My first business I started with a $1500.00 loan from a finance company cosigned by my father. I was 18. This was in 1977 and In my first full year of business (1978)I did over 28K. I had one employee, me! I paid off all my business debts by the third year. (Upgrade in equipment a vehicle, etc)
My most recent business was started in 95 on $8700.00. even though I still have some debt on the business, a little over 10K at 3.5%, I am totally in the black because I have over 8 times that much in various investments earning on average 5% as well as the very low salary I pay myself and the dividends my company stock pays me.
BTW at no time did I get any help from the government.
Oh and Charlie is a good friend of mine, he owns the Chineese restaurant located about a block from here. He came here from China about 12 years ago and worked his ass off. He opened his business about the same time I did. Had to sleep in the storeroom his first year.
He stopped by last week to show me his new Lexus.
America is a wonderful country!
I'm not saying it can't be done. It is and it's done often. But there are a lot of bankruptcies from starting businesses too. You have to be prepared to go through that.
Guy down the street started a small country cafe, built up a nice following. Then the mexicans moved in across from him and opened up a restaurant on a $50,000 government grant. Not even a loan, a grant. He couldn't believe it. The government was paying them to compete against him.
After working 20 hours a day 7 days a week for a year he sold it. I don't know how much he got, but we saw him working in a chain restaurant later. I think he just got tired of the risk.
You were fortunate. You got started young with the backing of your dad, when you had little other responsibility. It sounds like you were already are close to financial independence before starting your last company. That makes it a lot easier. Try starting over with a mortgage and a wife and kids. Most people can't take that risk.