to be mortgaging your house on a business idea unless you're spending cash without planning.

If you go into business with a sound plan (that you've actually written out and costed), I fail to see how the risk is "extreme" if you go into a sensible sector (i.e. something that isn't insanely volatile or a fad). A lot of people seem to just stupidly throw money into a dumb plan and lose it all, I think this is where the idea of "extreme risk" comes from.

Would the more experienced business leaders/wealthy guys here concur with this, or am I just too optimistic about how business works? I understand there is an element of chance, but I think my father's far too paralysed by doubt when it comes to start ups.

Launching a business likely never got easier.

The competition too increased.

A business is "paying money first aka investing ... for a profit later"

Took me 2 years to see a green color on my revenues vs spending.

So now I make money... do I make enough money to reimburse the loans or pay my bills ?

At least now, I make money on my business .

Yes. You can make alot of money owning a business.

Actually a business is one of the few ways to be "rich and free" .

However, you need to be ready to work all the time, sacrifice years to obtain this freedom.

You also need to be ready to have 0 income or live on your savings for a while.

Also a business you get paid ONLY when you SELL.

Good ideas are not enough, you need sales skills, you need people to sell it to.

In short, launching a business is great. I am in a family business too... now my parents aren't parents anymore they are business partners (so different attitude towards them).

You need reliable people. I would avoid the "many ideas" and focus on "one idea"

You need complimentary skills (one guy manage admin, other sales for example) or 1 development 1 marketing.

You also want to lower your cost to a maximum but you still need to invest in alot of stuff before you get started (equipment, travel, research, networking, publicity, marketing, communications, office, etc)... all that before receiving 1$ of income.

You right on this: Have a business plan

 

[DEEZEDBRAH]

I was discussing the idea of starting a business with my father today. He was saying how he's had dozens of ideas over the years but he's never done it because of the "extreme risk". Losing your house, etc.

This seems to be one of the most popular reasons for not going into business for yourself.

I find it kind of perplexing though. The way I see it, in the age of the internet going into business is now easier than ever. You want to buy and sell something? You can now do that with clicks of a button without requiring commercial space or high overheads.

You can make profit very cheaply if you find a suitable niche. You shouldn't have to be mortgaging your house on a business idea unless you're spending cash without planning.

If you go into business with a sound plan (that you've actually written out and costed), I fail to see how the risk is "extreme" if you go into a sensible sector (i.e. something that isn't insanely volatile or a fad). A lot of people seem to just stupidly throw money into a dumb plan and lose it all, I think this is where the idea of "extreme risk" comes from.

Would the more experienced business leaders/wealthy guys here concur with this, or am I just too optimistic about how business works? I understand there is an element of chance, but I think my father's far too paralysed by doubt when it comes to start ups.

At this stage of my life, I will never work a job EVER AGAIN unless of course, I can 1. acquire skills that make me more useless in my own endeavors 2. can aid me in my business venture.

I think having a corporate business job, pulling new skills, and strengthening your talents you already have is ideal. Adding to this, going self employed on the side, and then, cutting back on corporate hours. Reducing from 5days a week to 4. Being more productive on your days at home then at the office. If your workplace doesn't allow for this, it is not the place for you, and you should begin looking for another opportunity.

GAME RECOGNIZES GAME!

The same skill set to go pull babes, to generate leads, to acquire prospects etc. bleeds into other areas of your life. This is game.

TS< instead of pretending to have a life, actually having a life, and something more important then chasing a woman's validation is ideal. If you have a business, a startup or side hustle, you are looking at 60-80 hour work weeks starting yesterday. Maybe more. Hustle today to create freedom tomorrow.

 

[Neal Jenson]

A business start up is a gamble on your personal abilities, determination, confidence, work ethic, decision making, and resources. It’s always about the quality of the man behind the business…
Fear is what’s stopping your father. It’s not a good mindset to have in business.

Good answer but that there is a big difference between business start up and gamble.

