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Is that a way of starting in business?

Anything related to matters of the mind

Gabriel0504

New Contributor
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Nov 28, 2022
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Hello fastlaners!

Imagine the next scenario:

You're 20, read all of MJ's books, you have a clear view of how to avoid the rat worker life, you would like to start your own business but you are 2 pennies away from becoming bankrupt.

Is it a smart move to work with someone that already started a business and is doing great, letting them know your intentions, that you would like to learn from them how a business operates and simply gather knowledge.

Or is it better to simply work a random job that's paying better so you can save up some money and start your own thing, gathering experience as you progress?

Which route would you choose and why?

Thank you!
 
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BizyDad

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letting them know your intentions
This might make it harder to get the job.

Option #3 work as high a paying job as possible that also allows you to learn business fundamentals.

I've previously recommended banking as one such option. Here's my thread with my experience.

What I Learned Being A Banker & Interviewing 2k Businesses

After 2 years in banking I felt ready to run my own company (though it took a couple more years to actually start).
 

Black_Dragon43

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Apr 28, 2017
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Hello fastlaners!

Imagine the next scenario:

You're 20, read all of MJ's books, you have a clear view of how to avoid the rat worker life, you would like to start your own business but you are 2 pennies away from becoming bankrupt.

Is it a smart move to work with someone that already started a business and is doing great, letting them know your intentions, that you would like to learn from them how a business operates and simply gather knowledge.

Or is it better to simply work a random job that's paying better so you can save up some money and start your own thing, gathering experience as you progress?

Which route would you choose and why?

Thank you!
If your intention is to start your own business, just start. Start easy - meaning be a freelancer of some sort (not necessarily online, you could do say photography). Imo that's the FASTEST way to learn what it takes to manage and run a business. Then grow and expand from there.

This is seriously the best path for someone who really wants to do business. Getting a job is sort of like you telling me "I want to become a basketball player", and me telling you "start by playing soccer". Makes no sense. You don't learn what it takes to run a business by being an employee, unless, of course, you actually take over multiple employee positions.

For example, an employee usually has no idea how to do taxes. They have no idea about what it takes to hire someone, or what paperwork is involved, how to pay salaries, and so on. They have no idea about what an invoice is, how to create one, when to send it and all that goes with that. And so on.

Just go in business already. Offer to clean people's windows, set their website up, whatever. Start working, learn your skill, learn sales, learn marketing, learn how to manage a business, how to read your balance sheet, and so on. You'll never learn that as an employee.

You realize that there are kids your age, at 20, making $5K+/mo by themselves. No job, just them! Hell, some are making $20K+/mo... What's stopping you?
 
Last edited:

Johnny boy

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If you have no idea and need some money, a commission based sales job is what I did.

I lived with my parents, saved up 10g’s and started a company and now we are doing well
 
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NeoDialectic

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Hello fastlaners!

Imagine the next scenario:

You're 20, read all of MJ's books, you have a clear view of how to avoid the rat worker life, you would like to start your own business but you are 2 pennies away from becoming bankrupt.

Is it a smart move to work with someone that already started a business and is doing great, letting them know your intentions, that you would like to learn from them how a business operates and simply gather knowledge.

Or is it better to simply work a random job that's paying better so you can save up some money and start your own thing, gathering experience as you progress?

Which route would you choose and why?

Thank you!
In my opinion, you should get the best job you can so that you aren't "2 pennies away from becoming bankrupt". If you are able to land a job making money while shadowing and learning from a business owner, all the better.

I would also start trying to set something up of your own at the same time. There are plenty of ways to start a business with minimal capital.
 

Gabriel0504

New Contributor
Read Fastlane!
Nov 28, 2022
8
3
This might make it harder to get the job.

Option #3 work as high a paying job as possible that also allows you to learn business fundamentals.

I've previously recommended banking as one such option. Here's my thread with my experience.

What I Learned Being A Banker & Interviewing 2k Businesses

After 2 years in banking I felt ready to run my own company (though it took a couple more years to actually start).
That is indeed a way to get started but you will need to have some sort of a base in order to get a high paying job, I don't know that many people that have a high paying job at 20, but overall your advice is useful, thank you very much!
If your intention is to start your own business, just start. Start easy - meaning be a freelancer of some sort (not necessarily online, you could do say photography). Imo that's the FASTEST way to learn what it takes to manage and run a business. Then grow and expand from there.

This is seriously the best path for someone who really wants to do business. Getting a job is sort of like you telling me "I want to become a basketball player", and me telling you "start by playing soccer". Makes no sense. You don't learn what it takes to run a business by being an employee, unless, of course, you actually take over multiple employee positions.

For example, an employee usually has no idea how to do taxes. They have no idea about what it takes to hire someone, or what paperwork is involved, how to pay salaries, and so on. They have no idea about what an invoice is, how to create one, when to send it and all that goes with that. And so on.

Just go in business already. Offer to clean people's windows, set their website up, whatever. Start working, learn your skill, learn sales, learn marketing, learn how to manage a business, how to read your balance sheet, and so on. You'll never learn that as an employee.

You realize that there are kids your age, at 20, making $5K+/mo by themselves. No job, just them! Hell, some are making $20K+/mo... What's stopping you?
1. Thank you very much for the advice, I found that very useful.

2. Regarding the last part of your reply, sure there are young adults my age that are making those sums, and I think that there are even more that are capable of doing exactly that, just like myself, I find myself disciplined, I enjoy working on something and seeing the progress,

I find myself frying my brain in order to sort something out, something that could be mine and I can start working on as soon as possible, I keep searching for inspiration and ideas and sometimes I think that I am just overthinking everything and my route to wealth could start way easier.

Thank you very much for your reply!
If you have no idea and need some money, a commission based sales job is what I did.

I lived with my parents, saved up 10g’s and started a company and now we are doing well
I have tried a commission based sales job and kind of liked it, I've made some money but taking into consideration the country that I am from (eastern europe) It will take me ~ 24 months of 9-5 and living really frugal. I truly believe that there are ways to get that capital faster than spending two years selling somebody elses product and not buying almost anything.

Thank you for your reply!
In my opinion, you should get the best job you can so that you aren't "2 pennies away from becoming bankrupt". If you are able to land a job making money while shadowing and learning from a business owner, all the better.

I would also start trying to set something up of your own at the same time. There are plenty of ways to start a business with minimal capital.
I am getting closer to start working a job just so I can pay my bills and fill my car, but more important would be to start something, time is passing and time is the most valuable asset.

Thank you for your reply!
 

Johnny boy

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I have tried a commission based sales job and kind of liked it, I've made some money but taking into consideration the country that I am from (eastern europe) It will take me ~ 24 months of 9-5 and living really frugal. I truly believe that there are ways to get that capital faster than spending two years selling somebody elses product and not buying almost anything.
hourly wage slave thinking. You think the guy selling porsche's to Andrew Tate over in romainia is broke?

why do only one? You can do a combination of options. Work for a guy with a business, have a sales job. It's about getting some reps in doing the most important skill in the world, having the ability to look someone in the eye and close a deal and get paid. Gotta pop your cherry sometime.
 
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