Posted on 01/29/2016 10:35:21 AM PST by CorporateStepsister
I'm in need of mentoring and support from my fellow Freepers on succeeding in my small business.
Please post here if interested.
What kind of business is it?
Might wait till November 2016 to see what the election results are first...: )
My wife owns a small business. She has a coach who she works with.
Post the problems you’re having and you’ll get lots of responses. Tell us at least what your business does and the areas you are struggling with.
I would definitely be interested. I’d also prefer to see some of the issues discussed in general terms on a thread like this rather than off-line, since it could be a valuable resource for a lot of Freepers.
Ok,first....
Are you logged in?
https://www.sba.gov/offices/headquarters/oed/resources/148091
SCORE (Service Corps of Retired Executives).....thru the SBA
In 1980 or so, Don Lancaster wrote “The Incredible Secret Money Machine”.
His website is tinaja.com
He wrote several electronic cookbooks.
I loaned my copy out many years ago, forget who grabbed it.
It’s a free e-book now:
http://www.tinaja.com/ebooks/ismm.pdf
I will have to skim through it again. I remember one of his axioms: Front money will be blown.
One thing, you have to define, define. Ongoing, multiple hours per week? At your location?
How long do you expect the instruction or mentoring to last?
And another very subtle thing is: How do YOU learn? Some folks read a book and blam, they have it. Some folks see a person doing it and immediately pick it up. Which type or mix are you?
I have always thought that retired folks who are undoubtedly around you in large numbers have astronomical amounts of information and wisdom to impart. I would bet you could find some of these via Facebook if you are into that or some sort of local paper. Devise a “mentor wanted” ad that would potentially attract them. Meet at least twice for coffee at a neutral location. You are going to have to get along with them, are you not? You have to audition them, right?
There are of course people who offer this over the net. No opinion, except that by the time they are that commercialized, they may want biggish money relative to a local retired man or woman.
Believe me, retired people are looking for ways to be engaged; interested. If you can write an ad that draws 8 people, you can probably find one that seems game and is ready to meet with you over coffee every 2 weeks?
Again, I have no idea just how deep you want to go with this but I would urge you to define within fairly narrow limits what you want.
Me too! I’m doing the same as you.
This book was HIGHLY HIGHLY recommended and it’s worth it:
Small Time Operator
http://www.amazon.com/gp/product/158979799X?psc=1&redirect=true&ref_=oh_aui_detailpage_o08_s00
It’s so through and deals with all kinds of things.
I never had a business class and regret it so much now.
Project Funding. I need funding and I need to know people connected to the finance industry.
SCORE no longer uses the acronym you cite. The organization has 13,000 mentors who provide free business counsel nationwide, in any format desired: face to face, via phone, or Internet exchanges. Senior managers, both active and retired, provide expert advice in every imaginable specialty. One can sign up for a mentoring session directly on the SCORE website at https://www.score.org/
I’ve been a SCORE mentor for four years. It’s a fine organization that fosters economic development for all types of operations and aspirations.
Are you logged on?
Everyone in your milieu will be affected and NOT necessarily in a positive way.
Think on it for a while, a long while, before starting your own business. Buy the building first so you can rent it out when you have finally torn out all your hair.
Think: albatross around your neck.
.
.
You will ignore this advice so GOOD LUCK.
yes, I used SCORE and found it very useful.
I had a nice meeting with a retired business exec - he talked about reporting requirements, better business practices, and gave me a good binder full of contacts for state offices and agencies that I might need.
One of the few govt offices I’ve been in where there were friendly faces.
I have gone down that route before with major outside funding. The company went belly up and I lost just about everything I owned.
Venture capital is appropriate for new tech startups. As one guy told me, “Don’t ask for $2 million. Ask for $20 million, or better yet, $200 million. That is EASIER to get if you have the right new technology”.
My best advice is: Study your new industry/market. Take courses. Prepare. Forget the Harvard Biz School advice. You will succeed if you are technically proficient, have the best people, and understand where every penny is coming from/going to.
Oh yeah, cut your living expenses to the bone. I spent a few years on beans and rice before I succeeded. You cannot milk it. You must re-invest every penny you can.
I was an engineer and manager for huge aerospace firms for many years. When I got into manufacturing, I had to UNLEARN everything I knew before. The habits and strategies that made a successful corporate guy were totally useless in a small biz.
I had a buddy who made $100M importing auto parts. He told me it was a matter of hiring the best in the industry and being a great accountant.
If you like, let’s talk.
Project funding is out there through a variety of sources. However,make sure your capital requirements are in place first.
I already have my business going and yes, we should talk. I am living a bare bones life and I only have to find a funder. Why don’t you send me a private message and we can begin to exchange emails as well.
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