First, gambling is a zero sum game because nothing is created. Winners are created directly from the losers and the house takes a cut. Gambling does not create wealth. It only shifts money around and gives the house a cut. A successful business creates new opportunities, new products, and new services. Look back historically and you can see the economic growth, better homes, medical care, and more leisure time for most citizens. This growth does not come at the expense of others. It results when business identifies a customer need or want and then fills that demand.

Second, gambling creates uncertainty. Walk into a dice game or poker game and your results are based on luck and chance. True, some games give a better return based on knowledge; but luck is the key ingredient. Effective business people work to reduce chance with planning, market research, and product knowledge. The businessperson makes every effort to reduce elements of chance while the gambler intentionally runs toward greater uncertainty and random results.

Third, the financial return in business is based on effectively meeting customers’ needs, solid management, and productive capital investment to grow the business. “Invest” in a lottery ticket and you have not purchased an asset, like a share of stock. You have one ticket out of several million which gives you a remote chance to win. In the state of Arizona, you are literally more likely to be hit by lightning than to win the state lottery.

[Posted by Steve Marr]
http://www.stevemarr.org/index.php/home/is-business-gambling.html

 

[DEEZEDBRAH]

It depends on where you are and ones ability to execute. Unless you are reinventing the wheel or your biting off enough of the pie to make it worth while. Its definitely worth it.

Keep us posted.

 

[ChristopherColumbus]

Start small. If it works, scale up.

 

[MoreThanSmooth]

You know, the more I think about it the more I think I may try to make an Indie videogame and release it on Steam. I've been into gaming for a long time and I also like writing stories (people say I'm good at it, actually). I've got a ton of ideas. Seems like a good thing for me to at least try, if I get a "standard" job while I do it.

As a teen I often read articles by a games journalist named Tom Francis. I was following him on Youtube and for 3 years he was uploading vlogs where he'd sit in a crummy apartment and talk about teaching himself to code and starting work on his first ever game. He worked on his game on weekends, while writing for the magazine as a full time job.

Anyway this guy released his game after 5 years of part-time work and conservative estimates have it selling 500,000-1,000,000 copies. Assuming he got 60% of the profits (normal Steam revenue for a dev published on that platform) this means he got roughly £1.2M minimum.

He's 30-something years old and posted a blog post saying he can now make games full time and no longer has need for "Jobs, as a concept".

His second game just released, this time...even more popular, anywhere from £1 to 2.5 mil in the bank from what I can tell. And these are games with simple graphics but just interesting ideas.

--

Not that I'm saying everyone who develops an Indie game becomes a millionaire. But it's apparent that if you really do something fun and innovative and take care to make a good game rather than the usual trash, you can make an obscene amount of money.

 

[DEEZEDBRAH]

You know, the more I think about it the more I think I may try to make an Indie videogame and release it on Steam. I've been into gaming for a long time and I also like writing stories (people say I'm good at it, actually). I've got a ton of ideas. Seems like a good thing for me to at least try, if I get a "standard" job while I do it.

What's stopping you? Look at fortnite. Its not like they reinvented the wheel. Think golden eye 64/cod meets Minecraft.

As a teen I often read articles by a games journalist named Tom Francis. I was following him on Youtube and for 3 years he was uploading vlogs where he'd sit in a crummy apartment and talk about teaching himself to code and starting work on his first ever game. He worked on his game on weekends, while writing for the magazine as a full time job.

Anyway this guy released his game after 5 years of part-time work and conservative estimates have it selling 500,000-1,000,000 copies. Assuming he got 60% of the profits (normal Steam revenue for a dev published on that platform) this means he got roughly £1.2M minimum.

I'd be more curious of the failures he had. Mitigate the losses and put into perspective the landscape. Its likely you would partner if you were to execute

Similar to scoring, you mean as 100% of the ****s you don't take

He's 30-something years old and posted a blog post saying he can now make games full time and no longer has need for "Jobs, as a concept".

His second game just released, this time...even more popular, anywhere from £1 to 2.5 mil in the bank from what I can tell. And these are games with simple graphics but just interesting ideas.

--

Not that I'm saying everyone who develops an Indie game becomes a millionaire. But it's apparent that if you really do something fun and innovative and take care to make a good game rather than the usual trash, you can make an obscene amount of money.

If this is what gives you the big Happy, go for it.

 

[EyeBRollin]

The risk in starting a business is misinterpreted.

Businesses fail because their revenues fail to sustain their expenses. It's a simple formula.

Your business will be profitable if you sell more product or service and reduce expenses, in whatever combination is necessary to achieve that profit level. Where businesses get into trouble is acquiring funding from other sources (i.e. loans, investors) without being able to sustain themselves.

If you have another primary source of income and virtually non-existent expenses, it is impossible for your business to "fail." Most people don't take the time to grow their business on the side long enough for it to be sustainable and profitable enough to give up their primary job.

 

[Bible_Belt]

I trained martial arts with a guy whom Forbes magazine did a story about, last year I think. 2 or 3 years previous, he had been unemployed and living in his parent's basement in St Louis. They kept pressuring him to give up on his business idea and take a minimum wage job. But he kept at it, things started going well, and now he is a multimillionaire, lives in South Florida, and from what I can tell, still busts his ass to grow his business even more. He always seemed like a nice guy to me, not arrogant at all. He was just very focused on his goals, and it paid off.

 

[sazc]

I was discussing the idea of starting a business with my father today. He was saying how he's had dozens of ideas over the years but he's never done it because of the "extreme risk". Losing your house, etc.

This seems to be one of the most popular reasons for not going into business for yourself.

I find it kind of perplexing though. The way I see it, in the age of the internet going into business is now easier than ever. You want to buy and sell something? You can now do that with clicks of a button without requiring commercial space or high overheads.

You can make profit very cheaply if you find a suitable niche. You shouldn't have to be mortgaging your house on a business idea unless you're spending cash without planning.

If you go into business with a sound plan (that you've actually written out and costed), I fail to see how the risk is "extreme" if you go into a sensible sector (i.e. something that isn't insanely volatile or a fad). A lot of people seem to just stupidly throw money into a dumb plan and lose it all, I think this is where the idea of "extreme risk" comes from.

Would the more experienced business leaders/wealthy guys here concur with this, or am I just too optimistic about how business works? I understand there is an element of chance, but I think my father's far too paralysed by doubt when it comes to start ups.

Look into opening a limited liability cooperation, then open the bushes under the LLC. Then take out an umbrella insurance policy for 2 million. The LLC should protect your personal assets and, in case something occurs, you have the umbrella policy as a back up

 

[Anonimmus]

I think starting business is a good idea. I want to start my online teaching platform and now I need to create application for this purpose. I will use software development services from Intellectsoft company. Their developers are really professional, they provide so many solutions and options! It's good that I found them!

 

[Spaz]

I think starting business is a good idea. I want to start my online teaching platform and now I need to create application for this purpose. I will use software development services from Intellectsoft company. Their developers are really professional, they provide so many solutions and options! It's good that I found them!

How much u get paid for peddling this stuff ?

Seriously, I'm curious and won't hold against anyone trying to earn an honest living.

 

[Stephen89]

Depends on your skills, experience, contacts. If you're good at what you do you can be successful.

I'm looking to set up a developer business which costs me nothing and it should make me successful because there are people out there who need developers to develop stuff for them.

 

[DEEZEDBRAH]

I think starting business is a good idea. I want to start my online teaching platform and now I need to create application for this purpose. I will use software development services from Intellectsoft company. Their developers are really professional, they provide so many solutions and options! It's good that I found them!

Begin ASAP. Yesterday!

YouTube & & & nothing red pill or pickup related. Yet, operating from a red pill lens.

Talk about what you do, love, think. Be a side hustle. Once you monopolise it, shift phases. Just make sure you refrain from getting demonetized or deplayformed lol